We are presenting you with a look at the top decentralized exchanges (DEXes) on Solana for 2024.

Why Trade Altcoins on Solana?

Put simply, as a trader, you want to be where the money is and follow it where it goes. In the last few years, Solana has seen massive inflows of cash and has sprouted many new projects. Apart from this economic aspect, the technology itself is also quite good. Solana has gained a reputation for being a fast and scalable blockchain while also being continually updated with features like Solana Blinks. Another major development is the new software client for the chain called Firedancer. 

Compared to more established networks like Ethereum, Solana’s consensus mechanism, Proof of History (PoH), allows for high-speed transactions with minimal fees. This low-cost, high-throughput infrastructure has attracted developers and traders, providing a robust ecosystem for decentralized finance (DeFi) applications and altcoin trading. There is a massive community of developers with backing from major investors. Combining a scalable chain with many active developers positions Solana at the top.

Jupiter

In 2024, Jupiter is the top DEX on Solana, with daily trading volumes reaching $900 million, surpassing competitors like Uniswap. Its solid liquidity aggregation ensures the best price routes with minimal slippage across numerous Solana-based platforms.

Notable features of Jupiter include Limit Orders and Dollar-Cost Averaging (periodic investments). Particularly interesting is the decentralized futures perpetual trading, which supports up to 100x leverage. However, be warned that only traders with a strong track record should leverage their short-term trades.

Jupiter also integrates a bridge aggregator with partnerships like Mayan Finance and Wormhole, resulting in the ability to easily interact with other chains like BSC or Ethereum within the app. Jupiter also has a developer-friendly community and tools like Jupiter Terminal and open-source APIs. By many definitions, this is the best DEX on Solana.

Key Features:

• Trading features like limit orders, DCA, decentralized perpetual futures with up to 100x leverage, and more.
• Multiple bridging routes, multi-chain support.
• Reliability, liquidity, and some checks are in place to limit scams.

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Raydium

Raydium is a veteran in the Solana ecosystem, consistently ranking close to the top with $500 million in daily trading volume​.

It is both an automated market maker and a liquidity provider, utilizing Serum’s central order book for efficient and liquid trading. Raydium also offers Initial DEX Offerings (IDOs) through its Accelerator, helping launch new promising Solana projects.

Raydium’s permissionless pools allow any user to create liquidity for SPL tokens, and the platform rewards liquidity providers with RAY tokens, which can be staked for additional rewards (up to 10.29% APR)​. 

The integration with Serum makes it ideal for those who require deeper liquidity pools and advanced order types.

Key Features:

• AMM and liquidity provider with Serum’s centralized order book.
• IDOs, NFT marketplace, and project accelerator.
• Rewards for staking LP tokens and the RAY token.

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Orca

Orca has a trading volume usually orbiting $360 million. Apart from many others, it has a clean user interface that is almost identical to Uniswap. 

Orca allows users to optimize liquidity provision, reducing slippage and costs. That is because of a feature called Concentrated Liquidity AMM (CLAMM). Traders can also count on the Fair Price Indicator, which helps execute trades at competitive market rates.

Orca’s Whirlpools feature lets liquidity providers concentrate their assets within specific price ranges, boosting profitability. This structure, along with governance through the ORCA token, positions Orca as a leading option for user-focused DeFi on Solana​.

Key Features:

• Efficient price discovery via a custom order book algorithm.
• Concentrated Liquidity AMM (CLAMM) structure.
• Governance and staking through the ORCA token.

Lifinity

Lifinity introduces a Proactive Market Maker (PMM) model that enhances capital efficiency and reduces impermanent loss. With daily volumes over $100 million, Lifinity is recognized for using Pyth’s Oracle-based pricing to guarantee precise trades. Its focus on concentrated liquidity and cross-chain capabilities makes it a powerful choice for users seeking advanced liquidity solutions.

Lifinity also offers market-making as a service (MMaaS), enabling protocols to boost their token liquidity. The platform’s innovative approach to liquidity management and support for multiple chains make it a standout in the Solana ecosystem.

Key Features:

• PMM system for concentrated liquidity.
• Oracle-based pricing to minimize impermanent loss.
• Cross-chain interoperability.

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Saros Finance

Saros Finance started as a simple DeFi platform. The brand Saros later evolved into a brand of blockchain tools, like SarosSwap, SarosFarm, and SarosStake​. Recently, it has rolled out its Super App, integrating SolanaPay for easy asset exchanges.

Noteworthy is the native token SAROS, which plays a key role in governance and rewards across its ecosystem. Here is its CoinGecko page, where you can find more information about the token.

Saros unifies multiple products under its Super-Network strategy. Because of that, Saros remains a significant player in Solana.

Key Features:

• AMM, yield farming, staking, and trading competition tracking.
• Super App for seamless noncustodial payments.
• SAROS token for governance and ecosystem rewards.

Drift Protocol

Drift Protocol is a decentralized exchange built for you to anonymously trade perpetual futures on Solana. It offers leverage up to 10x.

With a total value locked within pools exceeding an impressive $300 million, Drift provides spot and perpetual trading, lending, and liquidity provisions​. 

The hybrid nature of Drift, combining the advantages of centralized exchanges with decentralized autonomy, provides a user-friendly experience, particularly for margin traders​.

The protocol’s insurance fund ensures platform stability, while its staking and liquidity services make Drift an attractive option for both active traders and passive liquidity providers​.

Key Features:

• Perpetual swaps with up to 10x leverage.
• Liquidity provision and staking.
• CEX-like user experience in a decentralized setting.

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Saber

Saber specializes in stablecoin and wrapped asset swaps, leveraging the StableSwap algorithm to minimize impermanent loss. Since its launch, it has supported over 80 types of stablecoins and wrapped token pairs​. 

Users can participate in cross-chain swaps, and governance is managed through the SBR token, allowing users to help shape the platform’s future.

Saber’s focus on stablecoin liquidity and cross-chain functionality makes it essential for traders looking to minimize risk while taking advantage of cross-chain opportunities.

Key Features:

• StableSwap algorithm to minimize transaction losses.
• Governance power via SBR tokens.
• Cross-chain swaps with over 80 stablecoin pairs.

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Zeta Markets

Zeta Markets stands out by offering options and futures trading on Solana. With support from prominent venture capitalists like Solana Ventures, the platform uses Serum’s order book and Pyth’s price feeds to deliver a centralized trading experience with decentralized benefits.

The platform’s native SDK/CPI program allows institutional traders and market makers to integrate with Zeta, upping its liquidity.

Key Features:

• 10x leverage via cross-margining.
• On-chain limit order book with Serum integration.
• SDK/CPI for market makers and institutions.

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FluxBeam

FluxBeam brings DEX trading to Telegram, integrating features like token sniping and copy trading to allow you to mimic the strategies of experienced traders. The platform simplifies decentralized trading by offering tools for executing limit orders and dollar-cost averaging. The idea of FluxBeam is very unique and deserves praise.

Key Features:

• Telegram bot integration for simplified trading.
• AI-powered token sniping and copy trading.
• DCA and limit order functionality.

Security Measures and Final Notes

Chain security is something that has always been on the minds of smart contract developers. Jupiter, Raydium, and Orca all employ multi-signature wallets, regular smart contract audits, and bug bounty programs to mitigate risks. However, users must remain vigilant, especially when trading newly launched or less-liquid tokens, as well as when trading on new or smaller decentralized exchanges, which might be malicious. With cryptocurrency, you should always have your eyes peeled. 

To store your cryptocurrencies, hardware wallets like Trezor are the safest option. Just keep in mind that under no circumstances should you share your seed with anyone, except the lawyer drafting your will.

Select your DEX based on liquidity in the first place to minimize the risk associated with those exchanges. The features and user optimization options. There are plenty of Solana DEXes to choose from.

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