- Pump.fun’s new DEX PumpSwap has recorded a 7-day volume of over $1 billion
- The volume is a significant rise from the $50 million registered on its first day of trading
- PumpSwap’s revenue also reached a new daily high of $1.4 million
Pump.fun’s new DEX PumpSwap has attracted a cumulative trading volume of over $1.5 billion, barely one week after its launch. According to data from a Dune Analytics dashboard, the DEX’s 24-hour volume is more than $500 million with daily swaps reaching a high of 4.2 million on March 24. The 24-hour fees generated on the platform also tapped a new all-time high at $1.4 million, indicating that PumpSwap has attracted a sizeable following despite a drop in activity on the memecoin launchpad Pump.fun.
PumpSwap’s Market Share Rises
The meteoric rise in trading volume has seen PumpSwap’s market share grow significantly. On March 19, for example, it commanded 2.5% of the total DEX volume on Solana.
The share gradually rose to 19.9% on March 25, giving it the second position after Raydium, which controls over 50% of the market share. The number of daily active wallets reached a new high of 243,164 on March 24, with 132,465 wallets being returning users and 110,699 being new users.
PumpSwap also generated over $3.7 million in total fees, with most it going to liquidity providers and the DEX taking only 0.05% of the 0.25% trading fee charged on the platform. The DEX has handled more than 14.6 transactions from close to 445 traders within a week.
PumpSwap Reduces Trading Friction?
Pump.fun previously said that the DEX reduces the friction between token creation and trading. It also said that it’ll use the exchange to cut ties with Raydium, where it has been offering its tokens for trading when they complete the bonding curve.
Raydium responded to Pump.fun intentions to create its own DEX by announcing a Pump.fun-like platform called LaunchLab.
With PumpSwap attracting a sizeable trading volume a few days after launch, it’s to be seen whether it’ll topple Raydium to become the leading DEX on Solana.
