monad launching with 5 dex aggregators each claiming to aggregate 14-16 exchanges. problem is only 10 dexs exist on day 1. monorail, madhouse, kuru, mace, clober all routing to the same empty pools. circular integration doesn't create liquidity. wait for actual volume to show up before touching this ...

Market Structure Evolution - The market structure around spot trading on Solana has evolved rapidly due to the rise of prop AMMs [1] - Prop AMMs provide tighter quotes by actively managing liquidity, updating quotes multiple times per second [1] - Prop AMMs' midpoint often tracks CEX prices like Binance, considered the "true" price [1] Arbitrage Dynamics - The CEX leg of CEX<>DEX arbitrage is shifting onchain [1] - Arbitrage bots now buy from stale onchain venues and sell to Prop AMMs, capturing spreads atomically in a single transaction [1] - Increased use of flash loans by arbitrage bots to capture these arbs [1] - A material amount of CEX<>DEX arbs are moving over DEX aggregators [1] - A majority of this volume is on the SOL-USD pair, the most liquid volatile asset on Solana [1] DEX Aggregator and Cyclic Arbitrage - There's a tight relationship between the percentage of DEX aggregator volume that moves over Prop AMMs and the percentage of DEX aggregator volume that is cyclic arbitrage [2] - Cyclic arbitrage is defined as transactions with the same input and output token, capturing the arbitrage transactions [2] Onchain vs CEX Price Discrepancies - When onchain price is $200 and Binance price jumps to $205, Props race to update their books to mirror Binance [3]

Solana DEX Aggregators Overview - Blockworks has added a DEX Aggregators tab to its public Solana dashboard [1] - The dashboard covers Jupiter, DFlow, Titan, and OKX [1] Key Metrics Tracked - The dashboard tracks total volume across DEX aggregators [1] - It monitors the AMMs (Automated Market Makers) being routed to [1] - It analyzes the trading pairs being utilized [1] - It tracks volume originating from atomic arbitrage [1]