Carlos(@0xcarlosg):One interesting side effect of the rise of memecoin-equity pools: passive AMMs now dominate tokenized equity volume on Solana. Within two weeks of the mid-June volume spike, propAMMs were handling most of the flow, peaking at 62% of weekly volume in early July. I have long argued that propAMMs will naturally win the highly liquid pairs (SOL-USD being the clearest case) while passive AMMs stay best suited for the long tail. Pairing memecoins with equities has somehow flipped this dynamic. Passive AMMs handled 84.5% of tokenized equity volume last week, and the top three venues over the past 7 days are all OG Solana DEXs: Raydium (55%), Meteora (19%), Orca (6%).

2026.09.11 12:52

One interesting side effect of the rise of memecoin-equity pools: passive AMMs now dominate tokenized equity volume on Solana. Within two weeks of the mid-June volume spike, propAMMs were handling most of the flow, peaking at 62% of weekly volume in early July. I have long argued that propAMMs will naturally win the highly liquid pairs (SOL-USD being the clearest case) while passive AMMs stay best suited for the long tail. Pairing memecoins with equities has somehow flipped this dynamic. Passive AMMs handled 84.5% of tokenized equity volume last week, and the top three venues over the past 7 days are all OG Solana DEXs: Raydium (55%), Meteora (19%), Orca (6%).