Question 1

What is a Solana DEX?

Accepted Answer

A Solana decentralized exchange (DEX) is a dApp platform that uses smart contracts to secure user orders and deploy liquidity pools to back these orders. Liquidity pools are filled by users who earn a yield based on the network gas fees, and traders can swap tokens without any identity verification, which makes the process secure and accessible. Many DEXs deploy additional smart contracts, such as perpetual contracts (perps) to trade other assets.

Question 2

Which Solana DEX types exist?

Accepted Answer

Solana DEXs deploy various smart contracts to secure trader deals, and while the basic set of smart contracts is similar across various platforms, they can differ in realization, such as liquidity management and route calculation. Other DEXs include perps trading platforms that allow users to trade tokenized assets using specialized smart contracts, and DEX aggregator platforms that check various possible routes for token exchange and select the fastest and cheapest ones.

Question 3

How do I connect a wallet to a Solana DEX?

Accepted Answer

Usually, the platform has the highlighted Connect wallet button, where you can select which wallet you want to connect (i.e. Phantom, Solflare, Brave Wallet, etc.). Select the one you currently use, approve permissions, and start trading tokens. Make sure that you’re connecting to the legit DEX platform and double-check to avoid impersonation scams!

Question 4

What fees should I expect on Solana DEXs?

Accepted Answer

Solana DEX fees depends on the current network gas fees and can change depending on the current load of a specific protocol. That’s why monitoring several DEXs and using DEX aggregators may be very useful.

Question 5

Is KYC required on Solana DEXs?

Accepted Answer

No, Solana DEXs don’t require Know Your Customer (KYC) or any other identity verification procedure, as user funds are already secured by the blockchain. Users just need to connect their Solana wallet, and they can start trading right after that.

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