The trading structure of Solana DEX has shifted from Meme at the beginning of the year to SOL-Stablecoins as the core trading pairs, which is one of the key conditions for the rapid development of Prop AMM. Currently, SOL-Stablecoins account for 60%-70% of the daily trading volume on Solana DEX, providing greater scope for active market making.

It is generally believed that private market-making strategies like Prop AMM would have smaller spreads when trading major asset classes. Looking back at the SOL-USDC trading data from the past month, although conventional DEXs (Meteora, Raydium, and Orca) have a higher average spread, they excel in stability; whereas Prop AMM has a lower average spread but higher tail risk.

Inside the Prop AMM, the strength and weakness gap is still very obvious. GoonFi is the most prone to volatility, often jumping to 30bps; ZeroFi has the highest average spread; in comparison, Tessera V and HumidiFi are the most stable, with HumidiFi almost completely staying below 1bps, no wonder it is the leader..

In simple terms, the core competitiveness of Prop AMM lies in the proprietary strategies of its team and the effectiveness of the closed curve. The key is how small the price difference can be compressed.