PumpSwap Surpasses Raydium to Become Largest Solana DEX

PumpSwap, the native decentralized exchange (DEX) of memecoin launchpad PumpFun, has become the largest Solana DEX just a week after its launch, surpassing Raydium on March 26.

According to a Dune dashboard, PumpSwap captured 42.3% of the AMM market share on March 26, compared to 34.2% for Raydium. PumpSwap also generated over $2 million in daily trading fees for the first time today, generating $2.67 million at the time of writing.

The continued momentum comes a day after PumpSwap beat Whirlpool to become the second-largest Solana AMM, capturing 19.9% of the market to Whirlpool's 14.0%. In just a week since its launch, PumpSwap has generated $2.4 billion in total trading volume and $4.8 million in total protocol fees.

Prior to PumpSwap’s launch on March 20, Raydium functioned as PumpFun’s default DEX. This meant that tokens that graduated their bonding curve on PumpFun migrated to liquidity pools on Raydium, where users could buy, sell, and trade them.

According to the PumpFun team, this process introduced major friction into the platform’s experience, causing needless complexities for users and slowing token momentum.

“Our goal from day 1 was to build a product that could escape the crypto bubble and capture the attention of millions of non-crypto natives. PumpSwap is a crucial step that will help grow the ecosystem through a more accessible, rewarding, and sustainable mechanism,” said Alon, PumpFun’s co-founder.