PumpSwap Captures 21% of Solana DEX Market, Surpassing $1B in Trading Volume

PumpSwap, a decentralized exchange on the Solana network, has rapidly gained traction by capturing 21% of the Solana DEX market just one week after its launch. According to Dune Analytics, PumpSwap’s cumulative trading volume has exceeded $1 billion, with over $538 million traded in the past 24 hours. The platform, launched by Pump.fun, enables instant token migration from Pump.fun to PumpSwap, effectively eliminating the previously high SOL migration fee and streamlining the process for token creators. Despite this impressive performance, Raydium remains the current market leader with 57.4% share, and in response to the evolving competitive landscape, it has unveiled its token creation platform, LaunchLab. The intensifying competition is sparking more innovation and liquidity within the Solana ecosystem, which could have lasting implications for decentralized exchange dynamics on the network.