BisonFi overtakes Pump.fun as Solana’s top DEX by daily volume

Solana has a new leader in daily decentralized exchange volume, and it isn’t the memecoin machine everyone expected. BisonFi, a proprietary automated market maker (Prop AMM), has passed Pump.fun’s PumpSwap to become the top DEX on Solana by 24-hour trading volume. The numbers behind the flip According to DefiLlama data as of October 23, 2026, BisonFi processed approximately $312 million to $380 million in daily trading volume. PumpSwap, Pump.fun’s exchange arm, now sits in second place with about $259 million over the same 24-hour window. The longer view is just as notable. BisonFi’s DEX volume over the past 30 days came in between $8.3 billion and $8.6 billion. Its lifetime trading volume has passed $88 billion. BisonFi’s total value locked (TVL), the capital parked on-chain in the protocol, stands at approximately $20.8 million. Much of that activity runs through SOL/stablecoin pairs. What a Prop AMM actually is A Prop AMM uses its own proprietary capital and runs off-chain pricing models to decide what to quote, rather than relying on depositors or a rigid formula. The payoff is tighter spreads. When prices are sharper, aggregators send more order flow their way. A large share o...