Top 5 Best Solana DEXs In 2024

Solana, the thriving blockchain network, boasts a vibrant ecosystem of decentralized exchanges (DEXs), each offering unique features and benefits to the crypto community. Today, we will learn about the top 5 best Solana DEXs in 2024 through this article.

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Solana ecosystem overview after FTX crisis

In 2022, the collapse of FTX had a significant impact on Solana and the cryptocurrency space. Teams within the Solana ecosystem assessed the damage caused by the collapse. FTX’s former CEO, Sam Bankman-Fried, was found guilty, further worsening the situation. However, Bankman-Fried’s associated token saw a surge in value after the verdict.

Solana’s native token, SOL, dropped by over 60% before FTX’s bankruptcy. Bankman-Fried’s arrest and extradition contributed to a 94% decrease in SOL’s value. Despite setbacks during Bankman-Fried’s trial, Solana demonstrated resilience and showed an upward trend.

The influence of DEX on Solana

Solana’s decentralized exchange (DEX) platforms, Raydium and Orca, have experienced rapid growth, increasing their trading volumes and total value locked (TVL). This is in contrast to the previous year when Solana’s DeFi sector saw a decline in TVL due to the decreasing price of SOL and concerns about its association with FTX exchange.

However, it is important to note that Solana’s current TVL is still far below its all-time high of over $10 billion achieved during the bullish market in 2021 when it was seen as a potential “Ethereum killer.”

Top 5 best Solana DEXs 2024

1

Orca

Seamless Integration with Solana Ecosystem
Fair Price Indicator for Transparent Transactions
Liquidity Provision on the Solana Network

2

Raydium

Faster and Cheaper Transaction
Serum Liquidity Integration
Professional Trading Interface

3

01 Protocol

Everlasting Options
Cross-Chain Mortgage
Decentralized Order Book Market

4

Serum

Fully Decentralized Oracles
Unparalleled Speed and Cost-Efficiency
Cross-Chain Swaps and Innovative Stablecoin Models

5

Saber

Anti-Price Slippage Mechanism
Powered by Solana
Expansion to Non-Stablecoin Assets with Ren Protocol

1	Orca	Seamless Integration with Solana Ecosystem Fair Price Indicator for Transparent Transactions Liquidity Provision on the Solana Network
2	Raydium	Faster and Cheaper Transaction Serum Liquidity Integration Professional Trading Interface
3	01 Protocol	Everlasting Options Cross-Chain Mortgage Decentralized Order Book Market
4	Serum	Fully Decentralized Oracles Unparalleled Speed and Cost-Efficiency Cross-Chain Swaps and Innovative Stablecoin Models
5	Saber	Anti-Price Slippage Mechanism Powered by Solana Expansion to Non-Stablecoin Assets with Ren Protocol

1. Orca

Overview

Orca, the decentralized exchange (DEX) on the Solana blockchain, is making waves with its innovative approach to automated market maker (AMM) models. Similar to established platforms like Uniswap, Orca brings fast and cost-effective token exchanges to Solana enthusiasts while harnessing the unique advantages of the Solana ecosystem.

Orca is a DEX platform that leverages the benefits of low transaction fees, fast network speeds, and user-friendly operations. It prioritizes user experience, efficiency, and capital optimization by operating in harmony with Solana’s platform. Orca offers token swapping, liquidity pools, and unwavering support for native tokens and stablecoins within the Solana ecosystem, making it one of the best Solana DEXs.

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Features

Orca is built on the foundation of simplicity and user-friendliness. Its interface is designed to be easily navigable, making it an ideal platform for those just entering the world of cryptocurrency. But Orca doesn’t stop at ease of use; it also extends support to various popular transaction wallets, including Pantom, SafePal, Trust, C98, and more. This compatibility ensures that users can seamlessly connect their preferred wallets, making the trading experience more convenient and accessible.

One of the standout features of Orca is its commitment to keeping costs low and transaction speeds fast. The platform prides itself on offering minimal price slippage, typically hovering around a mere 1%. This low slippage is a significant advantage for traders, as it means they can execute their transactions at rates closely aligned with market prices, reducing the impact of price fluctuations.

Orca goes the extra mile to ensure transparency and fairness in its transactions by implementing the Fair Price Indicator. This innovative feature assesses two vital conditions before executing a transaction:

The executed transaction rate is within 1% of the market rate listed on CoinGecko.
The slippage price remains within the user’s predetermined tolerance setting, which is set as a default of 1%.

By adhering to these stringent conditions, Orca aims to guarantee that users receive the best possible rates while trading, minimizing the potential for surprise slippage and ensuring a fair and transparent trading environment.

Beyond trading, Orca empowers users to contribute to liquidity provision. By sending token pairs through the Solana network, users can participate in serving transactions and receive LP (Liquidity Provider) tokens in return. This approach allows users to actively engage with the crypto ecosystem, potentially earning rewards while supporting the network’s liquidity needs.

2. Raydium

Overview

Raydium is a decentralized AMM (automated market maker) on the Solana blockchain. It has quickly risen to prominence by leveraging the strengths of Solana’s vibrant ecosystem and Serum. Raydium is on the list of best Solana DEXs, which is unquestionable.

Raydium stands as one of the first DEX within the burgeoning Solana ecosystem. Drawing inspiration from Uniswap V2, it shares many of the renowned AMM’s features, providing traders with a familiar interface and experience. However, Raydium’s association with Solana, a rapidly growing blockchain platform, sets it on a trajectory to catalyze substantial innovation within decentralized trading. One of the key advantages of Raydium is its exceptional speed and cost-effectiveness, which are inherent to the Solana blockchain.

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Features

Raydium harnesses the speed and efficiency of the Solana blockchain, ensuring that transactions are lightning-fast compared to the congested Ethereum network. Furthermore, gas fees on Solana are merely a fraction of what users would encounter on Ethereum, making Raydium an attractive option for traders.

Raydium takes its liquidity to the next level by integrating with Serum, which boasts the most liquid DEX on the Serum network. Users can enjoy access to Serum’s robust order book, providing enhanced liquidity for their trades.

Raydium goes beyond being a simple exchange. It offers users a full trading interface with features such as TradingView charts and Limit Orders. This professional-grade interface caters to traders seeking a comprehensive trading experience.

Raydium not only serves as a trading platform but also as a launchpad for Initial DEX Offerings (IDOs). In the past, Raydium’s IDO method allowed universal participation, enabling interested individuals to purchase the project token, AcceleRator. This feature further positions Raydium as a versatile and comprehensive DeFi platform.

3. 01 Protocol

Overview

The next name on the list of best Solana DEXs is 01 Protocol. It is a decentralized protocol that aims to create an innovative derivatives trading environment on the blockchain. The main product of the project is Everlasting Options, a type of options contract that never expires, helping users participate in options trading more easily and conveniently.

Everlasting options have garnered immense attention for their promise to revolutionize the options trading experience. Unlike traditional options, which come with fixed expiration dates, these novel contracts are perpetual, allowing users to engage in options trading without the constraints of time limitations. This game-changing approach eliminates the need to constantly renew or replace contracts, thereby simplifying and streamlining the entire trading process.

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Features

Unlike traditional derivatives exchanges, 01 Protocol introduces a groundbreaking concept in the realm of options trading. It offers options contracts with no expiration date. Traders are no longer constrained by the ticking clock of expiration dates. Instead, they have the flexibility to exercise their options contracts at any time by simply paying a premium. This feature liberates users from the pressure of time constraints, allowing them to maintain their positions according to their preferences.

01 Protocol’s cross-chain mortgage capability is a game-changer in the DeFi space. Users can mortgage their assets from different blockchain networks or leverage LP Tokens obtained by providing liquidity to secure their positions. This cross-chain compatibility significantly broadens the range of assets that can be utilized, giving traders and investors more flexibility and choice.

One of the standout features of 01 Protocol is its integration with Serum, a high-liquidity platform. This integration connects 01 Protocol’s options exchanges with Serum, resulting in a decentralized order book market. This innovation makes option transactions more visible on centralized exchanges, providing users with a seamless experience and increasing market accessibility.

As a decentralized exchange, 01 Protocol prioritizes the security and privacy of its users. To achieve this, the platform requires only non-custodial wallets for participation. By doing so, 01 Protocol ensures that it does not have control over users’ wallet passwords or transaction data, giving users full control and peace of mind over their assets.

4. Serum

Overview

Serum’s journey began with a vision to eliminate centralization vulnerabilities that plagued the DeFi space, striving to create the ultimate user experience. Serum can be said to be one of the best Solana DEXs providing many options for users.

Serum is not just a DEX; it is a fully decentralized platform itself, firmly anchored in the Solana blockchain. What makes Serum stand out is its commitment to eradicating dependence on queues and ensuring a constantly updated order book.

One of Serum’s pivotal moments was in March 2021 when it introduced Serum DEX. This launch marked a significant step towards achieving its goals. By significantly reducing reliance on queues, Serum has been able to guarantee that its order book is consistently up-to-date. This approach streamlines trading processes, ensuring that users have the most accurate and real-time information at their disposal.

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Features

Serum empowers DeFi projects by allowing them to source data from decentralized oracles. This crucial feature ensures that projects can operate independently, free from reliance on any other platform. Serum’s dedication to decentralization is a cornerstone of its mission.

Built on the Solana blockchain, Serum stands out with its lightning-fast transaction processing capabilities. Transactions are executed many times faster, and transaction fees remain exceptionally affordable. This not only benefits traders but also contributes to the efficiency of the DeFi ecosystem.

Serum takes the DEX concept a step further with the launch of Serum DEX, built on Solana. This DEX inherits the decentralization and automation features of Automated Market Makers (AMMs) while also allowing users to utilize limit orders. This combination provides traders with a versatile and efficient trading experience.

Serum DEX’s integration of cross-chain functionality stands as a testament to its commitment to versatility. Users can seamlessly exchange data and cryptocurrencies between different blockchains, eliminating the need for third-party intermediaries. This feature enhances interoperability within the DeFi space.

Serum introduces two innovative stablecoin models, SerumBTC and SerumUSDa. These tokenized products offer stability and independence from traditional banking systems. Serum’s stablecoins open up new possibilities in the DeFi realm, providing users with reliable and decentralized options.

5. Saber

Overview

Originally known as Saberswap, the project was a DEX and AMM platform operating on Solana’s blockchain. Saber’s unique protocol is designed to minimize slippage, drawing inspiration from the renowned Curve Finance. In addition to its AMM functionality, Saber has been actively developing yield features that allow users to generate profits by providing liquidity.

Saber’s primary focus has been as an AMM DEX platform catering specifically to stablecoins within the Solana ecosystem. While most decentralized exchanges typically rely on the Order-book mechanism, Saber adopts the AMM mechanism. This mechanism involves Liquidity Providers contributing their assets to the liquidity pool, facilitating seamless asset swaps for traders.

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Features

Saber’s standout feature is its anti-price slippage mechanism, which comes into play with transactions exceeding $100,000. Price slippage, a common concern in the cryptocurrency market, can impact traders on various platforms.

On Raydium, for instance, price slippage can increase up to 1% for such large transactions. Saber, however, has devised a solution to minimize this risk. With its advanced anti-slippage mechanism, Saber ensures that even substantial transactions remain smooth and predictable, safeguarding traders against unexpected losses.

Saber’s choice to deploy on the Solana platform is a strategic move that brings several remarkable benefits to the table. Solana, known for its rapid transaction speeds, can achieve up to 65,000 transactions per second (TPS). This efficiency is coupled with cost-effective transaction fees, typically amounting to only about $0.005 per transaction. As a result, users making transactions on Saber experience virtually no delays. Swap orders are executed swiftly, providing traders with a seamless and efficient trading experience.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.