Fomo has been one of the top new trading platforms on Solana, with a key feature allowing users to trade in USDC. A byproduct of this is that it opens the door for intermediate hops, trades that take place between what the user is selling and what the user is buying. About 90% of these intermediate hops are currently being filled by prop AMMs. Since most memecoins have their most liquid markets quoted in SOL (or USD1 for BONKfun tokens), this creates a need for the router to trade SOL/USDC, or USD1/USDC An example tx shows a user wanting to buy FrameMog with USDC. This Fomo transaction uses OKX's aggregator, which will then route to: - AlphaQ (prop amm): USDC -> USDT - BisonFi (prop AMM): USDT -> WSOL - PumpSwap: WSOL -> FrameMog, the token that the user wants. A single fomo transaction will, on average, have 2.5 trades inside of it. When you split it by aggregator: - OKX: 2.7 trades/tx - DFlow: 2.3 - Jupiter: 2.3 Most of fomo's orderflow is routed by DFlow (60%), followed by OKX (30%), and the remaining 10% by Jupiter. Of these intermediate hops, the top pair is SOL/USDC, followed by SOL/USDT and USD1/USDC. Looking specifically at SOL/USDC flow, most of it is currently being won by Tessera, BisonFi, SolFi, and GoonFi. Most of HumidiFi's drop-off is due to DFlow's decision to stop routing to them. There are differences in which exchanges the aggregator will choose for these SOL/USDC hops. - For DFlow, Tessera is the most popular destination with about 60-70% of SOL/USDC flow reaching it (in comparison, OKX routes only 15% of this SOL/USDC volume to Tessera) - For OKX, GoonFi is the most popular DEX, winning 50% of this flow.