Franklin

Solana

DODO

Orca

As traders and investors seek gains, this year’s Solana rebirth has buoyed SOL-native exchanges to the forefront of defi activity. 
DefiLlama <a href="https://defillama.com/dexs" target="_blank" rel="">data</a> shows five Solana-only protocols appeared in the top 10 decentralized exchange (DEX) volumes in the past 24 hours. 
A DEX is a trading venue built atop a blockchain that allows users to buy, sell, and swap cryptocurrencies.&nbsp;On-chain investors can also provide liquidity through decentralized exchanges, earning yield or passive income to support trading with capital.&nbsp; 
<h2 class="wp-block-heading" id="top-5-solana-dex-providers">Top 5 Solana DEX providers</h2> 
<a href="https://crypto.news/uniswap-dex-comprises-37-of-ethereum-l2-volume/" target="_blank" rel="">Uniswap</a> and PancakeSwap lead the DEX space with daily trading volumes of $1.6 billion and $616.3 million, respectively. Solana’s (<a href="https://crypto.news/price/solana/" rel="">SOL</a>) Orca exchange ranked third after amassing $322.4 million in the past day.&nbsp;Arbitrum-based platform DODO was fourth, recording $227.3 million, while SOL’s largest DEX by total value locked, Raydium, came in fifth with $221.9 million.&nbsp; 
 You might also like: <a href="https://crypto.news/franklin-templeton-foresees-solana-as-third-largest-cryptocurrency/" rel=""> Franklin Templeton foresees Solana as third-largest cryptocurrency </a> 
Rounding out the top 10 are Phoenix, Lifinity, and Meteora. All three are Solana-powered exchanges and boasted respective volumes of $216.3 million, $159.6 million, and $151.4 million.&nbsp;Thorchain and Curve Finance completed the top 10 DEX protocols by volume, placing ninth and 10th per DefiLlama.&nbsp; 
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 <img loading="lazy" decoding="async" width="1024" height="447" src="https://crypto.news/app/uploads/2024/05/Screenshot-444-1024x447.png" alt="Solana DEX"> 
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 Top SOL-based DEX platforms | Source: DefiLlama
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SOL-native protocols are drawing attention during a period of memecoin demand. As crypto.news <a href="https://crypto.news/meme-coin-mania-sees-over-138-tokens-launched-in-april/" target="_blank" rel="">reported</a>, SOL’s ecosystem has become the premier network for meme token speculation.&nbsp;The entire blockchain has also garnered mentions from asset management giants like <a href="https://crypto.news/franklin-templeton-foresees-solana-as-third-largest-cryptocurrency/" target="_blank" rel="">Franklin Templeton</a>, as well as venture capitalist firms such as Andreessen Horowitz. 
 Read more: <a href="https://crypto.news/solana-to-surpass-all-time-high-despite-activity-decline-expert-predicts/" rel=""> Solana to surpass all-time high despite activity decline, expert predicts </a>

5 Solana-only protocols rank top-10 in defi volume

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