Solana News: Pump.fun Launches PumpSwap Exchange Amidst Industry Developments

In the ever-evolving world of cryptocurrencies, new developments are constantly shaping the landscape. Recently, Solana-based meme coin launchpad Pump.fun made a significant move by launching its own decentralized exchange, PumpSwap, which aims to enhance the token migration experience and offer revenue-sharing opportunities for coin creators.

Solana Meme Coin Launchpad Pump.fun Launches PumpSwap Exchange

Popular Solana token launchpad Pump.fun has deployed its own decentralized exchange (DEX), PumpSwap, designed to improve the token migration experience and create the possibility for sharing project revenue with coin creators. This comes a month after rumors of Pump.fun creating its own automated market maker (AMM) caused Raydium’s RAY token to drop, prompting Raydium to plan its own token launchpad.

Solana CEO Apologises Over Controversial Ad

Solana Labs CEO Anatoly Yakovenko has apologized for the controversial ’America Is Back — Time to Accelerate’ Solana ad which contained political messaging regarding gender identity. The advert received significant backlash and was up for nine hours, amassing over 1.2 million views. Yakovenko expressed shame and gratitude towards those in the Solana ecosystem who called out the ’mess’.

Pumpfun Launches PumpSwap DEX Amid Falling Revenue

Token launchpad Pump.fun has announced PumpSwap, a native decentralized exchange (DEX) built on Solana. The launch comes amid a nearly 60% monthly revenue decrease. PumpSwap will launch tokens after completing their bonding curve instead of creating a liquidity pool on Raydium, removing the previous 6 SOL migration fee. Pump.fun aimed to create a frictionless trading environment, and migrations now happen instantly and for free. PumpSwap V1 is an automated market maker (AMM) similar to Raydium V4 and Uniswap V2.

Canary Capital Seeks SEC Approval for ETF Holding PENGU and Pudgy Penguins NFTs

Crypto asset managers continue to bet big on altcoins. Canary Capital, based in Nashville, Tennessee, has filed an S-1 form seeking approval from the U.S. Securities and Exchange Commission for its Canary PENGU ETF. This fund will hold both the Solana-based PENGU token and NFTs from the Pudgy Penguins collection. PENGU, which launched in January, saw a significant increase in value before crashing. It is now priced 90% below its high of $0.068.