Top 5 Solana Decentralized Exchange (DEX)

Bittime - Solana's blockchain-based Decentralized Exchange (DEX) platform is increasingly popular among traders. This platform offers high transaction speeds with low fees. This article will discuss the 5 best Solana DEXs that you can use for trading crypto assets.

The advantages of this platform make it a major attraction for those who want efficiency and security in digital asset trading. For those new to the world of crypto, understanding the Solana DEX is a wise first step in building an investment portfolio. Keep following this article, come on!

What is Solana Decentralized Exchange (DEX)?

Decentralized Exchange (DEX) Solana is a crypto asset exchange platform built on the Solana blockchain. This platform allows users to trade directly without intermediaries. 

Unlike centralized exchanges (CEX), DEX does not require an identity verification (KYC) process. So, users can trade anonymously. 

Additionally, the Solana-based DEX supports the SPL standard token, which makes integration with the overall Solana ecosystem easier.

Most DEXs on Solana use the Automated Market Maker (AMM) model. It utilizes liquidity pools to enable asset trading. This makes the Solana DEX suitable for various types of traders, from beginners to experienced ones. 

With the AMM model, liquidity providers can earn returns, while traders can enjoy low fees and fast transaction execution.

Read also: How to Use Solana Airdrop Checker

Solana DEX Trading Statistics

Solana now leads the DEX sector in terms of trading volume, even surpassing Ethereum and several other large networks. Here are some important statistics:

• Volume Leadership: Solana achieved a DEX market volume share of 34.28%, ahead of Ethereum and Binance Smart Chain.

• Total Value Locked (TVL): DEXs on Solana have a total TVL of $2.32 billion, demonstrating high efficiency in driving trading volume from less liquidity.

• Leading DEX: Raydium controls 63.08% of DEX trading volume on Solana with a total of $9.22 billion, followed by Orca which has a share of 16.38%.

• Liquidity Efficiency: Small DEXs like Lifinity and Phoenix show impressive volume-to-TVL ratios, underscoring effective liquidity management.

5 Best Solana DEXs

Currently there are 5 of the best Solana DEXs that you can use to trade crypto assets. What's on the list? Check out the explanation below:

1. Jupiter

Jupiter is a top choice with its liquidity aggregation feature, which combines liquidity from various Solana DEXes. Jupiter doesn't just provide token swaps. However, this DEX platform also allows automated trading strategies such as Dollar Cost Averaging (DCA) and trading with leverage of up to 100x. 

With an average daily volume of $430 million and no fees for swaps, Jupiter makes it easy for users to get the best prices on the market.

2. Raydium

Raydium is known for its extremely deep liquidity and its role in the popularity of meme tokens. The platform has launched more than one million tokens in the last 90 days, making it one of the strongest DEXs in the Solana ecosystem. 

With daily volume of $466 million and fees of 0.25% for AMM pools, Raydium is attractive to liquidity providers looking to earn high returns.

3. Orca

Orca offers very low transaction fees and a beginner-friendly interface, making it an ideal choice for new users to Solana. With partnerships with major protocols like Kamino, Orca continues to establish itself as a solid DEX platform. 

Orca's average daily volume was $444 million with total value locked (TVL) of $308 million.

4. DRIFT 

DRIFT is a unique DEX that combines a decentralized prediction market with 40 perpetual markets and 20 spot markets. With daily volume of $7.7 million and a fee model that provides a maker discount (-0.02%), DRIFT is very attractive to traders who like high risk. 

DRIFT's main feature, namely the Just-In-Time Auction mechanism, allows for optimal liquidity when market conditions are volatile.

5. Lifinity 

Lifinity features a Proactive Market Maker (PMM) model, which efficiently uses concentrated liquidity. With a fee of around 0.16% and a TVL of $0.18 million, Lifinity is able to reduce the risk of permanent loss by utilizing market data from Pyth. 

Additionally, Lifinity also offers an exclusive NFT collection called Flares, which adds value to the platform ecosystem.

Read also: Solana (SOL) Predicted To Make Cuan According To Crypto Analysts

Conclusion

The choice of DEX on Solana should be tailored to your trading needs. From Jupiter which offers the most complete features to Lifinity with a focus on liquidity efficiency, each DEX on Solana has its own advantages. 

For investors and traders, an in-depth understanding of the characteristics and statistics of these DEXs can help in maximizing opportunities in the crypto market. With high trading volume, low fees, and accessibility, the Solana DEX is an option worth considering in your investment journey in the world of crypto.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.