The Solana blockchain has rapidly emerged as a leading platform for decentralized applications (dApps), particularly in the realm of decentralized finance (DeFi). At the heart of this thriving ecosystem lies a robust network of decentralized exchanges (DEXs), which facilitate trustless trading and liquidity provision.

Several Solana DEXs have established themselves by offering innovative features, robust liquidity, and user-friendly interfaces. In this article, we'll explore the top Solana DEXs worth considering in 2024, highlighting their key offerings, fees, and supported wallets.

What is Decentralized Exchanges (DEXs)

Before going into the top Solana DEXs, it's crucial to understand the fundamental concept of decentralized exchanges. Unlike traditional centralized exchanges, DEXs operate on blockchain networks, enabling peer-to-peer trading without intermediaries.

Users retain full control over their funds, as trades are facilitated through smart contracts rather than centralized order books.

DEXs offer several advantages, including enhanced security, privacy, and censorship resistance. However, they may also present challenges, such as lower liquidity for certain assets and steeper learning curves compared to centralized platforms.

Top Solana DEXs to Watch in 2024

1. Jupiter

Jupiter (https://jup.ag/) is the leading DEX on Solana in terms of trading volume and total value locked (TVL). It gained significant popularity due to its massive airdrop of the JUP governance token.

• Key Features: Limit orders, dollar-cost averaging (DCA), token bridging, and perpetual futures trading with up to 100x leverage.

• Fees: 0.2% on limit orders, 0.1% on DCA orders.

• Supported Wallets: Phantom, OKX Wallet, Coinbase Wallet, Trust Wallet, and more.

2. Raydium

Raydium (https://raydium.io/) is a veteran Solana DEX and a close contender to Jupiter in terms of trading volume and TVL.

• Key Features: Token swaps, liquidity provision, yield farming, and integration with OpenBook's order book.

• Fees: 0.25% trading fee, with a portion allocated to liquidity providers, RAY buybacks, and the Raydium treasury.

• Supported Wallets: Solflare, Phantom, OKX Wallet, Trust Wallet, Ledger, and more.

3. Drift Protocol

Drift Protocol (https://www.drift.trade/) is a well-funded DEX offering spot and perpetual futures trading, lending, and borrowing.

• Key Features: Cross-margined risk engine, keeper network, automatic deposit yield, and leveraged staking.

• Fees: Maker-taker fee model based on trade size and position size.

• Supported Wallets: Phantom, Solflare, Trust Wallet, WalletConnect, and Coin98.

4. Orca

Orca (https://www.orca.so/) is known for its deep liquidity across multiple pools and user-friendly interface.

• Key Features: Token swapping, fair price indicator, magic bar search, and contribution to the Orca Climate Fund.

• Fees: Vary based on pool fee tiers, with a portion allocated to liquidity providers, the DAO treasury, and the Climate Fund.

• Supported Wallets: Trust Wallet, OKX Wallet, Phantom, Solflare, SafePal, and BitGet.

Zeta Markets

Zeta Markets (https://www.zeta.markets/) is a perpetuals exchange backed by prominent VCs, offering near-zero gas fees and up to 20x leverage.

• Key Features: Self-custody, cross-margining, decentralized price discovery, institutional liquidity, and gamification.

• Fees: Fee tiers based on trading volume and position size.

• Supported Wallets: Solflare, WalletConnect, Backpack, OKX Wallet, and Phantom.

Conclusion

The Solana blockchain has established itself as a fertile ground for decentralized exchanges, offering users a diverse range of options for trustless trading and liquidity provision. As we approach 2024, platforms like Jupiter, Raydium, Drift Protocol, Orca, and Zeta Markets stand out as top contenders, each offering unique features and value propositions.