HumidiFi has become the top decentralized exchange on Solana by trading volume on the weekly timeframe, surpassing Meteora.
HumidiFi has recently climbed to the top of Solana’s decentralized exchange rankings, recording $8.55 billion in trading volume over the past week. The dark-pool protocol, which uses proprietary automated market makers (prop AMMs), outpaced rivals Meteora, Raydium, and PumpSwap.
According to data from DeFiLlama, on Sept. 25 alone, HumidiFi processed a record $1.92 billion in trades, more than one-third of Solana’s total daily volume. Currently, it records a 24-hour trading volume of $557 million, second only to Meteora’s $700 million.
Solana DEX leaderboard by trading volume | Source: DeFiLlama
The Rise of Dark Pools on Solana
Prop AMMs, often described as dark pools, quote prices privately and route trades through aggregators rather than public order books. This results in private execution and reduced slippage, making them attractive to large traders who prefer not to reveal their moves.
Data from Sandwiched.me shows these protocols sometimes achieve negative spreads, allowing exceptionally cost-efficient swaps. This efficiency is leading to a shift from public liquidity venues like Raydium and Orca toward these quieter, algorithm-driven pools.
For instance, HumidiFi lacks a public front end or massive hype of social media, but it is drawing significant flow from professional market participants. The platform’s deep liquidity and private routing allow whales to place large trades without alerting the wider market.
Competition Remains Fierce
While HumidiFi’s numbers impress, established rivals continue to dominate the ecosystem. Raydium remains a leader of Solana’s decentralized exchange scene with its robust liquidity, consistent technical development, and community incentives.
Meteora also retains a strong market share through extensive integrations and partnerships. On the other hand, PumpSwap serves retail traders seeking quick Solana meme coins opportunities.
Meanwhile, the broader decentralized space continues to record growth. Decentralized-to-centralized exchange trading volumes now hold 18.5% share, which suggests rising interest in non-custodial platforms.
On Solana specifically, weekly decentralized trading climbed 6%, sitting at $2.7 billion as of Sept. 29.
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