Solana has established a commanding presence in the on-chain spot market. According to an analysis by crypto researcher kokii_eth, Solana-based DEXs account for approximately 30% of total on-chain DEX trading volume, with spreads approaching those of centralized exchanges (CEXs). The key driver behind this performance is the PropAMM (Proactive Market Maker) architecture, which optimizes liquidity provision to enhance trading efficiency and depth.
However, Solana's success in spot trading has not translated to the perpetual futures (Perp) market. HyperLiquid dominates this space with over 70% of open interest (OI) and trading volume, creating an overwhelming advantage. The contrast highlights how different blockchain infrastructures can excel in specific transaction types. While Solana's PropAMM model serves spot trading effectively, HyperLiquid's unique design has captured the majority of the perp market share.
This divergence underscores the evolving competitive landscape in decentralized finance, where no single chain dominates all segments. The spot and perp markets have distinct requirements, and platforms like Solana and HyperLiquid are optimizing for their respective strengths. The analysis, shared on social media, points to a growing specialization within on-chain trading verticals.