Better Than CEX: How Kamino Swap and Pyth Network are Upping DeFi’s Performance

Since the early days of DeFi, users have had to choose between principles and performance.

While decentralization delivers self-custody and transparency, it often comes at the cost of slow trades, inaccurate market data, and MEV bots sucking you dry. More specifically, DeFi has struggled with:

• Poor execution that results in wider spreads, worse prices, and higher slippage
• MEV stealing value, allowing validators to front-run or sandwich trades
• Complex infrastructure needs—like custom searcher networks or direct MM negotiations—that can be inaccessible for most teams

As a result, there's been a persistent performance gap between DeFi and CeFi. Centralized exchanges deliver lightning-fast, reliable execution, while DeFi protocols have struggled to compete—making them a second-rate option for serious traders and top institutions.

That’s why the Pyth contributors are proud to continue changing that narrative alongside Kamino Finance with the launch of Kamino Meta-Swap—a next-generation swap router built to redefine what on-chain finance can do.

How Meta-Swap Works

Kamino Meta-Swap delivers the best price execution across all token swaps on Solana.

How does Meta-Swap achieve competitive execution? Instead of plugging into a single DEX or DEX aggregator—and becoming subject to liquidity fragmentation, protocol fees, or MEV—Meta-Swap broadcasts every swap to a network of searchers via Pyth Express Relay.

These searchers compete in real-time to offer the best price. Kamino sorts all responses and executes the swap via the most optimal route—whether through Express Relay or another on-chain venue.

Meta-Swap also introduces Active Simulations, a next-gen pricing mechanism that ensures swaps execute successfully and at accurate prices—eliminating failed transactions and misleading quote estimates.

What Makes Active Simulations So Powerful?

1. No more inaccurate quotes:Instead of displaying an optimistic price estimate that often fails in execution, Kamino runs simulations at multiple points in the quote lifecycle—so what you see is actually what you get.
2. No more failed swaps:Kamino proactively filters out routes that can’t fulfill your trade due to slippage or liquidity issues—before you ever click "swap."
3. Mid-quote checks + On-Swap validation:Quotes are continuously tested in real time. If conditions change, Kamino automatically reroutes your swap to the best available option—ensuring execution at the best possible price.

All of this happens behind the scenes, delivering a CEX-quality trading experience with DeFi values: transparency, self-custody, and composability.

Express Relay: Zero Fees, Zero Slippage, and Zero MEV

Kamino Meta-Swap leverages Pyth Network’s Express Relay, a priority auction system that broadcasts swaps to a network of competitive searchers. These searchers bid to fill your swap with:

• Ultra-competitive pricing
• No slippage or price impact
• Rewards ("tips") on successful trades

Express Relay enables private, tamper-proof execution, ensuring searcher quotes are protected from frontrunning and value extraction by validators. Instead of traditional MEV dynamics—where value is extracted from traders—Express Relay returns value back to the user through competitive bidding.

This structure is especially powerful for large-volume traders, where slippage and price impact often degrade execution on traditional DEX models. With Express Relay, decentralized trading isn’t just on par with CEX—it’s officially better.

The Future of Finance: One Product, Every Trader

Kamino Meta-Swap joins Kamino’s Limit Orders—launched in December 2024 with Express Relay—which have already surpassed $200M in volume and distributed nearly $100,000 in user tips.

Together, Limit Orders, Meta-Swap, and an upcoming DCA product (to be powered by Express Relay) form a comprehensive trading suite designed for all types of users: from degens and casual traders to whales and institutions.

Coming soon to Kamino Swap:

• Smart Swaps with real-time optimization and automated slippage
• Exact Out Mode, Route Customization, and more
• Dollar-Cost Averaging with best-in-class price execution

This launch lays the groundwork for a new era of institutional-grade DeFi—one where transparency, performance, and decentralization are available to everyone. This isn't merely about leveling the playing field between DeFi and CeFi; it's about transforming the entire finance industry to give all participants access to a borderless global financial market.

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