Solana Prop AMM Volume Share Drops Below 50% for First Time Since November 2025

Solana’s prop AMMs, best known for providing unrivaled onchain trade execution that outperforms leading CEXs, are starting to lose market share against traditional venues.

For the first time since November 2025, onchain data suggests that passive AMMs and CLOBs are processing higher trading volumes than prop AMMs. 

Coincidentally, Ethereum DeFi is challenging Solana’s long-held dominance, currently leading the Layer-1 on 30D rolling volume.

Are Prop AMMs Losing Ground?

One of the great DeFi innovations of the last two years, prop AMMs have made an incredible impact on Solana’s onchain market structure. A recent research report published by Jump Crypto revealed that through prop AMMs like BisonFi, Solana DeFi traders got better prices than CEX-equivalents in 99.3% of retail-tier swaps.

But despite offering best-in-class execution, prop AMM dominance on Solana has been declining in recent weeks. According to Blockworks data, prop AMM weekly volume share has dropped to 47%, falling below traditional venues for the first time since November 2025.

While BisonFi still commands a resounding lead in SOL-stablecoin pairs, data suggests that flow may be shifting towards long-tail assets. With activity returning to memecoins, venues like Pump and Meteora are enjoying increasing volume share. Pump now accounts for 17% of all spot volume, pinching the top spot from BisonFi in weekly volume.

However, ecosystem leaders argue that the data could be misleading. While conceding that Blockworks “does a pretty good job of filtering the crap”, Anza economist Max Resnick has suggested market participants may be manipulating metrics to artificially diminish prop AMM’s influence and importance.

GoonFi Takes Lead in Stablecoin Volume, Launches Socials

With BisonFi holding a firm lead among prop AMMs and the influence of former market leader HumidiFi evaporating from the sector, GoonFi is carving out a new niche for itself. 

Rising through the ranks to claim second place among Prop AMMs, GoonFi is quietly dominating intra-stablecoin swaps, commanding 34% of market share.

After operating in stealth since launching in June 2025, GoonFi is establishing a presence on social media. In April, what appears to be the DEX’s official 𝕏 account has gone live, suggesting that GoonFi may be seeking more public awareness.

While the creation of a public-facing social media account is hardly an indication of GoonFi’s intentions, it’s worth noting that similar steps have been taken by rivals like HumidiFi ahead of the launch of their own native token, $WET.

Ethereum DeFi Spot Markets Challenge Solana

While DeFi builders argue over the effectiveness of Prop AMMs over traditional venues like passive AMMs and CLOBs, Ethereum DeFi is mounting a comeback after trailing Solana for over a year.

According to DefiLlama data, Ethereum has recently eclipsed Solana in rolling 24-hour and 30-day spot DEX volume. If Ethereum were to maintain this trajectory, the Layer-1 could flip Solana in monthly volume for the first time since August 2025, as per Blockworks data.

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