PumpSwap Cumulative Trading Volume Exceeds $1 Billion

Developed by the Pump.fun team, this platform offers a seamless trading experience with low fees. It aims to reshape the DEX space on Solana.

Newly launched decentralized exchange (DEX) on the Solana blockchain, PumpSwap, has quickly reached significant milestones.

Developed by the Pump.fun team, this platform offers a seamless trading experience with low fees. It aims to reshape the DEX space on Solana.

PumpSwap's Cumulative Trading Volume Exceeds $1 Billion

Since its launch on March 20, PumpSwap has achieved impressive milestones, solidifying its position within the Solana ecosystem.

Data from Dune reveals that on March 24, PumpSwap recorded a 24-hour trading volume of $454 million. The platform attracted 243,000 users and generated $1.06 million in trading fees. PumpSwap accounted for 14% of Solana's total DEX trading volume, a remarkable figure for a platform that has been live for less than a week.

PumpSwap's total trading volume reached $1.04 billion in just seven days, showcasing rapid growth.

The launch of PumpSwap marks a crucial step in Pump.fun's strategy. Pump.fun is a leading token launchpad on Solana. Previously, tokens completed the bonding curve on Pump.fun had to pay a 6 SOL fee to migrate to Raydium, which often took hours. PumpSwap was designed to eliminate this issue. It allows tokens to transition automatically without fees while providing higher liquidity and faster transactions.

The platform also plans to introduce a revenue-sharing model for token creators shortly. This initiative will incentivize new projects to join. PumpSwap's emergence benefits users and intensifies competition with other DEXs like Raydium, which currently holds a 46.1% market share on Solana.

"Anyone still saying the team at Pump are greedy and don't care about the community needs to get their facts straight. One of the reasons PumpSwap was created was so they have full control over the fee structure to benefit the users. Coin creators will soon be getting a percentage of the revenue earned. That alone is a crucial step. Why would you launch a coin anywhere else?" a crypto expert remarked.

Since the launch of PumpSwap, the number of new tokens created on Pump.fun has slightly increased. According to data from Dune, 34,000 meme tokens were created on March 24. This represents a 40% increase compared to the daily average of 24,000 tokens in March.

Additionally, the platform's daily revenue reached $7.4 million, the highest level in the past month.

However, BeInCrypto has warned that the meme coin boom on DEXs like PumpSwap comes with high risks. Many of these tokens lack intrinsic value and may collapse after a period of rapid growth.