The Solana blockchain is having a breakout year in 2025. With over $11.4 billion in total value locked (TVL) across its decentralized finance (DeFi) protocols as of September, Solana now stands as the second-largest blockchain for DeFi, just behind Ethereum. That’s a massive leap from just a few years ago, and it shows no signs of slowing down.
So what makes the Solana ecosystem so attractive for DeFi traders?
Solana is designed for speed and scalability. It can handle over 3,000 transactions per second with average block finality under 400 milliseconds. Add in transaction fees that are often under $0.01, and you’ve got the perfect recipe for high-frequency, low-cost DeFi trading in 2025. The 2024–2025 Solana memecoin craze further spotlighted the network's efficiency, as millions of tokens launched and traded seamlessly on platforms like Pump.fun.
This performance edge has helped Solana DEXs flourish, offering a cheaper, faster alternative to Ethereum-based platforms weighed down by gas fees. Upcoming upgrades like Firedancer, a new validator client, aim to push Solana’s throughput even higher while boosting reliability and decentralization.
Beyond the numbers, Solana’s developer ecosystem is booming. More dApps, wallets, launchpads, and DEXs are being built every month. Platforms like Jupiter, Raydium, Meteora, and PumpSwap are attracting both retail and institutional traders who want deeper liquidity, better pricing, and smarter tools. As of early September 2025, Solana's DeFi total value locked (TVL) exceeds $11.4 billion, with its DEXs enjoying a 24-hour trading volume of over $3.6 billion.
Solana's DeFi TVL vs. DEX volume | Source: DefiLlama
Whether you're farming yield, trading memecoins, or looking for the next IDO, Solana DEXs offer a vibrant, low-latency playground for all types of users in 2025.
Decentralized Exchanges (DEXs) in the Solana Ecosystem: An Overview
Solana DEXs, decentralized exchanges on the Solana blockchain, let you swap tokens directly from your wallet without the need for a middleman. Everything runs on smart contracts, which means there’s no centralized party holding your funds or approving your trades.
Unlike centralized exchanges (CEXs), where you need to deposit your crypto first, Solana DEXs allow you to trade directly from your self-custody wallet like Phantom or Solflare. Your keys, your coins, at all times.
Why Use a Solana DEX?
Solana DEXs offer a fast, low-cost, and flexible way to trade crypto directly from your wallet. With transaction fees typically under $0.01, they’re one of the most affordable options for on-chain trading. You don’t need to sign up, complete KYC, or trust a centralized platform. Simply connect a Solana wallet like Phantom or Solflare and start swapping tokens. Solana DEXs are also where many new and trending tokens debut, giving you early access to opportunities often unavailable on centralized exchanges.
But trading on a DEX comes with its own challenges, such as:
• Steeper learning curve: You’ll need to understand slippage, token contracts, and how to safely navigate DeFi tools.
• Smart contract risks: Not all protocols are audited. Bugs and exploits can lead to losses.
• No recovery options: Lose your private keys or seed phrase? Your funds are gone, no password reset here.
Still, if you’re looking to explore DeFi with speed, control, and flexibility, Solana DEXs are a powerful and affordable gateway into the decentralized future.
The 5 Best Solana DEXs to Watch in 2025
Solana’s DeFi ecosystem is packed with innovative decentralized exchanges offering fast, low-cost, and feature-rich trading experiences. Here are the top 5 Solana DEXs (decentralized exchanges) to watch in 2025, each bringing something unique to the table, from liquidity aggregation to perpetual trading.
1. Jupiter (JUP): Leading Liquidity Aggregator on Solana
Jupiter's TVL | Source: DefiLlama
Jupiter (JUP) is the leading decentralized exchange (DEX) aggregator on Solana, offering users the best swap rates by sourcing liquidity across major Solana-based DEXs such as Orca, Raydium, and Lifinity. Instead of trading on a single venue, Jupiter scans the entire Solana ecosystem in real time to find the most efficient path for each swap. This helps users save on slippage and fees, with transaction costs often below $0.01 and execution that’s nearly instant. Its clean, beginner-friendly interface works seamlessly with popular wallets like Phantom, Solflare, and Backpack, making it one of the most accessible entry points into Solana DeFi.
In 2025, Jupiter has evolved into a Solana “super app,” offering more than just swaps. Users can access limit orders, automated dollar-cost averaging (DCA), perpetual futures with up to 100x leverage, and lending features through its growing suite of tools. Liquidity providers can join the Jupiter Liquidity Pool (JLP) to earn a share of fees, while governance is powered by the JUP token, distributed via one of Solana’s largest airdrops. With over $3 billion in TVL as of September 2025 and a circulating supply of 3.11 billion JUP, Jupiter remains a core player in Solana’s DeFi ecosystem. For those looking to buy or trade JUP, BingX offers secure spot trading, while its ChainSpot interface provides a wallet-free way to explore Solana’s trending tokens.
2. Raydium (RAY): Solana’s Liquidity Powerhouse
Raydium's TVL | Source: DefiLlama
Raydium (RAY) is one of the most established decentralized exchanges (DEXs) and automated market makers (AMMs) on Solana, designed to deliver lightning-fast swaps at a fraction of Ethereum’s costs. Unlike traditional AMMs, Raydium’s design integrates liquidity pools with Solana’s ecosystem-wide routing engine, ensuring efficient trades with low slippage and deep liquidity. As of September 2025, Raydium secures over $2.3 billion in TVL, making it one of the largest liquidity hubs on Solana. Its permissionless model allows anyone to create pools, add incentives, and provide liquidity across constant product pools (CPMM) or concentrated liquidity pools (CLMM), giving traders and liquidity providers flexible ways to engage in DeFi.
Beyond swaps, Raydium has evolved into a full DeFi platform with staking, farming, launchpad support via AcceleRaytor, and even perpetuals trading. It played a key role in fueling Solana’s memecoin boom in 2024, especially through its Pump.fun integration, and continues to attract both retail traders and new projects launching on-chain. The RAY token powers ecosystem rewards and governance, while also incentivizing liquidity providers. With its smart routing engine, low fees, and broad suite of features, Raydium remains a cornerstone of Solana DeFi. offering users a reliable, high-performance gateway into trading, yield farming, and project launches.
3. Orca (ORCA): The Most Intuitive Solana DEX for Beginners
Orca's TVL | Source: DefiLlama
Orca (ORCA) is one of the most trusted decentralized exchanges (DEXs) on Solana and Eclipse, built with a focus on speed, security, and usability. Its core innovation is the Whirlpool protocol, a concentrated liquidity AMM that delivers capital efficiency and low-slippage trades while catering to both beginners and advanced liquidity providers. Since launching in 2021 with no venture backing, Orca has maintained a clean security record, zero hacks over four years, while growing into a top Solana DEX with over $395 million in TVL as of September 2025. Features like the Fair Price Indicator, Jupiter price routing, and permissionless pool creation have made Orca a go-to platform for reliable, transparent, and low-cost swaps.
In 2025, Orca reinforced its ecosystem with major upgrades, including a 25 million ORCA token burn (reducing supply by 25%) and a buyback program that redirects 20% of fees to support staking rewards through the upcoming xORCA system. It has expanded liquidity tools with an improved Liquidity Terminal, Token Extensions support, and integrations for new project launches. Governance is managed through the Orca DAO, where token holders steer treasury use and protocol development. At the same time, Orca has remained mission-driven, funding initiatives like the Orca Climate Fund, which allocated $550,000 to Ocean Conservancy. With its professional, principled, and playful ethos, Orca blends advanced DeFi mechanics with real-world impact, making it a cornerstone of Solana’s growing liquidity layer.
4. Meteora: Solana's Dynamic Liquidity Engine
Meteora's TVL | Source: DefiLlama
Meteora has become one of Solana’s largest liquidity hubs, powering DeFi with advanced tools for trading, yield farming, and token launches. As of September 2025, the protocol secures over $900 million in TVL, has processed more than $249 billion in swap volume, and generated over $1.47 billion in fees. Its flagship Dynamic Liquidity Market Maker (DLMM) Pools let liquidity providers concentrate liquidity within precise ranges while earning from adaptive fees that adjust in real time to market volatility. This design makes DLMM especially effective for high-volume, volatile assets like $TRUMP and $MELANIA, where trading demand consistently produces attractive yields.
Beyond DLMM, Meteora offers a suite of complementary products that expand capital efficiency across Solana DeFi. Its Dynamic AMM v2 Pools provide flexible fee scheduling, lending yield, and permissionless configuration for stable, volatile, and meme token pairs. Memecoin Pools permanently lock liquidity to strengthen community trust, while Stake2Earn Pools reward stakers with a share of swap fees. For automated yield strategies, Dynamic Vaults allocate capital to lending protocols, and tools like the Anti Sniper Suite protect new launches from bot exploitation. With a DAO-led governance model, ongoing integrations across launchpads and trading terminals, and a roadmap focused on cross-asset liquidity, Meteora is positioning Solana as the most liquid and efficient trading ecosystem in DeFi.
5. PumpSwap: The New Engine of Solana’s Memecoin Craze
PumpSwap's TVL and DEX volume | Source: DefiLlama
Pump.fun has cemented itself as the launchpad driving Solana’s memecoin boom, giving anyone the ability to create and trade tokens in minutes. By September 2025, the platform has facilitated the launch of over 10.8 million memecoins, making it one of the most active hubs in the entire crypto industry. To handle the explosive demand and frequent network congestion, Pump.fun expanded beyond simple token creation with PumpSwap, a purpose-built decentralized exchange (DEX) designed for high-speed meme trading. This move addressed issues like failed transactions and liquidity fragmentation, giving creators and traders a seamless way to move from launch to live trading.
Launched in March 2025, PumpSwap now secures more than $250 million in TVL and has processed over $20 billion in volume within its first months. Built on Solana’s ultra-fast, low-cost infrastructure, PumpSwap uses a constant product AMM model optimized for meme coin volatility. It enables instant token creation, zero-fee migration from bonding curves, and easy liquidity provisioning, all within one interface. Unlike general-purpose DEXs such as Jupiter or Raydium, PumpSwap is tailored specifically for memecoin communities, even sharing 0.05% of every trade in SOL with token creators. With its blend of speed, affordability, and creator incentives, PumpSwap is quickly becoming the go-to marketplace for Solana-native tokens and meme-driven trading.
How to Start Trading on Solana DEXs
Getting started with Solana DEXs is easier than you think. All you need is a compatible wallet, some SOL to cover fees, and a little curiosity. Here’s a quick step-by-step guide:
Step 1: Set Up a Solana Wallet
Download a Solana-compatible wallet like Phantom, Solflare, or Backpack. These wallets work as browser extensions or mobile apps. Once installed, follow the steps to create a new wallet. Don’t forget to write down your seed phrase and store it somewhere safe offline.
Step 2: Fund Your Wallet with SOL
You’ll need a small amount of SOL (Solana’s native token) to cover network fees. You can easily buy SOL on BingX using spot trading, where BingX AI provides real-time insights and price signals to help you time your entries more effectively. Once purchased, simply transfer SOL to your wallet address to start interacting with Solana dApps and platforms like Pump.fun or PumpSwap.
SOL/USDT trading pair on the spot market, powered by BingX AI insights
Step 3: Connect to a DEX
Head to a Solana DEX like Jupiter, Raydium, or Orca. Click “Connect Wallet” and choose your wallet provider (Phantom, Solflare, etc.). Approve the connection and you're ready to go.
Step 4: Swap Tokens
Once connected, use the Swap tab to exchange SOL or USDC for other Solana-based tokens. The DEX will automatically find the best route and show you the estimated amount and fee before confirming.
Step 5: Provide Liquidity & Earn Yield
If you’re looking to earn passive income, many Solana DEXs offer liquidity pools and farming opportunities. Just navigate to the Pools or Farms section, choose a token pair, and deposit your assets to start earning trading fees or yield rewards. Platforms like Kamino and Lifinity automate this process for you.
Alternative: Discover Trending Solana Tokens on BingX ChainSpot
Not ready to connect your wallet to a DEX? You can still explore and trade trending Solana tokens directly on BingX through ChainSpot, a user-friendly feature that simplifies on-chain discovery.
ChainSpot lets you:
• View the most active Solana tokens in real time
• Buy and sell tokens instantly from your BingX account, no wallet needed
• Avoid complex DeFi setups while still gaining access to top Solana meme coins and other ecosystem tokens
Simply open the ChainSpot tab on BingX (web or app), enter the token name or contract address, and tap Buy. Your tokens are stored securely in your BingX Spot Account with 2FA and cold wallet protection.
It’s the fastest way to get started if you’re new to DeFi but still want access to the hottest Solana tokens without the risk of rug pulls or wallet errors.
Read more about how to get started with BingX ChainSpot in our comprehensive guide.
Safety Tips and Best Practices
DeFi moves fast, but so do the risks. Here are some tips to help you stay safe while trading on Solana DEXs:
1. Protect Your Private Keys: Never share your seed phrase or private key with anyone. Store it offline in a secure location. If possible, use a hardware wallet like Ledger for added protection, especially if you’re managing large amounts.
2. Verify Smart Contracts: Before swapping or farming on any platform, make sure the project is legit. Look for audited smart contracts and check official links on trusted sources like CoinGecko, CoinMarketCap, or Solana’s own ecosystem pages. Avoid clicking unknown Telegram or X (Twitter) links.
3. Start Small: When using a new DEX or liquidity pool, begin with a small amount to test the transaction. This helps you get familiar with the platform’s interface and reduces the risk of losing funds due to errors or scams.
Conclusion: Embracing the Future of DeFi on Solana
Solana DEXs are transforming the way we trade crypto, offering speed, low fees, and full control over your assets. Whether you’re swapping tokens, yield farming, or diving into the latest memecoin trend, Solana gives you the tools to do it all in seconds.
As more users, developers, and projects join the ecosystem, the Solana DeFi landscape continues to grow, unlocking new opportunities for traders of all experience levels. But remember: the space evolves quickly. To make the most of Solana DEXs, stay curious, keep learning, and always DYOR (do your own research).