According to a new report by Pine Analytics, Solana’s DeFi landscape is undergoing a major transformation—from traditional public liquidity pools to private execution decentralized exchanges (DEXs). Emerging platforms like SolFi, Obric v2, and ZeroFi are now powering 40–65% of on-chain trading volume via the Jupiter aggregator, despite lacking public-facing front ends.
These new DEXs follow four key design principles:
1. Trade execution exclusively through Jupiter
2. Real-time pricing via oracles
3. Use of private funds rather than public liquidity pools
4. Selective quoting based on internal inventory
This model significantly reduces risks from MEV (Maximal Extractable Value) attacks and toxic order flow, offering improved efficiency—especially in popular trading pairs like SOL and stablecoins.
Solana’s current architecture, built around a single leader and MEV auctions, puts traditional public quotes at a disadvantage. However, planned upgrades such as concurrent leaders may shift this dynamic.
While this private market-making approach enhances trade execution, it also comes at a cost—reduced openness and composability within DeFi. Still, the shift reflects Solana’s evolution toward a unique liquidity model that closely aligns with its t
echnical foundations.
