Pump.fun is proud to announce that PumpSwap’s DEX, a decentralized trading platform, achieved a record volume with $426,000,000 in daily transactions and 243,000 registered users.
On March 24, the platform based in Solana collected over $1 million, which includes $213,000 protocol fees. This is its best performance ever.
Although the company has been successful, it still only holds a 14.5% market share. captured Dune analyst, @adam_tehc. This is still significantly less than Raydium’s 46.1%.
From Obscurity To Dominance
PumpSwap began its journey with modest volumes of trading, only $1,380, on 15 March. The quiet start was followed by a flurry of activity on March 19. Trading volume went from just $1,380 to over $53.4 Million in one single day.
PumpSwap reached its peak daily volume on 24 March, with $426 million in swaps and 4.2 millions processed. This was a 30,000x growth within just 10 days.
The same pattern was followed by users. After only 236 new Pump.fun users were added on 17 March, the number soared to 132.465, just days after it was officially launched. rolled out The DEX. The number of lifetime traders has now exceeded 385,000. Today, almost 80,000 wallets are active on the platform and 11,62 million swaps have been recorded.
The market was already abuzz with Pump.fun’s DEX debut when the first rumors about its creation emerged. Raydium’s position as the leader of Solana in the decentralized trading space was shaken by news about its launch. 29% As concerns about liquidity increased, RAY slashed the price of their native token.
PumpSwap and Raydium are growing rivals
Raydium announced that it was developing a coin-launcher for memes, which many saw as a way to combat PumpSwap’s disruption. LaunchLabPump.fun is directly competing with this product.
PumpSwap, which has experienced rapid growth in recent months, is partly responsible for the decline of market dominance. In the past week, market share for this new platform has increased steadily from zero to 14,5%. Around March 19, it began to eat into competitors like Meteora and Lifinity. It also surpassed Phoenix, claiming 2.5% of market share.
The protocol enjoyed another successful day on March 21 when it overtook Lifinity and controlled 5% of Solana DEX. After two days, it jumped up to 9%, before its greatest performance was on March 24 when the protocol cornered 14.5% of Solana DEX, beating only Raydium and Whirlpool.
PumpSwap’s presence within the Solana eco-system has been solidified by its record high in terms of trading volume and activity. It remains to be determined whether this growth can continue and threaten Raydium’s dominant position. Analysts will be closely watching the fee generation trends, shifts in market share, and adoption patterns of users over the next few weeks.
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Source: cryptopotato.com
