PANews reported on March 21 that according to The Block, the Meme token launch platform Pump.fun, which is based on Solana, has launched a native decentralized exchange (DEX) called PumpSwap. After completing its bonding curve, Pump.fun's tokens will be directly transferred to PumpSwap, seemingly skipping the step of migrating to the Solana-based DEX and automated market maker (AMM) Raydium.

Pump.fun wrote on the social media platform X that this move not only cancels the 6 SOL migration fee, but also opens up opportunities for future creator revenue sharing. Each transaction on PumpSwap will be charged a 0.25% fee, with 0.2% going to liquidity providers and 0.05% to the protocol. Pump.fun stated that PumpSwap, through its constant product AMM mechanism, can rival Uniswap v2 and Raydium v4.

The launch of PumpSwap comes at a time when Pump.fun and Raydium seem to have plans to crowd each other out. Pump.fun tested its AMM functionality at the end of February, while Raydium has reportedly been developing its own Meme token creation platform LaunchLab over the past few months. The launch of PumpSwap also comes at a time when Pump.fun's trading volume has dropped by 94% since early 2025, and the number of graduate tokens migrated to Raydium has decreased. Tokens must reach a market value of $69,000 on Pump.fun to be eligible for migration to Raydium for secondary market trading.