The Most Popular DEXs to Exchange and Swap on Solana in 2024

Solana , one of the fastest-growing blockchains in 2023, continues its rapid ascent and has established itself among the top blockchains by market cap. The Solana token ($SOL) has skyrocketed nearly 1,000% from June 2023 to June 2024, outperforming major cryptocurrencies like BTC , ETH , and BNB . In this 2024 review, we explore the top five most popular decentralised exchanges (DEXs) on Solana.

1. Raydium DEX

Raydium is the leading Solana DEX, boasting a 24-hour trading volume of $450 million as of June 2024. It ranks as the third largest DEX for on-chain crypto exchanges, following Uniswap and PancakeSwap, which have been established much longer.

Raydium stands out as the first automated market maker (AMM) built on Solana, utilising a fully decentralised central limit order book. With its first-mover advantage within Serum, Raydium plays a crucial role in integrating new and existing projects and protocols into the ecosystem.

Key features include:

Swap and exchange Solana-based tokens.
Provide liquidity and earn a yield on your Solana tokens.
Stake the DEX’s native token, RAY, to earn a yield on your RAY tokens.

2. Orca DEX

Orca holds the position of the second-largest Solana DEX by volume, with a 24-hour trading volume of $368 million as of June 2024. It ranks as the fourth largest DEX for on-chain crypto exchanges. Known for its user-friendly interface, Orca makes it easy to exchange or swap Solana-based tokens on-chain with minimal transaction fees and lower latency than any DEX on Ethereum.

Key features include:

Swap and exchange Solana-based tokens.
Provide liquidity and earn a yield on your Solana tokens.
Adopt an Orcanaut NFT to join their elite community.
A small fee from trades supports environmental protection through the Orca Climate Fund.

3. Meteora DEX

Meteora ranks third among Solana DEXs by volume, with a 24-hour trading volume of $150 million as of June 2024. It stands as the seventh largest DEX for on-chain crypto exchanges. Meteora is the first dynamic yield infrastructure in DeFi , allowing protocol liquidity to be dynamically allocated to various lending platforms for optimised yield.

Key features include:

DLMM: Access to dynamic fees and precise liquidity concentration in real-time.
Dynamic pools: Provide liquidity and earn a yield.
Dynamic vaults: A composable lending aggregator that rebalances capital every minute from top lending protocols, allowing idle capital to earn yield.

4. Phoenix DEX

Phoenix is the fourth largest Solana DEX by volume, with a 24-hour trading volume of $85 million as of June 2024. It ranks ninth among on-chain crypto exchanges. Known for its fast on-chain order books, Phoenix allows users to place limit orders with exceptional speed, efficiency, and transparency. It prioritises cost-effective trading with protocol fees as low as 0.01% per trade and network fees around $0.0002 per transaction.

Key features include:

Swap and exchange Solana-based tokens.
Funds are immediately available for withdrawal once orders are filled, thanks to Phoenix's crankless design.

5. Lifinity DEX

Lifinity is the fifth largest Solana DEX by volume, utilising a proactive market-making algorithm powered by oracles to manage liquidity pools actively. By setting prices based on reliable market data, Lifinity aims to reduce impermanent loss, a common concern for liquidity providers.

Key features include:

Swap and exchange Solana-based tokens.
Proactive market-making to reduce impermanent loss.
Uses concentrated liquidity for smoother trades and potentially reduced slippage.

All in all

These top five DEXs on Solana in 2024 offer a range of features and benefits, making Solana a robust and dynamic ecosystem for decentralised trading and investment.

At SwissBorg, we are proud to leverage these DEXs with our SwissBorg MEX, a multichain exchange aggregator that integrates seamlessly with Solana's high-performance infrastructure. Solana’s exceptional throughput, low transaction costs, and rapid finality, combined with unmatched security and native USDC support, provide an ideal foundation for our platform.