PumpSwap, a Solana-based decentralized exchange, has reached a trading volume of $1.2 billion within a week of its launch, capturing 21% of the DEX market on the platform.
Rapid Growth in Trading Volumes
Over the past 24 hours, PumpSwap's trading volume has exceeded $538 million, while the cumulative volume currently stands at over $1.2 billion, underscoring the platform's rapid popularity among traders.
Market Share in Solana DEX
Despite the impressive trading volumes, PumpSwap currently captures only 21% of the DEX market on Solana, with Raydium still leading the market at 57.4%.
Competition with Raydium and Token Migration
Since the launch of Pump.fun, PumpSwap has been gaining traction. The interest in the platform is supported by the seamless token migration feature, eliminating the cumbersome process and fees previously required to switch to Raydium.
With the launch of PumpSwap, the DEX market on Solana is becoming increasingly competitive. The platform is rapidly capturing market share by offering users new opportunities and easier token migration, making it an attractive choice for many traders.
