SOLANA'S PROPRIETARY AMM REVOLUTION

Summary from the TLDR Crypto newsletter

Solana has witnessed the emergence of proprietary AMMs, a new market-making primitive that embeds trading strategies directly onchain rather than relying on off-chain execution, with daily volumes consistently exceeding $1 billion and capturing over 60% of SOL/USDC trading volume. These venues, operated by professional market makers like SolFi, Tessera, and HumidiFi, provide "active liquidity" through continuously adjusted pricing strategies anchored to oracle feeds, fundamentally differing from traditional "passive liquidity" models of constant-product DEXs. The model is uniquely enabled by Solana's structural advantages, including high retail participation, low-cost oracle updates, and Jupiter's aggregator dominance, which provides single-integration access to non-toxic retail order flow.