A September preprint puts $SOL /USDC execution costs at 0.26 basis points for professional propAMMs versus 2.59 for public AMMs. Traders can receive cheaper fills while passive depositors remain exposed to stale-quote arbitrage.
Two-second maker markouts measure pricing risk, not net depositor returns. Fees, inventory and other position costs still need accounting. The study does not establish that professional pools caused aggregate passive-LP losses.
Two-second maker markouts measure pricing risk, not net depositor returns. Fees, inventory and other position costs still need accounting. The study does not establish that professional pools caused aggregate passive-LP losses.
