According to Dune, the Blockchain Analytics platform, MemeCoin LaunchPad Pump.Fun’s new distributed exchange (DEX), Pumpswap, surpassed its cumulative trading volume of $1 billion in the week since its launch.
On March 19th, Pump.Fun launched Solana Dex to create a “friction-free environment” for Memecoin Trading. Previously, MemeCoins, which was launched on Pump.Fun, had to move to Solana Dex Raydium after bootstrapping liquidity, but nonetheless, the trading platform has become Solana’s most popular Dex.
Still, the Pump.Fun team said these transitions slowed the momentum of the tokens and introduced “unnecessary complexity” to new users. In the new Dex, the project said the migration would happen immediately and was free.
The Dune Analytics dashboard by Onchain Analyst Adam_Tehc showed Pumpswap’s highest ever trading volume of $1.1 billion in its first seven days.
You will receive the Pumpswap dex lifetime trading volume. Source: Dune Analytics
Pumpswap has traded volumes above $1.1 billion
On the first day, the platform traded volume was around $50 million. On March 24th, volume surged eight times, recording trading volumes of over $425 million.
The platform’s daily swap peaked on March 24th, recording 4.2 million transactions. Data shows that DEX’s cumulative swap count exceeds 11 million, while the number of active users exceeds 388,000.
Data also showed that Pumpswap protocol fees exceed $2.1 million and liquidity provider fees exceed $540,000. According to the creators of Dune Dashboard, the $1 million daily fee for Pumpswap that occurred on March 24 was already “PAR” with Pump.Fun.
sauce: adam_tehc
The launch of Pumpswap follows news that Raydium will be creating its own Memecoin Launchpad, LaunchLab. The latest movement within the ecosystem will change the dynamics between Pump.fun and Raydium, turning two Solana projects from partners to competitors.
Related: Dubai regulators say Memocoin must comply with regulations
Pump.Fun launches Dex amid decline in MemeCoin
Pump.Fun launches a new business when Solana Memecoin Frenzy begins to lose steam. Solscan data shows Solana’s daily token construction peaked at 95,578 on January 26th. Since then, daily mint has diminished and it has bottomed out on March 22nd with 26,298 mint.
The successful new list from tokens created with Pump.Fun is also declining. Dune Analytics data showed that the number of days of tokens completing the Pump.Fun “bonding curve,” a DEX list requirement, fell from nearly 1,200, to 249, on January 23rd and March 20th.
Memecoin’s decline also affected Solana’s weekly revenue. On March 11, the network’s weekly revenue fell from a high from $55.3 million in mid-January to $4 million from Memecoin Frenzy’s peak. This represents a 93% decrease in blockchain’s total weekly revenue.
https://www.youtube.com/watch?v=umum1btcrdq
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