Solana’s Prop AMM landscape continues to evolve rapidly. BisonFi has now led Prop AMM trading volume for 9 consecutive weeks, extending its grip on the sector, while HumidiFi has seen its weekly volume fall to its lowest level since July 2025.
This shift marks a decisive change in a market structure that, until recently, appeared firmly controlled by a single dominant venue. It also highlights how quickly leadership can rotate within Solana’s increasingly competitive DEX environment.
HumidiFi’s Decline Signals Structural Shift
For much of the past six months, HumidiFi served as the primary execution venue across Solana’s Prop AMM ecosystem.
That position has now weakened. Recent data shows HumidiFi’s weekly volume dropping to levels not seen since mid-2025, breaking a long-standing streak of elevated activity. The decline suggests that flow has not disappeared, but rather migrated toward competing venues offering tighter spreads or deeper execution efficiency.
The transition underscores a broader reality in Solana DeFi. Market share does not remain static for long, especially when aggregators continuously route order flow toward the most competitive pricing.
BisonFi Extends Lead Across 9 Weeks
BisonFi’s sustained lead over the past 9 weeks reflects more than a short-term spike. It signals a period of consistent performance, with the platform attracting and retaining a growing share of routed volume.
Earlier data indicated that BisonFi captured more than 34% of daily Prop AMM volume by January 2026, a sharp rise from a single-digit share just weeks earlier. That growth came at the expense of HumidiFi, whose dominance once exceeded 68% of the market.
This redistribution of volume highlights the competitive dynamics within Prop AMMs. Operators compete directly on execution quality, and even marginal improvements in pricing can shift billions in routed volume within days.
Prop AMMs Rival Centralized Exchanges in Volume
The rise of BisonFi and the broader Prop AMM category reflects a deeper structural transformation in crypto market microstructure.
In March 2026 alone, Solana Prop AMMs recorded $19.8B in trading volume. This figure surpassed the combined $19.2B in $SOL spot trading volume across the four largest centralized exchanges.
This milestone challenges a long-standing assumption that decentralized venues cannot match centralized exchanges in execution quality. Instead, Prop AMMs have demonstrated that onchain systems can compete directly on both price and efficiency.
Industry participants increasingly view this shift as foundational. Kyle Samani, former Managing Partner of Multicoin Capital, described Prop AMMs as one of the most important innovations in market structure in years, noting that onchain execution eliminates the need for latency-heavy communication between market makers and exchanges.
Data Shows Expanding Dominance Across Solana DEXes
Recent research reinforces the scale of this transition. According to Syndica’s February 2026 Solana DeFi Deep Dive, Prop AMMs now account for 71% of total Solana DEX volume.
The category crossed 50% share in late 2025 and has continued to expand steadily. During the same period, Solana maintained its position as the leading network for decentralized exchange activity for 17 consecutive months, despite a broader contraction in overall market volumes.
Aggregate spot DEX volume declined 15% month-over-month to $260B, while Solana alone recorded $98B in spot volume in February. Within that total, BisonFi led all DEX venues with a record 22% market share.
These figures suggest that while overall activity may fluctuate, the underlying market structure continues to favor Prop AMM-based execution.
Solana’s Ultra-Competitive PropAMM Landscape
The current shift in leadership is not an isolated event. It reflects a broader pattern within Solana’s PropAMM ecosystem, where dominance tends to be short-lived and quickly contested.
Before HumidiFi established itself as the leading execution venue, SolFi controlled above 68% of all PropAMM trades routed through Jupiter. That dominance appeared firm until HumidiFi rapidly displaced it. By August 2025, HumidiFi commanded 54.6% of daily routed volume, while SolFi’s share collapsed to 11.3%.
HumidiFi’s own rise was equally fast. Within the first 74 days, it captured 31.3% of routed PropAMM volume on Jupiter, surpassing SolFi’s 28.9% and outpacing competitors like ZeroFi, Tessera, and GoonFi. What looked like durable leadership quickly proved temporary,
That same pattern seems to be repeating itself. After leading weekly Solana DEX volume from mid-August 2025 through mid-January 2026, HumidiFi lost ground to BisonFi, which has now led for 9 consecutive weeks.
This cycle illustrates a defining characteristic of Solana’s DeFi environment. Market share flows rapidly toward the most competitive execution venue, and even dominant players can lose their position within weeks.
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