Study Finds Wider Spreads Outside Aggregators on Solana Network
Research shows that direct routes in proprietary liquidity pools can lead to higher execution costs for users.
A recent study analyzed trading behavior on the Solana network between September 2025 and August 2026. The research focused on proprietary automated market makers known as propAMMs. The goal was to compare execution costs between orders sent through aggregators and those made via direct routes.
Data showed wider round-trip spreads on five of the six liquidity platforms evaluated when users did not utilize an aggregator. Accessing the same asset pool does not guarantee equivalent trading conditions. The method by which an order reaches its destination is a key factor in the final transaction cost.
Researchers Ozan Solmaz, Lioba Heimbach, and Jason Milionis used pairs of consecutive orders on opposite sides of the same pool to measure spreads. This method ensured that comparisons occurred under similar market conditions and equivalent lot sizes. The analysis excluded cases where price updates occurred between executions.
The result highlights the importance of routing infrastructure in the decentralized finance ecosystem. While aggregators seek liquidity across various locations to optimize swaps, proprietary pools allow a single operator to control quotes directly. This structural difference directly impacts execution efficiency for those trading digital assets.
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