Top 5 Solana DEX Ranking in 2024
Since the emergence of Decentralized Finance, Decentralized Exchanges (DEX) have been a prevalent element in the cryptocurrency sector (DeFi). Solana DEX ranking (SOL) is among the most well-known DEX, which is hosted on many Blockchains.
There are numerous DEX on the Solana blockchain, each with its own features and advantages. The most impressive DEX in Solana will be covered in this post, along with information on what they have to offer. Let’s begin immediately!
Solana is home to many DEX. However, due to the different DEX features and benefits, some have become more popular than others. Here’s a list of famous Solana DEX ranking, and what makes them so popular.
One of Solana DEX ranking is Soldex. Soldex is an AI-powered decentralized exchange that allows crypto traders to customize their trading strategies and simplify complicated settlement workflows. This third-generation crypto exchange operates an AI that helps you run three important tasks, which include:
- Market Data Analysis: with this, you can study the crypto market and all its trends.
- Market Risk Prediction: this allows you to determine the risks involved in a given transaction
- Buying and Selling Assets: here, the AI can help you trade if you set the conditions you want for your transaction.
The most outstanding solution that Soldex brings to the table is the Soldex Academy. This educational resource aims to make trades and developers understand Solana and DeFi more deeply.
Soldex runs on a native token called SOLX. You can use this token to participate in Soldex’s governance, meaning you will be involved in the decision-making. You can also use SOLX to pay transaction fees and feed AI bots.
Raydium is an amazing Solana DEX ranking. This places Raydium among the top Solana DEX ranking because it enables users to get the liquidity and order flow of the entire Serum Solana DEX ranking. Liquidity is essential in DeFi protocols because it determines the cost of trading. Once liquidity falls, you may pay more than the current market prices for a trade.
Raydium has become one of the most used Solana DEX rankings because of its expanded liquidity by enabling trade between Raydium and Serum through a central limit order book. This simply lists what market makers are buying, the prices, and the quantities. This order book is then given to takers, who approve the prices and quantities before the Smart Contracts link their order to matching prices and quantities on the order book, and the transaction is authorized.
Raydium’s best solution to DeFi is its Trade & Swap solution. This allows a quick exchange of two tokens through Serum. Trade & Swap also provides charting and limit orders that you can rely on when trading.
The native token on Raydium is RAY, which holders can use for governance and performing transactions. It can also be used for utility, where traders who have staked the token and contributed to liquidity pools get RAY as rewards. RAY is now also available on Binance, you can this token to stake, participate and vote on community proposals and amendments.
Orca is an Automated Market Maker (AMM) running on the Solana DEX ranking. An AMM is a decentralized exchange that sums up information from other crypto exchanges and platforms and comes up with an average asset market price. Using Orca saves you the time you would have spent comparing the market price for a given trading pair.
Orca relies on its Fair Price Indicator to achieve this seamless price comparison. This feature helps you determine whether the price indicated for a given transaction is within 1% of the price listed on CoinGecko. It also indicates whether the slippage is equal to or less than your tolerance settings. Slippage refers to the lack of liquidity for a specific trading pair. Letting you know slippage is crucial because it helps minimize your losses as much as possible.
For many users, Orca’s most significant solution is its Token Panel. Orca’s Token Panel lets you see your balances without opening browser extensions. This feature is absent on many Solana DEX rankings, making Orca rank highly on user experience.
Orca’s native token is ORCA and has several uses, such as governance, trading, and utility.
Regarding stablecoins, you probably want to consider Saber as your Solana DEX ranking of choice. Stablecoins are cryptocurrencies that regulate the price of other currencies by linking them to specific assets. What is unique about Saber is that it has established a liquidity foundation to swap and stake your stablecoins.
Compared to other Solana DEX rankings, Saber’s most significant advantage is its low slippage. Because of its already stabilized trading pairs, Saber offers low slippage, which means the prices you pay for your transactions are equal to, if not very close to, existing market prices.
Saber runs on the SBR token. Users can use SBR as a governance token or stake it and earn rewards in SBR.
Decentralized exchanges are trying to improve DeFi in multiple ways, and Bonfida has focused on Graphical User Interface (GUI) as its unique selling point. Bonfida is Serum’s flagship GUI provider, ensuring that the platform’s user interface and user experience are all that traders need. Here are some of Bonfida’s GUI features that help Serum run smoothly.
- Exclusive Markets and Listing: Bonfida lists exclusive markets on Serum’s platform. The liquidity for these markets comes from the market makers of Bonfida.
- Advanced On-Chain Order Types: Bonfida adds take-profit and stop-loss orders to the list of Serum’s orders. Initially, Serum only had limit-orders and market orders, but users stake more tokens on the platform with these new orders.
- Placing Orders Through Tradingview Charts: users can make orders directly from the trading chats on their dashboards.
This powerful GUI-based DEX operates using the FIDA token. This token allows users to make bot payments and access APIs. It also gives new users access to consulting services on how to start out using Serum. Now, users can also purchase FIDA tokens on Binance.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.