PumpSwap's brand new automated market maker mechanism has captured 20% of the total DEX trading volume on Solana, gradually changing the competitive landscape of decentralized exchanges on Solana.
Author: Blockworks Research
Translation: Deep Tide TechFlow
PumpSwap is a new native decentralized exchange (DEX) launched by @pumpdotfun, aiming to disrupt the DEX ecosystem on Solana.
Pumpfun (which combines Bonding Curve and PumpSwap's automated market maker mechanism AMM) accounted for 20% of the total DEX trading volume on Solana yesterday, setting a historical high.
Will this upward trend continue?
What is driving the trading volume of Solana DEX?
Market share distribution of trading pairs over the past 30 days:
Non-Pumpfun Memecoins: 33%
SOL-USD: 27%
Pumpfun Memecoins: 25%
Others: 15%
Notably, Pumpfun tokens accounted for 43% of on-chain DEX trading volume in November 2024.
Raydium historically accounted for 70% of Pumpfun token trading volume.
However, Pumpfun quickly reclaimed this activity, now holding over 60% market share in this category.
For Memecoins unrelated to Pumpfun, Raydium still completely dominates, with a market share of up to 90%.
Meteora briefly increased market share after the launch of TRUMP (January 17) and LIBRA (February 14) tokens, but trading volume has declined in recent weeks.
The competition for the SOL-USD trading pair is exceptionally fierce, with Orca and Lifinity each holding over 30% market share.
Meanwhile, Raydium maintains about 20% market share in this category.
Raydium continues to lead, accounting for about 50% of the total DEX trading volume on Solana.
PumpSwap benefits from the mature tokens of Pumpfun but has yet to expand into other categories. Therefore, its market share is currently still limited.
How will the market landscape change a year from now?
For a deeper understanding of Pumpfun's financial status, on-chain activities, and its impact on the Solana DEX ecosystem, please subscribe to @blockworksres and check out the latest analytical dashboard.
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