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Pump.fun’s new DEX reaches $1B volume a week after launch
Memecoin launchpad Pump.fun’s new decentralized exchange (DEX), PumpSwap, has surpassed a cumulative trading volume of over $1 billion just one week after its launch, according to blockchain analytics platform Dune.
On March 19, Pump.fun launched its own Solana DEX to create a “frictionless environment” for memecoin trading. Memecoins launched on Pump.fun previously needed to migrate into the Solana DEX Raydium after bootstrapping liquidity, making the trading platform the most popular DEX in Solana.
The Pump.fun team said these migrations slowed token momentum and introduced “needless complexity” for new users. With the new DEX, the project said migrations happen instantly and for free.
A week after launch, PumpSwap reached a cumulative volume of more than $1 billion. A Dune Analytics dashboard by onchain analyst Adam_Tehc showed that PumpSwap had an all-time trading volume of $1.1 billion in its first seven days.
PumpSwap DEX lifetime trading volume reaches. Source: Dune Analytics
PumpSwap exceeds $1.1 billion in trading volume
During its first day, the platform had a modest trading volume of about $50 million. On March 24, the volume spiked eight times, recording over $425 million in trading volume.
Daily swaps on the platform peaked on March 24, recording 4.2 million transactions. The DEX’s cumulative number of swaps surpassed 11 million, while the number of active users has reached over 388,000, according to the data.
The data also showed that the fees on the PumpSwap protocol exceeded $2.1 million, while liquidity provider fees exceeded $540,000. According to the Dune Dashboard’s creator, PumpSwap’s $1 million daily fees generated on March 24 are already “on par” with Pump.fun.
Source: Adam_tehc
PumpSwap’s launch follows news that Raydium plans to create its own memecoin launchpad, LaunchLab. The latest movements within the ecosystem shift the dynamics between Pump.fun and Raydium, turning the two Solana projects from partners into competitors.
Related: Dubai regulator says memecoins must adhere to regulations
Pump.fun launches DEX amid memecoin decline
Pump.fun launching a new business comes as the Solana memecoin frenzy began to lose steam. Solscan data shows that Solana’s daily token-minting peaked at 95,578 on Jan. 26. Since then, the daily mints declined, bottoming at 26,298 mints on March 22.
In addition, successful new listings from tokens created at Pump.fun declined. Dune Analytics data showed that the daily number of tokens completing Pump.fun’s “bonding curve,” a requirement for DEX listing, dropped from highs of almost 1,200 on Jan. 23 and 24 to 149 on March 20.
The memecoin decline also affected Solana’s weekly revenue. On March 11, the network’s weekly revenue dropped to $4 million from its high of $55.3 million in mid-January, at the height of the memecoin frenzy. This represents a 93% drop in the blockchain’s total weekly revenue.
Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
Polymarket, the world’s largest decentralized prediction market, is under fire after a controversial outcome raised concerns over potential governance manipulation in a high-stakes political bet. A betting market on the platform asked whether US President Donald Trump would accept a rare earth mineral deal with Ukraine before April. Despite no such event occurring, the market was settled as “Yes,” triggering a backlash from users and industry observers. This may point to a “governance attack” in which a whale from the UMA Protocol “used his voting power to manipulate the oracle, allowing the market to settle false results and successfully profit,” according to crypto threat researcher Vladimir S. “The tycoon cast 5 million tokens through three accounts, accounting for 25% of the total votes. Polymarket is committed to preventing this from happening again,” he wrote in a March 26 X post. Source: Vladimir S. Polymarket employs UMA Protocol’s blockchain oracles for external data to settle market outcomes and verify real-world events. Polymarket data shows the market amassed more than $7 million in trading volume before settling on March 25. Source: Polymarket Still, not everyone agrees that it was a coordinated attack. A pseudonymous Polymarket user, Tenadome, argued that the outcome was the result of negligence. “There is no ‘tycoon’ who ‘manipulated the oracle,’ Tenadome wrote in a March 26 X post, adding: “The voters that decided this outcome are the same UMA whales who vote in every dispute, who (1) are largely affiliated with/on the UMA team and (2) do not trade on Polymarket, and they just chose to ignore the clarification to get their rewards and avoid being slashed.” Related: Polymarket whale raises Trump odds, sparking manipulation concerns Despite user frustration, Polymarket moderators said no refunds would be issued. “We are aware of the situation regarding the Ukraine Rare Earth Market. This market resolved against the expectations of our users and our clarification,” Polymarket moderator Tanner said, adding: “Unfortunately, because this wasn’t a market failure, we are not able to issue refunds.” Source: Vladimir S. Polymarket said it will build new monitoring systems to ensure this “unprecedented situation” does not occur again. Related: eToro trading platform publicly files for US IPO Prediction markets saw significant growth in the third quarter of 2024, driven by bets on the United States presidential election. Top three crypto prediction markets. Source: CoinGecko The betting volume on prediction markets rose over 565% in Q3 to reach $3.1 billion across the three largest markets, up from just $463.3 million in the second quarter. Polymarket, the most prominent such decentralized platform, dominated the market with over a 99% share as of September. Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge Bitcoin and Ethereum are poised to suffer their worst first quarter in years unless they can pull off a huge rally in the next few days. Ether (ETH) has dropped 37.98% so far over the first quarter of 2025, its worst Q1 decline since 2018, when it plunged 46.61%, according to CoinGlass data. Meanwhile, Bitcoin (BTC) is down 6.49% so far over the quarter, which is slated to end on March 31 — marking its worst Q1 performance since 2020, when it saw a 10.83% decline. Swyftx lead analyst Pav Hundal told Cointelegraph that a “vertical swing up into the end of the quarter looks unlikely.” Ether has posted an average return of 78.23% in the first quarter of every year since 2017. Source: CoinGlass Hundal said that the crypto market will be “flying a little blind” until the middle of April, when the broader market should have better clarity on US President Donald Trump’s tariff plans. “The economic data shows a global economy in decent shape,” he said. Some analysts say it may only be a matter of weeks after that before Bitcoin sees its next significant rally. Crypto commentator Colin Talks Crypto said in a March 19 X post that Bitcoin may begin its “next major blast-off” around April 30. Meanwhile, Swan Bitcoin CEO Cory Klippsten said earlier this month that there’s more than a 50% chance Bitcoin will hit all-time highs before the end of June. The first quarter has historically been Ether’s strongest and Bitcoin’s second-best. Since 2017, Ether has averaged a 78.23% gain in Q1, while Bitcoin has seen an average return of 51.62% since 2013. At the time of publication, Bitcoin is trading at $87,558, while Ether is trading at $2,059, up 5.08% and 5.88% over the past 24 hours, respectively. Meanwhile, the ETH/BTC ratio — showing Ether’s relative strength to Bitcoin — is at its lowest point since May 2020, sitting at 0.2348, according to TradingView data. The ETH/BTC ratio is sitting at 0.02348 at the time of publication. Source: TradingView The rest of the crypto market has followed the downtrend of the two largest cryptocurrencies by market cap, with the entire crypto market capitalization declining 11.65% since Jan. 1, sitting at $2.88 trillion at the time of publication, according to CoinMarketCap data. Related: Bitcoin price has 75% chance of hitting new highs in 2025 — Analyst While many in the crypto industry were highly optimistic going into Q1 2025 following a strong end to 2024 after Bitcoin tapped $100,000 for the first time after Trump’s November election win, unexpected macroeconomic conditions were largely to blame for the crypto market’s downturn at the beginning of February. After Bitcoin retraced below $100,000 in February, amid Trump’s imposed tariffs and uncertainty around the future of the US federal interest rate, the broader market sentiment turned fearful. The sentiment-tracking Crypto Fear & Greed Index was reading a “Neutral” score of 47 as of March 26. Magazine: What are native rollups? Full guide to Ethereum’s latest innovation This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. Web3 gaming platform Immutable says the US Securities and Exchange Commission has closed its investigation into the company, clearing it of any further action. Immutable — the firm behind the Ethereum layer-2 ImmutableX — said in a March 25 statement that the SEC shut its inquiry into the firm without finding wrongdoing and “closes the loop on the Wells notice issued by the SEC last year.” In November, Immutable said it received a Wells notice from the regulator — a letter informing that the SEC is considering an enforcement action, typically sent after it concludes there is evidence of possible securities law violations. “We are pleased the SEC has concluded its inquiry. This marks a significant milestone for the crypto industry and gaming as we advance towards a future with regulatory clarity,” Immutable president and co-founder Robbie Ferguson said in a statement. An Immutable spokesperson told Cointelegraph that the SEC sent it a letter of termination that didn’t explain why it had concluded its probe. The spokesperson said the letter was unprompted and that the SEC’s review of information Immutable had sent “appears to have resulted in them closing the investigation.” Immutable said in a November blog post that it believed the SEC was targeting the 2021 “listing and private sales” of its self-titled Immutable (IMX) token. Immutable’s X post after receiving a Wells notice in November 2024. Source: Immutable The company said it had a 10-minute call with the SEC after it had issued the notice where it alleged a 2021 Immutable blog post stating a pre-launch investment made in the IMX token at a price of $0.10, which was issued at a “$10 pre-100:1 split,” was inaccurate and implied there was no exchange of value between the parties. At the time, Immutable said it was “confident in its position” and would fight the regulator’s claims. The SEC has dropped many pending and in progress enforcement actions against crypto companies under President Donald Trump, whose administration has worked to defang the agency to make good on his promise to alleviate the crypto industry from regulatory action. Last month, the SEC stopped its investigations into non-fungible token marketplace OpenSea, trading platform Robinhood, decentralized exchange developer Uniswap Labs and crypto exchange Gemini. Related: Will new US SEC rules bring crypto companies onshore? The regulator has also dropped a slew of its high-profile lawsuits against crypto firms, including those against Ripple Labs, Coinbase and Kraken. Despite the SEC backing off from Immutable, the Manhattan-based Rosen Law Firm has cited the Wells notice in trying to spin up a securities class-action lawsuit against the firm over its IMX token offering, which Immutable’s spokesperson said it’s “not concerned about.” In its statement, Immutable said that major triple AAA gaming studios “have previously cited legal and compliance risks as key barriers to entry” into the Web3 gaming space. “However, with a clear regulatory framework on the horizon, this is expected to unlock further investment and opportunities to tokenize the now more than $100 billion market for in-game purchases,” it added. 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