Pump.fun launches DEX called PumpSwap to instantly migrate graduated token

Reported by The Block: Pump.fun has launched a native decentralized exchange called PumpSwap.

Pump.fun tokens will now move directly onto PumpSwap once they’ve completed their bonding curve.

The introduction of PumpSwap also eliminates the 6 SOL migration fee and opens up the opportunity for creator revenue sharing in the future.

The Solana-based memecoin launchpad Pump.fun has launched a native decentralized exchange called PumpSwap.

Pump.fun tokens will now move directly onto PumpSwap once they've completed their bonding curve, seemingly forgoing the migration to the Solana-based DEX and automated market maker (AMM) Raydium. The move also eliminates the 6 SOL migration fee and opens up the opportunity for creator revenue sharing in the future, the platform wrote on the social media platform X.

A bonding curve is a mathematical model that determines the price of a token based on its supply, typically causing the price to increase as more tokens are purchased.

Every transaction on PumpSwap comes with a 0.25% fee, of which 0.2% goes to liquidity providers and 0.05% remains with the protocol. PumpSwap is also comparable to Uniswap v2 and Raydium v4 through its constant product AMM, Pump.fun stated.

"Our goal from day one was to build a product that could escape the crypto bubble and capture the attention of millions of non-crypto natives," Pump.fun co-founder Alon Cohen said on X. "PumpSwap is a crucial step that will help grow the ecosystem through a more accessible, rewarding and sustainable mechanism."

PumpSwap arrives after both Pump.fun and Raydium appeared to have plans to elbow out the other. Pump.fun tested its own AMM features in late February, while Raydium has been reportedly working on its own memecoin creation platform called LaunchLab for the past few months.

PumpSwap is also emerging at a time when Pump.fun, previously a hotbed for new memecoins, suffered a trading volume fall of 94% and a subsequent reduction of graduated tokens migrating to Raydium since the beginning of 2025. Tokens must reach $69,000 in market capitalization on Pump.fun before moving to Raydium for secondary market trading.

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