New AMM on Solana: proprietary AMM market maker Helius has just released a detailed report introducing a newly emerging force on Solana: proprietary AMM market makers. For example: SolFi, Humidifi, Obric, GoonFi, ZeroFi, Tessera V, etc. If you find these names unfamiliar, that's normal. Because they are not ordinary AMMs, they provide quotes and liquidity almost exclusively through Jupiter, and are mostly concentrated in trading pairs with the largest trading volume, such as SOL/USDC. A few days ago, someone posted a tweet referring to them collectively as' dark pools', benchmarking against concepts in traditional finance. But Helius refused to call them that, and instead called them 'Proprietary AMM' The report is very long and detailed. Here are only a few points that I am particularly interested in. For more information, please refer to the original text. one ️⃣ Mystery: No front-end, self owned liquidity This type of AMM is quite mysterious, although it is also AMM, it has almost no front-end and does not require ordinary retail investors to provide liquidity. Own funds, refuse to access other agreements, only participate in quoting through Jupiter, not visible to ordinary retail investors. two ️⃣ On chain quotation, custom liquidity curve They are also AMMs because they participate in quoting through smart contracts and their liquidity is also on the chain. This is almost no different from ordinary AMMs, such as Raydium and Meteora The so-called on chain quotation refers to the way they complete the quotation for Jupiter routing by updating the latest prices almost in real time on the chain. But through extreme CU compression and custom AMM curves, quotation updates can be completed at an extremely low cost. They belong to active market makers, which is completely opposite to ordinary passive AMMs. three ️⃣ take cities and seize territory On the most popular trading pairs like SOL/USDC, the proportion of proprietary AMM trading volume is rapidly increasing, with a high point approaching 86% (July 5th). Explain what? Their quotation is extremely competitive, surpassing the passive AMM that has been developed for several years. The self-developed liquidity curve combined with super aggregated liquidity brings ultimate capital efficiency. In some cases, on chain transactions are even better than the quotes given by CEX (the article mentions the case of exchanging BTC). Reflections Trading is a necessity, and the battle for the underlying engine that matches trades is far from over. AMM is an innovation of DeFi, but it is not the end. UniSwap has brought AMM (V2) and centralized liquidity V3 to DeFi, while improvements have been made to V3 on the Solana chain (@ MeteoraAG's DLMM). Now, there is a proprietary AMM. Let innovation happen in ____