Solana has a new leader in daily decentralized exchange volume, and it isn’t the memecoin machine everyone expected.
BisonFi, a proprietary automated market maker (Prop AMM), has passed Pump.fun’s PumpSwap to become the top DEX on Solana by 24-hour trading volume.
The numbers behind the flip
According to DefiLlama data as of October 23, 2026, BisonFi processed approximately $312 million to $380 million in daily trading volume.
PumpSwap, Pump.fun’s exchange arm, now sits in second place with about $259 million over the same 24-hour window.
The longer view is just as notable. BisonFi’s DEX volume over the past 30 days came in between $8.3 billion and $8.6 billion. Its lifetime trading volume has passed $88 billion.
BisonFi’s total value locked (TVL), the capital parked on-chain in the protocol, stands at approximately $20.8 million.
Much of that activity runs through SOL/stablecoin pairs.
What a Prop AMM actually is
A Prop AMM uses its own proprietary capital and runs off-chain pricing models to decide what to quote, rather than relying on depositors or a rigid formula.
The payoff is tighter spreads. When prices are sharper, aggregators send more order flow their way.
A large share of that flow arrives via routes like Jupiter, Solana’s main trade aggregator. Most traders never pick BisonFi directly. Jupiter picks it for them because the quote is better.
This also explains the low TVL. A smaller pile of capital, turned over constantly, can produce enormous volume.
Background: Pump.fun’s evolution and the Prop AMM wave
Pump.fun built its name as a memecoin launchpad. It later grew into a significant AMM venue in its own right through PumpSwap, recording multi-billion-dollar weekly trading volumes in mid-October.
Prop AMMs including BisonFi and Tessera have captured roughly 25-30% of Solana DEX volume in recent periods, concentrating on major pairs like SOL/USDC.
What this means for Solana traders and protocols
BisonFi’s $20.8 million TVL paired with its volume leadership suggests capital efficiency may matter more than raw deposits for certain trading styles.
For conventional AMMs, if professional venues keep winning the most liquid pairs, open liquidity pools may be pushed toward long-tail tokens.
Prop AMMs depend on off-chain pricing and a single operator’s capital, which is a more centralized arrangement than the open pool model, shifting trust toward the operator’s models and risk management.
Key metrics to track from here include whether BisonFi can sustain its lead across multiple days, how the combined Prop AMM share moves relative to that 25-30% range, and whether Pump.fun’s volume rebounds alongside renewed memecoin activity.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.