Propose an edit: PumpSwap

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Title Category One sentence summary Infobox, one "key: value" per line Article body, markdown, use [[wiki links]] and end with a ## References section

PumpSwap is the decentralized exchange built by [[pump fun]], launched on March 20, 2025. It replaced [[raydium]] as the destination for tokens that complete the platform's [[bonding curve]], bringing the full life cycle of a meme coin, from launch through [[graduation rate|graduation]] to open market trading, inside a single company's infrastructure.

## Why it replaced Raydium

From January 2024 until March 2025, every pump.fun token that graduated had its liquidity deposited into a Raydium pool, with the LP tokens burned. This made pump.fun by far the largest source of new pairs and fee revenue on Raydium: roughly 41 percent of Raydium's swap fees came from pump.fun tokens in the months before the switch. By building its own automated market maker, pump.fun stopped handing that flow to a third party. PumpSwap also removed friction from the graduation event itself: migrations became instant and free, where the Raydium era process involved a delay and a migration fee. Cointelegraph and The Block framed the launch as pump.fun dropping Raydium outright, and Raydium responded by building LaunchLab, its own pump.fun style launchpad.

## Fee structure

PumpSwap launched with a 0.25 percent swap fee, of which 0.20 percent goes to liquidity providers and 0.05 percent to the protocol. In May 2025 pump.fun added a 0.05 percent creator fee on PumpSwap trades as part of its creator revenue sharing program, and in September 2025 the [[project ascend]] upgrade replaced the flat creator fee with dynamic tiered fees that pay small cap creators up to 0.95 percent per trade, declining as market cap grows.

## Growth

PumpSwap scaled at a pace few DEXes have matched. It processed about $16 billion in volume in its first 90 days, according to BlockEden analysis, and reached over $140 million in total value locked by mid 2025, placing it among Solana's top 20 DeFi protocols. The launch coincided with a steep slide in Raydium's total value locked, from about $2.97 billion in January 2025 to $1.16 billion by late March, a fall driven both by the loss of pump.fun flow and the broader meme coin downturn. In March 2026 PumpSwap briefly overtook Raydium as Solana's largest automated market maker, with about 42.3 percent of AMM market share against Raydium's 34.2 percent.

## Role in the ecosystem

PumpSwap anchors pump.fun's strategy of vertical integration, alongside the [[kolscan]] wallet tracker, the Terminal trading interface built from the Padre and Vyper acquisitions, and revenue routing into [[pump token|PUMP]] buybacks. For traders in [[the trenches]], graduation to PumpSwap is the moment a coin leaves the curve and begins trading with conventional pooled liquidity.

## References

1. https://www.theblock.co/post/347360/pump-fun-launches-dex-called-pumpswap-to-instantly-migrate-graduated-tokens
2. https://cointelegraph.com/news/pump-fun-launches-own-dex-dropping-raydium
3. https://www.blocmates.com/news-posts/pump-fun-introduces-pumpswap-a-new-dex-for-graduated-token-listings
4. https://blockeden.xyz/blog/2026/04/12/pumpswap-16b-volume-pumpfun-amm-raydium-solana-dex/
5. https://www.blocmates.com/news-posts/pump-fun-s-dex-pumpswap-launches-0-05-creator-fee-on-transactions
6. https://en.cryptonomist.ch/2025/03/21/pump-fun-officially-launches-its-dex-pumpswap-its-an-open-challenge-to-raydium/
7. https://solanafloor.com/news/pump-fun-s-creator-revenue-sharing-reality-vs-hype

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