Pine Analytics: Solana’s DeFi ecosystem has shifted from public, passive liquidity pools to private execution DEXs (e.g., SolFi, Obric v2, ZeroFi), with 40-60% of volume routed through the Jupiter aggregator. These rely on internal treasuries and oracle pricing for efficient execution but sacrifice composability. Key trading assets: USDC/USDT and SOL pairs, with occasional new memecoins. Solana Labs recently announced upgrades that may reduce the edge of private DEXs.