PumpSwap, the new decentralized exchange (DEX) from the creators of memecoin launchpad Pump.fun, has processed $10 billion in cumulative volume in its first ten days since officially launching, according to a Dune Analytics dashboard tracking the exchange.
Pump.fun launched the DEX on March 20 to allow successful memecoins to migrate directly to PumpSwap, bypassing Raydium, among the leading Solana-based exchanges and automated market makers (AMMs). Raydium, in January, processed a quarter of total DEX volume, according to The Block's data, more than any other exchange.
PumpSwap's already established itself as a dominant player among Solana DEXs.
Yet on Saturday, PumpSwap processed 67.4% of the volume processed by several major leading Solana DEXs, with Raydium claiming the second-largest market share at 18.2%. No other exchange claimed more than 5% of the market, according to the dashboard.
PumpSwap has generated over $20 million in protocol fees and its liquidity providers have received over $5 million in fees, according to the dashboard. Nearly 700,000 wallets have already accessed the protocol.
Despite the success of PumpSwap, Pump.fun has lately seen volume across its exchange fall as demand for memecoin trading cools. Pump.fun's team has previously teased plans for a native token launch.
Meanwhile, Raydium is working on a memecoin launchpad of its own called LaunchLab, likely intended to compete with Pump.fun, The Block previously reported.
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