Decentralized exchanges on the Solana blockchain, also known as Solana DEXs, have become an essential part of the DeFi (Decentralized Finance) ecosystem. With Solana’s turbo-charged speed and rock-bottom transaction fees, it’s practically tailor-made for hosting decentralized exchanges. These perks have cultivated a strong DEX ecosystem on Solana, empowering users to trade freely without the need for centralized exchanges or middlemen.
Solana now hosts hundreds of projects, and its popularity in the DeFi and NFT spaces is only climbing higher. Thanks to decentralized exchanges, users can swap tokens directly from their wallets, which boosts transaction security and transparency. In this article, we’ll dive into the Top 10 DEXs on Solana based on trading volume, complete with links and the latest trade volume data. We’ll also guide you through a step-by-step tutorial on how to use Raydium DEX, so you’ll be swapping like a pro in no time!
Top 10 Solana DEXs by Trading Volume
This overview highlights the best decentralized exchanges (DEXs) on the Solana blockchain, offering a variety of services from simple token swaps to advanced derivatives and lending options. Each DEX gives users unique ways to leverage the Solana ecosystem efficiently.
Raydium
Raydium is a leading DEX on Solana, providing users with fast and efficient token trading through its Automated Market Maker (AMM). Known for its integration with Serum’s order book, Raydium offers improved liquidity and more competitive trading conditions. It also supports staking and yield farming, enabling users to earn returns by contributing to liquidity pools.
- Cumulative Trading Volume: $159.5 billion
- Daily Volume: $1.15 billion
Cropper
Cropper.finance stands out on Solana as a DEX that allows projects to create their own liquidity pools without complex setup. This platform is designed mainly for new projects, offering a quick and easy launchpad for token trading using an AMM model. Cropper DEX also supports staking and yield farming, attracting a DeFi-focused community eager for passive income opportunities.
- Cumulative Trading Volume: $240 million
Orca
Orca is a decentralized exchange with a super-friendly, intuitive interface, making it a favorite for both crypto newcomers and veteran traders alike. Orca’s AMM (Automated Market Maker) model lets users easily swap tokens and add liquidity to pools with low fees and lightning-fast transactions. These user-centric perks have positioned Orca as one of the top choices on Solana.
- Daily Trading Volume: $376 million
Saber
Saber focuses on stablecoin swaps and bridging liquidity between different blockchains, offering users efficient and fast stablecoin exchanges—a critical feature for DeFi applications. Saber’s cross-chain bridge focus ensures a smooth flow between blockchain networks, making it a go-to DEX for stablecoin aficionados.
- Daily Trading Volume: $3.6 million
Stabble
Stabble is a DEX on Solana focused on stablecoins, offering low transaction fees and minimal volatility for users looking for conservative DeFi strategies. Its optimization for stablecoin trading has made it an attractive option for users who value efficiency in swapping stablecoins without dealing with high market fluctuations.
- Daily Trading Volume: $8 million
Drift Protocol
Drift Protocol caters to advanced traders interested in derivatives and leveraged trading. The platform allows users to trade derivatives using leverage, making it a go-to for those pursuing high returns through sophisticated strategies.
- Daily Trading Volume: $8.6 million
Zeta Markets
Zeta Markets is a Solana DEX specializing in derivatives like options and futures, offering up to 10x leverage. By utilizing accurate price feeds from Pyth, Zeta provides a liquidity-rich environment ideal for both retail and institutional traders.
- Cumulative Trading Volume: $11.8 billion
Jupiter
Jupiter acts as a liquidity aggregator for Solana DEXs, helping users find the best exchange rates across multiple platforms. This makes it a popular choice for traders aiming to get the most efficient swaps on Solana’s ecosystem.
- Daily Trading Volume: $121 million
Lifinity
Lifinity uses a Proactive Market Maker (PMM) model to optimize liquidity and reduce impermanent loss, focusing on capital efficiency. With daily volumes over $100 million, Lifinity attracts users who want high-quality trades backed by Pyth market data.
- Daily Trading Volume: $277 million
How to Use Raydium: Step-by-Step Guide
Raydium is one of the most popular Solana DEXs, offering various features including token swaps, liquidity provision, and staking. Here’s a step-by-step guide on using Raydium for trading and providing liquidity.
1. Connect Your Wallet
To start using Raydium, you need to connect a compatible cryptocurrency wallet, such as Phantom or Sollet.
- Visit Raydium.io.
- Click on the “Connect Wallet” button in the top right corner.
- Select your wallet (e.g., Phantom) and confirm the connection.
2. Swap Tokens
Raydium’s AMM system makes it easy to swap tokens.
- On the main page, click on the “Swap” tab.
- Enter the tokens you wish to swap and choose your desired trading pair.
- Input the amount you want to swap.
- Click “Swap” and confirm the transaction in your wallet.
3. Provide Liquidity
Liquidity provision on Raydium lets you earn passive income through rewards.
- Navigate to the “Pools” tab.
- Select the token pair for which you want to provide liquidity (e.g., SOL/USDC).
- Enter the amount you want to add to the pool and click “Supply.”
- Confirm the transaction in your wallet.
4. Staking
To earn additional rewards, you can stake SOL or other tokens.
- Click on the “Staking” tab.
- Choose the token you want to stake (e.g., RAY).
- Enter the amount and click “Stake.”
- Confirm the transaction to start earning rewards.
5. Withdraw Liquidity or Unstake
If you want to withdraw your funds, follow similar steps as when you deposited.
- Click on “Unstake” or “Remove Liquidity” and confirm the transaction.
Conclusion: Top 10 Solana DEXs
Solana DEXs bring new opportunities for trading and managing crypto assets without centralized intermediaries. Thanks to the speed and low fees of the Solana blockchain, DEXs have become incredibly popular among users and investors. Raydium, Serum, Orca, and other Solana DEXs have emerged as some of the fastest and most efficient exchanges, leveraging Solana’s high scalability and low transaction costs to create a user-friendly DeFi ecosystem.
