The Future Of Onchain Capital Markets Is On Solana | Chris Chung
By Lightspeed
Published on 2025-09-19
Chris Chung reveals how Titan's mathematical optimization approach beats traditional DEX aggregators and why Solana is positioned to dominate internet capital markets
Titan Emerges as Solana's New Meta DEX Aggregator With $7M Seed Round and Bold Performance Claims
The Solana ecosystem has long awaited meaningful competition in the DEX aggregation space, where Jupiter has maintained dominance for years. That wait may be over. Titan, a new meta DEX aggregator built specifically for Solana, has officially launched out of private beta while simultaneously announcing a $7 million seed funding round. The platform's bold claim—that it outperforms every other router on Solana approximately 70% of the time—signals a significant shift in how traders may approach on-chain swaps.
In a comprehensive discussion on Lightspeed, Titan CEO and co-founder Chris Chung detailed the technical innovations behind the platform, the unique challenges of building on Solana, and his vision for Titan becoming the "Interactive Brokers of on-chain internet capital markets." The conversation revealed not only the intricacies of DEX aggregation but also broader insights into where Solana DeFi is headed and why the network is uniquely positioned to capture the future of tokenized securities trading.
Understanding the Meta DEX Aggregator Model
A meta DEX aggregator sits at the top layer of the trading stack on blockchain networks, aggregating not just liquidity from various decentralized exchanges but the quotes from other DEX aggregators themselves. This approach represents an evolution in how traders can access the best prices on-chain.
Chung explained the concept by describing the trading stack in layers: "DEXes sit at the liquidity layer, then there's DEX aggregators or routers that basically consolidate all the liquidity that exists in Solana and use an algorithm to try and find the best route." The meta DEX aggregator then sits above this layer, comparing quotes from multiple aggregators including Jupiter, Deflow, and OKX to ensure users receive the optimal price regardless of which underlying router provides it.
The fundamental value proposition is straightforward but powerful. Different routers employ different algorithms and may be optimized for different use cases. Rather than forcing users to manually check multiple platforms, a meta DEX aggregator handles this comparison automatically, routing orders to whichever aggregator provides the best execution at any given moment.
What makes Titan particularly interesting is that it doesn't merely aggregate other aggregators—it has developed its own proprietary routing algorithm called Argos that competes directly with the aggregators it aggregates. According to Chung, Argos has been outperforming every other router, including RFQ (request for quote) providers, approximately 70-75% of the time in live production on mainnet since private beta launched at the end of March.
The Technical Innovation Behind Titan's Routing Algorithm
The key differentiator for Titan lies in its approach to route finding. Most DEX aggregators on Solana and across the EVM ecosystem rely on classical pathfinding algorithms that software engineers typically learn during their education. Chung described these traditional approaches using a memorable analogy.
"If you have a hundred guys trying to find a path through a maze, you just send these hundred guys to find different paths," Chung explained. "Every time they hit a dead end, you just keep sending them back to try and find a solution." This approach, while functional, comes with significant limitations when applied to a low-latency blockchain like Solana that produces blocks every 400 milliseconds.
The traditional method also requires chunking liquidity into discrete portions—typically 10%, 5%, or 1% chunks. This means that when a trader swaps $100,000, the algorithm might route the trade in $10,000 or even $1,000 portions to different venues. This chunking approach limits the granularity of optimization and restricts how many liquidity pools can be incorporated into any given route.
Titan takes a fundamentally different approach using pure mathematical optimization. "We can pinpoint literally almost the exact point where we think it's the optimal point," Chung stated. Rather than guessing through trial and error, Titan's algorithm calculates the mathematically optimal split across venues with machine-level precision, without the arbitrary constraints of predetermined chunk sizes.
This optimization approach enables Titan to incorporate significantly more pools than competing algorithms—a critical advantage given the explosion of liquidity sources on Solana, particularly from platforms like Pump.fun that create enormous numbers of new pools daily through token launches.
The Traditional Finance Background Driving Innovation
Titan's technical edge stems directly from its team's background in traditional finance, where low-latency analytics and complex mathematical modeling are standard practice. Chung's previous role involved "grabbing huge amounts of Bloomberg S&P data and really just aggregating and doing tens of thousands of valuation models for a single company over the past 30 years of data in under a second."
This experience with high-speed data processing and mathematical optimization translated directly to the challenges of building a DEX aggregator on Solana. The team's expertise in combing through massive datasets and finding optimal solutions under extreme time constraints proved invaluable for tackling Solana's sub-second block times.
The traditional finance background also informed Titan's business strategy. Chung noted that the team spent considerable time analyzing why Jupiter had become so dominant in the Solana ecosystem. After examining the routing styles and algorithms being employed, they concluded there was a genuine opportunity to provide "significant enough outperformance that users would be willing to try and use our product instead."
This wasn't a blind bet on being able to outcompete an established player—it was a calculated assessment based on the team's specialized skill set in an area where they believed incumbents had room for improvement.
Why Solana Presents Unique Challenges for DEX Aggregators
Building a competitive DEX aggregator on Solana is significantly more difficult than doing so on Ethereum or its Layer 2 networks, and this difficulty has been a key barrier preventing competition with Jupiter for so long. The primary challenges stem from Solana's low latency and high throughput.
Chung explained that with blocks occurring every 400 milliseconds, aggregators must complete all their pathfinding and optimization calculations well under this threshold to provide fresh, accurate quotes to users. This creates an extremely demanding technical environment where "every millisecond really does count."
The second major challenge is the sheer volume of liquidity sources that must be parsed. Pump.fun alone creates an enormous number of new pools daily through its token launch mechanism. Processing all this liquidity in real-time while maintaining sub-400-millisecond response times requires highly optimized code and infrastructure.
These factors explain why most DEX aggregator teams on Solana have been "very Solana native as opposed to teams porting over from Ethereum or Base," as Chung observed. The technical requirements are simply too demanding for approaches that work on slower networks to be competitive on Solana.
Developer talent adds another layer of complexity. Finding engineers who can program efficiently in Rust and write low-latency code is more challenging than finding EVM developers, creating additional barriers to entry for would-be competitors.
The Rise of Prop AMMs and Their Impact on Trading
One of the most significant developments in Solana DeFi over the past year has been the emergence of proprietary automated market makers, or prop AMMs. These represent a shift from passive liquidity provision to active market making on-chain, and they've dramatically improved execution quality for traders.
Chung was among the first to publicly discuss prop AMMs, highlighting the trend at a Solana conference in Istanbul. The concept involves sophisticated trading teams developing closed-source AMM strategies that can provide tighter spreads and deeper liquidity than traditional open-source DEX designs.
The major prop AMM players include Solfi, ZeroFi, Obric, GoonsV, and Humidify. According to Chung, these venues have become so effective that "the majority of trades are being routed through prop AMMs now" for liquid pairs. When executing a swap, regardless of whether it's a SOL trade or a memecoin trade, "you're most likely finding price improvement going through SOL, USDC, or USDT" via prop AMM liquidity.
The impact on slippage has been dramatic. Chung reported that traders on Titan experience slippage of anywhere from "one basis point to four to five basis points" depending on the router chosen—remarkably tight for on-chain trading. This improvement is directly attributable to prop AMMs providing "very, very tight liquidity and deep liquidity."
Prop AMM Evolution and Future Expansion
While prop AMMs initially focused exclusively on the most liquid pairs—primarily SOL/USDC and SOL/USDT—Chung noted that these players are beginning to experiment with expanding to other assets. This evolution could significantly improve trading conditions for a broader range of tokens.
"I think this entire space is extremely new," Chung observed. "Everybody starts off with SOL, USDC, USDT. But we can start getting into pairs like BONK, JUP tokens, WIF tokens." The question being explored is what level of market capitalization or trading activity a token needs to sustain effective prop AMM coverage.
Chung expects to see more prop AMMs emerge as trading shops and established Solana teams recognize the volume and revenue potential. "If you can really make a very good business and trading strategy out of these prop AMMs, there's a lot of volume at stake and a lot of this volume is non-toxic order flow."
The observation about non-toxic order flow is significant. Prop AMMs can price aggressively because retail flow routed through aggregators tends to be uninformed—traders aren't systematically trading against the market maker based on superior information. This creates a sustainable business model for prop AMM operators while benefiting traders through improved execution.
Recent developments include Solfi launching a V2 prop AMM, demonstrating that existing players continue to upgrade and refine their strategies. Chung specifically highlighted Humidify and ZeroFi as currently performing well, noting that "it changes week by week on who is getting the most volume."
The Meta Aggregator's Relationship With Prop AMMs
A natural question arises: why doesn't Titan simply develop its own prop AMM to capture more of the value chain rather than routing order flow to third parties? Chung's answer reveals important insights about resource allocation and specialization in DeFi.
"Titan does not have a prop AMM. We'll just fully focus on the aggregation," Chung stated. "I think the prop AMM is a very specialized business that you have to be fully into the weeds with." Developing and operating a prop AMM requires substantial capital, dedicated resources, and there's no guarantee of success even with significant investment.
The strategic focus on aggregation also relates to competitive dynamics. Chung addressed concerns about exclusivity arrangements, where a major aggregator might try to lock up a prop AMM's liquidity exclusively. While acknowledging this "would have been something that would have been extremely dangerous," he noted that the proliferation of prop AMM providers has mitigated this risk.
"There's enough prop AMMs in the business side that if you're missing one, you won't really be impacted if the router is good enough to find routes," Chung explained. The analogy he offered: before, if you had the best F1 car, you probably won. Now, "everybody's car is kind of equal and it's really just dependent on how good your router is in connecting with enough—a minimum threshold—prop AMMs to find the best liquidity."
Titan Prime: Simplifying the Trading Experience
Alongside the meta DEX aggregator, Titan announced Titan Prime Mode, a feature designed to abstract away the complexity of on-chain trading parameters. The goal is to make executing a trade "as close to a real market order as possible."
With Prime Mode, users don't need to worry about setting slippage tolerances or selecting transaction propagation methods. Titan handles MEV protection automatically, tips the appropriate amount for timely transaction landing, and manages slippage settings on a per-token-pair basis based on each asset's trading characteristics.
"It's more of a one-size-fits-all solution in order to get executed without having to play with all these inner Solana settings," Chung described. Manual mode remains available for sophisticated traders who want granular control over their parameters, but Prime Mode is expected to become the default for most users.
The feature draws comparisons to Jupiter's Ultra mode, indicating convergence in the industry toward simplified trading interfaces that handle complexity behind the scenes. Titan is also launching an API mode for platforms interested in systematic trading through the Titan infrastructure.
The Zero-Fee Business Model
In a departure from recent industry trends—Jupiter began charging 10 basis points on some swaps earlier this year—Titan has committed to a zero-commission model. Chung drew parallels to the evolution of US equity markets, where Robinhood's commission-free model ultimately forced established brokers like Schwab and Fidelity to eliminate commissions as well.
"We think there's a lot of ways that we can monetize beyond just charging base commission fees," Chung stated. The future of this business is "big enough that we can find ways to monetize." Potential revenue streams include premium products, payment for order flow mechanisms similar to those used by traditional brokers, and potentially ETF or vault products in the future.
The payment for order flow model deserves particular attention. In traditional finance, Robinhood sells its order flow to market makers like Citadel, who pay for access to retail (non-toxic) order flow and can provide price improvement over the national best bid and offer. A similar model could theoretically work on-chain, with aggregators monetizing order flow while ensuring users still receive the best available prices.
For traders, the zero-fee approach combined with Titan's claimed outperformance creates a compelling value proposition. "Even if you aren't moving substantial volume, let's say you're moving a couple hundred dollars, if you do a hundred trades and you save 10 basis points each time, that's like 10.5% of your portfolio," Chung calculated.
Distribution Strategy and Platform Partnerships
Winning end users in a market dominated by Jupiter requires more than just technical superiority—it requires distribution. Titan's strategy focuses heavily on B2B partnerships with trading platforms that can integrate Titan's API and route their users' order flow through the aggregator.
The key insight is that platforms themselves are price-sensitive even when their users might not appear to be. Chung used examples like Phantom wallet and Axiom: "If you get them a better price, then they get a larger commission rate." By providing lower slippage at better prices, partner platforms can charge higher fees to their users while still delivering competitive execution.
Titan's streaming quote capability offers a particular advantage for integration partners. Unlike the REST API calls prevalent in the industry, Titan's streaming approach provides more current quotes with lower latency. "That streaming capability really provides both platforms as well as users the most updated price," Chung explained.
Custom integrations represent another partnership opportunity. Titan has received requests for custom swap endpoints, specific pool integrations, and mint-and-route functionality. The willingness to build customized solutions for partner projects differentiates Titan's approach from more standardized API offerings.
Slippage Management and Quote Simulation
A critical but often overlooked aspect of DEX aggregation is ensuring that quoted prices actually translate to executed prices. Titan addresses this through comprehensive quote simulation that runs every incoming quote through the same simulation technology.
"We run every single router through our own simulation technology," Chung explained. "It's not like we're just blindly trusting the quote. We're basically taking every single quote, simulating all of them on the same block and comparing them apples to apples." This prevents unfair comparisons where one quote might be five blocks older than another.
The simulation also enables Titan to provide more accurate slippage expectations. Different routers exhibit different slippage characteristics—Titan offers "single-digit slippage methods" while "other guys are probably a little bit higher." By simulating transactions before presenting quotes, users get a more realistic view of their expected output.
Quote updates occur every second, giving users a streaming view of where the market stands—comparable to watching bid-ask spreads on traditional exchanges. This transparency builds confidence and allows traders to make more informed execution decisions.
The Impact of Alpenglow and Future Solana Upgrades
Solana's upcoming Alpenglow upgrade, along with the broader rollout of Firedancer, presents interesting implications for DEX aggregators. Rather than making the job harder, Chung argued these upgrades actually benefit aggregation quality.
"With Alpenglow, that just means that we know which transactions are confirmed faster," Chung explained. "So that means that we have more confidence in what prices we're quoting to the end user." Shorter confirmation times translate directly to lower slippage and more accurate quotes.
The logic is straightforward: if an aggregator can receive chain updates faster and know with greater certainty that a transaction has been confirmed, it can quote prices that more closely reflect actual execution outcomes. This reduces the gap between quoted and realized prices.
However, Chung identified a current limitation that future upgrades could address: the account lock limit. Solana currently restricts transactions to locking 64 accounts, which limits how many pools can be included in a single route. "Right now, I think we can really operate with a maximum of four, maybe five pools being included in these routes before we start hitting either transaction size limits or account lock limits," Chung noted.
If this limit were increased to 128 or higher, aggregators could incorporate more liquidity sources into optimized routes, potentially delivering even better prices to users.
Tokenized Securities and the Internet Capital Markets Vision
Beyond immediate trading improvements, Chung articulated a broader vision for Titan's role in the emerging internet capital markets. The goal is to become "the Interactive Brokers of on-chain internet capital markets"—a sophisticated, low-cost platform for professional traders operating in tokenized asset markets.
This vision extends to tokenized securities. Titan already supports trading of X Stocks (tokenized equities) and Remora Stocks, albeit with appropriate jurisdiction restrictions. The path to broader tokenized security trading depends primarily on regulatory comfort rather than technical capability.
Chung made an interesting argument about how DEX aggregators could actually facilitate regulatory acceptance: "Once you can start defining what the best price is on your DEX aggregator or the equivalent of an exchange, then you start getting more and more regulators comfortable with what is the best price on DeFi."
The concern regulators have about DeFi trading often centers on price discovery and best execution—ensuring retail investors aren't getting systematically disadvantaged. A robust meta DEX aggregator that can demonstrate it searched all available liquidity sources and delivered the legitimately best available price addresses this concern directly.
As more aggregators compete and quote prices, the market develops a clearer consensus on fair value for on-chain assets. This transparency could make regulators "more and more comfortable with allowing registered securities to be on-chain as long as they're certain that a user is not getting screwed over."
Why Solana Wins the Internet Capital Markets Race
Titan's exclusive focus on Solana reflects a strategic bet that the network is best positioned to capture institutional capital and tokenized securities trading. While multi-chain expansion is a common strategy for DeFi protocols, Titan has chosen to go deep on a single network rather than spread resources across ecosystems.
The reasoning is compelling. Solana's infrastructure has been battle-tested through multiple stress periods, including the memecoin trading frenzy. Chung noted the network hasn't experienced an outage "for quite a while," demonstrating reliability under heavy load.
The low-latency architecture that makes building aggregators on Solana difficult is precisely what makes it attractive for sophisticated trading applications. Traditional finance institutions are accustomed to fast execution—no one wants to wait extended periods for transactions to confirm or stake to unlock. Solana's speed and near-instant finality align with institutional expectations.
The depth of Solana-native tokens also creates opportunity. Unlike Ethereum-native assets that are increasingly bridged to Layer 2s, Solana has significant native token activity. As prop AMMs expand beyond SOL and stablecoins to high-market-cap Solana-native tokens, the trading experience for these assets will improve substantially.
"I think Solana's just the perfect place because it's the most mature place and the best place to convince regulators that this is a realistic place for trading to occur," Chung concluded.
The Competitive Landscape and Jupiter's Dominance
For years, Jupiter has operated without meaningful competition in Solana DEX aggregation. While Phantom routes significant swap volume through its wallet interface and other protocols exist, Jupiter captured the mindshare and market share of intentional DEX aggregator users.
This lack of competition was always likely to be temporary given the volume and revenue at stake. Chung framed Titan's launch as capitalizing on a "once in a lifetime opportunity" where the team's specialized skill set aligned with an underserved market need.
Jupiter's response to emerging competition will be interesting to watch. The team has substantial resources, strong brand recognition, and a suite of additional products (perpetuals, memecoins via the launch platform, etc.) that create user stickiness beyond just swap aggregation. However, the core aggregation product—the routing algorithm itself—appears to have room for improvement based on Titan's claims.
The introduction of fees on Jupiter swaps may have created an opening for competitors. While 10 basis points might seem negligible, sophisticated traders executing significant volume will notice the difference, especially if a zero-fee alternative offers comparable or better execution.
Titan's Product Roadmap and Future Development
When asked about future development priorities, Chung outlined a roadmap focused on expanding order types and analytics capabilities. Limit orders are coming soon, followed by DCA (dollar-cost averaging) orders and "more types of orders that we want to put in."
The broader vision is building "a full-blown trading terminal customized for Solana." This includes comprehensive tracking tools and analytics that help users make informed investment decisions. Users would be able to monitor which router provides the best price over time, track their trading performance, and access the detailed information sophisticated traders expect.
Importantly, Titan intends to remain focused on the spot market rather than expanding into perpetuals, lending, or launching memecoins as Jupiter has done. "We think there's a lot of room for improvement within the entire stack of Solana DeFi order origination and order flow," Chung explained. Staying focused allows deeper expertise and innovation in the core product rather than spreading resources across multiple product lines.
The decision to specialize contrasts with Jupiter's "super app" approach. Chung characterized Jupiter's strategy as "WeChat-type method in Solana DeFi"—attempting to be everything for everyone. Titan bets that excellence in a focused domain can win against breadth.
The Path to Mainstream Adoption
Getting retail traders to switch from established platforms requires overcoming significant inertia. Users have existing habits, bookmarks, and familiarity with interfaces they've used repeatedly. Technical superiority alone may not drive immediate adoption.
Titan's B2B distribution strategy addresses this challenge by embedding into platforms users already frequent. If a wallet or trading interface integrates Titan's API, users benefit from improved execution without needing to change their behavior or consciously choose Titan.
The streaming quote interface itself serves as a user acquisition tool. By displaying quotes from multiple aggregators side by side—showing users exactly which router offers the best price at any moment—Titan creates transparency that builds trust. Users can verify the platform's claims in real-time rather than taking marketing materials at face value.
The zero-fee model eliminates a barrier to trial. Users curious about whether Titan actually delivers better prices can test the platform without any cost penalty if it underperforms. This lowers the stakes for experimentation.
Infrastructure and Geographic Distribution
Operating a high-performance aggregator requires substantial infrastructure distributed strategically around the globe. Chung described Titan's approach to handling increased traffic: "We just have to scale out the number of servers that we have. Wherever we see traffic, whether it's coming from North America, Europe, Asia, we want to make sure that we're located as close to the end users as possible."
The geographic considerations for Solana are particularly interesting. Most validators are located in Amsterdam or Frankfurt, making these locations critical nexuses for trading infrastructure. However, price discovery for many assets happens in Tokyo where Binance maintains servers. This creates opportunities for arbitrage and requires careful positioning of infrastructure to minimize latency to all relevant locations.
As trading volume grows—whether from more users, institutional adoption, or broader tokenized asset trading—Titan's ability to scale horizontally by adding servers will be tested. The mathematical optimization approach should scale more gracefully than heuristic pathfinding algorithms, but handling Solana-scale order flow remains a substantial engineering challenge.
Transparency and Accountability
Titan's public dashboard displaying quotes from all integrated aggregators creates a form of accountability rare in DeFi. Users can verify for themselves whether Titan's claims of 70%+ outperformance hold up in real trading conditions.
"We publicly show you all the quotes streaming through," Chung explained. "You'll be able to see what quotes Titan is providing, what quotes Jupiter is providing, what quotes OKX and Deflow are providing." The transparency extends to simulation results, showing users realistic expected outputs rather than optimistic quotes that might not survive to execution.
This approach inverts the typical relationship between platform and user. Rather than trusting marketing claims, users can observe performance directly. If Titan's routing consistently delivers better prices, it will be evident in the data. If it doesn't, that will be equally visible.
The willingness to subject performance to public scrutiny suggests confidence in the underlying technology. It also creates a forcing function for continued improvement—any degradation in relative performance would be immediately visible to users and competitors.
Market Making Evolution: From Passive to Active
The emergence of prop AMMs represents a broader evolution in on-chain market making from passive to active strategies. Traditional AMMs like Uniswap rely on passive liquidity provision—users deposit tokens and accept whatever trades come. Prop AMMs actively manage their positions, adjusting quotes based on market conditions similar to traditional market makers.
This evolution is significant because active market making can provide tighter spreads without requiring as much capital. A skilled market maker can earn returns on smaller deposits by managing inventory effectively and pricing dynamically based on risk.
Chung drew parallels to traditional finance: "This is very similar to how market making works in traditional finance. You have a bunch of market makers that will make a market on Apple, Tesla, all these stocks." The on-chain world is converging toward similar market structure, with multiple competing market makers providing liquidity across various assets.
As this market structure matures, execution quality for on-chain trading should continue improving. More market maker competition drives spreads tighter, and aggregators like Titan benefit by having more venues to source liquidity from.
The Interactive Brokers Analogy
Chung's comparison of Titan to Interactive Brokers reveals significant ambition. Interactive Brokers is known among professional traders for sophisticated tools, low costs, and reliable execution across global markets. The firm serves as infrastructure for serious traders rather than casual retail investors.
Applying this model to on-chain capital markets positions Titan as infrastructure for the emerging class of professional crypto traders and institutions. Features like streaming quotes, comprehensive order types, and API access for systematic trading serve this audience.
The "internet capital markets" framing suggests a world where tokenized assets from various jurisdictions trade on shared global infrastructure. In this vision, Titan serves as the access layer—the brokerage interface connecting traders to liquidity across whatever assets exist on-chain.
This is distinct from being a "super app" that tries to capture every possible DeFi use case. Instead, it's focused expertise in one critical function: getting traders the best possible execution when they want to exchange assets.
Building for Professional Traders First
Titan's orientation toward professional and sophisticated traders represents a calculated go-to-market strategy. These users are most price-sensitive because small improvements in execution compound significantly at scale. A 10 basis point improvement matters little on a $50 trade but represents substantial value on a $500,000 position.
Professional traders also tend to be vocal about tools that provide edge. If Titan delivers consistently better execution, word will spread through trading communities. This organic marketing can be more effective than paid acquisition for reaching the target audience.
The focus on professionals doesn't exclude retail traders—anyone can use the platform. But product decisions prioritize the needs of sophisticated users who will notice and appreciate marginal improvements in execution quality. Features like the API, detailed analytics, and advanced order types serve this segment.
Over time, as retail traders become more sophisticated or as Titan's reputation grows, the user base may naturally expand. But starting with professional traders ensures the product is optimized for the most demanding use cases.
Conclusion: A New Chapter for Solana DeFi
Titan's launch marks a significant moment for Solana's DeFi ecosystem. For years, the lack of meaningful competition in DEX aggregation suggested either that Jupiter had built an insurmountable product or that the market wasn't attractive enough to warrant competing investment. Titan's $7 million seed round and technical approach challenge both assumptions.
The platform's claims of 70%+ outperformance, if validated by real-world usage, could shift significant trading volume. Even if the actual performance advantage is smaller than claimed, introducing competition will likely drive innovation across the aggregator landscape.
More broadly, Titan represents the maturing of Solana DeFi infrastructure. The combination of prop AMMs, sophisticated aggregators, and improving protocol-level performance (via upgrades like Alpenglow) creates trading conditions increasingly competitive with centralized exchanges. This matters for the broader crypto adoption narrative—users accustomed to Binance or Coinbase execution quality now have viable on-chain alternatives.
The internet capital markets vision articulated by Chung may seem distant, but the infrastructure to support it is being built today. Each improvement in execution quality, each new prop AMM, each basis point of slippage eliminated brings that vision closer to reality. Titan has positioned itself to be central infrastructure in whatever that future looks like.
Facts + Figures
- Titan announced a $7 million seed funding round alongside its public launch out of private beta
- Titan claims to outperform every other router on Solana 70-75% of the time based on live mainnet production data since private beta launched at the end of March
- Solana blocks occur every approximately 400 milliseconds, creating extreme time pressure for DEX aggregator route calculations
- Traditional aggregators use 10%, 5%, or 1% chunk sizes for routing trades, while Titan uses mathematical optimization without predetermined chunking
- Titan charges zero platform fees for swaps, unlike Jupiter which introduced 10 basis points on some swaps earlier this year
- Slippage on Titan ranges from 1 basis point to 4-5 basis points depending on the router selected and trading pair
- Current account lock limits restrict routes to approximately 4-5 pools maximum per transaction due to Solana's 64-account limit
- Titan updates quotes every second through streaming technology rather than REST API calls
- Titan supports trading of tokenized equities including X Stocks and Remora Stocks
- Major prop AMM players include Solfi, ZeroFi, Obric, GoonsV, and Humidify, with new entrants continuing to emerge
- Solfi recently launched a V2 prop AMM, demonstrating ongoing innovation in the space
- Most validators are located in Amsterdam or Frankfurt, while price discovery often occurs in Tokyo where Binance servers are located
- Saving 10 basis points on 100 trades compounds to approximately 10.5% portfolio improvement according to Titan's calculations
- Titan is exclusively focused on Solana with no current plans for multi-chain expansion
- Titan Prime Mode handles slippage settings, MEV protection, and transaction tipping automatically without user configuration
- The team background includes a decade of experience at the same traditional finance fund, specializing in low-latency analytics and mathematical modeling
Questions Answered
What is a meta DEX aggregator and how is it different from a regular DEX aggregator?
A meta DEX aggregator sits above regular DEX aggregators in the trading stack, comparing quotes from multiple aggregators simultaneously to find the best price for users. While a standard DEX aggregator searches across individual decentralized exchanges to find optimal routing, a meta aggregator takes this a step further by comparing the outputs of multiple aggregators including Jupiter, Deflow, OKX, and others. This means users don't need to manually check multiple aggregators—the meta aggregator handles this comparison automatically and routes orders to whichever underlying aggregator provides the best execution at any given moment. Titan is unique in also having its own proprietary routing algorithm (Argos) that competes with the aggregators it aggregates.
How does Titan achieve better prices than Jupiter and other established aggregators?
Titan uses pure mathematical optimization rather than the classical pathfinding algorithms employed by most competitors. Traditional aggregators send multiple search processes to find different routes through liquidity venues, essentially guessing and checking until they find acceptable solutions. This approach requires chunking trades into discrete portions (typically 10%, 5%, or 1% of the trade size), limiting optimization granularity. Titan's algorithm instead calculates mathematically optimal splits with machine-level precision, determining the exact optimal distribution across venues without arbitrary chunk constraints. This allows Titan to incorporate more liquidity pools and find more efficient routes, resulting in claimed outperformance 70-75% of the time against all competing routers on Solana mainnet.
What are prop AMMs and why are they important for Solana trading?
Prop AMMs (proprietary automated market makers) are closed-source trading strategies developed by sophisticated teams that provide active market making on-chain, delivering tighter spreads and deeper liquidity than traditional open-source DEX designs. Major players include Solfi, ZeroFi, Obric, GoonsV, and Humidify. Unlike passive AMMs where liquidity providers simply deposit tokens and accept all trades, prop AMMs actively manage positions similar to traditional market makers. For liquid pairs like SOL/USDC, most trades now route through prop AMMs because they offer significant price improvement. This evolution from passive to active market making has compressed slippage to just 1-5 basis points for liquid pairs, dramatically improving the on-chain trading experience.
Why doesn't Titan charge any fees while Jupiter charges 10 basis points?
Titan believes there are sufficient monetization opportunities beyond base commission fees to build a sustainable business. Drawing parallels to the US equity market where brokerages like Robinhood offer commission-free trading, Titan plans to explore payment for order flow mechanisms, premium products, and potentially ETF or vault products in the future. The zero-fee model creates a compelling value proposition—users get access to superior routing technology without paying platform fees. For traders executing significant volume, the combination of better prices and zero fees can meaningfully impact portfolio performance over time. Titan views the long-term opportunity as large enough to support alternative revenue models.
How does Titan prevent slippage and ensure quoted prices match execution prices?
Titan runs every incoming quote through its own simulation technology, testing all quotes on the same block to ensure apples-to-apples comparisons. Rather
On this page
- Understanding the Meta DEX Aggregator Model
- The Technical Innovation Behind Titan's Routing Algorithm
- The Traditional Finance Background Driving Innovation
- Why Solana Presents Unique Challenges for DEX Aggregators
- The Rise of Prop AMMs and Their Impact on Trading
- Prop AMM Evolution and Future Expansion
- The Meta Aggregator's Relationship With Prop AMMs
- Titan Prime: Simplifying the Trading Experience
- The Zero-Fee Business Model
- Distribution Strategy and Platform Partnerships
- Slippage Management and Quote Simulation
- The Impact of Alpenglow and Future Solana Upgrades
- Tokenized Securities and the Internet Capital Markets Vision
- Why Solana Wins the Internet Capital Markets Race
- The Competitive Landscape and Jupiter's Dominance
- Titan's Product Roadmap and Future Development
- The Path to Mainstream Adoption
- Infrastructure and Geographic Distribution
- Transparency and Accountability
- Market Making Evolution: From Passive to Active
- The Interactive Brokers Analogy
- Building for Professional Traders First
- Conclusion: A New Chapter for Solana DeFi
- Facts + Figures
-
Questions Answered
- What is a meta DEX aggregator and how is it different from a regular DEX aggregator?
- How does Titan achieve better prices than Jupiter and other established aggregators?
- What are prop AMMs and why are they important for Solana trading?
- Why doesn't Titan charge any fees while Jupiter charges 10 basis points?
- How does Titan prevent slippage and ensure quoted prices match execution prices?
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The Bull Case For Solana In 2025 | Ryan Watkins
Ryan Watkins discusses Solana's explosive growth, the rise of AI agents, and why Solana could become the leading smart contract platform by 2025.
Breakpoint 2023: How Phantom Integrated With Solana Mobile In Purely React Native
An in-depth look at Phantom's integration with Solana Mobile using React Native
The Future of Liquid Staking on Solana | FP Lee
Discover how Sanctum is transforming liquid staking on Solana, creating an infinite LST future with enhanced liquidity and user-friendly solutions.
The Future Of Solana In 2024 & Beyond | Zano Sherwani
Dive into the future of Solana with Jito co-founder Zano Sherwani as he discusses MEV, Firedancer, restaking, and the evolving blockchain landscape.
The Vision for Jito | ep. 31
Lucas Bruder discusses Jito's impact on Solana, the revolutionary DoubleZero network, and the rise of fat apps in the Solana ecosystem
The Great Online Game with Packy McCormick
Discover how the internet has transformed careers into a global game with exponential upside. Learn how to play and win in the new digital economy.
Breakpoint 2023: Account Abstraction on Solana
Squads Labs presents the innovative account abstraction protocol on Solana, revolutionizing security and usability for developers and users.
Breakpoint 2023: tBTC comes to Solana
Discussions on the integration of tBTC, a decentralized Bitcoin, into the Solana ecosystem.
The Jupiter End Game With Kash Dhanda
Kash Dhanda reveals Jupiter's ambitious lending strategy, the power of JLP as Solana's cornerstone asset, and why UX-first design is winning the DeFi race.
When Will Companies IPO Onchain?
Lucas Bruder, Max Resnick & Austin Federa discuss how close Solana is to hosting major IPOs, the $3.2B Figma pricing disaster, and why onchain capital markets are inevitable.
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