TL;DR
- SOL’s native on-chain markets often quote better prices than large centralized venues, though the arbitrage edge flips frequently.
- The report attributes improved execution to Prop AMMs that concentrate liquidity in defined ranges, boosting depth despite softer DEX volumes for SOL traders during markets.
- Wrapped SOL on other chains trades between $95 and $102 with limited arbitrage, while treasuries hold 20M SOL, about 50% staked, and Jupiter adds native-stake liquidity tooling.
Solana’s SOL is showing a shift in where “best execution” lives. On-chain venues are increasingly matching, and at times beating, centralized exchange quotes for SOL. The report notes that native SOL markets on Solana can rival large venues such as Binance and OKX for price, even if the lead flips frequently as arbitrage routes change. That rotation still signals deeper market depth on-chain than earlier cycles. Liquidity, not branding, is becoming the competitive moat today. For desks, it means on-chain quoting is no longer a side venue but a primary benchmark for execution.
Why on-chain pricing is beating CEX quotes
Despite a broader cooldown, the report says SOL’s native DEX liquidity often delivers better prices than centralized screens. Proprietary automated market makers, or Prop AMMs, are positioned as the main driver behind that improvement. These specialized pools concentrate liquidity within specific price ranges, tightening spreads and reducing slippage when flows hit. Over the past month, Prop AMM venues gained share, compensating for lagging DEX volumes. New launches made the landscape more competitive, and that competition translated into deeper liquidity and more consistent execution for SOL traders. It is a maturation signal for Solana.
Not all on-chain venues look equally efficient. The report highlights that wrapped SOL on Ethereum, Base, and BNB Chain trades inside a much wider and less reliable band. WSOL prices ranged between $102 and $95 depending on the chain, with thin liquidity limiting clean arbitrage. Added bridging and trading costs further reduce the incentive to close gaps, leaving anomalies to persist. Against that backdrop, the Solana network is re-evaluating its use cases and SOL’s role while overall DEX volumes are down nearly 90% from the October 2025 peak. That divergence keeps pricing messy.
The report also zooms out to treasury behavior, arguing that large holders are not rushing for the exits. Treasury entities hold over 20M SOL with no net changes for months, and about 50% remains staked. Rather than selling in a bear phase, the piece points to staking as a potential liquidity source that could preserve long-term exposure while energizing DeFi activity. Jupiter has introduced a tool to tap natively staked SOL as a liquid token inside its app, available for all validators. The open question is whether whales stay disciplined if stress deepens.
