PumpSwap rises to be Solana’s #2 AMM by volume in just a matter of days after its launch

Pump.fun’s new automated market maker PumpSwap has rapidly become the second‑largest AMM on Solana by trading volume within days of its launch, according to Dune Analytics data cited by Blockworks. PumpSwap was introduced in mid‑March 2025 as pump.fun’s in‑house DEX for tokens that “graduate” from its memecoin launchpad, replacing Raydium as the default venue where fully bonded pump.fun tokens migrate for secondary trading. Over its first two weeks, research from Solana-focused analysts reports that PumpSwap processed more than $3 billion in cumulative volume, reached about 4.4 million daily swaps at peak, and generated nearly $8 million in fees, quickly overtaking Orca’s Whirlpool product to sit just behind Raydium in Solana AMM volume share. The launch materially reshapes Solana’s memecoin and DEX landscape because pump.fun had already been responsible for a large share of Solana’s overall DEX activity through its steady stream of token launches. By moving from routing volume to Raydium to running its own AMM, pump.fun is now attempting to control the full lifecycle of its tokens—from creation on the bonding curve to liquid secondary trading on PumpSwap—capturing trading fees and tightening the integration between launchpad and exchange. Raydium, which previously dominated “graduated” pump.fun memecoin trading with an estimated 75% share, now faces a direct competitive threat and has responded by rolling out its own memecoin launchpad, LaunchLab, to defend its position in Solana’s DeFi stack. The speed of PumpSwap’s rise underscores both the scale of memecoin-driven retail activity on Solana and the strategic importance of vertical integration between launch platforms and liquidity venues for capturing that flow.

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• PumpSwap is already the 2nd-largest AMM on Solana - Blockworks (blockworks.com)
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• Pump.fun to PumpSwap API - Token Migration Tracking | Bitquery (docs.bitquery.io)

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• Raydium
• DEX
• Solana
• Launch