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.
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.
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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.
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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.
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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.
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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.
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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.