➥ BisonFi with just $21M in TVL is doing more monthly volume than both Raydium + Orca on Solana latest 30D, ending Oct 26: → BisonFi | @FWDind: $8.28B volume | $20.69M TVL → @orca_so: $7.75B volume | $301M TVL → @Raydium: $5.75B volume | $1.14B TVL BisonFi processed 44% more trading volume than Raydium with ~55x less capital locked that's ~400x monthly volume relative to current TVL but the interesting part is how BisonFi operates it's a proprietary AMM, where professional MMs actively manage liquidity + pricing instead of relying on traditional passive LP pools aggregators like Jupiter can route trades toward whichever venue offers competitive execution and this is changing Solana's DEX market structure Raydium + Orca still hold significantly more liquidity but prop AMMs are proving they can compete for trading flow with much smaller capital bases i'm paying more attention to Solana's prop AMM sector, particularly BisonFi, @humidifi and @Tessera_PE for $RAY and solana:orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZE , i'd watch whether they can defend trading share and fee generation as professional MMs capture more flow