The developers of the Pump.fun platform announced a new service on #solana . It is called PumpSwap and is intended for token trading. Previously, their project became the most profitable protocol on the network. Now the startup team wants to capture a larger share of the decentralized finance sector (#defi ). The service uses its own liquidity pools.
PumpSwap directly competes with AMM on Solana. Previously popular meme cryptocurrencies transitioned to Raydium. It was the center of DeFi pools on the network. Now Pump.fun will launch liquidity within PumpSwap. The founders believe this will reduce the costs of generating assets.#news
The founders of Pump.fun shared their plans with CoinDesk journalists. They want to make PumpSwap the main platform in the network for token trading. The service is expected to become the main DEX based on Solana. The project team has already signed agreements with several large projects. Liquidity will now be supplied to PumpSwap.
The first project has already shown its strength. Over the year, Pump.fun has become a leader in meme token trading volumes. Just last Tuesday, the platform earned $1 million. However, this figure is significantly lower than it was last year. Yet even such an amount exceeds the revenues of many large projects, including Ethereum.
Raydium may lose its positions. A large part of the trading volume on the platform depended on Pump.fun. Now this activity will shift to PumpSwap. However, recently the developers of Raydium launched their own service for meme tokens.
Cryptocurrency creators will also benefit. #Pumpswap plans to share revenue with them. The transaction fee is 25 basis points. Part of this amount will go to the developers. Timelines and volumes are not specified yet. Thus, Pump.fun continues to change the market. The platform's past success has given it an advantage over competitors. PumpSwap could attract traders and liquidity providers, increasing competition in the DeFi sector.