PumpSwap captures 74% of Solana DEX volume as memecoins surge

Solana’s DEX ecosystem has had a precise progressive month, fueled by a spike successful caller token listings, surging volume, and PumpSwap’s increasing grip implicit trading flows. While SOL retreated to conscionable beneath $180 aft peaking supra $205, the spike successful enactment crossed DEXs suggests that the retail-driven memecoin wave chiefly powered the turnover. However, the mechanics look antithetic than earlier successful the twelvemonth aft a deeper look.

Data from Dune shows wide divergences betwixt wherever tokens motorboat and wherever liquidity concentrates. Raydium’s LaunchLab remains the preferred venue for brace creation, but PumpSwap present processes implicit 70% of Solana’s regular DEX volume. This is driven by PumpSwap’s memecoin-focused listing policies and frictionless marketplace structure. The effect is simply a fragmented but precise progressive DEX market.

On July 21, astir 241,356 caller trading pairs were created crossed Solana DEXs. Raydium LaunchLab was liable for 157,195 of the pairs (65%), followed by Pump.fun with 49,899 and PumpSwap with 26,689.

Chart showing the fig of caller tokens launched by task connected Solana DEXs from June 27, 2022, to July 30, 2025 (Source: Dune Analytics)

Even though astir each of these tokens are short-lived and illiquid, their sheer measurement reflects a marketplace driven by speed. The correlation betwixt caller listings and SOL’s terms is besides clear. The week of July 21 marked the apical for SOL astatine $205.81, up 40% from July 1’s $146.90. As token instauration normalized successful the pursuing days, SOL declined astir 11% to $183.13 by July 28.

This behaviour is different wide illustration of the speculative churn that became the instauration of Solana’s DeFi market: accelerated token launches spark contiguous trading demand, pushing up volumes and, temporarily, SOL.

One of the biggest changes we’ve seen this period is successful marketplace share. As of July 28, PumpSwap handled 73.6% of each Solana DEX volume, processing $16.8 cardinal of the $22.8 cardinal total. Raydium followed with $2.9 cardinal (12.6%), Orca with $1.5 cardinal (6.6%), and Meteora with $1.0 cardinal (4.5%).

Graph showing the marketplace stock of Solana DEX volumes from June 27, 2022, to July 30, 2025 (Source: Dune Analytics)

PumpSwap’s dominance isn’t coincidental. It has emerged arsenic the go-to venue for memecoin traders owed to its frictionless listing model, minimal vetting, and gamified interfaces. Its enactment for ultra-low marketplace headdress tokens and assertive liquidity incentives has made it the epicenter of Solana’s short-cycle, high-risk trading.

The quality successful trading behaviour is stark. While Raydium’s LaunchLab remains the astir fashionable introduction constituent for caller tokens, traders rapidly migrate to PumpSwap for existent execution. This explains wherefore Raydium saw 157,000 caller pairs created connected July 21 but lone captured 12.6% of measurement connected July 28. PumpSwap, by contrast, had conscionable 26,689 caller pairs launched but handled implicit 70% of each flow.

Despite being eclipsed by PumpSwap successful existent marketplace share, Raydium remains the all-time measurement person crossed Solana DEXs. Its beingness measurement has surpassed $1.06 trillion, acold up of PumpSwap’s $483.9 billion, Orca’s $471.87 billion, and Meteora’s $241.41 billion.

Table showing trading volumes for Solana DEXs connected July 30, 2025 (Source: Dune Analytics)

However, the trajectory suggests PumpSwap could adjacent that gap. Over the past 30 days, PumpSwap recorded $251.41 cardinal successful volume, compared to Raydium’s $34.96 cardinal and Meteora’s $26.47 billion. In conscionable 1 time (July 28), PumpSwap facilitated $8.16 billion, much than six times Raydium’s $1.23 cardinal and implicit 14 times Orca’s $581.49 million.

The information besides highlights a attraction of short-term liquidity. PumpSwap’s 1-day to 30-day measurement ratio (3.2%) is akin to Raydium’s (3.5%), but its implicit size is substantially higher. This suggests a overmuch higher velocity of superior and a penchant among traders to usage PumpSwap for some entries and exits.

While SOL’s terms has retreated 11% from its July 22 high, Solana DEX volumes person remained elevated. The 30-day measurement full crossed the apical projects stands astatine $368 billion, led by PumpSwap. Even arsenic SOL fell to $183.13 by July 28, PumpSwap maintained $8.16 cardinal successful regular volume, up from $6.45 cardinal astatine the commencement of the month.

This indicates ongoing churn successful secondary markets, peculiarly astir memecoins and microcaps. While the motorboat strength whitethorn person slowed aft July 21, speculative appetite among traders has not. This decoupling betwixt plus terms and level enactment suggests that Solana’s DEX ecosystem is maturing into a full-fledged high-frequency environment, wherever token terms find continues careless of broader marketplace conditions.

Projects similar Orca and Meteora proceed to clasp niche positions successful the Solana DEX landscape. Orca processed $5.11 cardinal successful the past week and $18.35 cardinal implicit the past 30 days, portion Meteora handled $3.43 cardinal and $26.47 billion, respectively.

Interestingly, some protocols amusement little regular shares than their 30-day average, indicating steadier flows and less spikes. This implies that portion PumpSwap captures speculative peaks, platforms similar Orca and Meteora whitethorn service arsenic liquidity hubs for much predictable bid flow, specified arsenic LP arbitrage oregon large-scale transactions.

The station PumpSwap captures 74% of Solana DEX measurement arsenic memecoins surge appeared archetypal connected CryptoSlate.