BisonFi has become Solana’s leading decentralized exchange by 24-hour trading volume, overtaking PumpSwap, the exchange arm of memecoin platform Pump.fun. The shift places the proprietary automated market maker, or Prop AMM, at the center of Solana’s latest trading-volume rankings.

The Numbers Behind the Flip

According to DefiLlama data cited on October 23, 2026, BisonFi processed approximately $312 million to $380 million in daily trading volume. PumpSwap ranked second, recording about $259 million over the same 24-hour period.

The reported figures show a notable separation between the two venues at the top of the daily leaderboard:

• BisonFi: approximately $312 million–$380 million in 24-hour volume
• PumpSwap: approximately $259 million in 24-hour volume
• BisonFi’s 30-day volume: approximately $8.3 billion–$8.6 billion
• BisonFi’s lifetime volume: more than $88 billion

The range in BisonFi’s reported daily volume reflects the figures cited from DefiLlama, but each estimate places the protocol ahead of PumpSwap for the period measured.

A Larger Footprint for BisonFi

BisonFi’s rise is significant because PumpSwap has benefited from the visibility and user flow associated with Pump.fun, one of Solana’s best-known memecoin platforms. BisonFi’s performance indicates that trading activity on the network is also concentrating in venues built around broader automated-market-making infrastructure.

Despite its high trading throughput, BisonFi’s total value locked remains comparatively modest at approximately $20.8 million. TVL measures the capital deposited in the protocol, while volume measures the value of trades executed over a given period. The contrast suggests that BisonFi is processing substantial activity relative to the amount of liquidity parked on-chain.

Much of BisonFi’s activity is reported to run through SOL/stablecoin pairs, linking its volume to trading between Solana’s native asset and dollar-pegged assets rather than solely to speculative token launches.

What This Means

BisonFi’s move into first place underscores how quickly Solana’s DEX rankings can change and highlights the importance of monitoring volume alongside TVL. The result does not by itself establish that BisonFi has permanently displaced PumpSwap, but it marks a meaningful shift in daily market activity.

For Solana traders and liquidity providers, the key development is the emergence of a high-volume venue with more than $88 billion in cumulative trading. Continued leadership will depend on whether BisonFi can sustain its activity and liquidity while PumpSwap remains a major competitor in the network’s fast-moving decentralized exchange market.