In 2024, the Solana ecosystem has seen impressive growth, with its Total Value Locked (TVL) skyrocketing to $4.8 billion.
A remarkable 20-fold increase from the previous year. This growth has positioned Solana as one of the most widely used blockchains.
Several factors drive the rising interest in Solana, including low network fees and the increasing popularity of Solana-based meme coins like Dogwifhat and Bonk. Solana DEX trading volumes have recently surpassed Ethereum’s, and the price of SOL has surged by over 768% year-over-year. This outstanding performance has attracted traders and investors to Solana DEX platforms.
Best Solana DEX list in 2024
Let’s take a closer look at the best Solana DEX platforms, considering trading volumes, user numbers, and overall performance:
Jupiter DEX Solana
Jupiter DEX has emerged as the biggest DEX on Solana in 2024, with a daily trade volume of $900 million. It supports decentralized perpetual trading with up to 100x leverage, aggregates liquidity, and offers advanced features like Limit Orders and Dollar-Cost Averaging.
Raydium
Raydium combines an Automated Market Maker (AMM) with a centralised order book from Serum, making it one of the best DEX on Solana. With trading volumes exceeding $500 million and a trade cost of 0.25%, Raydium also supports NFT marketplaces, accelerator programs for emerging enterprises, and Initial DEX Offerings.
Orca
Known for its user-friendly interface, Orca ranks third among Solana DEX platforms, with daily trading volumes surpassing $360 million. Its unique order book algorithm ensures efficient price discovery. Orca’s CLAMM concept and DAO structure make trading more affordable, establishing it as one of the most popular Solana DEX options.
Lifinity
Lifinity focuses on concentrated liquidity and high-fidelity market data from Pyth using the Proactive Market Maker (PMM) method. It offers staking and liquidity mining rewards and facilitates cross-chain trades with daily trading volumes exceeding $100 million.
Saros Finance
Saros Finance offers a suite of web3 products on Solana, including SarosSwap, SarosFarm, and SarosStake. The platform has introduced its native SAROS token and evolved into a comprehensive web3 package, incorporating a Super App for asset trades and payments.
Drift Protocol
Drift Protocol provides a non-custodial trading environment with features like liquidity provision and perpetual swaps with up to 10x leverage. With a TVL of over $300 million, it combines DEX and CEX features for an efficient user experience.
Zeta Markets
Zeta Markets offers advanced financial products such as futures and options. It provides institutional market makers with up to 10x leverage and integrates smart contracts using Pyth’s pricing feeds and Serum’s order book.
Saber
Saber offers over 80 different stablecoin and wrapped stablecoin trading pairs to minimise impermanent loss. SBR token holders participate in governance, ensuring user-centric platform management.
Soldex
Soldex is an AI-powered Solana DEX that offers automated trading, forecasting, and market analysis. The native SOLX token is used for transaction fees and governance to enhance trading efficiency and decision-making.
FluxBeam
FluxBeam, a Telegram bot, enables users to swap Solana and other cryptocurrency assets. It supports token sniping, copy trading, limit orders, and dollar-cost averaging. FluxBeam simplifies trading newly launched tokens by integrating Raydium and Meteora.
Critical Considerations for Trading on Solana DEXs
Solana DEX platforms offer improved security, anonymity, and accessibility to traders. However, it is essential to understand the risks involved. Smart contract vulnerabilities can lead to hacking and significant losses, so it is crucial to research each DEX’s security measures thoroughly.
Unlike traditional financial markets, DEXs operate without regulatory oversight. This lack of regulation increases the potential for fraud and scams, making it essential to conduct careful research before using any DEX. Additionally, liquidity on DEXs can be lower than on centralised exchanges, especially for less well-known tokens, leading to increased slippage and less favourable trade executions for more significant transactions.
The complex trading processes and intricate user interfaces of DEX platforms may pose challenges for new users. This complexity underscores the importance of user-friendly designs and comprehensive educational resources to shorten the learning curve.
Final Thoughts
Solana’s high-performance blockchain and vibrant DeFi ecosystem, characterised by low fees, fast transactions, and programmability, attract developers, investors, and traders. While Solana offers a promising Solana decentralised exchange platform, users should exercise caution and conduct thorough research to safeguard their assets.
