PropAMM Weekly · Ethereum
Edition 2 · POL Finance · week of 2026-09-14 to 2026-09-25.
POL tracks the on-chain PropAMM landscape on Ethereum week by week. Every figure comes from the router's own indexed data. This is the first week-over-week edition: numbers below are the activity in this window, compared against edition 1 (cumulative to 2026-09-14).
Short version: the router settled $135.2M across 7,023 swaps this week. FermiSwap pulled away, taking 57% of the week's volume against 42% of the all-time total, and its average fill overtook Metric's. CoW Protocol was the single largest source of flow at $54.9M. The plain-AMM fallback fired less than in edition 1, so makers won a larger share. Titan still builds most blocks but ceded ground to BuilderNet and Quasar.
1. The week on the router
| metric | this week | vs edition 1 |
|---|---|---|
| USD volume | $135.2M | $441.4M all-time to date |
| swaps | 7,023 | 46,255 all-time |
| new accounts | +280 | 1,541 total |
| direct swaps | 13 (0.2%) | was 1.1% all-time |
| Uniswap V3 fallback rate (by swap count) | 11.5% | was 20.8% all-time |
| fees collected | $0.00 | still zero at the contract level |
The two moves to note. The fallback rate dropped from 20.8% all-time to 11.5% this week, meaning a maker met the required output on 88.5% of orders, up from 79%. And direct swaps were 0.2%: this remains solver and aggregator plumbing, not a retail venue.
2. Who is winning the flow
Ranked by USD volume settled this week.
| maker | USD volume | swaps | week share |
|---|---|---|---|
| FermiSwap | $77.3M | 2,852 | 57% |
| Metric | $39.4M | 1,859 | 29% |
| Uniswap V3 (fallback) | $12.7M | 809 | 9% |
| Tempest | $3.3M | 988 | 2% |
| Kipseli | $2.2M | 202 | 2% |
| elzorro | $0.32M | 272 | small |
| Bebop | $0.04M | 27 | small |
| TaurusFi | $0.01M | 14 | small |
FermiSwap took 57% of the week against 42% of the all-time total, so it gained share on the period. Metric held roughly steady near 29%. The chart plots each maker on volume against swap count, with the diagonals marking constant average fill.
3. Best and worst maker, and why
Best this week is FermiSwap, and the reason changed from last edition. It leads on both dollars and swaps, and its average fill this week was about $27.1k against Metric's $21.2k. In edition 1 Metric had the larger average fill; this week FermiSwap won both the breadth and the large tickets.
Worst among the makers that still quote is Bebop: 27 swaps and $0.04M for the whole week, effectively idle. TaurusFi is smaller still at 14 swaps. Both sit far below where an active maker would be. elzorro ramped from near-zero to 272 swaps this week, so it is moving the other direction, up from a tiny base.
4. What is trading
Stablecoins carried the dollars, ETH carried the count, same shape as last week.
- USDC: about $51.8M traded across 4,718 swaps.
- USDT: about $46.7M across 3,686 swaps.
- WETH: the most-traded token by count at 5,145 swaps.
- WBTC present but thin at 454 swaps; cbBTC marginal.
Top pairs by USD volume this week: USDC/USDT at $61.8M on 1,382 swaps, USDC/WETH at $35.8M on 3,007 swaps, and USDT/WETH at $28.0M on 2,138 swaps. The stablecoin pair again moved the most dollars on the fewest swaps, an average near $45k a trade.
5. Who is sending the orders
The flow stayed concentrated, but the top of the list changed.
| caller | swaps | USD volume |
|---|---|---|
| 0x9008…ab41 (CoW Protocol) | 658 | $54.9M |
| 0x9c2e…c48c | 3,299 | $25.5M |
| 0xb82a…97d4 | 549 | $12.9M |
| 0x824a…e0f5 | 280 | $6.7M |
| 0x1644…210d | 629 | $4.9M |
The change from edition 1: CoW Protocol settlement was the largest source of flow this week at $54.9M, about 40% of the week's volume, ahead of the integrator 0x9c2e that led on an all-time basis. 0x9c2e still sent the most swaps (3,299) but at smaller size. The concentration chart shows every layer is still carried by its top few: the largest caller alone is 47% of the week's swaps.
6. Where the blocks are built
| builder | swaps | USD volume | week share |
|---|---|---|---|
| Titan | 4,359 | $87.0M | 64% |
| BuilderNet | 1,292 | $24.9M | 18% |
| Quasar | 1,029 | $17.1M | 13% |
| Eureka | 193 | $4.1M | 3% |
Titan still builds most of the router's volume, but its share slipped from about 71% all-time to 64% this week, while BuilderNet and Quasar each picked up ground. Eureka's swaps are again almost all fallback rather than maker fills.
7. Sources and method
Source: the PropAMM router's indexed database on Ethereum, dump current to 2026-09-25 08:04. This week's figures are computed from the raw swap table over the window since edition 1 (last swap 2026-09-14 09:55 to now). USD volume is priced on the stablecoin leg where available and is a lower bound; swap, account and share counts are exact. The router aggregates eight makers and falls back to Uniswap V3 when no maker meets the required output. The on-chain maker update count was omitted this week because the registry table in this dump had not refreshed past 2026-09-15.