Pump.fun has launched a DEX called PumpSwap, immediately migrating graduated tokens.

Source: The Block

Pump.fun has launched a local decentralized exchange called PumpSwap.

The Pump.fun token will directly move to PumpSwap after completing its binding curve, a move that clearly abandons the migration to the Solana-based decentralized exchange (DEX) and automated market maker (AMM) Raydium. This move also eliminates the 6 SOL migration fee and opens up opportunities for future creator revenue sharing, the platform stated on the social media platform X.

A bonding curve is a mathematical model that determines the price based on the supply of tokens, typically resulting in an increase in price as more tokens are purchased.

Each transaction on PumpSwap incurs a fee of 0.25%, of which 0.2% will be paid to liquidity providers and 0.05% will remain in the protocol. PumpSwap also competes with Uniswap v2 and Raydium v4 through its constant product AMM, according to Pump.fun.

"From day one, our goal has been to build a product that can break through the crypto bubble and attract the attention of millions of non-crypto natives," said Alon Cohen, co-founder of Pump.fun, on X. "PumpSwap is a key step that will drive ecosystem growth through more accessible, rewarding, and sustainable mechanisms."

The launch of PumpSwap comes at a time when Pump.fun and Raydium appear to be planning to compete with each other. Pump.fun tested its AMM functionality at the end of February, while Raydium has reportedly been developing its own memecoin creation platform, LaunchLab, over the past few months.

Before Pump.fun, it was a hotbed for new memecoins, but since the beginning of 2025, its trading volume has decreased by 94%, and the number of tokens migrating to Raydium has also reduced. The market value of the tokens on Pump.fun must reach $69,000 in order to migrate to Raydium for secondary market trading.

Raydium is one of the largest decentralized exchanges on Solana, with a total locked value of $1.18 billion according to the cryptocurrency data tracker DeFiLlama.