Pump vs Raydium

PumpSwap is the native decentralized exchange of pump.fun on Solana. When a token launched on pump.fun completes its bonding curve, its liquidity migrates directly to PumpSwap instead of a third-party DEX, letting trading continue without migration fees. PumpSwap uses a constant-product AMM and shares part of the trading fees with token creators, which rewards those who launch active tokens. It has become one of the largest DEXs on Solana by volume, driven by memecoin trading, and is part of the PUMP token ecosystem.

Raydium is a Solana AMM that mirrors liquidity onto the central limit order book of OpenBook, giving takers the best of AMM depth and CLOB price discovery. V2 introduced concentrated liquidity, personal farm vaults and an on‑chain RFQ engine for institutional flow. RADIO token emissions follow a halving schedule every six months to curb inflation.