Forward Industries' BisonFi Climbs Ranks in Solana Prop AMM Race

After consistently dominating Solana DEX volumes since August, HumidiFi finds itself facing pressure from an emerging competitor.

BisonFi, a new prop AMM operated by Forward Industries, a publicly-traded company with over 6.82M $SOL in its treasury, is threatening to usurp HumidiFi’s grip on Solana DeFi.

What role will prop AMMs like BisonFi and HumidiFi play in helping Solana achieve its mission and become the home of internet capital markets?

BisonFi Gains Market Share

Following its discrete launch in Q4 2025, Forward Industries’ BisonFi has steadily gained market share in Solana’s DEX landscape. While BisonFi is yet to dethrone HumidiFi at the top of Solana’s weekly volume rankings, BisonFi’s growing dominance suggests that the prop AMM may not be far from supplanting the market leader.

Based on Blockworks data, BisonFi briefly flipped HumidiFi in daily trading volume on January 13, and currently commands 10.52% of Solana’s onchain volume share. 

However, BisonFi’s moment in the spotlight may have been more to do with an error on HumidiFi’s part, with the network’s leading prop AMM enduring a sudden 80% in its daily volume between the 10th and the 13th of January.

As of January 14, HumidiFi appears to have resolved its temporary issues, with daily volume returning to the $1B level.

While HumidiFI’s hyper-efficient oracle quoting was a big part of the platform’s success, new data indicates that BisonFi may have unlocked even tighter spreads. 

Ghost Logs data tracking bid/ask depth illustrates that BisonFi offers traders some of the market’s deepest liquidity, consistently providing up to 4,000 $SOL within 1 basis point of $SOL’s mid price.

Solana DATs Seek Value Add

Forward Industries’ expansion into Solana’s prop AMM race comes as digital asset treasuries attempt to broaden their business models. 

Speaking with SolanaFloor at Breakpoint in Abu Dhabi, Solmate CEO Marco Santori argued that successful DATs need to find extra value propositions beyond staking $SOL, like providing infrastructure and RPC services.

For Forward Industries, operating a leading prop AMM is a natural fit. Leveraging the experience and expertise of backers like Jump Crypto and Galaxy Digital, Forward Industries is well-positioned to design a highly capital-efficient AMM, further bolstering its revenue generation.

Solana Retains Lead in Onchain Spot Volume

The rise of prop AMMs and the unmatched onchain capital efficiency they provide has played a critical role in the growth of Solana DeFi in 2025. 

After memecoin volume dried up in Q2, prop AMMs like SolFi and HumidiFi were able to offer trade execution that rivalled centralized exchanges, sustaining Solana’s DeFi trading volume throughout the second half of the year.

With protocols like HumidiFi regularly processing more SOL-USD trading volume than CEX heavyweights like Binance, the prop AMM has helped Solana solidify its position as the industry's most liquid onchain trading venue. 

Solana’s dominance was only further reinforced during the $MON TGE, which saw the network execute higher $MON trading volumes than both Hyperliquid and the Monad Layer-1.

Pictured in red, Solana continues to dominate all networks in onchain trading volume, commanding ~28% market share in the opening weeks of 2026.

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