PumpSwap Hits $2.43 Billion in Trading Volume in 10 Days
Just 10 days after its launch on March 20, PumpSwap, the new decentralized exchange (DEX) developed by the Pump.fun team, has recorded a cumulative total trading volume of $2.43 billion.
Impressive Growth
On its first day, PumpSwap only recorded $50 million in transactions. However, after only 4 days, by March 24, the trading volume had increased to $425 million. Notably, the number of swap transactions on this day reached 4.2 million, bringing the total number of swaps on the platform to more than 11 million. The number of active users also increased sharply, exceeding 388,000 wallets.
Market Share in the Solana Ecosystem
While Raydium still holds 74% market share as of March 30, PumpSwap has quickly gained traction, accounting for 8% of total DEX trading volume on Solana.
Protocol Fees and Userbase
PumpSwap has generated over $20 million in protocol fees, with liquidity providers receiving over $5 million. Nearly 700,000 wallets have accessed the platform, performing over 30 million swaps in total.
Challenges and Outlook
Despite its initial success, Pump.fun - PumpSwap's parent platform - is facing a decline in trading volume as demand for memecoins has waned. The number of new tokens minted on Solana has dropped from 95,578 on January 26 to 26,298 on March 22.
However, with rapid growth and continuous improvements, PumpSwap is positioning itself as a formidable competitor in the DeFi ecosystem on Solana.
