Market Making

PropAMM

2026-07-15 12:35:24

PropAMM gains ground as professional market-making engines reshape on-chain DEX trading

PropAMM is emerging as one of the most discussed structural shifts in DeFi trading, even if most retail users barely notice it. In a report published by ChainCatcher, the model is described as an on-chain market-making system in which professional firms use their own capital and proprietary pricing logic to quote executable bids and offers, instead of relying on open liquidity pools governed by fixed curves. Supporters argue that the design improves execution, reduces slippage and uses capital far more efficiently than traditional automated market makers. The concept has expanded quickly on Solana, where Bisonfi, HumidiFi and SolFi at one point accounted for 70% of total DEX market share this year, according to the report. Jump Crypto said leading Solana PropAMMs handled $19.87 billion in SOL/USDC and SOL/USDT volume in March 2026, close to the combined volume for comparable dollar pairs on Binance, Coinbase, OKX and Bybit. At the same time, projects including Haedal, LFJ and Genius have launched PropAMM products on Ethereum, Base and BNB Chian. Yet the model also raises hard questions around transparency, participation and market integrity. Critics, including Uniswap founder Hayden Adams, have questioned whether PropAMM strengthens DeFi or turns it into an on-chain execution layer for price discovery happening elsewhere. Reports from Solana and 0x have also highlighted closed-source designs, aggregator dependence and cases of quote manipulation on Base.

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Jump Trading

2026-07-08 21:58:13

Jump Trading Acquires Minority Stakes in Kalshi and Polymarket via Liquidity Deals

Jump Trading is taking minority stakes in prediction market platforms Kalshi and Polymarket in exchange for providing liquidity. Kalshi is valued at $11 billion; Polymarket at $9 billion. Venture-style deals raise conflict-of-interest concerns.

420

DraftKings

2026-07-08 21:40:13

DraftKings and Flutter Enter Prediction Market Market-Making, Undercutting Peer-to-Peer Narrative

DraftKings and Flutter have disclosed market-making activities in prediction markets, aiming for top global positions. Their moves challenge the peer-to-peer model that shielded platforms like Polymarket from gambling classification.

460

tokenized sto

2026-06-26 12:35:01

Tokenized Stock Perpetual Market Imbalance: Retail Longs Pile Up, Arbitrage Capital Lags

当前代币化股票永续合约市场呈现典型早期失衡：散户集中做多，做市与套利资本尚未补足空头，叠加交易所间价格割裂，导致永续费率出现结构性套利机会。本文简要剖析该市场现状及潜在收益曲线特征。

1290

Haedal

2026-06-26 13:56:09

Haedal Launches Proprietary AMM Engine on Sui, Mirroring Solana's PropAMM Model

Haedal, a capital efficiency protocol on Sui, has launched Haedal PropAMM, a proprietary market-making engine driven by quantitative strategies. It aims to capture on-chain volatility more flexibly and convert trade flow into protocol revenue. Running alongside its existing HMM product, PropAMM targets order flow from aggregators and entry points. Citing Jump Crypto data, Haedal noted that top PropAMMs on Solana processed $19.87 billion in SOL/USDC and SOL/USDT pairs alone in March, matching the combined volume of Binance, Coinbase, OKX, and Bybit. The PropAMM model now accounts for ~50% of Solana DEX volume and 40-50% of 0x Swap API volume on Base.

2090

HyperEVM

2026-06-26 10:02:06

Deconstructing HyperEVM: Which Applications Can Truly Capture Hyperliquid's Core Dividends?

HyperEVM is the EVM-compatible layer launched by Hyperliquid, turning a centralized exchange into a programmable financial engine. This article analyzes which types of applications—such as derivatives platforms, market makers, and cross-chain bridges—can gain core benefits by sharing Hyperliquid's order book, liquidity, and clearing mechanisms.

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