looked into this further and found two explanations 1. a number of telegram style trading bots are using the jupiter api with highly constrained settings that force transactions predominantly through raydium and meteora

pt. 2: execution quality and routing bugs here is a filtered sample of trades over the last week that are likely to be retail and not bots the table below shows average fill quality if you get routed to an active liquidity dex (dark amm or clob) vs. passive based on trade size ($)

the solana market structure is changing monthly at this point and most of the public dashboards are incomplete anyway i pulled the data from the last week and there is a new dominant dark amm here is the data for SOL markets for trades routed through jupiter

i wonder if aggregators should just aggressively down-weight sim and instead build a statistical model of what liquidity will be around when the trade lands. so much happens on chain between sim and execution

the main drawback of dark amms is that they push a lot more complexity to the routing layer i would expect to see meaningful differentiation between aggregators as a result

Smart Search Today Meridian is excited to launch a smart asset search that makes it easier than ever to find assets you are looking for on Solana. No more fumbling around with three block explorers and four dashboards. Just Ask Meridian

Smart Search Today Meridian is excited to launch a smart asset search that makes it easier than ever to find assets you are looking for on Solana. No more fumbling around with three block explorers and four dashboards. Just Ask Meridian

mintlify is such a simple and well-designed product. doesn't try to do too much, just makes every experience with documentation 20% better

amazed at how smart gemini flash 2.5 lite is for the speed and cost

always tough when you launch an index and it drops 10% on the first day