Solana’s Proprietary AMMs: The Next Wave of DeFi Innovation

Solana is seeing a fast shift toward proprietary AMMs, sometimes called prop AMMs, where market makers run their strategies directly on-chain and route most users through aggregators. The result is tighter pricing and a structure that increasingly competes with centralized venues.

What Are Proprietary AMMs on Solana?

Proprietary AMMs differ from traditional, passive liquidity pools. They are active liquidity programs that update quotes continuously using on-chain oracles, often without public frontends or retail LP deposits. Most user trades reach them via aggregators such as Jupiter or Titan.

Solana’s low-cost, high-throughput design, its transaction ordering mechanics, and the dominance of a single major aggregator make these AMMs practical. Lightweight oracle updates let makers refresh quotes cheaply and frequently, which helps them minimize adverse selection and improve execution quality.

Meet the Rising Stars of Solana’s Proprietary AMMs

A cluster of teams now runs prop AMMs on Solana. They quote privately, rely on vault-based liquidity owned by the operator, and win order flow by integrating with swap aggregators rather than building consumer UIs.

SolFi by Ellipsis Labs, positioned as a natural evolution of Phoenix’s microstructure expertise, rose quickly after a late 2024 launch.

Obric began on other chains, integrated with Jupiter in October 2024, and operates as a proactive AMM on Solana.

HumidFi has recently grown into one of the largest by volume among prop AMMs.

GoonFi and ZeroFi are run by professional market-making teams that keep a low profile while capturing significant aggregator-driven flow.

Recent data shows prop AMMs handle a large share of trading in the most liquid pairs on Solana. Blockworks notes that in highly liquid sets like SOL stablecoin pairs, prop AMMs processed about half of DEX volume in the last week measured, while Helius shows their share has exceeded 60 percent on average over several months, peaking higher on specific days.

Why Proprietary AMMs Matter for Solana’s Growth

For users, prop AMMs aim to deliver tighter spreads, lower slippage, and greater protection from MEV compared with public pool designs. For builders, they offer capital efficiency through oracle anchored pricing and frequent quote refreshes that fit Solana’s throughput profile. As aggregators route more flow, execution quality becomes the primary differentiator, which reinforces Solana’s positioning for mature, liquid markets such as SOL USD and stable to stable pairs.

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