3 Major DEXs
Orca, Raydium, and Serum are native Solana DEXes.
Serum strated its service at an very early stage of Solana chain. And then Raydium has grown in Solana chain's enormous growth. And then Orca appeared with its own simple and effective UI and investment from some investors.
Though all 3 are DEXes, they do have their intricate differences.
Serum is an order-book DEX, while Orca and Raydium are swap-based DEXes, similar to Uniswap.
Orca stands out as it is the first to bring Concentrated Liquidity to Solana via Orca Whirlpool that is recently released.
Orca Daily Active Users (DAU) have seen a rapid climb to 108k, whereas older counterparts Raydium and Serum have stayed around 20k DAUs.
Orca's Growth with StepN
Where did Orca’s growth stem from?
Its growth was likely propelled by StepN’s user growth to >300k DAUs.
StepN’s in-app swaps for GMT and GST route through Orca’s AMM. We’ll likely see Orca’s DAU continue to soar as StepN grows its user base.
As more users pile in, Orca’s transactions have also grown to match figures seen on Raydium.
Solana DEX Future
Absolutely, the growth of DEXs depend on Solana chain growth and the price change.
Regarding recent tough macro economy and crypto winter season, the role and importance of these DEXs are underestimated. Even though there are many Solana DeFi aggregators like Jupitor, Meanfi, 1SOL to find best prices, most of transactions should get through these 3 major DEXs.
Serum and Raydium mainly follow the direction of Solana chain like an one team. So the projects from Raydium IDO seem to be very reliable. But Orca has accpeted new high potential projects and hidden gems while other2 DEXs have focused on Good Boy Projects that aligh very well with Solana chain direction.
At some points, I expect to see huge chemical reaction between these DEXs and market trend.
Source: Dune Analytics