Solana decentralized exchange PumpSwap, launched a week ago, has surpassed $1 billion in cumulative trading volume

PumpSwap currently captures only 21% of the DEX market on Solana (SOL), with Raydium still leading the market at 57.4%.

Solana decentralized exchange PumpSwap, launched a week ago, has already seen over $1 billion in cumulative trading volume and achieved 21% market share in Solana DEX market.

In the past 24 hours, PumpSwap’s trading volume has hit over $538 million, and the cumulative volume now stands at over $1.2 billion, according to Dune Analytics.

However, this is only 21% of the total DEX market on Solana (SOL), with Raydium still leading at 57.4%.

According to the data, PumpSwap’s trading volume peaked at over $764 million on March 28.

The platform’s trading volume has since declined, but it’s still quite impressive, considering the exchange only launched a week ago.

Pump.fun announced the launch of PumpSwap on March 20. It reportedly began testing its AMM features in late February, which prompted Raydium to launch its own token creation platform, LaunchLab, likely to protect its revenue stream.

After testing its AMM on the devnet in late February, Pump.fun announced the launch of its AMM exchange on March 20.

The platform’s tokens can now migrate automatically to PumpSwap once they complete their bonding curves. This eliminates the previous six SOL migration fee and the cumbersome process for token creators.