Since the beginning of the year, Solana DEX trading structure has shifted from Meme pairs to core trading pairs like SOL-Stablecoins, which has been one of the key factors driving the rapid development of Prop AMM. Currently, SOL-Stablecoins account for 60%-70% of Solana DEX's daily trading volume, providing more room for active market-making. Generally, it’s believed that private market-making strategies like Prop AMM tend to have smaller spreads when trading major assets. However, looking back at the past month’s SOL-USDC trading data, regular DEXs (Meteora, Raydium, and Orca) tend to have higher average spreads but are more stable overall; whereas Prop AMM has lower average spreads but comes with higher tail risks. Within Prop AMM, the differences in performance are quite noticeable. GoonFi is the most volatile, often jumping to 30bps; ZeroFi has the highest average spread; comparatively, Tessera V and HumidiFi are the most stable, with HumidiFi almost entirely maintaining spreads within 1bps—no wonder it’s the leader. To put it simply, the core competitiveness of Prop AMM still lies in the proprietary strategies of the team behind it and the effectiveness of the closed curve. The ability to compress spreads to the smallest possible level is key.