Digital analysis of the current status of trading robots: Solana is still the main battlefield, and newcomers surpass old players in multi-scenario games

Author: Nancy, PANews

As more participants move from the off-chain to the on-chain world, trading has entered a higher-dimensional game stage. Trading bots, with their ability to quickly snipe new coins, automate transactions, and conduct high-frequency arbitrage, once became the core weapon of traders, especially in the MEME craze. However, as market sentiment gradually cooled down and the on-chain ecology entered a cooling-off period, the trading volume and revenue of trading bots experienced a cliff-like decline, and they were forced to usher in a new round of adaptation and transformation. At the same time, trading robots are becoming increasingly "involuted", and the original simple high-speed snap-up strategy has gradually failed, replaced by more complex functional expansion, more flexible trading strategies, and higher standards of security capabilities.

The market has shrunk significantly, but Solana still dominates the market , and Axiom surpasses the old leader

The market size of trading robots fluctuates with the ups and downs of the on-chain ecosystem. In the past two months, despite a sharp decline, Solana has quickly rebounded strongly, fully demonstrating the resilience and recovery of its ecosystem. In this upheaval, the competitive landscape of the Solana trading robot market is accelerating, the market share of the top players is shrinking, and emerging forces are rising rapidly. A game around market dominance has quietly begun.

According to Dune data, the market share of trading robots on Solana has experienced significant fluctuations in the past two months, from a peak of 91.8% to a low of 18.2%. As of April 10, this share has rebounded to 85.1%, re-establishing its absolute dominance in the trading robot market. However, during this period, the trading volume share of trading robots on the Base and BSC chains briefly exceeded Solana. In particular, in late March, BSC's share soared to 70.7%, while Solana fell to only 18.2%.

In terms of user scale, Dune data shows that as of April 10, the number of users of trading robots on Solana far exceeds that of BSC and Ethereum, totaling more than 202,000 users, accounting for 83% of the total, highlighting its absolutely advantageous user base.

Specifically, the trading volume of Solana's trading robots has shown a significant downward trend. Dune data shows that in the past two months, the trading volume of these trading robots has dropped from nearly US$1.06 billion to approximately US$96 million, a drop of 90.7%. At the same time, daily revenue also fell by approximately 88.9% to US$922,000 during this period.

Changes in the level of on-chain participation are also accelerating the reshaping of the market landscape for trading robots, with veterans losing momentum and emerging forces rising rapidly.

Dune data shows that in the past two months, among the 17 Solana trading robots, the top three in terms of transaction volume are: Photon ranked first with $3.96 billion; BullX followed closely with $3.59 billion; Trojan ranked third with $2.82 billion. However, the market share of leading trading robots has shrunk significantly during this period. Dune data shows that in the past two months, Photon's market share has shrunk from 31.8% to 20.4%, a drop of about 35.85%; BullX has dropped from 27.5% to 11.3%; Trojan, which was originally ranked third, has further dropped to 5.4% of the market share.

It is worth noting that the emerging trading robot Axiom has shown strong growth momentum. Its market share has grown from the initial 3.5% to 42.2% in just two months, and it has jumped to the top as of April 9. Judging from the growth momentum, Axiom's dominance in the Solana ecosystem is rapidly expanding. Taking the data on April 9 as an example, Axiom's daily trading volume accounted for nearly 42.2%, and its daily revenue accounted for about 44.2%.

From trading functions to user experience, trading robots are upgraded in multiple scenarios

With the popularity of the "coin grabbing" strategy, trading robots have become an important tool for traders to seize opportunities and capture market opportunities. However, in the context of increasingly fierce market competition and increasingly complex on-chain ecology, traders not only need fast execution, but also accurate market insights and higher asset security.

PANews combed through the latest market trends of the five leading trading machines in the Solana ecosystem (Axiom, Photon, BullX, Trojan and GMGN) and found that these platforms are constantly improving their own ecological layout through multi-dimensional functional iteration upgrades, full-scenario coverage and security enhancements, and meeting traders' diverse needs for speed, insight and asset security.

Axiom

Axiom was incubated by Y Combinator and has rapidly expanded its market size in the past month. Axiom has many highlights: (1) Automation tools: For example, one-click sniping can support users to quickly participate in the issuance of new coins, copy trading allows users to follow the strategies of senior traders for automated trading, and advanced strategies support setting dynamic stop-profit and stop-loss, conditional orders and other complex trading logic and automatically execute them by the platform; (2) Data analysis tools: For example, professional trading indicators can track large wallets, capital flows and smart money dynamics in real time, InsightX bubble charts can intuitively display token popularity, trading volume and community activity, and integrate X to capture project dynamics, KOL opinions and market sentiment in real time; (3) Diversified financial tools: Axiom integrates HyperLiquid perpetual contracts, Marginfi financial management, etc. to meet different risk preferences; (4) User asset security: Axiom provides non-custodial wallets, integrates Coinbase, etc. to support KYC-free purchases of up to US$500 per week, and effectively reduces front-running and sandwich attacks through the MEV protection mechanism; (5) Multi-dimensional reward system: For example, users can obtain SOL rewards and Axiom points through trading volume, referring friends or completing tasks.

However, compared with other competitors, Axiom also has many flaws, such as multi-language support, limited to the Solana ecosystem, and no support for mobile phones.

Photon

In recent months, Photon has mainly focused on updating and optimizing trading functions, such as the SNAP function that allows users to customize trading settings (wallet tracking, X dynamic tracking, notification function); the multi-wallet function supports the distribution of funds from one wallet to multiple wallets and the simultaneous buying/selling of any tokens, etc.; and plans to launch the BNB Beta version and launch the USDC trading pair on Solana.

BullX

In February this year, BullX announced a major update with several new features, including the fastest migration sniping tool, faster order filling and chart performance, Twitter (now X) tracker, enhanced Hyper Vision (tracking past X usernames, developer migration behavior, and robot consumption fees), and many UX improvements. BullX strengthened security measures and banned third-party extensions.

Trojan

A few months ago, Trojan launched the core function TrojanSniper, which allows users to set parameters such as sniping amount, slippage, fees, etc., customize according to their own risk preferences and trading strategies, and introduce filter functions (such as minimum/maximum liquidity, token pool supply ratio, developer holding ratio and supported platforms, etc.) and MEV protection mechanism. At the same time, TrojanSniper also introduced whitelists and blacklists, which users can use to filter specific tokens or developer addresses to exclude targets that they do not want to snipe. In addition, Trojan has also launched developer selling trigger reminders and increased broadcast speed by 70%.

GMGN

In the past few months, GMGN has launched a series of functional upgrades, such as adding support for TRON chain withdrawals, closing the Telegram robot withdrawal entrance, forcing users to operate through the web platform, and introducing Google 2FA (two-step verification) mandatory binding and whitelist address restrictions to ensure that transfers are limited to preset addresses to significantly reduce security risks. In terms of trading functions, the platform has launched the Solana chain multi-wallet management function, which supports users to seamlessly manage multiple wallets through a single interface. At the same time, new holder trends, short-term holding trends and blue chip index trend analysis have been added to help users gain insight into market dynamics. In terms of trading decisions, GMGN has introduced functions such as wallet grouping, fast copy trading, and monitoring the new smart money and KOL trading dynamics of the square and marking KOL avatars on the chart, as well as a limited-time Twitter scraper tool (which can automatically identify token contracts and support fast transactions by monitoring tweets, replies, profiles, and other updates and forwarding). These upgrades allow users to track smart wallets and market trends more accurately. To further improve transaction speed and stability, GMGN completed global distributed deployment in March this year, through AWS deployment, Solana verification nodes and self-built RPC transaction nodes.

In addition, GMGN has further expanded its platform by launching mobile apps, expanding BNB Chain, and implementing a friend invitation reward mechanism.