September 15, 2025
By
Lachezar Kolev & Andrea Candela
September 15, 2025
Making Sense of Prop AMMs On Solana
Proprietary AMMs (Prop AMMs) are a new breed of liquidity venue on Solana that differ sharply from traditional public AMMs. This article explores what they are, why they emerged, how they work (to the extend that is possible to know), and what their rise means for Solana’s market structure.