PumpSwap, the DEX launched by Solana-based memecoin factory Pump.fun, has hit $100 million in total value locked (TVL), marking a new milestone just 50 days after its debut.

The record comes amid a broader resurgence in memecoin trading, defying recent predictions of the sector’s collapse after its meteoric growth fizzled out earlier this year.

Volume boom

Launched on March 19, PumpSwap was designed to provide a native trading venue for tokens graduating from Pump.fun’s launchpad.

The platform has seen near-continuous growth in daily activity, with cumulative trading volume exceeding $18 billion to date.

Daily volumes have rarely dipped below $500 million in May, and the exchange hit a high of nearly 500,000 daily active wallets on May 5, according to Dune Analytics data.

PumpSwap’s rise coincides with a notable uptick in recurring user activity and daily swap volume, indicating sustained engagement.

The growth comes after a period of stagnation earlier this year, triggered in part by a scandal involving Argentine President Javier Milei and a Libra memecoin that plummeted after a promotional post on his official X account.

Memecoin resurgence

Despite high-profile dismissals from industry figures, the memecoin sector is mounting a comeback, with blue-chip tokens posting significant gains over the past week.

Every one of the top 10 memecoins by market cap is up double digits on the week, with PENGU surging 230% over the past month and PEPE leading weekly gains with over 40% growth.

Pump.fun, once dismissed after a wave of rug pulls and pump-and-dump accusations, now finds its DEX thriving amid this unexpected revival.

Despite the resurgence, nearly 99% of Pump.fun launched memecoins continue to fail, with a vast percentage exhibiting fraudulent behavior.

However, the influx of users and capital suggests that the speculative appetite in crypto’s most chaotic corner remains far from extinguished.

Mentioned in this article

Pump.fun’s decentralized exchange (DEX), PumpSwap, has achieved record-breaking numbers, with a daily volume of $426 million and 243,000 users.

The Solana-based platform also collected more than $1 million in fees, including $213,000 in protocol charges on March 24, marking its best performance since its launch.

Despite the success, its market share of 14.5%, as captured by Dune analyst @adam_tehc, remains significantly lower than Raydium’s dominant 46.1%.

From Obscurity to Dominance

PumpSwap’s journey started with modest trading volumes, recording just $1,380 on March 15. However, after the quiet start, trading exploded on March 19, when volume jumped from $3.4 million to $53.4 million in a single day.

Activity peaked on March 24, with 4.2 million swaps processed and PumpSwap hitting its highest daily volume of $426 million, a staggering 30,000x increase in just 10 days.

User adoption followed the same trend. From just 236 new users on March 17, the numbers skyrocketed to 132,465, only days after Pump.fun officially rolled out the DEX. Lifetime traders now exceed 385,000, with almost 80,000 new wallets active on the platform today and 11.62 million swaps recorded in total.

Pump.fun’s DEX debut had already stirred the market weeks ago when rumors of its development first emerged. News of its launch saw Solana’s longstanding leader in the decentralized exchange space, Raydium, shed 29% off the price of its native RAY token as concerns over liquidity dominance mounted.

PumpSwap vs. Raydium: A Growing Rivalry

In what many saw as an attempt to counter PumpSwap’s disruptive presence, Raydium has also announced it is developing a meme coin launcher, LaunchLab, to compete directly with Pump.fun.

The company’s market dominance has notably declined from nearly 60% on March 15 to 46.1% on March 24, partly due to PumpSwap’s aggressive growth. The new platform’s market share has steadily increased in the last week, moving from nonexistent to 14.5%. It started eating into the numbers of competitors such as Meteora, Lifinity, and Phoenix around March 19, when it leapfrogged Phoenix to claim 2.5% of the market share.

On March 21, the protocol had another good day, overtaking Lifinity to control 5% of the Solana DEX market. Two days later, the number shot up to 9% before registering its best performance on March 24, cornering 14.5% of the market, only bettered by Raydium and Whirlpool.

With its all-time highs in trading volume and user activity, PumpSwap has solidified its presence in the Solana ecosystem. Yet, it remains to be seen whether it can sustain this growth and further challenge Raydium’s dominance. Expect analysts to closely watch fee generation, market share shifts, and user adoption trends in the coming weeks.

Geneva, Switzerland, March 20 2025  – TRON DAO, the community-governed DAO dedicated to accelerating the decentralization of the internet through blockchain technology and decentralized applications (dApps), is thrilled to collaborate with pump.fun, the world’s leading crypto token launchpad where anyone can create their own token for free, to power the launch of PumpSwap. PumpSwap is the new native decentralized exchange (DEX) from pump.fun and is built to redefine liquidity access and cross-chain interoperability while serving as a seamless onramp for the broader Web3 ecosystem.

Unlike traditional DEXs, PumpSwap is directly integrated with pump.fun, creating unmatched efficiencies by eliminating the need for token migration and significantly enhancing the user experience. This direct connection streamlines liquidity provisioning, allowing token creators to instantly trade and manage liquidity without delays.

pump.fun will also soon introduce a token revenue-sharing model, where creators earn a share of the fees generated on their tokens, aligning long-term incentives between token creators and token holders and fostering a more sustainable ecosystem for memecoins and beyond. The platform also serves as a bridge between ecosystems, leveraging LayerZero and Wormhole to facilitate cross-chain liquidity between other blockchain networks.

This collaboration marks a major step forward in expanding pump.fun beyond memes, transforming it into a hub for crypto adoption. With PumpSwap acting as an entry point for users to explore multiple blockchain ecosystems, it bypasses traditional fiat onramps, making it easier than ever for users to buy and trade tokens across different networks.

“TRON remains dedicated to driving blockchain innovation and expanding accessibility across the Web3 ecosystem,” said Justin Sun, Founder of TRON. “The collaboration with pump.fun on PumpSwap enhances liquidity access and cross-chain interoperability, reinforcing the broader goal of making decentralized finance more seamless and inclusive for users worldwide.”

“pump.fun democratized token creation, standardized token contracts, and brought crypto to the people,” said Alon Cohen, CoFounder pump.fun. “pump.fun is building crypto’s largest social network, and bridging communities across crypto through partnerships like this with TRON to provide crosschain liquidity on PumpSwap is how that foundation is built.”

TRON’s involvement in this initiative further strengthens its commitment to cross-chain innovation and expanding access to decentralized finance (DeFi). As PumpSwap grows, it aims to become a key liquidity hub, supporting on and off-ramps across multiple blockchains and driving broader adoption of Web3 technologies.

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017 by H.E. Justin Sun, the TRON blockchain has experienced significant growth since its MainNet launch in May 2018. Until recently, TRON hosted the largest circulating supply of USD Tether (USDT) stablecoin, exceeding $60 billion. As of March 2025, the TRON blockchain has recorded over 293 million in total user accounts, more than 9.8 billion in total transactions, and over $18.2 billion in total value locked (TVL), based on TRONSCAN.

TRONNetwork | TRONDAO | X | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum

Media Contact
Yeweon Park
[email protected]

Troy D. Gravitt
Baton Corporation (for pump.fun)
[email protected]

Mentioned in this article