Prop AMM BisonFi Continues to Lead Solana Weekly DEX Trading Volume

For the second straight week, prop AMM BisonFi has led Solana DEX volumes, marking a notable change in a competitive landscape that had remained largely unchanged for months. 

This development follows BisonFi’s move to overtake Humidifi, which had dominated weekly Solana DEX volume rankings for much of the past six months. The shift highlights how quickly market structure can evolve within Solana’s fast-moving decentralized finance ecosystem.

Humidifi’s Streak Comes to an End

Humidifi led Solana weekly DEX volumes for virtually every week from mid-August 2025 through mid-January 2026. During that period, it established itself as the primary execution venue for large routed trades, particularly those flowing through Jupiter. Its sustained dominance reflected both consistent pricing performance and strong integration with aggregation infrastructure.

On January 20, however, Humidifi’s dominance was challenged as BisonFi overtook Humidifi in 24-hour Solana DEX trading volume for the first time.

Market observers had previously linked BisonFi to Forward Industries, Solana’s largest treasury company. The firm has since issued a statement saying that the prop AMM is not an initiative of theirs.

Intensifying Competition Among Prop AMMs

Competition among Solana’s Prop AMMs has intensified over the past month. Market dynamics have shifted dramatically as activity on BisonFi accelerated. This growth ended Humidifi’s extended period of dominance and reshaped how routed volume distributes across the Prop AMM landscape.

The recent expansion has materially altered the distribution of market share. BisonFi now accounts for more than 34% of daily Prop AMM volume. Humidifi’s share has declined to around 36%, a sharp contrast with conditions one month earlier, when Humidifi controlled more than 68% of daily volume, and BisonFi accounted for less than 9%.

Tessera has also expanded its presence, growing its share to more than 15% of total Prop AMM volume.

Prop AMMs Dominate Routed Execution

Prop AMMs have emerged as the primary execution venues for trades routed through Jupiter. On January 3, about 89.3% of all Jupiter-routed trades were executed via Prop AMMs.

This dominance underscores the role of proprietary market-making strategies in delivering competitive pricing, even when operating with relatively small liquidity pools.

The contrast between Prop AMM liquidity and traditional DEX liquidity remains striking. Raydium currently holds over $600 million in liquidity, while Meteora sits at just over $200 million. By comparison, liquidity in Humidifi pools stands at approximately $13 million, and BisonFi holds roughly $5 million.

Despite this disparity, Prop AMMs continue to capture the majority of routed volume. Their ability to do so highlights a high degree of capital efficiency, where sophisticated pricing and risk management compensate for smaller absolute liquidity levels.

Can We Expect Even Tighter Spreads?

As competition intensifies, Humidifi, BisonFi, and other Prop AMMs continue to chase tighter spreads. This trend has directly benefited Solana traders by lowering execution costs across major pairs.

Speaking at Breakpoint 25, Humidifi co-founder Kevin Pang said the team aims to improve liquidity for institutional participants. He noted that spreads on $SOL have narrowed from around 30 basis points to 15 basis points and now approach 5 basis points.

The recent rise of BisonFi illustrates how quickly leadership can change within Solana’s Prop AMM sector. While Humidifi no longer holds an overwhelming share of volume, the broader market has grown more competitive, deeper, and more efficient. That evolution suggests the next phase of Solana DEX trading will likely focus less on dominance by a single venue and more on sustained performance across multiple highly optimized platforms.

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