Proprietary AMMs have captured a major share of trading volume, and over 90% of SOL-stablecoin flow.

There is an infrastructure gap between propAMMs and traditional AMMs:

PropAMMs price against live oracle feeds or off-chain proprietary valuation models. That requires cheap, frequent quote updates, which Solana's architecture provides through low costs and mid-slot repricing. Ethereum's slot times and gas costs make the same design riskier and more expensive to run.

Traditional AMMs still dominate long-tail assets, newly launched tokens, and most stablecoin pairs on Ethereum due to static price curves and no oracles, pricing models, or market makers needed.

Neither model is being replaced, and each has inherited the market it's built to serve.

DWF Ventures on where the volume is going in their article here.