Over the last ~6 months, a handful of relatively unknown AMMs have quietly captured an overwhelming share of trading volume on Solana. SolFi, ZeroFi, and Obric now account for over 57% of total trading volume on Jupiter.

However, unlike the standard design, these AMMs are proprietary, closed-off liquidity venues built specifically to serve aggregators and professional flow – hence why they’re dubbed “prop AMMs”. And their rise likely reflects a shift in Solana’s market structure. A one where high throughput, near-zero fees, and composable orde