Within a Week, PumpSwap Secures 21% of Solana's Decentralized Exchange Market Share

PumpSwap, a decentralized exchange on the Solana network, has achieved over $1 billion in total trading volume just one week after its launch. This milestone represents a 21% share of the Solana DEX market.

In the past day alone, PumpSwap's trading volume has surpassed $538 million, bringing its total volume to more than $1.2 billion, as reported by Dune Analytics.

Despite these notable trading volumes, PumpSwap currently holds only 21% of the decentralized exchange market on Solana (SOL). Raydium remains the market leader with a 57.4% share.

Pump.fun announced the launch of PumpSwap on March 20. It is said to have started testing its automated market maker (AMM) features in late February. Raydium's release of its own token creation platform, LaunchLab, may have been a response to protect its revenue stream.

While Raydium still maintains a dominant position in Solana's decentralized exchanges, PumpSwap has emerged as a significant competitor. This is especially true with the instant token migration feature from Pump.fun. Tokens launched on Pump.fun can now automatically migrate to PumpSwap once they complete their bonding curves. This not only streamlines the migration process for token creators but also eliminates the previous six SOL migration fee charged by Raydium.