Proprietary market makers now handle over 90% of SOL-to-stablecoin trades on Jupiter

Analysis from DWF Ventures indicates that proprietary automated market makers (propAMMs) have become a dominant force in DeFi, accounting for 15% to 27% of total on-chain DEX volume. For SOL-to-stablecoin trades routed through Jupiter, this share exceeds 90%. While DWF Ventures is affiliated with market maker DWF Labs, the data highlights a significant shift in DeFi trading infrastructure where professional firms increasingly compete for order flow behind the scenes.