In the fast-paced world of Solana, where meme tokens thrive and trading volumes skyrocket, a new player is stealing the show: proprietary automated market makers, or propAMMs for short. These aren't your typical decentralized exchanges (DEXs) that rely on locked liquidity pools. Instead, propAMMs use off-chain or oracle-based systems to manage liquidity, providing tighter spreads and better prices—often beating out centralized exchanges (CEXs) without contributing a dime to total value locked (TVL).

A recent tweet from Ceteris, Head of Research at Delphi Digital, highlights this shift. He points out that the top DEX on Solana is now a propAMM, with five out of the top 10 being propAMMs. Together, they're driving over 50% of all Solana DEX volumes in the last 24 hours. This is huge for meme token enthusiasts because Solana's ecosystem is meme-central, with tokens like those inspired by cats, dogs, and internet jokes pumping massive volumes.

Looking at the screenshot shared in the tweet, HumidiFi tops the list with a whopping $1.332B in 24-hour volume, followed by established names like Orca and Raydium. But what's a propAMM exactly? Think of it as a smart, behind-the-scenes market maker run by firms that handle liquidity proprietarily. Unlike traditional AMMs where anyone can add liquidity to a pool, propAMMs keep things internal, using advanced algorithms and oracles to quote prices. This means no TVL inflation—just pure, efficient trading.

Why PropAMMs Are a Game-Changer for Meme Tokens

Meme tokens on Solana are all about speed and low costs, and propAMMs amplify that. They often provide better execution than CEXs, which is a big deal when you're sniping the next big pump or dodging a dump. According to a Delphi Digital report, propAMM volumes have been climbing steadily, making up 13% to 24% of monthly DEX volumes since early 2025.

For traders, this translates to lower slippage on high-volatility meme trades. Imagine swapping your SOL for the latest viral token without getting rekt by wide spreads. Plus, as these propAMMs grow, they're set to capture even more volume, potentially making Solana the go-to chain for meme degens.

Top PropAMMs to Watch

From the data, HumidiFi leads the pack, but others like SolFi, ZeroFi, Tessera V, and GoonFi are also in the top 10. Each operates on a single chain (Solana, of course) and focuses on spot trading without the baggage of TVL.

• HumidiFi: Over $1.3B in daily volume, setting the standard for propAMM efficiency.
• SolFi: Backed by teams like Ellipsis Labs, clocking in at $269.5M daily.
• ZeroFi: $211.7M in 24h, proving propAMMs can compete with giants.

Implications for the Broader DeFi Space

This trend questions how we measure DEX success. TVL has long been the king metric, but propAMMs show that volume and pricing matter more. For meme token projects, integrating with these platforms could mean better liquidity and happier communities. As Solana continues to outpace Ethereum in DEX volumes—largely fueled by memecoins—this propAMM rise could solidify its dominance.

If you're diving into Solana memes, keep an eye on these propAMMs. They might just be the secret sauce to your next 10x trade. For more insights on meme tokens and blockchain tech, stick around at Meme Insider.