Solana News Today: Humidifi 用技术革新改写 Solana 流动性规则

Humidifi has rapidly ascended to become the top decentralized exchange (DEX) by trading volume on the Solana blockchain within just three months, driven by a novel market-making model known as proprietary AMMs. These proprietary automated market makers represent a structural shift in on-chain liquidity provision, leveraging Solana’s high-throughput and low-cost infrastructure to execute real-time, active liquidity strategies. The model operates through Solana programs, allowing market makers to embed their trading logic directly on-chain and dynamically update pricing curves without relying on public liquidity pools. This innovation has enabled Humidifi to capture a significant share of high-volume trading pairs, particularly SOL/USDC swaps, where it has outperformed traditional AMMs and even centralized exchanges in terms of price competitiveness and execution speed.

Humidifi’s success is closely tied to its optimization of oracle updates, which it has reduced to just 143 compute units (CUs), making it over 1,000 times more cost-effective than standard Jupiter aggregator swaps. This efficiency allows the AMM to secure top positions in the Jito auction queue with minimal fees, ensuring that price updates are executed ahead of taker transactions. This gives Humidifi a strategic advantage in reducing adverse selection risks and maintaining tighter spreads. The ability to frequently refresh its pricing curves enables the platform to respond to market movements swiftly, a critical factor in capturing liquidity in a fast-moving, competitive environment. As of the past 60 days, proprietary AMMs on Solana have consistently traded over $1 billion per day, with Humidifi alone capturing nearly 47% of the total proprietary AMM volume in recent weeks.

The rapid rise of Humidifi and other proprietary AMMs is largely facilitated by their integration with the Jupiter aggregator, which routes over 40% of all Solana DEX swap volume. In July, Jupiter accounted for 86.4% of all aggregator activity on the network, funneling a vast majority of retail order flow to proprietary venues. For instance, over 99% of GoonFi’s volume and 97.3% of ZeroFi’s volume came from Jupiter, underscoring the platform’s dominance in directing trades. Unlike traditional public DEXs, proprietary AMMs are not designed for direct user interaction and operate without frontends, IDLs, or public documentation. Instead, they rely entirely on aggregator integrations to gain visibility and liquidity. This structure has allowed Humidifi and its peers to scale quickly without the need for user acquisition or marketing, focusing instead on execution efficiency and capital optimization.

The market dynamics on Solana have shifted significantly since the emergence of these proprietary AMMs. Public DEXs like Raydium and Meteora now account for only 19.4% to 21.4% of their respective volumes from aggregators, compared to over 60% in previous periods, as proprietary platforms have captured an increasing share of Jupiter-sourced trades. This trend is particularly evident in the SOL/USDC pair, where proprietary AMMs have consistently captured more than 60% of daily trading volume, peaking at 86% on July 5. Humidifi has become the largest venue in this segment, contributing over 25% of the total volume in recent weeks. The dominance of these proprietary AMMs is not limited to a single market but is spreading to other liquid trading pairs as well, with operators expanding their inventory to include major DeFi governance tokens and established memecoins.

Despite their growing influence, proprietary AMMs remain opaque and highly secretive, with most operators choosing to remain anonymous. This secrecy is partly a defensive measure against toxic takers and market manipulators who might exploit public order flow. Unlike traditional AMMs, proprietary platforms do not allow external liquidity providers to contribute capital, instead managing their own vaults and inventory. This model reduces exposure to MEV attacks and provides greater control over execution quality, but it also centralizes liquidity provision in the hands of a few professional market makers. As a result, while retail traders benefit from tighter spreads and improved execution, concerns about centralization and transparency persist. Jupiter, as the primary aggregator, plays a central role in this ecosystem by routing the majority of order flow and acting as a gatekeeper to liquidity, reinforcing its position as a key player in shaping Solana’s evolving market structure.

The rise of proprietary AMMs reflects a broader shift in how liquidity is provisioned on blockchain networks, leveraging Solana’s technical advantages to enable sophisticated, on-chain trading strategies. As more players enter the space and competition intensifies, proprietary AMMs are likely to continue refining their execution logic and expanding their token offerings. While the model remains distinct from traditional finance, it is proving to be a powerful innovation in the DeFi space, with Humidifi serving as a prime example of how rapid development and execution can lead to market dominance in a short period of time.

Source: [1] Solana's Proprietary AMM Revolution (https://www.helius.dev/blog/solanas-proprietary-amm-revolution) [2] Solana's proprietary AMMs are reshaping liquid asset ... (https://blockworks.co/news/solanas-proprietary-amms)