Solana’s decentralized finance (DeFi) ecosystem is witnessing a dramatic shift, with private decentralized exchange (DEX) platforms like SolFi and Obric v2 taking center stage. These anonymous-backed platforms are now handling up to 65% of Solana’s swap transactions through the Jupiter aggregator, according to Pine Analytics reports. Their rise comes amid concerns about transparency. While these private DEXs offer tight quoting and efficiency, the lack of public statements from their operators and limited transparency surrounding their backers raise red flags for many in the DeFi community. 60% of Solana’s swap trades are now handled by private DEXs like SolFi, Obric v2, and ZeroFi, who utilize real-time oracle pricing through Jupiter. The significant shift in liquidity pools is causing a major stir within the DeFi landscape. Trading volume on Solana’s spot DEXs has reached record highs due to this change. 70% of Solana’s DeFi trading volume now transacts via private DEXs like SolFi, Obric v2 and ZeroFi. Concerns about transparency are mounting because these DEXs lack public tokens and transparency. The shift is raising questions about the regulatory focus on Solana’s DeFi ecosystem as private fund operations increase. Private DEX models could significantly shape Solana’s future infrastructure. Upcoming upgrades may further alter this dynamic, potentially reshaping the competition between public and private DEXs with concurrent leaders.