Dr. Clara ZhengThis year, the Solana project has seen massive growth, with its TVL reaching $4.8 billion, representing a 20-fold increase from last year. Solana has become one of the most popular blockchains, with significant growth in SOL-based decentralised exchange trading volumes within its DeFi environment, as reported by DefiLlama.
Low network fees and the rising popularity of Solana-based meme projects like Dogwifhat and Bonk drive interest in Solana. SOL’s trading volumes on DEX platforms have surpassed Ethereum’s, and its price has soared by over 768% year over year, piquing the interest of traders and investors in Solana DEXs.
Best Solana DEX Platforms List
Let’s take a closer look at the leading Solana DEX list, delving into trading volumes, user counts, and general performance:
Orca
The easily navigable Orca platform is third among all Solana swap DEX platforms, with daily trade volumes surpassing $360 million. Its distinct order book algorithm ensures efficient price discovery. Orca operates as a DAO with a CLAMM concept, aiming to provide more cost-effective trading and establishing its popularity as one of the leading Solana DEX choices.
Lifinity
Lifinity prioritises concentrated liquidity and precise market information from Pyth through the PMM approach. It incentivises staking and liquidity mining and enables cross-chain transactions with daily trade volumes surpassing $100 million.
Saros Finance
Saros provides SarosSwap, SarosFarm, SarosStake, and other web3 offerings on the Solana blockchain. The company has launched its SAROS token and evolved it into a comprehensive web3 solution. Saros Finance includes a Super App for trading assets and making payments.
Drift Protocol
Drift Protocol offers a non-custodial trading atmosphere, with offerings such as perpetual swaps with up to 10x leverage and liquidity provision. Its combination of DEX and CEX features provides users with a productive experience, evident from its TVL, which exceeds $300 million.
Zeta Markets
Zeta Markets provides complex financial instruments like futures and options. It offers large-scale market makers leverage of up to 10x and incorporates smart contracts using Pyth’s pricing feeds and Serum’s order book.
Saber
Sabre provides over 80 diverse kinds of stablecoins and wrapped stablecoin trading pairs to reduce short-term losses. SBR token holders engage in governance to ensure user-oriented platform management.
Soldex
Soldex on Solana is an AI-powered decentralised exchange (DEX) that offers automated trading, market analysis, and forecasting. The native SOLX token pays transaction fees and governance, enhancing trading efficiency and decision-making.
Beam Flux
A Telegram bot named FluxBeam is designed to assist users in exchanging Solana and various other cryptocurrency assets. It facilitates token sniping, copy trading, limit orders, and dollar cost averaging. FluxBeam simplifies the trading of newly launched tokens by incorporating Raydium and Meteora.
Conclusion
Due to its inexpensive fees, fast transactions, and ability to be programmed, developers, investors, and traders find Solana’s high-speed blockchain and active DeFi community appealing. Despite Solana providing a potential decentralised trading platform, users must do careful and thorough research to safeguard their assets.
