Top 10 Solana DEX Platforms in 2024

The Solana ecosystem has seen exponential growth this year, with its total value locked (TVL) reaching a staggering $4.8 billion, an increase of 20 times from the numbers of the previous year, making it one of the biggest and most in-demand blockchains on the market. Today, Solana’s decentralised finance (DeFi) ecosystem continues to flourish, showing a remarkable surge in trading volumes on SOL-based decentralised exchanges (DEX), according to the DefiLlama data. 

The surge in interest in Solana can be traced to several key factors: its appealing blockchain features, such as low network fees, and the growing popularity of meme coins like Dogwifhat, Bonk, and Book of Meme. Consequently, Solana DEX platforms have recently outpaced Ethereum’s trading volumes, while the price of SOL has soared by over 768% year-on-year.

With its impressive performance, it’s no wonder that Solana DEXs are gaining traction and becoming a focal point for investors and traders. In this article, we will take a closer look at the top 10 Solana DEX platforms in 2024.

Why Trade on Solana Blockchain?

Solana is a high-performance blockchain platform that offers fast transaction speeds, low fees, and built-in programmability. It operates as a single global state machine, meaning all nodes on the network share the same state and can process transactions in parallel, resulting in an incredibly fast and scalable network.

Founded in 2017 by the Solana Foundation and developed by Solana Labs, the project has recently gained significant attention and adoption due to its unique features and growing DeFi ecosystem. Its native cryptocurrency, SOL, has also seen a surge in value, making it one of the top cryptocurrencies by market capitalisation.

As of this writing, SOL’s market cap is around $79 billion, while its trading volume has reached over $2 billion in the past 24 hours. This kind of liquidity and demand draws many traders and investors to Solana DEX platforms.

Solana Features

Solana offers superior capabilities compared to its rivals due to its high throughput and fast transaction processing speeds. Its unique approach to consensus, called Proof of History (PoH), allows for the parallel processing of transactions, resulting in thousands of transactions per second.

Cost-Efficiency

Solana is significantly cheaper compared to other blockchain platforms, with a median trading fee of only 0.00064 SOL per transaction. For traders, NFT enthusiasts, and DeFi users, Solana is a go-to platform for conducting transactions without breaking the bank.

Processing Times

Solana’s innovative consensus mechanism, which combines Proof of History (PoH) and Proof of Stake (PoS), allows the network to achieve lightning-fast transaction processing speeds, far outpacing the capabilities of other blockchain platforms. The 400ms slot times ensure that users do not have to wait for their transactions to be confirmed. The blockchain can handle more than 2,700 transactions per second, which is significantly higher than Ethereum’s capacity of fewer than 15 TPS.

On-chain Programmability

Solana’s on-chain program development feature allows developers to build and deploy applications directly on the blockchain. The blockchain provides a permissionless and open environment for users to interact with these programs.

Scaling Potential

With the ability to handle thousands of transactions per second, Solana is built to scale with the growing demands of its users.

Best Solana DEX Platforms in 2024

Now let’s take a closer look at the top Solana DEX list based on their trading volumes, user base, and overall performance:

1. Jupiter

In 2024, Jupiter has rapidly ascended to the top of the DEX space, surpassing Uniswap, one of the largest decentralised exchanges in the DeFi landscape. Today, the platform is a key player and the biggest DEX on Solana, boasting a daily trading volume of $900 million.

Jupiter aggregates liquidity from various sources and provides sufficient swap routes and exceptional trade execution. The platform’s native token, JUP, opens up opportunities for holders to participate in governance, enjoy fee discounts, and potentially earn through the protocol.

Among Jupiter’s advanced features are the Limit Orders and Dollar-Cost Averaging (DCA). By leveraging these features, traders can execute trades only when specific conditions are met and spread out their purchase of assets over time, respectively.

Jupiter DEX Solana has also made a name for itself with its bridge aggregator. Through partnerships with Mayan Finance, Debridge, and Wormhole, Jupiter presents users with various routes for their bridging transactions and directs them to their preferred bridge to finalise their transactions.

Bridging the gap between typical DEXs and CEXs, Jupiter hosts a decentralised perpetuals trading platform. Traders can take long or short positions with up to 100x leverage. At the same time, liquidity providers can earn by locking up their assets in Jupiter’s perpetuals vault, making the platform one of the best DEX on Solana.

2. Raydium

Raydium is one of the pioneering DEX platforms on Solana, serving as both an automated market maker (AMM) and a liquidity provider. As of June 2024, it has achieved one of the highest trading volumes among all Solana-based DEXs, recording them exceeding $500 million, according to CoinGecko.

Launched in February 2021, the project has gained a lot of attention for its unique approach to DEX trading. Raydium uses Serum’s centralised order book, which increases the speed and liquidity of trades and allows for access to the advantages of centralised trading, such as advanced trading tools. This integration has been a major factor in the platform’s success.

In addition to its trading features, Raydium also has an accelerator program for new Solana projects and an NFT marketplace, as well as various ways for users to earn rewards through its native token, RAY.  With a low fee of 0.25% per trade, which is distributed to liquidity providers and stakers, Raydium offers competitive advantages in terms of speed and cost.

3. Orca

Orca is a top-performing Solana swap DEX renowned for its AMM functionality and competitive fees. Its custom order book algorithm ensures rapid and efficient price discovery. Ranking third among Solana-based platforms, Orca boasts daily trading volumes exceeding $360 million, making it one of the most popular Solana DEX options.

Orca prides itself on its user-friendly approach and commitment to usability and efficiency in decentralised trading. Its native token, ORCA, plays a multifaceted role in the platform, from governance and staking for fee discounts to participating in future protocol upgrades on Orca DEX.

Orca functions as a Decentralised Autonomous Organization (DAO), allowing the token holders to play an active role in the platform’s governance. By formulating, discussing, and refining proposals, they are shaping the platform ahead into the broader Solana ecosystem.

Among the most remarkable features of Orca is its Concentrated Liquidity Automated Market Maker (CLAMM) structure, exhibiting a significant DEX development within the DeFi domain. It sets the platform apart, facilitating economical and reliable trades. The Fair Price Indicator guarantees fair deals for traders by comparing prices with CoinGecko’s aggregated data.

4. Lifinity

Lifinity is an innovative DEX platform that leverages the Proactive Market Maker (PMM) system, with a strong emphasis on concentrated liquidity.  The platform derives high-fidelity market data from Pyth for pricing, significantly improving capital efficiency, as well as minimising risk associated with impermanent loss.

Recording daily trading volumes exceeding $100 million, Lifinity is carving a significant niche for itself within the Solana DeFi sphere. It’s designed for seamless interoperability across distinct blockchain networks, enabling efficient cross-chain exchanges.

The platform promotes active community engagement via reward programs involving liquidity mining and token staking. Lifinity also provides extensive support to users through detailed guides, tutorials, and dedicated customer service.

5. Saros Finance

Saros provides a comprehensive suite of web3 products on the Solana blockchain. It was originally launched in 2021 as a DeFi app but has since evolved into a web3 suite accommodating the dynamic needs of crypto enthusiasts.

The initial suite, known as Saros V1, encompasses: 

• SarosSwap, an automated market maker (AMM) liquidity protocol
• SarosFarm, a yield farming aggregator
• SarosStake, a staking platform
• Saros SnapShot, a trading competition tracking tool

Recently, Saros introduced its V2 update, featuring additional web3 products, including a Super App, a universal noncustodial payment and asset exchange application that seamlessly integrates with SolanaPay. Concurrently, the SAROS token was launched, serving as a medium for various utilities within the Saros ecosystem.

Saros Finance sets itself apart from other Solana DEXs with its Super-Network strategy, which links multiple platforms to form a unified DeFi ecosystem with varied offerings. 

6. Drift Protocol

Drift Protocol is a DEX offering a transparent, non-custodial trading space for digital currencies. As a part of the swiftly expanding Solana DeFi ecosystem, Drift has garnered notable attention, characterised by its immense growth in Total Value Locked (TVL) — recently exceeding $300 million. 

Built with the goal of offering manifold financial activities, Drift empowers users to trade perpetual swaps with leverage up to 10x, and partake in borrowing or lending protocols under fluctuating yield rates. Beyond this, the platform enables users to contribute to liquidity provision and engage in spot token swaps. 

Furthermore, Drift Protocol stands apart with its novel combination of a CEX and DEX experience, designed to offer the effective and user-friendly experience of centralised platforms while preserving the independence and transparency inherent to decentralised finance. Distinguished user experience attributes include swift transaction confirmation, one-click trades through wallet integration, mobile trading platforms, and convenient cross-chain USDC migration.

7. Zeta Markets

Zeta Markets is a dynamic DEX that offers advanced financial instruments such as options and futures via its decentralised platforms, Zeta DEX and Zeta FLEX. The project is supported by leading venture capital names, including Wintermute and Solana Ventures.

Zeta Markets ingeniously optimises the high throughput and low transaction costs native to Solana, mirroring the seamless trading experience of a centralised exchange in a decentralised setting. The platform integrates with Serum’s order book and Pyth’s high-frequency price feeds to enhance the fluidity and precision of trading.

Zeta Markets encourages programmatic connectivity via its SDK/CPI programs, fostering market makers’ and other institutional entities’ smart contract integration.

8. Saber

Saber is a DEX that leverages the AMM model, enabling users to trade directly with its liquidity pool. Since its launch in June 2021, Saber has attracted significant interest within the cryptocurrency market. In July 2021, Saber successfully raised $7.7 million in a seed funding round led by prominent venture capital firms such as Race Capital, Jump Capital, and the Solana Foundation.

Saber’s approach to decentralised trading is backed by its StableSwap algorithm, which aims to mitigate the risk of impermanent loss during transactions. Additionally, Saber token (SBR) holders have governance power, allowing them to participate in decision-making processes and ensure the platform is run with its users’ best interests in mind.

Saber also offers cross-chain functionality, supporting over 80 types of stablecoins and wrapped stablecoin trading pairs, giving users the freedom to trade wrapped versions of cryptocurrencies from various blockchains.

9. Soldex

Soldex is an AI-driven DEX on the Solana blockchain, offering personalised trading strategies and expedited settlement workflows. Soldex has increased trading efficiency by incorporating artificial intelligence that aids users in three main areas: analysing markets, enhancing predictions, and automating trading.

This DEX operates using its native token, SOLX. This token has a dual role: it serves as a governance token—providing holders with a say in the platform’s decision-making—and as a means to pay transaction fees and maintain AI bots.

10. FluxBeam

FluxBeam is a Telegram bot project specifically crafted for the Solana ecosystem. It helps users to swap Solana and other crypto assets via the Telegram messaging app, offering a user-friendly interface enhanced by AI to execute actions swiftly and accurately.

One standout feature of FluxBeam is its token sniping capability, enabling quick acquisitions of newly launched tokens, even during network congestion, providing users with a competitive edge. The copy trader function allows users to mimic the trading strategies of experienced traders, adjusting these strategies to fit their individual investment goals. FluxBeam also supports limit orders and DCA (Dollar Cost Averaging), allowing users to set limit buy orders and execute DCA in increments for more strategic trading.

Moreover, FluxBeam has integrated established automated market makers Raydium and Meteora, significantly simplifying the process for users to trade newly launched tokens efficiently. 

Things to Consider Before Trading

While the Solana DEX landscape offers numerous advantages, such as enhanced security, privacy, and accessibility, traders should be aware of the inherent risks of decentralised trading platforms.

Smart Contract Vulnerabilities

One of the primary concerns with DEXs is the potential for smart contract vulnerabilities, which can lead to significant losses due to hacking or exploits. Thorough research and due diligence on the security measures implemented by each DEX are crucial to mitigate this risk.

Lack of Regulation and Oversight

The decentralised nature of DEXs means they operate without the oversight and regulation typically found in traditional financial markets. This can raise issues related to fraud, scams, and other illicit activities, underscoring the importance of exercising caution and conducting thorough research before engaging with any DEX.

Liquidity Challenges

DEXs, including those on the Solana blockchain, may occasionally face lower liquidity than their centralised counterparts, particularly for less popular tokens. This can lead to increased slippage and potentially unfavourable trade executions, especially for larger transactions.

Complexity and Technical Barriers

Navigating the user interfaces and trading mechanics of DEXs can be more complex than centralised exchanges, particularly for newcomers to the decentralised finance space. This learning curve can present a barrier to entry for some users, emphasising the need for comprehensive educational resources and user-friendly platform designs.

Conclusion

Solana’s rapidly growing DeFi ecosystem and high-performance blockchain platform make it an attractive option for traders, investors, and developers. Its low fees, fast transaction times, and built-in programmability are some of the features that have led to its popularity.

Do your research and take caution when trading on DEXs. The Solana blockchain offers a promising environment for decentralised trading; however, users must thoroughly educate themselves on the risks and exercise caution to protect their assets.