Solana Meme潮退,PumpSwap赶了个 "晚集"?
By KarenZ, Foresight News
In 2024, Pump.fun will quickly rise to prominence with its innovative token creation model and become an important driver of the Meme token boom in the Solana ecosystem. However, with the ebb and flow of the Solana-based meme market, Pump.fun faced multiple challenges: the solid position of mature DEXs such as Raydium and Jupiter in the trading space, as well as the fading enthusiasm of users for meme tokens, and the competitive pressure of the BSC network, all hindered the growth momentum of Pump.fun, prompting the Pump.fun team to revisit its development strategy.
In the early hours of this morning (March 21, 2025), Pump.fun officially announced the launch of its DEX, PumpSwap, marking the transformation of the platform from a single token launch platform to a comprehensive platform that integrates token launch and trading. Can the launch of PumpSwap breathe new life into Pump.fun? Recreate its glory in the meme token space?
What does PumpSwap do?
PumpSwap employs a constant product AMM model similar to Raydium V4 and Uniswap V2. The biggest change in PumpSwap is the removal of the intermediate step of migrating tokens from Pump.fun to an external DEX (Raydium). All "graduated" tokens that have completed the joint curve will create a liquidity pool directly on PumpSwap and open trading.
The core features of PumpSwap include:
1. Seamless Token Migration: From now on, all tokens that have completed their union curve will be migrated directly to PumpSwap instead of Raydium, which it previously relied on, and will no longer need to pay migration fees (previously 6 SOL). This change removes the economic barriers for token creators to enter the trading market.
2. Free liquidity pool creation and provision: Users can create liquidity pools at no cost and provide liquidity for existing pools.
3. Extensive token support:P umpSwap not only supports all Meme tokens that graduated from Pump.fun, but also adds trading support for multiple popular project tokens, including PENGU, APT, TRON, cbBTC, USDe (Ethena), FXS, fxUSD, SEI, JUP, ZRO, MNDE, MPLX, DRIFT, PLUME, RETARDIO, SAVE, SCR, OX, W, etc. Among these tokens, APT (Aptos) and TRON are the first to be connected to the Solana ecosystem through PumpSwap, demonstrating the ambition of the platform to expand compatibility.
4. Fees:P umpSwap charges 0.25% of the handling fee for each transaction, of which 0.20% is distributed to liquidity providers and 0.05% is owned by the protocol.
5. Creator Sharing: The "Creator Sharing System" is also a highlight of PumpSwap. PumpSwap shares a portion of the protocol revenue with token creators and aims to incentivize higher-quality meme projects. The cost allocation details will be further adjusted after the launch of the feature.
In terms of security, PumpSwap has passed 9 security audits conducted by Pashovgroup, OtterSec, bl0ckpain, and Sec3, among others, and has promised to open source the code in the future to enhance community trust. pump.fun is currently running a PumpSwap audit contest with Cantina, a marketplace app for Web3 security solutions, with a total of 2.01 million USDC in rewards.
Pump.fun What are the advantages and challenges?
Pump.fun believes that the migration of the token after graduation from Pump.fun is a major friction point, which slows down the token's momentum and introduces unnecessary complexity to new users.
The launch of PumpSwap attempts to address long-standing pain points and capture new market opportunities. First, the policy of free migration and the creation of liquidity pools has significantly lowered the barrier to user participation, especially for small-scale investors and token creators, which has strengthened the attractiveness of the platform.
In the past, tokens had to be manually migrated to Raydium after graduating from Pump.fun, which was not only time-consuming, but also missed the brief window of meme token craze. PumpSwap natively integrates trading features that allow users to access the market instantly and capture opportunities as soon as possible.
The upcoming creator sharing mechanism is expected to incentivize more developers to invest time and creativity to create more attractive meme projects by sharing protocol revenue with token creators, thereby improving the overall quality and activity of the ecosystem.
However, PumpSwap's success is highly dependent on the continued prosperity of the meme token market within the Solana ecosystem. The LIBRA token crash in February 2025 highlighted the fragility of the market. If the market continues to cool, PumpSwap's trading volume and revenue will be severely tested.
In addition, there are already mature DEXs such as Raydium and Jupiter in the Solana ecosystem, and PumpSwap, as a new DEX player, needs to quickly prove its advantages in terms of features and user experience.
On the other hand, PumpSwap's low threshold may further amplify risks such as "soft rug", which may lead to the further proliferation of inferior tokens and harm the interests of ordinary investors. In a weak market, there is a higher risk of a proliferation of low-quality tokens, which could further undermine user confidence.
brief summary
The launch of PumpSwap is Pump.fun's proactive response to market changes and a key step from a single launch pad to a comprehensive ecosystem for meme trading. By removing transaction friction, increasing efficiency, and incentivizing creators, PumpSwap demonstrates proven design thinking on a technical level. The PumpSwap platform directly extends the token life cycle to the trading stage, forming a complete closed loop of "launch-trade-incentive".
At the same time, Raydium, as the most liquid and trading DEX in the Solana ecosystem, has benefited in part from Pump.fun's meme token migration. The launch of PumpSwap directly cut off this source of traffic, leaving meme token trading in-house, causing Raydium to lose market share. However, Raydium also plans to launch LaunchLab to compete with Pump.fun.
In addition, there have been no similar phenomenal projects in the Solana ecosystem for a long time, which has led to a significant cooling of users' enthusiasm for meme tokens in the ecosystem, casting a shadow on the prospects of PumpSwap. While PumpSwap's creator incentives have potential, it's doubtful that they can quickly reverse this trend, especially if it's difficult to generate a blockbuster in the short term.
In the future, if PumpSwap can run one hit meme after another to break the deadlock in the weak market, it is expected to occupy a place in the Solana ecosystem, otherwise it may become another attempt after the craze subsides, and it is difficult to regain the glory of Pump.fun in the past.