PumpSwap DEX Surpasses US$10B (AU$15.87B) in Trading Volume in Just Ten Days

As Crypto News Australia reported, PumpSwap was officially unveiled on March 20, and it provides a direct path for memecoins to list without relying on Raydium, the leading Solana-based protocol that has historically dominated the network's DEX market share. Its total value locked (TVL) is over US$1.14B (AU$1.81B), making it the ecosystem's fifth-largest dApp by TVL.

PumpSwap, the latest decentralised exchange (DEX) from the team behind the memecoin launchpad Pump.fun, has roared onto the Solana scene by surpassing US$10B (AU$15.87B) in total trading volume in just ten days, according to data from Dune Analytics.

Solana’s DEX Landscape Heats Up

As Crypto News Australia reported, PumpSwap was officially unveiled on March 21, and it provides a direct path for memecoins to list without relying on Raydium, the leading Solana-based protocol that has historically dominated the network’s DEX market share. Its total value locked (TVL) is over US$1.14B (AU$1.81B), making it the ecosystem’s fifth-largest dApp by TVL.

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It seems like competition is getting fierce; despite being a new player, PumpSwap has already driven over US$20M (AU$31.6M) in protocol fees, with liquidity providers collecting more than US$5.4M (AU$8.5M) of that total.

PumpSwap has also managed to attract nearly 700,000 unique wallets, recording over 30.5 million swaps, according to data from Dune.

Even so, Pump.fun’s team acknowledges a recent dip in overall memecoin-related trading activity, suggesting that some of the early buzz may be cooling off.

Pump.fun has hinted at launching a native token, although no specific details have been disclosed. In a bid to remain competitive, Raydium is developing its own memecoin launchpad, LaunchLab, potentially setting the stage for an ongoing tug-of-war for users in the Solana ecosystem.

Whether PumpSwap can maintain its initial momentum will depend on how well it adapts to shifting market conditions and whether the memecoin fervor can sustain its current pace.