Last updated on December 9th, 2024 at 10:27 am
The Solana ecosystem has been gaining a lot of traction, and everyone wants to trade their favorite Solana token against the upcoming bull run.
Have you been looking for the best Solana decentralized exchange (Dex) on the Solana blockchain all this time?
Look no further, Solana DEX – These Three(3) Best Solana Dexs Simplify Trades in 2024 will cater to your needs.
With the numerous options available, finding the best Solana decentralized exchange that suits you might be very difficult. You might have gone through the stress of high transaction fees, slow transaction speed, or limited liquidity when trading on other Dex.
This issue can affect your trading experience and make you want to stop trading on the Solana blockchain.
Meanwhile, this article will help you as it details the best Solana Dex and its futures that make them stand out. Even if you’re a professional or you’re new to decentralizing finance, this article will help you find the best Solana Dex that suits your needs.
What is Solana Dex?
Solana Dex is a decentralized exchange that is built on the Solana blockchain. On this Dex, users can trade their favorite crypto currency built on the Solana blockchain.
To better understand this, let us use our traditional system—the bank—as a case study. As we all know, withdrawals and deposits can be done in the bank or through your mobile application.
If you want to send money to Mr. Justice, you will request his account details, which include the name of his bank as well.
You move to his bank and deposit the amount you want to send. This also applies in the decentralized system (Defi).
For you to be able to buy any cryptocurrency built on the Solana blockchain that hasn’t been listed on any centralized exchange, You need Dex built- into the Solana blockchain.
you might want to learn how to protect your solana token
Why choose Solana Dex?
Solana is a blockchain network known for its low transaction fees and fast and high transactions compared to Ethereum.
Solana Dex offers fast transaction speed and a low transaction fee compared to other Dex, like Uniswap Dex, and these are the main reasons the Solana ecosystem is growing fast. Below are other things you should know about Solana Dex.
- The Solana Dex uses smart contracts to simplify trades through automation. If you’ve been in the cryptocurrency space, you might know what a smart contract is: a self-executing agreement with rules and regulations written into codes.
This contract, written into codes, regulates the system by ensuring all trades are carried out without the need for individuals or centralized authority.
And all transactions are secured and stored on the Solana blockchain network; anyone can see records of transactions on the blockchain.
- The Solana Dex uses liquidity pools and automated market-making mechanisms to carry out trading. To further understand this concept, liquidity pools are pools of funds. These funds are provided by individuals, and they earn rewards for providing liquidity.
On this Dex, AMM, which is referred to as automated market making, the algorithm regulates prices based on the supply and demand within the pools, ensuring a smooth trading process even when the market is very volatile.
- Another thing about some Solana Dex is that they integrate CLOB, which simply means “Central Limit Order Book,” and this model simplifies trading. What does this do? CLOB matches buy and sell orders based on time and priority.
This system helps users place limits on orders at a specific price, which are then matched with the same orders from other users. This process is simply trading, as everyone gets equal access to CLOB.
The 3 Best Solana Dex and Their Features
If you’re a fan or are more interested in the Solana blockchain network but don’t know how to find your way around the best Solana decentralized exchange that might suit you,.
In this section, we are going to explore the three best Solana Dex, ranging from its features to other important aspects that simplify trades.
1. Jupiter Dex
Jupiter Dex is one of the most popular leading Dex on the Solana blockchain network. It came into existence in mid-2021, and it has been gaining traction through its innovative solutions and approach towards decentralizing finance.
It started booming when its trading volume surpassed the leading Dex on Ethereum, “uniswap,” in January 2024. However, it blew up as a result of the Wen Airdrop campaign, one of the popular Solana memes. It was over 700 billion WEN tokens that were airdropped to over a million Solana wallets.
Why Jupiter Dex?
The primary focus of the Jupiter DEX aggregator lies in delivering top-notch swap routes and trade execution for its users through the consolidation of liquidity from various sources. With its efficient smart routing and user-friendly interface, the DEX aggregator offered by Jupiter is the perfect choice for individuals seeking the best trading deals and a seamless trading experience.
The features of Jupiter DEX
- The Jupiter algorithm identifies the most effective route for swaps across a multitude of DEXs, including Raydium, Orca, Serum, and others, ensuring maximum profitability for its users.
- By integrating liquidity from different DEXs, Jupiter is able to create deeper markets and offer better prices to its users.
- Jupiter Dex has a friendly interface that even a newbie or a professional trader can navigate through with its smooth operation.
- Jupiter Dex offers numerous Solana tokens, up to over 500 and 5000 trading pairs. Anyone can trade or swap with their favorite pair or with the one available.
- Jupiter Dex offers the Central Limit Order Book (CLOB), and its security relies on the other dex it integrates with, making it a secure platform for everyone.
Also read: Bitcoin Halving 2024: How It Affects The Price of Bitcoin
2. Raydium Dex
Raydium came into existence before Jupiter Dex, which was around June 2020, and it also offers different features that suit users needs.
Why Raydium?
It is a Dex with the automated market maker (AMM) feature on the Solana blockchain, offering a simplified user interface. However, it is built on the serum AMM protocol with more features.
This Dex has been gaining traction due to its uniqueness as an automated market maker and a liquidity provider for Serum Dex. Thus, it also has a native token that is used for staking and for governance.
Features of Raydium DEX
- Anyone can earn fees for providing liquidity to the DEX.
- This Dex uses the serum centralized order book for professional trading.
- Users can earn rewards by staking their LP token.
- Raydium also has an IDO launchpad; any new Solana project can launch through their IDO launchpad.
- It’s security is top-notch, as it inherits the security of serum protocol, making its platform secure for users as serum protocol runs through audits and vulnerability tests.
3. Orca Dex
Orca Dex is also one of the most popular leading Dex on the Solana blockchain. Its automated market maker features and fast transaction speed with low fees make it easy to trade.
It was launched in the same year as Raydium, September 2020, and it leverages an order book algorithm for effective price discovery.
Why Orca Dex?
This Dex also utilizes a smooth and good interface that is user-friendly. This helps in trading with ease. Moreover, it also incurred fast transaction speeds, low fees, and good liquidity.
The platform also has its own native token, which is used for staking, discount fees, governance, and future upgrades.
Features of Orca Dex
- Orca’s Dex also utilizes the Order Book algorithm, which enables fast trading and settlement.
- The trading fee is another factor to consider for Orca Dex, as it offers up to 0.3% and below.
- When it comes to liquidity, Orca’s also offers larger pools in different trading pairs.
- Orca Dex offers advance limit orders and stop-loss orders for users to enhance their trading experience and creativity.
- When it comes to a smooth user interface, Orca Dex is not left behind, as it also offers a great interface for all levels of traders.
- This Dex offers a liquidity pool, called Whirlpools, for yield farmers.
- When it comes to security, Orca offers a secure trading platform by utilizing tested protocols, smart contract audits, and other security measures to keep user funds safe.
Factors to Consider When Choosing Solana Dex
When it comes to deciding which Solana Dex to trade your favorite tokens, it might be quite difficult, but here’s a guideline to help you choose effectively.
Firstly, go for the one that best suits you; you know what you want. I am looking for the one that has the best user interface, great security measures, and is popularly known. Jupiter Dex, Raydium, and Orca are your perfect fit.
Run through its features; this is where you get to know what it offers, whether it offers what you need, or if it can do what you want. These are the things to keep in mind that I previously talked about when discussing their features.
Security measures: know how secure it is; run through the platform; is it secure for users to trade on? What security measures does it utilize? These are important things to consider to know if you’re on the safer side when trading.
Which Solana Dex is most secure and safe?
If you’re looking for the best Solana Dex that is most secure, you should think no other than Jupiter, Orca, and Raydium, as they utilize smart contracts and have passed through security auditing.
This platform also integrates other security measures to secure user funds, experiences, and more, which I previously mentioned in the article while discussing their features.
What Is the Most Popular Dex on Solana?
We have numerous Dex in the Solana ecosystem, but the most popular one leading the narrative of the Solana blockchain network is Jupiter.
The traction came up when Jupiter Dex did an airdrop to over millions of Solana blockchain users, if you’ve been in the space or you’ve been trading on the Solana blockchain.
You probably might have gotten an airdrop of Wen Airdrop and a Jupiter native token. With all that said, using some of this blockchain dex might make you eligible for future airdrops, as it started with Uniswap and Co.
Conclusions
The Solana blockchain network is fast-growing due to its uniqueness and features, as it is faster and charges a lower fee compared to other blockchain networks like ETH, Avax, e.t.c.
With the best 3 Solana dex mentioned in the article, you can securely trade your favorite Solana token with ease.
FAQs
Are Solana DEXs safe to use?
While Solana DEXs provide enhanced security by allowing users to retain custody of their funds, risks like smart contract vulnerabilities and phishing attacks still exist. To minimize risks:
- Use trusted DEXs with a solid reputation.
- Double-check smart contract addresses before connecting your wallet.
- Keep your private keys secure and avoid sharing them with anyone.
What makes Solana DEXs ideal for trading in 2024?
Solana DEXs are known for their:
- High throughput: Solana’s blockchain can handle thousands of transactions per second.
- Low fees: Minimal transaction costs make trading on DEXs affordable.
- Fast execution: Near-instant transaction confirmations enhance trading efficiency.
These factors, combined with growing adoption and user-friendly interfaces, make Solana DEXs a preferred choice for traders.
