The DeFi market on SOL is undergoing subtle structural changes. The inefficiency of AMMs and the arbitrage opportunities from price spreads make them more suitable for long-tail markets, while CLOB remains the core adoption for mainstream markets. As on-chain latency continues to decrease, especially with the Alpenglow consensus upgrade rolling out next year, it will clear the final hurdles for large-scale CLOB adoption. We can clearly see that 60% of trading in the SOL-USD market is already happening through the Prop AMMs model. HumidiFi and SolFi are the big winners in Prop AMMs market share. Personally, I think Prop AMMs are just a compromise between the two—a balance between AMM and CLOB. The ultimate goal is still to use CLOB to achieve the grand vision of an on-chain Nasdaq. SOL