Haedal PropAMM: From Quant Strategies to Protocol Revenue
On June 26, Haedal, a capital efficiency layer protocol on the Sui blockchain, announced the launch of its proprietary market-making engine, Haedal PropAMM. Powered by quantitative market-making strategies, the engine is designed to capture on-chain volatility with greater agility, converting trade flow into sustainable protocol revenue. PropAMM operates alongside Haedal's existing market-making product HMM (oracle-based active market making). While HMM uses oracle pricing to provide liquidity, PropAMM introduces an additional proprietary strategy layer that processes order flow originating from major aggregators and trading entry points on Sui.
Market Benchmark: PropAMM Performance on Solana and Base
Haedal cited data from Jump Crypto to illustrate the proven potential of the PropAMM model on other chains. In March 2025, top PropAMMs on Solana processed a combined $19.87 billion in trading volume across the SOL/USDC and SOL/USDT pairs. This figure is comparable to the total SOL-denominated trading volume on Binance, Coinbase, OKX, and Bybit combined during the same period. According to public on-chain data, the PropAMM model currently accounts for roughly half of all Solana DEX volume. On Base, approximately 40-50% of volume routed through the 0x Swap API is executed via PropAMM engines, further validating the model's growing dominance.
Implications for the Sui Ecosystem
The launch of Haedal PropAMM signals a shift toward more sophisticated, proactive market-making infrastructure on Sui. By integrating a proprietary engine, the protocol can internalize value from order flow that would otherwise be captured by aggregators, creating a more sustainable revenue model. For Sui-based DEXs and traders, PropAMM promises tighter spreads and deeper liquidity, potentially attracting more institutional and high-frequency trading activity to the ecosystem. As the PropAMM model continues to gain traction across multiple L1s, Haedal’s move positions Sui as a competitive venue for advanced liquidity provision.