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Pine Analytics: Solana's Decentralized Finance ecosystem has shifted from public, passive liquidity pools to private execution DEX.
Wu learned that Pine Analytics published an article pointing out that Solana’s DeFi ecosystem has shifted from public, passive liquidity pools to private execution DEXs (such as SolFi, Obric v2, ZeroFi). These protocols, which have no frontend and no public pools, handle 40-60% of the volume through the Jupiter aggregator, relying on internal vaults and oracle pricing, providing efficient execution but sacrificing composability. The main trading assets are: USDC/USDT and SOL trading pairs, with SolFi occasionally involving new meme coins. Solana’s current architecture (single leader, MEV auction) makes public quotes vulnerable, while private vaults have more advantages. However, recently Anza and Solana Labs have published plans for upgrades (multiple parallel leaders, elimination of priority sorting, application-level execution control), which may reduce the advantages of private DEXs.