Return of the CLOB? Manifest Trade Climbs Solana DEX Rankings

Solana’s Prop AMMs may have dominated DeFi spot volumes throughout 2025, but rising volumes and trading activity on venues like Manifest suggest that CLOBs are far from done.

Onchain data indicates that Manifest is now Solana’s 2nd largest spot DEX by weekly volume share, eclipsing all pAMMs barring BisonFi, the market leader.

Can open, permissionless order books succeed in a market dominated by specialized prop AMMs?

Manifest Weekly Volume Share Hits New All-Time High

Manifest Trade, Solana’s leading spot CLOB DEX, has enjoyed prolific growth in recent months. According to Blockworks data, Manifest now commands 10% of weekly volume share across spot DEXs, edging out Pump and Meteora to claim second place behind BisonFi, a Prop AMM operated by Jump Crypto.

Manifest’s strongest week relative to rival venues comes alongside a new all-time high in daily volume, recording $493M on June 4th.

Additionally, rising volumes on the venue have coincided with a consistent increase in platform TVL. 

Based on DefiLlama data, Manifest’s $SOL-denominated TVL has risen by 32.2% in the last 30 days, floating just shy of its previous all-time high of 265,970 $SOL.

Titan Leads CLOB Flow from Aggregators

While Solana DEX aggregators primarily route trades to prop AMMs, onchain data indicates that capital flows from Titan are steadily shifting from pAMMs to orderbook-based venues. According to Blockworks data, around 17% of Titan’s volume is directed to orderbooks, up 6.1 percentage points from this time last year, marking a 182% increase.  

Meanwhile, rival aggregators like DFlow have trended in the opposite direction, with increasing volumes going towards propAMMs. Traditional passive AMMs like Raydium and Orca, on the other hand, are suffering steady declines, likely due to the superior trade execution offered by CLOBs and prop AMMs.

Archer Exchange Integrates BAM Maker Plugin

Beyond Manifest, emerging CLOBs like Archer Exchange are eager to make their mark on Solana’s rapidly evolving market structure.

Archer, a new DEX leveraging independent, sovereign order books, has just announced its implementation of Jito’s BAM maker plugin. Designed to improve operating conditions for onchain market makers, BAM’s debut plugin processes maker transactions in 50ms batches, enabling cancel order prioritization and improving quoting efficiency.

Where prop AMMs have dominated DeFi for over a year, open CLOBs like Manifest and Archer enable traders to run their own market making algorithms, opening the door for a variety of new onchain strategies.

Disclaimer: SolanaFloor is a subsidiary of the Jito Network

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