How Does the Soaring Trading Volume Make Solana DEX Development a Lucrative Option in 2024?

Solana DEX Development

Key Takeaways

  • Explore how developing a DEX on Solana presents a strategic opportunity for businesses amidst the surge of the Solana ecosystem.
  • Discover how Solana-based DEX platforms offer a solution to the challenges associated with centralized exchanges.
  • Gain insights on the Solana DEX development processes to capitalize on the surging market inspired by successful platforms.

Decentralized exchanges (DEX) have established themselves as solid platforms, gathering special attention in the crypto space over the years. They have evolved a lot as a dynamic platform for trading digital assets. Meanwhile, Solana is revolutionizing the blockchain ecosystem with its exceptional transfer speeds, scalability, and continuous surge of market activity, making it a go-to option in 2024. 

Given these facts, businesses are interested in developing DEX on Solana to achieve greater success with the prevailing trend and surge of activities surrounding the Solana ecosystem. This blog explores several key aspects, including the recent surge of Solana DEXs within the DeFi market, the emerging potential of the Solana blockchain, and why opting to develop a DEX on Solana is a superior decision for businesses, given the ongoing market dynamics.

The Surge Activity that Created a Hype on Solana DEX Development in 2024

  • Solana’s rise began in Q4 2023, driven by initiatives like airdrops and points programs.
  • Solana has surpassed Ethereum as the leading smart contract blockchain, with a remarkable 67% surge in trading volume on Solana-based DEXes, totaling $21.3 billion in the past week. 
  • Orca, the largest Solana DEX, contributed 88% of this volume. This shift is fueled by speculative activity surrounding Solana meme coins. 
  • Solana’s native token, SOL, has witnessed a remarkable 68% surge, reaching $170 million. It has been a significant milestone in the market. 
  • Additionally, memecoins on the Solana network, such as Dogwifhat (WIF) and Bonk (BONK), have seen substantial rallies, contributing to a surge in memecoin trading activity within the network.

Why Should You Develop DEX on Solana?

Building DEX on Solana offers simplicity and accessibility, as prior smart contracts or Rust knowledge isn’t necessary. It’s among the most user-friendly blockchains, allowing easy programming even for beginners. 

Smart contracts on Solana are developed using languages like Rust, C, and C++. These Programs are crucial for creating robust dApps on Solana’s network. For newcomers, Solana offers a range of ready-made tools, including the Solana Web3.js SDK, which simplifies communication with the blockchain and facilitates efficient interaction with Solana Programs or smart contracts.

What are the Issues with Centralized or Traditional Modes of Exchanges?

In a conventional centralized exchange system, transactions involve the mediation of an intermediary or third party between two parties. This intermediary presence in traditional exchanges exposes the transaction process to risks such as hacking, market manipulations, and credential tampering. Due to the absence of direct peer-to-peer transactions in centralized exchanges, high transaction fees are imposed, particularly on large trading volumes.

How Does the Addition of Solana-based DEX Help Solve These Issues?

A decentralized exchange (DEX) powered by Solana offers a tailored remedy to the issues plaguing centralized and traditional exchanges. It addresses these challenges by providing a swift peer-to-peer exchange, cutting out unnecessary intermediaries. 

Through a Solana-based decentralized exchange solution, you can effectively mitigate the risks of hacking and counterfeit trading and prevent market manipulation. Furthermore, developing a robust exchange upholds anonymity, as it does not necessitate any Know-Your-Customer (KYC) procedures and is also known for faster transactions and lower fees.

Solana: The Right Key to DeFi Projects

Solana holds immense potential in the realm of DeFi projects. By providing access to financial instruments, it aims to democratize financial access in our increasingly capitalistic society and contribute to creating a more equitable future.

Despite Ethereum being a strong contender in the market, Solana is quietly revolutionizing the crypto landscape with innovative financial opportunities. This has sparked the interest of businesses across the globe to invest in developing Solana DEXs, which they believe is a stronghold of global decentralized finance.

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Comparing DEX fees of Solana Over Ethereum

When comparing the fees of decentralized exchanges (DEX) on Solana and Ethereum, Solana offers a cost-effective way with remarkably low transaction fees. This is attributed to its high processing capacity and streamlined consensus mechanism.

In contrast, executing a standard DEX swap on Ethereum can incur considerably higher fees. This elevated cost on Ethereum is primarily attributed to its lower transaction throughput and the gas fee structure of the network, which fluctuates based on network congestion.

Showcasing the Popular Solana DEXs Where You Can Get Inspired From!

The following are five standout Solana DEX platforms in the market, each enhancing liquidity within the ecosystem.


Orca is known for its streamlined concentrated liquidity AMM, offering low fees, swift transaction speeds, and lucrative yield opportunities. It has solidified its position as a leading DEX with over $729.67 million in daily trading volume.


Jupiter is renowned for comprehensive liquidity aggregation and expansive token selection, facilitating optimal swap routes. Its daily trading volume exceeds $146 million and caters to over 268,500 unique wallets.


Raydium features an innovative on-chain order book AMM and processes over $539.75 million daily trading volume. It offers advanced trading functions and earning opportunities through trading fees and RAY tokens.

How Can You Develop a DEX Platform on Solana?

Solana DEX development requires various steps to establish a well-rounded platform. The strategies and steps include:

Strategizing Plans and Requirements

A thorough strategizing process becomes essential in precisely understanding the extent, aspirations, and attributes of the DeFi DEX platform on Solana. This initial stage entails active stakeholder engagement to recognize prerequisites, execute market analyses, and ensure adherence to regulatory frameworks.

Building Architecture

Following the establishment of prerequisites, it is essential to formulate a secure and scalable framework. This phase outlines platform components, data trajectory, security encryptions, and fusion nodes to optimize efficiency and interconnectivity.

Development of Smart Contracts

Implementing Rust-scripted smart contracts is essential in executing pivotal functionalities such as automated market facilitation (AMM) and liquidity supervision. Developing these contracts ensures efficacy, security, and adaptability to align with the platform’s operational logic and regulatory frameworks.

Front-end and Back-end Development

Progression on the front end entails developing a user-centric interface facilitating access to trading functionalities, while the back end concentrates on data manipulation and links to the blockchain network. Employing frameworks like React.js or Vue.js is customary for the front end, whereas the back end implements the server-side logic and application programming interfaces (APIs).

Validation and Implementation

Rigorous validation processes are undertaken to pinpoint and rectify bugs or vulnerabilities before implementation. This process involves configuring servers, establishing infrastructure, and deploying smart contracts onto the Solana blockchain network to introduce a seamless DEX platform.

Wrapping Up

In conclusion, given the significant increase in trading volume on Solana-based decentralized exchanges, which indicates a promising potential for revolutionizing the finance market, it’s an opportune moment for ventures to advance Solana DEX development and enter the market. 

Partner with Blockchain App Factory to leverage our expertise in building a feature-rich and dynamic exchange platform on DeFi. Seize the current momentum before the market becomes crowded by implementing various Solana DEX development strategies with us. Launch your own DEX on the Solana blockchain today!

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