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Memecoin launchpad Pump.fun’s new decentralized exchange (DEX), PumpSwap, surpassed a cumulative trading volume of $1 billion a week after its launch, according to blockchain analytics platform Dune.
On March 19, Pump.fun launched its Solana DEX to create a “frictionless environment” for memecoin trading. Previously, memecoins launched on Pump.fun needed to migrate into the Solana DEX Raydium after bootstrapping liquidity, despite which the trading platform became the most popular DEX in Solana.
Still, the Pump.fun team said these migrations slowed token momentum and introduced “needless complexity” for new users. With the new DEX, the project said migrations happen instantly and are free.
A Dune Analytics dashboard by onchain analyst Adam_Tehc showed that PumpSwap had an all-time trading volume of $1.1 billion in its first seven days.
PumpSwap DEX lifetime trading volume reaches. Source: Dune Analytics
PumpSwap exceeds $1.1 billion in trading volume
During its first day, the platform had a modest trading volume of about $50 million. On March 24, the volume spiked eight times, recording over $425 million in trading volume.
Daily swaps on the platform peaked on March 24, recording 4.2 million transactions. The DEX’s cumulative number of swaps surpassed 11 million, while the number of active users has reached over 388,000, according to the data.
The data also showed that the fees on the PumpSwap protocol exceeded $2.1 million, while liquidity provider fees exceeded $540,000. According to the Dune Dashboard’s creator, PumpSwap’s $1 million daily fees generated on March 24 were already “on par” with Pump.fun.
PumpSwap’s launch follows news that Raydium plans to create its own memecoin launchpad, LaunchLab. The latest movements within the ecosystem shift the dynamics between Pump.fun and Raydium, turning the two Solana projects from partners into competitors.
Related: Dubai regulator says memecoins must adhere to regulations
Pump.fun launches DEX amid memecoin decline
Pump.fun launching the new business comes as the Solana memecoin frenzy has begun to lose steam. Solscan data shows that Solana’s daily token-minting peaked at 95,578 on Jan. 26. Since then, the daily mints have declined, bottoming at 26,298 mints on March 22.
Successful new listings from tokens created at Pump.fun have also declined. Dune Analytics data showed that the daily number of tokens completing Pump.fun’s “bonding curve,” a requirement for DEX listing, had dropped from highs of almost 1,200 on Jan. 23 and 24 to 149 on March 20.
The memecoin decline also affected Solana’s weekly revenue. On March 11, the network’s weekly revenue dropped to $4 million from its high of $55.3 million in mid-January, at the height of the memecoin frenzy. This represents a 93% drop in the blockchain’s total weekly revenue.
Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
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