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Top 10 Best 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.

Which are the Best Solana DEXs Ranking in 2024?

Let’s delve into the specifics of each project to gain a deeper understanding of the top DEXs on Solana

1	Jupiter	- Jupiter is a DEX Aggregator platform for Solana, offering a diverse range of token pairs with the best liquidity. - Jupiter also aims to provide the friendliest UX for users and the most powerful tools for developers, enabling them to utilize the best swap feature.
2	Orca	- Orca is an Automated Market Maker (AMM) running on the Solana DEX ranking. - Orca’s most significant solution is its Token Panel. Orca’s Token Panel lets you see your balances without opening browser extensions.
3	Drift Protocol	- Drift Protocol is an open-source decentralized exchange (DEX) specifically for perpetual futures contracts built on the Solana blockchain. - Drift Protocol is designed to provide a seamless trading experience with minimal price slippage, low transaction fees, and minimal price impact.
4	Raydium	- 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. - Raydium’s best solution to DeFi is its Trade & Swap solution.
5	Saber	- Saber offers a dedicated liquidity foundation for swapping and staking your stablecoins. - Use the SBR token for governance or stake it to earn rewards in SBR.

1. Jupiter

Visit Jupiter

Jupiter is a DEX Aggregator platform for Solana, offering a diverse range of token pairs with the best liquidity. The platform provides users with a variety of options such as Swap, DCA, and Limit Orders features. Jupiter also aims to provide the friendliest UX for users and the most powerful tools for developers, enabling them to utilize the best swap feature.

The project airdropped 4 billion tokens, equivalent to 40% of the total supply, to the early support community in four stages. This has created a great attraction from the community for the project. Jupiter is committed to improving routing algorithms and integrating new tools, all with the aim of delivering an excellent trading experience for both users and developers, with the best aggregated price for tokens.

Maximizing Solana’s Technology Potential

In a bid to harness the full potential of Solana’s cutting-edge technology, the development team is fervently working towards optimizing the blockchain for a lightning-fast and efficient trading experience. Much like fine-tuning a high-performance vehicle, the goal is to elevate Solana’s capabilities, ensuring users benefit from seamless transactions and reduced latency. The team’s commitment to maximizing Solana’s prowess reflects a dedication to pushing the boundaries of blockchain technology, providing traders with a robust platform that capitalizes on speed and efficiency. As the crypto landscape evolves, Solana’s technological advancements position it as a frontrunner in the race for superior blockchain performance.

Improving Solana’s Liquidity Landscape

The strategic move is set to fortify Solana’s competitive position, ensuring a dynamic and evolving liquidity landscape. By efficiently incorporating diverse liquidity streams, Jupiter aims to provide users with enhanced trading experiences and bolster the overall resilience of the Solana ecosystem. This commitment underscores Jupiter’s pivotal role in fortifying Solana’s liquidity foundation, marking a strategic stride towards sustaining innovation and maintaining a competitive edge within the rapidly evolving blockchain landscape.

2. Orca

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.

Visit Orca

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.

3. Drift Protocol

Drift Protocol

Drift Protocol is an open-source decentralized exchange (DEX) specifically for perpetual futures contracts built on the Solana blockchain. Drift Protocol is designed to provide a seamless trading experience with minimal price slippage, low transaction fees, and minimal price impact.

Drift focuses on addressing lingering issues in the current centralized exchange system, such as slow transaction speeds and limited computational capacity. These issues arise because the blockchain is not optimized for processing large transaction volumes like centralized exchanges, leading to slow speeds, network congestion, and high transaction fees. Additionally, on-chain conditions are not favorable for market makers, resulting in their reduced participation, decreased liquidity, and increased spreads.

4. Raydium

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.

Visit Raydium

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.

5. Saber

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.

Visit Saber

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.

6. FluxBeam

FluxBeam

FluxBeam is a Telegrambot project for the Solana ecosystem. Telegrambot is a bot on the Telegram app, developed by cryptocurrency projects, helping people buy and sell tokens conveniently without having to trade on an exchange.

With Flux bot, people can easily buy and sell tokens within the Solana ecosystem with just a few simple actions.

Project Features: Al and multilingual support: Fluxbot provides an easy-to-use interface like other Telegram Bots. Additionally, users only need to enter their request, and the project will use Al tools to perform corresponding command actions without manually pressing buttons. The project currently supports over 10 different languages.
Token sniping: This feature allows users to easily buy tokens when they are newly launched or when the network is congested.
Copy trader. The project also allows users to copy and execute orders from professional traders. Besides, they can still adjust to best suit the target they set.
Limit orders and DCA: Fluxbot allows users to place limit buy orders and execute DCA in parts.
Integration with DEXS: The project also integrates with AMMs such as Raydium, Meteora. This helps users to buy and sell newly launched tokens quickly and conveniently.
Payment with Fluxbot QR: Users can easily create QR codes to send and receive tokens, making transactions easier.
Integration with MarginFi: By integrating further with the MarginFi project, users can easily lend or borrow assets on MarginFi without directly accessing the project.

7. GooseFX

GooseFX

GooseFX is your ultimate DeFi destination on Solana for trading perpetual futures and experiencing innovative single-sided liquidity pools. Their mission is to streamline your DeFi journey, offering a seamless platform to trade and earn yields effortlessly.

In addition to groundbreaking SSL pools, GooseFX proudly features a fully on-chain Centralized Limit Order Book (CLOB) based DEX. This platform revolutionizes the way you trade derivatives with up to 10x leverage, ensuring a robust and efficient trading experience.

Key Features:

Perpetual Futures DEX based on a CLOB design (not AMM or synthetic)
Upto 10x leverage
Lowest Fee on Solana
Incentives for Market Makers
Single Sided Liquidity Pools
Earn yields by staking a single token
Instant deposit and withdrawals
Daily rewards
Stake GOFX – Earn USDC (Revenue Sharing)

8. Mango Markets

Visit Mango Markets

Mango Markets is built on the Solana blockchain and utilizes Openbook DEX for spot margin trading while perpetual futures are traded on Mango Markets’ own order book. Mango Markets is governed by MNGO token holders via the Mango DAO.

Mango Markets is completely open source, They see this transparency as vital for the project as it increases the amount of people who understand and can improve the project. The DAO frequently sponsors grants for developers to extend, integrate with or try to break the project. Present your idea on the governance forum if you would like to receive financial support.

9. Bonfida

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.
      
      Visit Bonfida

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.

10. 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.
  
  Visit Soldex

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.

What is DEX on Solana?

Many blockchains, including Solana, support decentralized exchanges (DEXs). These platforms allow crypto traders to make transactions without third-party approval, a significant shift from traditional methods.

In contrast to centralized exchanges like banks – which require institutional approval for transactions – decentralized exchanges operate using Smart Contracts. These are self-executing contracts with the terms of the agreement directly written into code.

A Smart Contract lays out precise requirements for a transaction to be approved. If your transaction fits these requirements, the Smart Contract will automatically validate it.

While decentralized exchanges have transformed crypto trading, they are not without drawbacks. Automated peer-to-peer markets can take a significant amount of time to verify transactions, which can slow down the process and increase the ‘gas’ (or cost) required to complete a transaction.

Why is Solana DEX Popular?

The distinguishing factors of Solana DEX compared to others are its speed and cost-effectiveness. Solana has innovatively enhanced transaction verification speed. Where Ethereum processes 15 transactions per second, Solana can handle an impressive 50,000 transactions per second.

The key to Solana’s exceptional speed and affordability is the unique Proof-of-History technology. To authenticate crypto transactions, a group of independent computers must agree on the transaction details. In most blockchains, this verification process is sequential. However, with Solana’s Proof-of-History, all computers can simultaneously agree on the transaction details, leading to exceptionally fast transactions and reduced costs.

What Do I Need to Trade On Solana’s Decentralized Exchanges?

To get started with any Solana-based DEX, you’ll first need a Solana Wallet—good news is, Solana supports multiple wallets, so finding one that suits your needs should be a breeze.

For newcomers, we suggest starting with browser-based or mobile app wallets. They tend to offer user-friendly interfaces, making your initial experience smoother. If you’re a seasoned trader, you might prefer command-line wallets, as they get the Solana updates first.

With your wallet set up, the next step is to acquire Solana’s native token, SOL. You can find SOL on several crypto exchanges, including Gate.io, Binance, Coinbase, and CoinGecko.

What Are the Disadvantages of Trading on Solana’s Decentralized Exchanges?

While Solana decentralized exchanges certainly have their benefits, it’s important to remember that there are drawbacks to consider as well. These challenges may not be severe, but they can add complexity to your DeFi experience. Let’s explore some of the potential downsides you could encounter with Solana DEX.

Technical Complexity

Operating on Solana’s DEX can be technically involved. A solid understanding of crypto wallets, DeFi-related terminology, security concepts, and general crypto trading knowledge is advisable. This might pose a challenge for newcomers, but there’s a wealth of online resources available to help you navigate this landscape.

Uncertified Tokens

The nature of decentralized finance enables anyone with the technical skills to list tokens and establish a liquidity pool. However, some of these tokens could be flawed or subject to extreme volatility. If you’re not vigilant, you could risk investing in a token on the verge of collapse, or worse, one that could jeopardize your wallet’s security.

Smart Contract Glitches

Although infrequent, Smart Contracts can occasionally malfunction. They might contain exploitable bugs, which can lead to trading issues and cause frustration for users.

Solana Decentralized Exchanges: Making Decentralized Finance More User-friendly

Solana stands out as one of the most technologically advanced blockchains in the cryptocurrency realm. It hosts an array of exceptional decentralized exchange platforms. With the use of market research strategies, enhanced liquidity, price indicators, stablecoin transactions, and user-friendly GUIs, Solana’s DEX’s are making decentralized finance more approachable for traders, thereby boosting their popularity.

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.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.