Solana's decentralized exchange leaderboard has a new daily volume leader, and it is not the memecoin launchpad many observers might have expected. BisonFi, a proprietary automated market maker (Prop AMM), has overtaken Pump.fun's PumpSwap to become the largest DEX on Solana by 24-hour trading volume — a ranking that can shift from day to day as order flow moves between venues.

The numbers behind the flip

According to DefiLlama, a widely used on-chain analytics platform that tracks decentralized finance (DeFi) protocols, data as of October 23, 2026 shows BisonFi processed approximately $312 million to $380 million in daily trading volume. PumpSwap, Pump.fun's exchange arm, sits in second place with about $259 million over the same 24-hour window.

The longer timeframes are just as notable. BisonFi's DEX volume over the past 30 days came in between $8.3 billion and $8.6 billion, and its lifetime trading volume has surpassed $88 billion. The protocol's total value locked (TVL) — the capital parked on-chain in the protocol — stands at approximately $20.8 million, with much of its activity running through SOL/stablecoin pairs, the network's most liquid markets.

What a Prop AMM actually is

A Prop AMM deploys its own proprietary capital and runs off-chain pricing models to determine what to quote, rather than relying on depositors or a rigid on-chain formula. The payoff is tighter spreads — the gap between the prices at which a venue buys and sells — and 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, which scans the network's venues for the best available quote. Most traders never pick BisonFi directly — Jupiter selects it for them because the quote is better. This dynamic 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 — a platform where new meme-themed tokens are created and traded — and 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 such as SOL/USDC, a US dollar-pegged stablecoin.

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 — smaller, less frequently traded markets.

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. That trade-off — sharper quotes in exchange for reliance on one operator — now sits at the heart of how Solana's trading venues compete.

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 renewedecoin activity.