PumpSwap has captured 20% of Solana's total DEX trading volume, signaling a quiet shift in the competitive landscape
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PumpSwap has captured 20% of Solana's total DEX trading volume, signaling a quiet shift in the competitive landscape
PumpSwap's new automated market maker mechanism has captured 20% of Solana's total DEX trading volume, gradually reshaping the competitive landscape of decentralized exchanges on Solana.
Navigating Web3 tides with focused insightsAuthor: Blockworks Research
Translation: TechFlow
PumpSwap is a new native decentralized exchange (DEX) launched by @pumpdotfun, aiming to disrupt Solana's DEX ecosystem.
Pumpfun (combining bonding curves with PumpSwap’s automated market maker mechanism, AMM) captured 20% of Solana’s total DEX trading volume yesterday, marking an all-time high.
Will this upward trend continue?
What's driving Solana DEX trading volume?
Trading pair market share distribution over the past 30 days:
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Non-Pumpfun Memecoins: 33%
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SOL-USD: 27%
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Pumpfun Memecoins: 25%
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Others: 15%
Notably, Pumpfun tokens once accounted for 43% of on-chain DEX trading volume in November 2024.
Raydium historically captured 70% of Pumpfun token trading volume.
However, Pumpfun quickly reclaimed this activity and now holds over 60% market share in this category.
For memecoins unrelated to Pumpfun, Raydium still dominates completely, holding around 90% market share.
Meteora briefly increased its market share following the launch of the TRUMP (January 17) and LIBRA (February 14) tokens, but trading volume has declined in recent weeks.
The SOL-USD trading pair is highly competitive, with Orca and Lifinity each capturing over 30% market share.
In the meantime, Raydium maintains approximately 20% market share in this category.
Raydium continues to lead, accounting for about 50% of Solana’s total DEX trading volume.
PumpSwap benefits from mature Pumpfun tokens but has not yet expanded into other categories. As a result, its current market share remains limited.
How will the market landscape shift one year from now?
To gain deeper insights into Pumpfun’s financials, on-chain activity, and its impact on Solana’s DEX ecosystem, subscribe to @blockworksres and explore the latest analytical dashboard.
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