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.