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Solana’s Proprietary AMM Revolution

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Over the past several months, Solana’s trading landscape has undergone a dramatic shift. A roster of unfamiliar new DEXs (SolFi, ZeroFi, Tessera, HumdiFi, etc.) has rapidly seized market share, reshaping the structure of on-chain liquidity. Their rapid dominance has left many observers wondering how these platforms emerged seemingly out of nowhere and why they now account for such a large share of trading activity. The answer lies in a new market-making primitive pioneered on Solana: proprietary AMMs, a blockchain native model with no direct analogue in traditional finance. Proprietary AMMs represent a paradigm shift in how liquidity is provisioned, moving the core trading logic, normally executed on private servers, directly on-chain within Solana programs. Each proprietary AMM program functions as an independent trading venue, operated by its respective market maker. By embedding strategies into the runtime itself, proprietary AMMs eliminate the latency introduced by off-chain execut

Blog / Research Solana’s Proprietary AMM Revolution Lostin Researcher Lostin on X 24 min read August 25, 2025 Table of Contents Many thanks to 0xIchigo and Ramzy Ali for reviewing earlier versions of this work. Actionable Insights Proprietary AMMs represent a paradigm shift in how liquidity is provisioned on-chain. By embedding trading strategies directly into the runtime, they eliminate the latency of off-chain execution and offer tighter, more competitive pricing that rivals top centralized exchanges. The model has no direct analogue in traditional finance. Proprietary AMMs have emerged spec

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