Pump.fun’s new DEX reaches $1B volume a week after launch

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Pump.fun’s caller DEX, PumpSwap, recorded regular fees supra $1 cardinal connected March 24, pushing its all-time gross to $2.1 million.

Pump.fun’s caller DEX reaches $1B measurement a week aft launch

Memecoin launchpad Pump.fun’s caller decentralized speech (DEX), PumpSwap, has surpassed a cumulative trading measurement of implicit $1 cardinal conscionable 1 week aft its launch, according to blockchain analytics level Dune.

On March 19, Pump.fun launched its ain Solana DEX to make a “frictionless environment” for memecoin trading. Memecoins launched connected Pump.fun antecedently needed to migrate into the Solana DEX Raydium aft bootstrapping liquidity, making the trading level the astir fashionable DEX successful Solana.

The Pump.fun squad said these migrations slowed token momentum and introduced “needless complexity” for caller users. With the caller DEX, the task said migrations hap instantly and for free.

A week aft launch, PumpSwap reached a cumulative measurement of much than $1 billion. A Dune Analytics dashboard by onchain expert Adam_Tehc showed that PumpSwap had an all-time trading measurement of $1.1 cardinal successful its archetypal 7 days.

PumpSwap exceeds $1.1 cardinal successful trading volume

During its archetypal day, the level had a humble trading measurement of astir $50 million. On March 24, the measurement spiked 8 times, signaling implicit $425 cardinal successful trading volume.

Daily swaps connected the level peaked connected March 24, signaling 4.2 cardinal transactions. The DEX’s cumulative fig of swaps surpassed 11 million, portion the fig of progressive users has reached implicit 388,000, according to the data.

The information besides showed that the fees connected the PumpSwap protocol exceeded $2.1 million, portion liquidity supplier fees exceeded $540,000. According to the Dune Dashboard’s creator, PumpSwap’s $1 cardinal regular fees generated connected March 24 are already “on par” with Pump.fun.

PumpSwap’s motorboat follows quality that Raydium plans to create its ain memecoin launchpad, LaunchLab. The latest movements wrong the ecosystem displacement the dynamics betwixt Pump.fun and Raydium, turning the 2 Solana projects from partners into competitors.

Pump.fun launches DEX amid memecoin decline

Pump.fun launching a caller concern comes arsenic the Solana memecoin frenzy began to suffer steam. Solscan information shows that Solana’s regular token-minting peaked astatine 95,578 connected Jan. 26. Since then, the regular mints declined, bottoming astatine 26,298 mints connected March 22.

In addition, successful caller listings from tokens created astatine Pump.fun declined. Dune Analytics information showed that the regular fig of tokens completing Pump.fun’s “bonding curve,” a request for DEX listing, dropped from highs of astir 1,200 connected Jan. 23 and 24 to 149 connected March 20.

The memecoin diminution besides affected Solana’s play revenue. On March 11, the network’s play gross dropped to $4 cardinal from its precocious of $55.3 cardinal successful mid-January, astatine the tallness of the memecoin frenzy. This represents a 93% driblet successful the blockchain’s full play revenue.