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

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💸 Crypto Absurdity! DEX Makes Bank in Just 7 Days 🤑

Memecoin launchpad Pump.fun’s new decentralized exchange (DEX), PumpSwap, has, with indecent haste, surpassed a cumulative trading volume of over $1 billion a mere week after its launch, according to that most trustworthy of sources, the blockchain analytics platform Dune. One is almost tempted to suspect foul play, or at least, an excess of enthusiasm. 🥂

On March 19, Pump.fun, in a fit of pique, launched its own Solana DEX to create a “frictionless environment” for memecoin trading. One shudders to think of the chaos that might ensue if friction were entirely removed from the world of cryptocurrency. Memecoins launched on Pump.fun previously needed to migrate into the Solana DEX Raydium after bootstrapping liquidity, making the trading platform the most popular DEX in Solana. Like a nouveau riche attempting to gatecrash a high-society ball. 🧐

The Pump.fun team, with a wisdom that belies their name, said these migrations slowed token momentum and introduced “needless complexity” for new users. As if complexity were not the very essence of modern finance! With the new DEX, the project said migrations happen instantly and for free. A charmingly naive proposition, rather like promising instant happiness at no cost. 😇

A week after launch, PumpSwap reached a cumulative volume of more than $1 billion. A Dune Analytics dashboard by onchain analyst Adam_Tehc showed that PumpSwap had an all-time trading volume of $1.1 billion in its first seven days. Astonishing! One is reminded of a particularly gaudy firework display, pretty but ultimately fleeting. ✨

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PumpSwap exceeds $1.1 billion in trading volume

During its first day, the platform had a modest trading volume of about $50 million. On March 24, the volume spiked eight times, recording over $425 million in trading volume. One suspects the champagne was flowing freely on that day. 🍾

Daily swaps on the platform peaked on March 24, recording 4.2 million transactions. The DEX’s cumulative number of swaps surpassed 11 million, while the number of active users has reached over 388,000, according to the data. A veritable frenzy of activity, akin to ants swarming a dropped jam tart. 🐜

The data also showed that the fees on the PumpSwap protocol exceeded $2.1 million, while liquidity provider fees exceeded $540,000. According to the Dune Dashboard’s creator, PumpSwap’s $1 million daily fees generated on March 24 are already “on par” with Pump.fun. One begins to suspect that virtue may not be its own reward after all. 😈

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PumpSwap’s launch follows news that Raydium plans to create its own memecoin launchpad, LaunchLab. The latest movements within the ecosystem shift the dynamics between Pump.fun and Raydium, turning the two Solana projects from partners into competitors. A most unseemly squabble, rather like two dowagers fighting over the same diamond tiara. 💎

Pump.fun launches DEX amid memecoin decline

Pump.fun launching a new business comes as the Solana memecoin frenzy began to lose steam. How very inconvenient! Solscan data shows that Solana’s daily token-minting peaked at 95,578 on Jan. 26. Since then, the daily mints declined, bottoming at 26,298 mints on March 22. The party, it seems, is coming to an end. 🥳

In addition, successful new listings from tokens created at Pump.fun declined. Dune Analytics data showed that the daily number of tokens completing Pump.fun’s “bonding curve,” a requirement for DEX listing, dropped from highs of almost 1,200 on Jan. 23 and 24 to 149 on March 20. The curve, alas, is not always so kind. 📉

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The memecoin decline also affected Solana’s weekly revenue. On March 11, the network’s weekly revenue dropped to $4 million from its high of $55.3 million in mid-January, at the height of the memecoin frenzy. This represents a 93% drop in the blockchain’s total weekly revenue. A tragedy! Or, perhaps, a comedy in disguise. 🤔

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2025-03-25 15:29