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Since launching PumpSwap, token launchpad Pump.fun has resumed its position as a top-level protocol by fees and revenue.
Prominent meme coin launchpad Pump.fun has resumed its position as a top-level protocol by fees and revenue since launching PumpSwap, a decentralized exchange on Solana.
In less than two weeks since its launch, PumpSwap has managed over $2.62 billion in trade volume. However, the exchange’s daily volume fell over the weekend.
“We are very proud of the success of PumpSwap so far. It is a crucial step that will help grow the ecosystem,” said a cofounder of Pump.fun.
Announced in April, Pump.fun is known for allowing users to create their own meme coins on Solana. The platform took the blockchain by storm earlier in 2023, becoming one of the largest protocols by fees.
However, Pump.fun faced some difficulties in the market. Facing lawsuits and criticism from the industry, the platform’s revenue had been declining.
But since launching PumpSwap, Pump.fun’s income has rebounded.
"It is still remarkable to see a new exchange hit $2.62B in less than two weeks with 0.03% fees," added the executive.
Indeed, PumpSwap’s low fees are a significant advantage in the current market. With demand for meme coins drying up, platforms like Raydium have been using low fees as a competitive edge.
To further promote ecosystem growth, PumpSwap will also be offering revenue sharing with token creators.
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