Solana DEX Competition Grows as Platforms Claim Turf

PumpSwap gained traction in the Solana DEX space but remains limited to PumpFun-related activity.
Raydium holds dominance in the Solana DEX ecosystem for non-PumpFun tokens and supports new projects with LaunchLab.

The Solana DEX is getting crowded, and it’s starting to feel like a morning market—everyone is fighting for attention. Amid all that noise, PumpSwap has emerged as a new player who has made a splash. In its first week alone, as we previously reported, the platform saw over $1 billion in trading volume.

That’s a staggering number, even by the fast-paced crypto world. With transaction fees of just 0.25%, incentives for liquidity providers, and no pool creation fees, PumpSwap isn’t just coming to the party, it’s playing in the big leagues.

PumpFun’s Influence on Solana DEX Can’t Be Ignored

What makes this interesting is PumpFun’s positioning as the underlying asset of PumpSwap, according to Blockworks Research. The combination of PumpFun’s bonding curve and PumpSwap’s AMM has proven to be more than just a gimmick.

At one point, their volume accounted for 20% of Solana’s total DEX volume in a single day, a personal record that’s no small feat. In fact, if we look back a little, PumpFun tokens once dominated DEX trading volume on Solana by 43% in November 2024.

1/ PumpSwap, the new native DEX from @pumpdotfun, is aiming to shake up Solana’s DEX scene.

Pumpfun (bonding curve + PumpSwap AMM) captured 20% of Solana’s total DEX volumes yesterday, hitting a new all-time high.

Could this uptrend continue? 🧵 pic.twitter.com/9WeY1c2nkZ

— Blockworks Research (@blockworksres) March 28, 2025

Raydium Isn’t Backing Down Without a Fight

However, Raydium as the “old face” in the Solana DEX ecosystem is not sitting still. They did become the main base for PumpFun tokens, controlling up to 70% of the transaction volume. But now, the stage seems to be changing direction. PumpFun has managed to reclaim most of that activity, now covering more than 60% in their own token category.

LaunchLab Signals Raydium’s Next Big Move

On the other hand, Raydium has not lost its fangs completely. For memecoins outside the PumpFun ecosystem, they are still the absolute ruler with 90% market share. Not only that, Raydium has also launched LaunchLab, a strategic effort to help new crypto projects develop on the Solana network.

According to CNF, LaunchLab provides opportunities for projects seeking to establish a community and receive genuine support at an early stage. This move is like Raydium saying, “We’re not done yet, and we’re ready to bring something new.”

SOL-USD Pair Heats Up While Meteora Loses Steam

The competition gets even more interesting when you see how the SOL-USD trading pair has become a battleground between Orca and Lifinity. Both currently have more than 30% market share apiece. Even so, Raydium retains approximately 20%—not absolute dominance, but clearly not a supporting position.

Meanwhile, Meteora, which had risen to fame with the launch of the TRUMP and LIBRA tokens earlier this year, has started to lose momentum. Their volume has been seen to weaken in recent weeks. It’s like a store that was once crowded because of a big promo, but then customers started to move to a more crowded place.

Market Share Still Fragmented Across Solana DEX

Furthermore, although PumpSwap has managed to capitalize on the popularity of the PumpFun token, their expansion has not yet reached other segments outside of that. As a result, their current market share is still limited.

Looking at the last 30 days, the DEX market on Solana is quite interestingly divided. Non-PumpFun meme coins dominate 33%, followed by the SOL-USD pair at 27%, then the PumpFun meme coin at 25%, and the remaining 15% for the other categories. This distribution shows that while PumpFun and PumpSwap have a big impact, they are still not the only options.

Meanwhile, as of press time, SOL is swapped hands at about $126.43, down 3.46% over the last 24 hours and 10.65% over the last 30 days.