Source: Cointelegraph Original: "{title}"
According to data from blockchain analytics platform Dune, the newly launched decentralized exchange (DEX) PumpSwap by meme coin launch platform Pump.fun has surpassed $1 billion in cumulative trading volume just one week after its launch.
Pump.fun launched its Solana DEX on March 19, aiming to create a "frictionless environment" for meme coin trading. Previously, meme coins released on Pump.fun needed to migrate to the Solana DEX Raydium after guiding liquidity, making that trading platform the most popular DEX on Solana.
The Pump.fun team stated that these migrations slowed down token momentum and brought "unnecessary complexity" for new users. With the new DEX, the project claims that migrations can be done instantly and for free.
One week after its launch, PumpSwap's cumulative trading volume exceeded $1 billion. On-chain analyst Adam_Tehc's Dune Analytics dashboard shows that PumpSwap's total trading volume reached $1.1 billion in the first seven days.
Cumulative trading volume of PumpSwap DEX. Data source: Dune Analytics
On its first day, the platform's trading volume was moderate, around $50 million. By March 24, trading volume surged eightfold, recording over $425 million in trading volume.
The daily exchange transaction count on the platform peaked on March 24, recording 4.2 million transactions. Data shows that the DEX's cumulative transaction count exceeded 11 million, while the number of active users surpassed 388,000.
Data also indicates that the fees for the PumpSwap protocol exceeded $2.1 million, while liquidity providers' fees exceeded $540,000. According to the creator of the Dune dashboard, the $1 million in daily fees generated by PumpSwap on March 24 has already become "comparable" to Pump.fun.
Source: Adam_tehc
The launch of PumpSwap closely follows the news that Raydium plans to create its own meme coin launch platform, LaunchLab. The latest developments within the ecosystem have altered the dynamic relationship between Pump.fun and Raydium, turning these two Solana projects from partners into competitors.
As Pump.fun launches its new business, the Solana meme coin craze begins to cool down. Solscan data shows that the daily token minting volume on Solana peaked at 95,578 on January 26. Since then, the daily minting volume has declined, dropping to 26,298 on March 22.
Additionally, the number of tokens successfully listed after being created on Pump.fun has also decreased. Dune Analytics data shows that the number of tokens completing Pump.fun's "binding curve" (a requirement for DEX listing) fell from nearly 1,200 daily on January 23 and 24 to 149 on March 20.
The decline in meme coin popularity has also affected Solana's weekly revenue. On March 11, the network's weekly revenue dropped from $55.3 million during the peak of the meme coin craze in mid-January to $4 million, representing a 93% decrease in the blockchain's total weekly revenue.
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