BisonFi surpasses Pump.fun to become top DEX on Solana by volume
Summary
BisonFi (PropAMM) has overtaken Pumpfun to become the leading decentralized exchange (DEX) on Solana, based on 24-hour trading volume. This shift highlights the growing significance of PropAMMs in the DEX market on Solana, where they are utilizing proprietary capital and off-chain pricing to compete effectively. The Solana ecosystem has seen a substantial portion of global PropAMM trading activity, often routed through major aggregators.
Tokens
$SOL
Analysis
Solana: Solana is a high-performance blockchain optimized for decentralized finance and applications, enabling rapid and low-cost transactions that support a wide range of DEX protocols. It has become the dominant venue for PropAMM activity worldwide. The reported volume leadership by BisonFi directly pertains to trading activity on this network. BisonFi: BisonFi is a PropAMM (proprietary automated market maker) on the Solana blockchain that deploys the operator's own capital in closed liquidity pools to provide competitive quotes and capture trade flow, often executing invisibly via aggregators. It launched in late 2025 and focuses on efficient on-chain execution without external liquidity providers. The news reports its recent overtake of Pump.fun to lead all Solana DEXes by 24-hour trading volume. Ecosystem Role: Solana hosts the large majority of global PropAMM trading activity, with routing often concentrated through major aggregators. Market Structure: PropAMMs now represent a major and expanding category of DEX execution on Solana, competing through proprietary capital and off-chain pricing.
Categories
solanacryptodefitech
Related sources
- https://aixbt.tech/projects/BisonFi-69337ded4fe396507e4b43b1
- https://jumpcrypto.com/resources/propamms-and-the-next-chapter-of-permissionless-market-structure
- https://solanafloor.com/news/prop-amm-bison-fi-continues-to-lead-solana-weekly-dex-trading-volume
- https://x.com/i/status/2113631276389253294
- https://dexrank.com/bisonfi-review/
- https://arxiv.org/html/2609.38056v1
- https://solanacompass.com/news/propamms-now-handle-up-to-30-of-on-chain-dex-volume-with-solana-accounting-for-90-of-global-activity
- https://x.com/0xcyp/status/2111129074504536499
- https://www.kucoin.com/news/insight/SOL/6ad34ae0c31ba8000731ee3d
- https://phemex.com/news/article/forward-industries-launches-bisonfi-amm-platform-on-solana-42599
- https://bitquery.io/datastore/datasets/bisonfi
- https://www.sharpe.ai/dexscreener/solana/dex/bisonfi/volume
- https://x.com/MSBIntel/status/2110211495925551152
- https://solanafloor.com/news/bison-fi-leads-prop-amm-volume-for-9-straight-weeks
- https://defillama.com/protocol/bisonfi