The DeFi market on $SOL is quietly undergoing structural changes. AMMs' inefficiencies and price arbitrage opportunities make them suitable only for long-tail markets. CLOBs remain the core adoption model in mainstream markets. With the gradual reduction of on-chain latency, especially with the implementation of the Alpenglow consensus upgrade next year, the final hurdles for the large-scale adoption of CLOBs will be removed. We clearly see that 60% of transactions in the SOL-USD market already occur through the Prop AMM model, with HumidiFi and SolFi leading the market share gains in Prop AMMs. Of course, I personally believe that Prop AMMs are merely a necessary compromise, a balance between AMMs and CLOBs. The ultimate goal is to use CLOBs to realize the grand vision of an on-chain Nasdaq. $SOL