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Decoding Prop AMMs: Humidifi

What Is a Prop AMM?

A Proprietary AMM (Prop AMM) is a new breed of automated market maker that differs fundamentally from traditional AMMs like Uniswap or Raydium:

  • Market-making logic is embedded directly inside on-chain programs
  • Pricing comes from actively updated strategies, not fixed mathematical formulas
  • Leverages Solana's high throughput and low latency for real-time price updates

Humidifi

Humidifi

At its peak, Humidifi accounted for nearly half of Solana's total trading volume — a remarkable feat for a single AMM.

XOR State Obfuscation

XOR State Obfuscation

Humidifi uses hardcoded 64-bit XOR keys to obfuscate its internal state. Values are never stored in plain form on-chain, making it significantly harder for external observers to read pool state directly.

Q48 Extreme Precision

Q48 Extreme Precision

The protocol uses Q48 fixed-point arithmetic — 48 bits for the fractional part, providing approximately 14 decimal places of precision. This level of precision is critical for accurate pricing in high-frequency trading environments.

No Formula: Table-Driven Market Making

Table-Driven Market Making

Instead of using a mathematical curve (like x * y = k), Humidifi uses lookup tables for pricing:

  • Table A: 18 integers
  • Table B: 30 integers
  • Table C: 10 integers

Prices are determined by linear interpolation between table points, giving the market maker complete control over the pricing curve.

Built-In MEV Defense

Built-In MEV Defense

Humidifi scans all instructions within the same transaction for non-whitelisted programs. This is an execution-layer MEV defense that prevents sandwich attacks and other MEV extraction techniques from operating within the same transaction.

Summary

Summary

Humidifi represents a new paradigm in AMM design:

  • XOR-locked state prevents easy state reading
  • Q48 precision ensures accurate pricing
  • Lookup tables replace mathematical formulas
  • Execution-layer MEV defenses protect against extraction

Despite these defenses, SolanaMevBot supports Humidifi through careful reverse engineering of the protocol's state and pricing mechanisms.