This is our independent BisonFi Review (2026). How did a DEX with just $5 million in liquidity overtake Humidifi to lead Solana's weekly trading volume? Why can't you find BisonFi's website or app anywhere? And should you care about a protocol you can't even interact with directly?
Summary of this BisonFi review: BisonFi is a Prop AMM (Proprietary Automated Market Maker) that operates invisibly through Jupiter routing. With ~$5M TVL, it captures 34% of all Solana Prop AMM volume — beating protocols with 100x more liquidity. The spreads are excellent: ~5 basis points on SOL/USDC, down from 30 bps a year ago. You'll never visit their website (the domain is literally for sale), but if you swap on Jupiter, BisonFi probably executed your trade.
The problem? Zero transparency. No audits, no documentation, no team disclosure. Forward Industries announced BisonFi in December 2025 but later distanced themselves. For a protocol handling millions in daily volume, that's concerning. The saving grace: you never deposit funds, so your risk is minimal. If you want more transparency, Humidifi has a token and more communication. For perps, see our Hyperliquid Review.
BisonFi Review - Introduction
BisonFi launched in December 2025 and rapidly became one of Solana's top execution venues — without a single user ever visiting its website.
Key Facts:
- Launched: December 2025
- Chain: Solana
- Type: Prop AMM (Proprietary Automated Market Maker)
- TVL: ~$5 million (DeFiLlama)
- Market Share: 34% of Solana Prop AMM volume
- Token: None
- Website: None (domain for sale)
- Team: Anonymous
The team behind BisonFi remains unknown. Forward Industries (chaired by Multicoin's Kyle Samani) announced the launch but later stated it's "not an initiative of theirs."
BisonFi Review - How It Works
Prop AMMs are a Solana-specific innovation. Unlike traditional DEXs where users provide liquidity, Prop AMMs deploy proprietary capital and compete algorithmically for order flow.
Key Features
- Invisible execution: You swap on Jupiter, BisonFi competes for your trade automatically
- Extreme capital efficiency: $5M TVL captures more volume than Raydium's $600M
- Tight spreads: ~5 basis points on major pairs (SOL/USDC)
- Lightweight oracles: 143 compute units vs 150,000+ for standard swaps
When you swap on Jupiter, the aggregator checks all venues including BisonFi, Raydium, and Humidifi. Best price wins. BisonFi wins often despite having far less liquidity.
BisonFi Review - Fees
BisonFi charges no explicit fees. Revenue comes from bid-ask spreads.
Fee Structure
- Swap fee: 0%
- Spread (SOL/USDC): ~5 basis points (~$5 on $10K trade)
- Gas: ~$0.001 (Solana network)
Cost Comparison ($10,000 swap)
- BisonFi: ~$5 total
- Raydium: ~$40-55 total (0.25% fee + wider spread)
- Old Prop AMMs (2024): ~$30 total
Competition between Prop AMMs has driven costs down 85% in one year. Traders benefit automatically.
BisonFi Review - Security
This is BisonFi's weakest area — not because it's dangerous, but because there's nothing to evaluate.
Audit Status
- Public audits: None disclosed
- Documentation: None
- IDL (Interface Definition): Not published
- Incidents: None reported (2 months operational)
Risk Assessment
Your actual risk is minimal because you never deposit funds into BisonFi. Swaps execute atomically through Jupiter — tokens leave your wallet only at settlement. If BisonFi disappeared, Jupiter would route to the next best venue.
Security Rating: 7/10 — Low practical risk, but zero transparency.
BisonFi Review - Alternatives
BisonFi vs Humidifi
- BisonFi: $5M TVL, 34% share, no token, zero transparency
- Humidifi: $13M TVL, 36% share, $WET token, slightly more open
Both are Prop AMMs. Jupiter picks the winner automatically — you don't choose.
BisonFi vs Raydium
Raydium is a traditional AMM where you can LP and earn fees. BisonFi is infrastructure you can't interact with. Use Raydium for LPing; BisonFi handles your swaps via Jupiter.
BisonFi vs Hyperliquid
Different categories. BisonFi is Solana spot trading. Hyperliquid is a perp DEX on its own chain. For perpetuals, Hyperliquid is the clear choice.
BisonFi Review - Verdict
Rating: 7.5/10
- Fees: 9/10
- Security: 7/10
- Features: 6/10
- Liquidity: 8/10
Best For
- Solana traders who use Jupiter
- Anyone who wants tight spreads without extra steps
- Traders who don't need protocol participation
Not For
- LPs wanting yield — use Raydium or Orca
- Token/governance speculators
- Perp traders — use Hyperliquid
Bottom line: BisonFi is invisible infrastructure that makes your Jupiter swaps cheaper. You'll never use it directly, but you're already benefiting from it.
FAQ
Is BisonFi safe?
For traders, yes. You never deposit funds. Swaps are atomic through Jupiter.
What are BisonFi's fees?
No explicit fees. ~5 basis point spread on major pairs.
How do I use BisonFi?
Swap on Jupiter. BisonFi competes automatically.
Does BisonFi have a token?
No.
Who runs BisonFi?
Unknown. Forward Industries announced it but later distanced themselves.
Can I LP on BisonFi?
No. Proprietary capital only.