Report: Solana's DeFi ecosystem has shifted from public, passive flow pools to private execution DEX Pine Analytics has released a report stating that Solana's DeFi ecosystem has shifted from public, passive flow pools to private execution DEX. Although new DEXs such as SolFi, Obric v2, and ZeroFi do not operate front-end interfaces, they have already processed 40-65% of on chain transaction volume through aggregator Jupiter. These DEX adopt four core designs: 1. Only execute transactions through Jupiter aggregator; 2. Pricing based on real-time oracle; 3. Use private funding pools instead of public liquidity pools; 4. Provide selective pricing based on inventory. This mode effectively avoids MEV attacks and toxic order flows, demonstrating significant advantages on major trading pairs such as SOL and stablecoins. The current architecture of Solana (single leader, MEV auction) puts public bidding at a disadvantage, but upcoming upgrades such as concurrent leaders may change this situation. Although the private market making model improves execution efficiency, it also reduces the openness and composability of DeFi. This evolution reflects that the Solana ecosystem is gradually forming a unique liquidity supply mode that matches its technological architecture.