PANews reported on May 14 that Pine Analytics released a report stating that Solana's DeFi ecosystem has shifted from public, passive liquidity pools to private execution DEXs. Although new DEXs such as SolFi, Obric v2, and ZeroFi do not operate front-end interfaces, they have processed 40-65% of on-chain transaction volumes through the aggregator Jupiter. These DEXs adopt four core designs: 1. Execute transactions only through the Jupiter aggregator; 2. Pricing based on real-time oracles; 3. Use private funds instead of public liquidity pools; 4. Selective quotes based on inventory. This model effectively avoids MEV attacks and toxic order flows, and shows significant advantages in major trading pairs such as SOL and stablecoins. Solana's current architecture (single leader, MEV auction) puts public quotes at a disadvantage, but upcoming upgrades such as concurrent leaders may change this situation. Although the private market-making model improves execution efficiency, it also reduces the openness and composability of DeFi. This evolution reflects that the Solana ecosystem is gradually forming a unique liquidity supply method that matches its technical architecture.