Pumpswap hits $426 million milestone, but Raydium remains Solana’s top DEX

Pump.Fun’s Decentralized Exchange (DEX), PumpSwap, has reached record numbers with a daily number of $426 million and 243,000 users.

The Solana-based platform also charges over $1 million, including a $213,000 agreement fee on March 24, marking the best performance since its launch.

Despite the success, Dune analyst @ADAM_TEHC’s market share was still significantly lower than Raydium’s main 46.1%.

From obscure to domination

Pumpswap’s journey began with moderate trading volumes, recording only $1,380 on March 15. But after a quiet start, the deal exploded on March 19, when the day volume jumped from $3.4 million to $53.4 million.

The event peaked on March 24, processing 4.2 million swaps, pumped daily sales reached a maximum of $426 million, an increase of 30,000 times in just 10 days.

User adoption follows the same trend. From March 17, there were only 236 new users, the number soared to 132,465, just a few days after Pump.Fun officially launched DEX. Lifetime traders now have more than 385,000, and there are nearly 80,000 new wallets on the platform today, with a total of 11.62 million swaps.

Pump.Fun’s DEX debut has sparked rumors of market development a few weeks ago. The release has allowed Solana’s long-time leader in the decentralized exchange space Raydium to lower the price of its mine token by 29% as fears of liquidity advantages.

Pumping vs. Redim: More and More Competition

In many attempts to fight back against the destructive presence of Pumpswap, Raydium also announced that it is developing a meme coin launcher LaunchLab to compete directly with Pump.Fun.

The company’s market advantage dropped from nearly 60% on March 15 to 46.1% on March 24, partly due to the positive growth of Pumpswap. The market share of the new platform grew steadily last week, from non-existence to 14.5%. It began to swallow up the number of competitors such as Meteora, Liferation and Phoenix around March 19, when it surpassed Phoenix to occupy 2.5% of the market share.

On March 21, the agreement had another wonderful day, surpassing the attractions to control the 5% Solana Dex market. Two days later, the figure hit 9% before registering its best performance on March 24, improving the market by Raydium and Whirlpool only.

With its all-time highest levels of transaction volume and user activity, Pumpswap has solidified its presence in the Solana ecosystem. However, it remains to be seen whether it can sustain this growth and further challenge Raydium’s dominance. Analysts are expected to keep an eye on charging generation, market share changes and user adoption trends over the next few weeks.