BisonFi under Forward Industries rises in the Solana Prop AMM competition

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The new proprietary AMM—BisonFi—launched by publicly listed company Forward Industries, is challenging HumidiFi’s dominance on the Solana platform. BisonFi quietly went live in Q4 2025 and briefly surpassed HumidiFi in daily trading volume on January 13, currently holding a 10.52% share of on-chain trading volume. Data shows that BisonFi offers robust liquidity, with trading volumes of up to 4,000 SOL and a price difference of no more than 1 basis point from the mid-price. Although HumidiFi’s daily trading volume has rebounded to $1 billion, this competition highlights how proprietary AMMs can drive Solana’s DeFi growth and capture approximately 28% of the on-chain spot trading market share.

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