Solana DEX battle: $RAY vs $ORCA vs $JUP vs $MET

Raydium
✅ Highest TVL (~$1.34B)
✅ Strong fees + buybacks
✅ Dominates tokenized stocks & LaunchLab
❌ 0.25% fee is relatively high, interface more complex

ORCA
✅ Most user-friendly
✅ Strong concentrated liquidity for bluechips
❌ Much lower TVL & volume than Raydium
❌ Weak in launchpad & RWA

Jupiter
✅ Best aggregator (routes across many pools)
✅ High volume
❌ Not a pure AMM, no own liquidity

Meteora
✅ Flexible dynamic liquidity (DLMM)
❌ Still small & less known

Summary:
RAY = liquidity + RWA king
ORCA = simple & clean
JUP = best router
MET = underdog

NFA | DYOR