Data: Ethereum Private MM (PMM) generated a volume of 13.6 billion dollars in September.

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According to Wu, Bater data reveals that Ethereum's private MM (PMM) generated a volume of 13.6 billion USD in September. However, unlike Solana's prop AMM, Ethereum PMM operates entirely off-chain, executing only pre-signed quotes on-chain, which significantly saves on Gas fees. Users can also only access it through aggregators. Currently, four entities—Wintermute, Symbolic Capital, Native, and 0xbee…000—account for 95% of PMM volume, with Wintermute being dominant and Native being the only company utilizing external LPs. Notably, PMM is primarily driven by large transactions of $100,000, and the average volume is three times that of AMM.

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