Report: Solana's DeFi Ecosystem Shifts from Public, Passive Liquidity Pools to Private Execution DEX

On May 14, Pine Analytics released a report indicating that Solana's DeFi ecosystem has shifted from public, passive liquidity pools to private execution DEXs. New DEXs like SolFi, Obric v2, and ZeroFi, although not operating front-end interfaces, have processed 40-65% of on-chain trading volume through the aggregator Jupiter. These DEXs adopt four core designs:

1. Execute trades only through the Jupiter aggregator;

2. Pricing based on real-time oracles;

3. Use private vaults instead of public liquidity pools;

4. Selective quoting based on inventory. This model effectively avoids MEV attacks and toxic order flow, showing significant advantages in major trading pairs like SOL and stablecoins. Solana's current architecture (single leader, MEV auctions) puts public quoting at a disadvantage, but upcoming upgrades like concurrent leaders may change this situation. While the private market-making model enhances execution efficiency, it also reduces the openness and composability of DeFi. This evolution reflects that Solana's ecosystem is gradually forming a unique liquidity supply method that matches its technical architecture.