Crypto
PropAMMs Dominate Solana Trade Costs with 98% Lower Fees
The study of Solana trade costs on public automated market makers (AMMs) and propAMMs reveals that propAMMs offer better execution costs, averaging 0.26 basis points compared to 2.59 for public AMMs.
A researcher's preprint dated September 29 explores the difference in swap prices and depositor returns between propAMMs and public AMMs on Solana from September 1, 2025, through August 31, 2026.
The study compares reference-relative execution cost proxies for quiet-market SOL/USDC fills, finding that propAMMs offer lower costs. However, the researchers caution that low execution cost does not guarantee reliable quotes or positive LP returns.