Dark pool decentralized exchange HumidiFi has officially become the largest DEX protocol on the Solana blockchain, overtaking major competitors like Meteora, Raydium, and Pump.fun. According to data from DeFi Llama, HumidiFi contributed $1.1 billion to the 24-hour trading volume on Solana, with the total daily DEX volume on the network exceeding $3.68 billion.
HumidiFi's rise is notable not only in daily metrics but also over longer periods. Its seven-day trading volume has nearly reached $10 billion, while Meteora, the second-largest DEX, trails by approximately $1.2 billion. Raydium's daily volume is close to $500 million, with a seven-day total below $5 billion, placing it significantly behind. Meanwhile, Pump.fun's daily volume sits at $174.3 million, though its 30-day volume has accumulated to $9.4 billion.
The protocol operates using a proprietary automated market maker (AMM) model, often referred to as a dark pool, which does not rely on open liquidity pools. This design prioritizes execution efficiency, privacy, and reduced exposure to front-running or sandwich attacks, offering tight spreads and low slippage. HumidiFi's model reflects a broader shift in DeFi toward closed liquidity systems, challenging traditional transparent AMMs.
Analysts suggest this trend indicates changing user preferences, with traders increasingly favoring execution efficiency and institutional-grade mechanics over visible liquidity metrics. HumidiFi's integration with liquidity aggregators has supported its growth, and at times, it has accounted for up to 15% of all on-chain trading activity on Solana. However, concerns remain about transparency, decentralization, and the long-term sustainability of such models.
