PumpSwap hits $426M volume

PumpSwap, the decentralised exchange (DEX) from Pump.fun, recorded a daily trading volume of $426 million on March 24, alongside 243,000 users.

The Solana-based (CRYPTO:SOL) platform also generated over $1 million in fees, with protocol charges reaching $213,000, according to data from Dune analyst @adam_tehc.

Despite this surge, PumpSwap holds a 14.5% market share, trailing behind Raydium’s (CRYPTO:RAY) 46.1%.

PumpSwap saw a rapid increase in trading activity, starting with just $1,380 in volume on March 15 before climbing to $53.4 million on March 19.

The platform’s daily transactions peaked at 4.2 million swaps on March 24, marking a 30,000-fold growth in ten days.

User adoption followed a similar trajectory.

The number of new users jumped from 236 on March 17 to 132,465 shortly after the DEX’s launch.

In total, the platform now has over 385,000 lifetime traders, with nearly 80,000 active wallets and 11.62 million swaps recorded.

PumpSwap’s emergence has had an impact on Raydium, the dominant player in Solana’s DEX ecosystem.

The launch of PumpSwap coincided with a 29% decline in Raydium’s RAY token, reflecting concerns over shifting liquidity.

Raydium’s market dominance fell from nearly 60% on March 15 to 46.1% by March 24.

In response to competition, Raydium announced its own meme coin launcher, LaunchLab, which is expected to rival Pump.fun’s offerings.

Meanwhile, PumpSwap’s market share has steadily grown, surpassing competitors like Phoenix, Lifinity, and Meteora.

While PumpSwap has gained traction, analysts will monitor whether it can maintain its growth and further challenge Raydium’s position.

Fee generation, user engagement, and market share shifts will remain key indicators in the coming weeks.