PumpSwap takes the lead: volume surpasses Raydium, rising to become the largest DEX on Solana.

According to a report by Blockworks Research, PumpFun's self-developed AMM platform PumpSwap has rewritten the ecological landscape of Solana in just one week. Just yesterday, the trading volume of PumpSwap officially surpassed Raydium, becoming the largest decentralized exchange (DEX) on Solana, showcasing strong growth potential and market appeal.

PumpSwap has emerged and claimed the market leader title within a week.

Dune data indicates that since its launch on March 20, PumpSwap has rapidly accumulated a total volume of 2.4 billion USD, generating 4.8 million USD in fee revenue for the protocol. PumpSwap's AMM market share has further risen to 42.3%, significantly ahead of Raydium's 34.2%.

In addition, on March 27, a single-day transaction fee record of 2.67 million USD was set, indicating that user engagement and trading enthusiasm continue to soar.

( officially say goodbye to Raydium! Pump.fun Launched PumpSwap to regain dominance ) memeno trading

PumpSwap boosts PumpFun revenue, reshaping the platform's business model.

Blockworks Research report provides a more detailed analysis, stating that in January this year, PumpFun's revenue reached 7 million dollars, of which 1.5 million came from fees for launching external markets. Since the launch of PumpSwap, not only has it saved the original commission fees that had to go through Raydium, but it has also brought in an additional revenue of over 250,000 dollars for the platform.

Although other external trading tools still extract fees, with the introduction of PumpSwap, the revenue share of PumpFun itself has significantly increased, which also represents a simultaneous enhancement of overall operational efficiency.

User Behavior Insight: They are all retail investors

Data shows that about 30% of PumpFun's adhesive curve transactions come from external platforms, reaching 40% on PumpSwap, and another 20% come from DEX aggregators, indicating that the platform's ecosystem is highly dependent on third-party tools such as Telegram trading bots (Tg Bots) to drive trading activities. This may be related to user habits or convenience of use.

( After the meme coin bubble burst: trading robot incomes plummet, is GMGN on the verge of collapse? )

At the same time, more than half of the transaction amounts are between 1 and 10 dollars, reflecting the retail-driven trading characteristics of the market.

The number of launched tokens has rebounded, but the overall market value is still below its peak.

After PumpSwap went live, the number of tokens successfully launched daily reached a maximum of 500. Although it has not yet returned to the peak of nearly 1,000 tokens per day in January, it is showing a recovery trend.

The total market capitalization of PumpFun tokens is currently around 3.5 billion USD, down from a peak of 12 billion USD. With users no longer needing to migrate filled tokens to Raydium, the overall operational process has become smoother, enhancing platform stickiness.

In this regard, Raydium is also prepared to part ways with PumpFun through the announcement of the launch of the new token launch platform LaunchLab.

(Solana AMM Raydium prepares to fork Pump.Fun, promoting its own meme coin issuance platform: LaunchLab)

Can PumpSwap lead the next wave of on-chain frenzy?

As PumpFun co-founder Alon previously stated, his expectation for PumpSwap is to achieve a product that "makes it easy for non-crypto native users to participate" by lowering barriers, increasing rewards and optimizing the user experience:

Our goal has always been to create products that can break free from the crypto bubble and attract mainstream users. PumpSwap is an important step towards this goal, offering a more user-friendly, higher-yield, and more sustainable mechanism.

Today, PumpSwap has not only successfully rewritten the market landscape of Solana DEX, but also brought new momentum to the DeFi and meme coin ecosystem. As users and volume steadily grow, whether it can achieve the ultimate goal of attracting the mainstream market has become one of the closely watched events in the crypto community.

This article PumpSwap strongly tops: volume surpasses Raydium, rising to become Solana's largest DEX first appeared in Chain News ABMedia.