Pump.fun unveiled PumpSwap on March 20 with the aim of providing a platform for successful memecoins to transition directly to PumpSwap, thereby sidelining Raydium, one of the premier Solana-based exchanges and automated market makers (AMMs). As per The Block’s data, Raydium had handled a quarter of the total DEX volume in January, surpassing all other exchanges.

However, PumpSwap has quickly risen to the top among Solana DEXs. On a particular Saturday, PumpSwap facilitated 67.4% of the volume handled by multiple major Solana DEXs, while Raydium settled for the second-largest market share at 18.2%. No other exchange managed to capture more than 5% of the market, as per the dashboard.

PumpSwap has netted over $20 million in protocol fees, and liquidity providers have reaped over $5 million in fees. In addition, nearly 700,000 wallets have accessed the protocol. Despite PumpSwap’s success, Pump.fun has recently seen a decrease in exchange volume as the memecoin trading fever subsides. Pump.fun’s team has hinted at future plans for a native token launch.

In the meantime, Raydium is developing a memecoin launchpad named LaunchLab, presumably to rival Pump.fun, as previously reported by The Block. The Block continues to provide objective, impactful, and timely information about the crypto industry, operating independently despite being majorly invested in by Foresight Ventures, which also invests in other crypto companies, including crypto exchange Bitget, an anchor LP for Foresight Ventures.

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