Solana's private DEXs now control up to 60% of routed volume. As the price of SOL reached $185, could this change push the price of SOL higher?

Solana's defi sector is literally going dark. Private DEXs are now handling most of the Jupiter-driven trading, and this is a major shift in Solana's activity. SOL briefly touched $185 on Tuesday, the highest in nearly three months, before slipping to $180 by Wednesday.

Behind this growth is a wave of trading activity through non-public smart contract wallets.

Private Decks shakes up SOL price dynamics.

According to a report by Pine Analytics, platforms such as SolFi, OberkV2, and XeroFi now account for 40% to 60% of all volumes going through Jupiter.



These private DEXs don't offer user interfaces or public order books. Instead, they work through internal vaults and use oracle pricing for accuracy.

Unlike traditional DEXs, they win trades by the quality of execution. Tight passages, fast fills, and minimal exposition give them a natural edge.

SolFi refers to newly launched memecoins while Obric v2 and ZeroFi focus on high liquidity pairs such as SOL/USDC and SOL/USDT.

The rise of the private DEXs introduces a new layer of complexity to Solana trading. It also comes with downsides, which are no front-end access, obfuscated data, and anonymous backers.

The effect on SOL price is mixed. Meme coin trading, mostly through private DEXs, helped fuel the rally. But the lack of transparency is raising concerns. This could attract regulators or cause liquidity to be distributed across platforms.

Will the Solana upgrade dim the private decks spotlight?

Solana plans upgrades to increase composability and pricing on public DEXs. These changes could reduce the dominance of private DEXs by improving implementation on open platforms.

Solana’s price is currently targeting $300 over the next month. Just last week, SOL Coin surpassed all other networks with $50 million in weekly revenue from dApps.

Earlier this week, meme coin strength and macro factors also pushed Bonk (BONK) to a 60% rally. This increase, like SolFi's increasing volume, highlights how Solana's private DEX trend shapes short-term price movements.


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