According to BlockBeats, on February 11th, Kyle Samani, former co-founder of Multicoin, predicted that the progress of Solana's on-chain market microstructure over the next 18 months will surpass any other period in cryptocurrency history. Among the anticipated advancements are: Alpenglow: Solana's upcoming major consensus mechanism upgrade is one of the largest protocol-level changes in Solana's history. It significantly simplifies the consensus logic, reducing block final confirmation time from approximately 12 seconds to about 100-150 milliseconds. It also removes older components such as Proof of History and Tower BFT, and introduces block propagation and voting mechanisms, providing an extremely low-latency foundation for high-frequency financial applications. ACE (Application Controlled Execution): Application Controlled Execution is a key innovation in Solana's core roadmap. While traditional blockchains have transaction ordering completely controlled by validators/block producers, ACE allows smart contracts/applications to determine the ordering, settlement logic, and priority of transactions themselves. This allows DeFi applications on Solana to customize their own market microstructure, such as order matching rules and anti-MEV mechanisms. Enabling each DEX or Perp protocol to have its own trading engine is a core technology for realizing the internet capital market. MCL (Multi-Concurrent Block Proposal): Future upgrades to Solana will allow multiple leaders to propose blocks simultaneously, significantly improving throughput and reducing latency, as well as improving transaction inclusion time and censorship resistance. Proprietary Automated Market Makers (Proprietary Automated Market Makers): Unlike traditional public AMMs (such as Raydium and Orca's constant product pools), PropAMMs are privately deployed by professional market makers/institutions. They use real-time price oracles to update quotes and actively manage liquidity, typically not accepting permissionless deposits. Providing extremely low slippage and deeper liquidity, they currently account for over 60% of Solana DEX trading volume, drastically changing the on-chain market structure and bringing prices closer to CEX levels. Aggregators: Aggregators such as Jupiter and Dflow aggregate liquidity from multiple DEXs, AMMs, and PropAMMs, finding the optimal execution path for users and providing the lowest slippage and best price. Conditional liquidity: This is a new liquidity provision mechanism where liquidity is no longer an unconditional "passive pool." Instead, it is only available to order takers when specific conditions are met (such as orders being endorsed by a trusted front-end application or being non-toxic order flows). This primarily prevents market makers from being targeted, thus encouraging them to offer tighter spreads, ultimately leading to better trading prices and deeper liquidity. Overall improvements to the SVM and scheduler: These include computational unit optimization, asynchronous program execution (APE), and scheduling algorithm upgrades, resulting in faster, more resource-efficient, and higher-concurrency support. The SVM is the execution environment for Solana smart contracts; these improvements directly enhance on-chain program performance, providing fundamental support for complex financial applications.