PumpSwap captures 21% of Solana DEX market a week after launch – Today news

Solana decentralized exchange PumpSwap, launched a week ago, has surpassed $1 billion in cumulative trading volume, capturing 21% market share in Solana DEX market.

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

While the trading volumes are already impressive, PumpSwap currently captures only 21% of the DEX market on Solana (SOL), with Raydium still leading the market at 57.4%.

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.

While Raydium still holds a dominant market share in Solana’s DEXs, PumpSwap has emerged as a strong competitor, especially with instant token migration from Pump.fun. The tokens launched on Pump.fun can now migrate automatically to PumpSwap once they complete their bonding curves. This not only eliminates the cumbersome migration process to Raydium for token creators, but also removes the previous six SOL migration fee.