Praxial and Allium: Why Prop-AMMs Stay a Solana Story
Praxial's research report Borrowed Machinery, built end to end on Allium on-chain data, on why proprietary AMMs stay economically viable on Solana but not on EVM.
Praxial cited Allium in its research report Borrowed Machinery: Why Prop-AMMs Stay a Solana Story, produced in collaboration with Allium and published in August 2026.
What the report argues
The report examines why proprietary AMMs (prop-AMMs) have taken hold on Solana but not on Ethereum and other EVM chains. Its case: Solana's cheap, high-frequency on-chain quote updates make continuous requoting affordable, so market makers can run their pricing logic on-chain. On EVM, gas costs and roughly 12-second blocks make that uneconomical, pushing the same activity toward off-chain RFQ instead. The report concludes that displacing established AMMs like Uniswap and Curve on EVM is unlikely under today's cost structure, and that the picture only changes if an L2 pairs aggregator-router consolidation with sub-cent, sub-second quote updates.
Why it matters
Every data figure in the report is built on Allium's on-chain data, from Jupiter's share of Solana DEX volume to the growth in monthly prop-AMM instructions and the comparison of aggregator-routed versus direct volume on Ethereum. It is a full third-party industry report reasoning from Allium's data end to end.
One figure the report highlights:
That cadence shows in on-chain activity, which grew from about 2 million prop-AMM instructions per month in late 2024 to more than 350 million by late 2025. (Figure 3, data: Allium)
Citation
Praxial (2026). Borrowed Machinery: Why Prop-AMMs Stay a Solana Story. Praxial (in collaboration with Allium).
On-chain data for this report was provided by Allium.
Read the report: Borrowed Machinery: Why Prop-AMMs Stay a Solana Story
