PumpSwap Rockets Past $10B in 10 Days, Jolts Solana DEX Rivals

By José Oramas March 31, 2025 In Pump.fun, PumpSwap, Solana

Source:AdobeStock

PumpSwap, a new Solana DEX from Pump.fun, surpassed US$10B in trading volume in just ten days and holds over US$1.14B in TVL.
It offers a direct listing route for memecoins, bypassing Raydium, and has generated over US$20M in fees with nearly 700,000 unique wallets and 30.5M swaps.

PumpSwap, the latest decentralised exchange (DEX) from the team behind the memecoin launchpad Pump.fun, has roared onto the Solana scene by surpassing US$10B (AU$15.87B) in total trading volume in just ten days, according to data from Dune Analytics.

PumpSwap daily volume. Source: Dune Analytics

Solana’s DEX Landscape Heats Up

As Crypto News Australia reported, PumpSwap was officially unveiled on March 21, and it provides a direct path for memecoins to list without relying on Raydium, the leading Solana-based protocol that has historically dominated the network’s DEX market share. Its total value locked (TVL) is over US$1.14B (AU$1.81B), making it the ecosystem’s fifth-largest dApp by TVL.

It seems like competition is getting fierce; despite being a new player, PumpSwap has already driven over US$20M (AU$31.6M) in protocol fees, with liquidity providers collecting more than US$5.4M (AU$8.5M) of that total.

PumpSwap has also managed to attract nearly 700,000 unique wallets, recording over 30.5 million swaps, according to data from Dune.

Even so, Pump.fun’s team acknowledges a recent dip in overall memecoin-related trading activity, suggesting that some of the early buzz may be cooling off.

Pump.fun has hinted at launching a native token, although no specific details have been released. In a bid to remain competitive, Raydium is developing its own memecoin launchpad, LaunchLab, potentially setting the stage for an ongoing tug-of-war for users in the Solana ecosystem.

Whether PumpSwap can maintain its initial momentum will depend on how well it adapts to shifting market conditions and whether the memecoin fervor can sustain its current pace.