Traders and investors looking for gains are focusing on Solana this year, with SOL-native exchanges at the forefront of defi activity. According to DefiLlama data, five Solana-only protocols ranked in the top 10 decentralized exchange (DEX) volumes in the past 24 hours.

A decentralized exchange (DEX) is a trading venue built on a blockchain that enables users to buy, sell, and swap cryptocurrencies. On-chain investors can also provide liquidity through decentralized exchanges, earning yield or passive income to support trading with capital.

Top 5 Solana DEX Providers:

  • Uniswap and PancakeSwap lead the DEX space with daily trading volumes of $1.6 billion and $616.3 million, respectively.
  • Solana’s Orca exchange ranked third with $322.4 million in the past day.
  • Arbitrum-based platform DODO was fourth, recording $227.3 million.
  • SOL’s largest DEX by total value locked, Raydium, came in fifth with $221.9 million.

Rounding out the top 10 are Phoenix, Lifinity, and Meteora, all Solana-powered exchanges with respective volumes of $216.3 million, $159.6 million, and $151.4 million. Thorchain and Curve Finance completed the top 10 DEX protocols by volume, placing ninth and 10th per DefiLlama.

SOL-native protocols are gaining attention amidst memecoin demand. SOL’s ecosystem has become a prime network for meme token speculation. The blockchain has also received recognition from asset management giants like Franklin Templeton and venture capitalist firms such as Andreessen Horowitz.

Despite a decline in activity, Solana is predicted to surpass its all-time high, according to experts.

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