Solana came several years after Ethereum and took the smart contract and decentralized applications space by storm. The blockchain was soon named Ethereum killer, and has garnered a lot of attention with the title.
Among the things Solana is known for are support for non-fungible tokens and decentralized applications. It has become popular in this area because of key areas in which the blockchain performs better than Ethereum.
The first is the speed of transactions, which anyone familiar with Ethereum knows is a problem on the leading smart contract blockchain. Solana’s design makes it possible to have scalability without compromising on security, making transactions faster.
Secondly and as a consequence of the first is lower transaction fees. Since Solana eliminates congestion on the blockchain, transaction fees stay low, compared to Ethereum where transaction fees can sometimes be higher than the transaction amount itself.
As a result of these, more people are trooping to Solana to use its decentralized exchanges and build smart contracts. If you wish to do the same, here is a list of eight of the best decentralized exchanges on the blockchain.
Soldex is a Solana native decentralized exchange used to buy and trade crypto assets with anonymity. Founded in 2021, it is a trustless decentralized trading protocol on Solana, headquartered in Halifax, Canada.
The platform uses artificial intelligence coupled with Machine Learning to solve some peculiar real-time cross-exchange problems.
This helps users to make more informed trading decisions and simplifies the trading process. Users can also farm, stake, swap, and even create liquidity pools on Soldex.
This DEX automates and optimizes concentrated liquidity management for DEX market makers on Solana. It does this by automatically setting, rebalancing, and auto-compounding liquidity positions reducing the barrier to entry for market making on a CLMM.
The platform also makes CLMM positions fungible through kTokens. Users only have to choose a Kamino vault, deposit funds, and let Kamino do the rest.
Atrix is an automated market maker (AMM) on Solana. With over $30 million in liquidity and almost 200 vaults, it is one of the fastest-rising AMMs on the blockchain.
Users can swap, stake, and contribute to liquidity pools as well as interface the Serum decentralized exchange via Atrix. Developers can
integrate Atrix into projects for swapping on and adding liquidity to Serum, and interacting with farms.
Lifinity is another market maker on Solana known as the proactive market maker. It earned this title because it does not rely on arbitrageurs for the prices of assets but instead relies on Pyth, a Web3 decentralized oracle.
Users of Lifinity are therefore shielded from impermanent loss, an ugly phenomenon that happens to liquidity providers.
It maintains its market asset equilibrium by favoring trades and price actions that balance its liquidity pool, and sets fees manually.
This is an all-in-one liquidity protocol on Solana. It is a concentrated liquidity protocol that shares incentives with the liquidity providers to encourage more influx of locked funds.
It is one of the Solana DEXs that support other popular blockchains to facilitate cross-chain swapping.
Raydium is an automated market maker exchange and liquidity provider that powers the Solana DeFi ecosystem.
It offers fast swapping of Solana tokens and a central order book for limit orders just like traditional exchanges. This gives it a combination of fast, low-fee transactions and the credibility of a centralized exchange.
This is a yield farming protocol on Solana. Created to be a Solana-native Automated Market Maker, Cropper Finance leverages the order book of Serum to make it possible for the users or traders to farm various tokens and get yields.
It also injects liquidity into projects and decides the terms of their yields, as well as finding a ready yield-farming market for them.
Serum offers a fully limit order-based trading interface on Solana. It however leverages Solana’s high transaction throughput and low gas fees to enable users trade SLP tokens on-chain with near-instant finality.
Its design offers deep liquidity and tight spreads to mitigate trade slippage and ensure traders receive maximum value for their trades.