In today's episode, we dive deep into Solana’s PropAMM landscape and the battle shaping onchain market structure.

We discuss:

• What PropAMMs are and why they’ve taken over Solana spot liquidity
• How gas economics shift costs from makers to takers
• Latency games, flashing, and spoofing tactics
• Execution quality vs oracle pricing
• Why onchain price discovery is still lagging
• Binance vs PropAMMs vs true decentralization
• The role of Solana’s scheduler, priority fees, and compute units
• Why PropAMMs dominate spot but struggle in perps
• The case for continuous order books
• DoubleZero and private fiber networks
• Building Blink: a neutral, price-discovery-first venue
• The future of fair and verifiable crypto exchanges

And much more—enjoy!
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Timestamps:
(00:00) Introduction
(01:07) What is Blink?
(04:07) Crypto market structure problems
(10:46) Binance vs decentralization spectrum
(22:10) PropAMM gas advantages
(32:37) Latency and order flow
(39:26) Spoofing and flashing tactics
(1:03:27) Solana PropAMM efficiency
(1:04:25) Blink tech stack
(1:06:13) Spot vs perps limits
(1:07:26) Continuous order books
(1:10:33) Outro
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Content links:
https://dune.com/the_defi_report/prop-amms

https://x.com/moonshiesty/status/2019803058750824710?s=20

https://x.com/moonshiesty/status/2041266918015803661?s=46&t=CgOOIjEz_uRbAZFFRLsgAg

https://x.com/jump_/status/2044494127367135386?s=20

https://0x.org/post/propamm-shenanigans

https://www.helius.dev/blog/solanas-proprietary-amm-revolution

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The Indexed Podcast discusses hot topics, trendy metrics and chart crimes in the crypto industry, with a new episode every 1st and 3rd Thursday of the month, brought to you by wizards @hildobby @0xBoxer @sui414.
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