According to Wu, Pine Analytics has stated that Solana's DeFi ecosystem has shifted from public, passive liquidity pools to private execution DEXs (such as SolFi, Obric v2, ZeroFi). These protocols, which have no front-end or public pools, handle 40-60% of transaction volume through the Jupiter aggregator, relying on internal vaults and oracle pricing, providing efficient execution but sacrificing composability. The main trading assets are: USDC/USDT and SOL trading pairs, with SolFi occasionally involving new meme coins. Solana's current architecture (single leader, MEV auctions) makes public quotes vulnerable, while private vaults have advantages. However, recently Anza and Solana Labs have announced plans for upgrades (multiple parallel leaders, removal of priority ordering, application-level execution control), which may reduce the advantages of private DEXs.

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