The decentralized finance (DeFi) landscape on Solana has been significantly impacted by the emergence of private Automated Market Makers (AMMs), including notable platforms like SolFi, Obric v2, and ZeroFi.
Unlike conventional AMMs that leverage publicly accessible liquidity pools and incentivize liquidity providers, these private entities focus on efficiency and internal liquidity management, foregoing typical user incentives and open interfaces.
Prioritizing Efficiency Over Public Participation
Traditional decentralized exchanges (DEXs) typically rely on open liquidity pools and incentives such as token rewards to attract users. In contrast, private AMMs employ internal liquidity management systems and complex algorithms that enhance execution efficiency. This approach allows them to offer better prices using smaller amounts of liquidity, appealing significantly to aggregators like Jupiter, which seek optimal pricing for transactions.
Impressive Market Penetration
Private AMMs have rapidly secured a notable portion of the trading volume on Solana's decentralized exchanges. Recent market analyses show that platforms such as SolFi, ZeroFi, and Obric accounted for approximately 11.2% to 47.2% of the overall DEX volume within a recent 90-day period.
On May 12, 2025, their combined daily volume peaked at over $4.63 billion, surpassing major public AMMs like Raydium.
Averaging around 21.3% of total DEX volume on Solana, these private platforms have managed to outperform several longer-established exchanges, including Orca and Meteora. Their rapid growth is particularly remarkable given their relatively brief operational histories, with platforms such as Obric launching as recently as late 2024. Collectively, these private AMMs handled more than $81 billion in trading volume over the past three months.
Dominating the Aggregation Market
The prominence of private AMMs is even more evident through their significant presence on Jupiter, Solana’s leading aggregator. Jupiter routes user transactions through multiple DEXs based on price efficiency, and private AMMs have managed to capture between 30.9% and 74.1% of Jupiter’s volume within the last 90 days, achieving remarkable figures without substantial marketing efforts or public interfaces.
SolFi has led this charge, processing volume worth over $50.5 billion through Jupiter, followed by ZeroFi with $19.6 billion and Obric with $11.4 billion. Together, these three platforms represented over 45% of Jupiter's overall trading volume in this timeframe.
Unique Trading Preferences
Analyzing trading activities on these AMMs reveals specific strategic priorities. SolFi and ZeroFi predominantly facilitate trading in $SOL-stablecoin pairs, representing 80.4% and 79.1% of their respective volumes. Both platforms also manage significant meme-stablecoin trading, each accounting for about 11.4%. Obric, however, prioritizes stableswap, which constitutes about 62.9% of its trades, reflecting its focus on stable and predictable pricing.
Drilling down into pair-specific volumes, $SOL-$USDC dominates both SolFi and ZeroFi due to its low volatility and clear USD pricing. However, SolFi has also catered to meme coins during periods of high hype—for instance, over $3.3 billion of its volume came from trading $Fartcoin. In contrast, Obric has remained conservative, sticking mainly to low-volatility tokens with more predictable prices, avoiding highly volatile meme coins.
Evaluating the Future of Private AMMs
The rapid ascent of private AMMs within Solana's ecosystem underscores the growing importance of execution efficiency over traditional liquidity incentives. Their unique model and impressive market capture raise important questions about sustainability and future performance.
Will private AMMs continue to thrive and maintain their competitive edge, or will traditional AMMs reassert their dominance?
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