Orca (ORCA)

DEX on Solana and Eclipse

Basics

• Based in: Cayman Islands
• Started in / Announced on: 2-2021
• Testnet release:
• Mainnet release: 2-2021
• Not to be confused with the Orca Alliance.

History

Founder originally worked with EF and UMA before getting a grant to build an AMM on Solana.

Audits & Exploits

• Bug bounty program can be found on Immunify, and is $1M worth.
• Orca's concentrated liquidity product has been double audited by Kudelski and Neodyme.

Governance

DAO

• Has Flipside and Reverie as some of their professional delegates (30-11-2022).

Treasury

• From Our Network (23-2-2024):

"Since January, the DAO treasury now takes ~12% of fees from high-fee pools (>0.3% rate), taking in $3m+ in fees. 88% of total 30D trading fees are driven by high-fee pools but only account for 16% of total volume."

Token

Launch

9-8-2024 the token was issued.

Token Allocation

• From the docs (8-2024):

"20% to team [later 5% got again given as a grant]

9.6% to private sale

4.3% to Value Add + Advisory

All team members, advisors, and future investors will receive ORCA with a 3-year vesting schedule and 1-year cliff or lockup."

Utility

• Governance and revenue token (20-4-2021):

"When the token is launched, a set of liquidity pools will turn into Aquafarms. Rather than just trading fees, LPs in Aquafarms will earn both trading fees and $ORCA tokens!"

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on: Solana

Fees

• From the docs (26-10-2024):

"Pools with a fee tier of ≥0.3% have the trading fee divided as follows:

87% to the maker (Liquidity Provider)

12% to the DAO treasury

1% to the Climate Fund

For pools with a fee tier of <0.3% all fees are paid to the maker (Liquidity provider)."

Roadmap

• Can be found [Insert link here].

Usage

• Orca facilitates >40% of Jupiter aggregator volume, >48% Solana DEX market share (23-2-2024). To date, the exchange has facilitated over $40.8B volume, generating $72.4m in fees.

Competition

Raydium and other DEXs

Team, Funding, Partners

Team

• Full team can be found [here].
• Has Flipside and Reverie as some of their professional delegates (30-11-2022).
• From the docs (8-2024):

"Orca’s past advisors include e^{i} Ventures (veterans of the DeFi space), Austin Virts (Current Head of Ecosystem and Aptos, former Head of Marketing at Solana), and [current advisor includes] Reverie (leader in decentralized governance design)."

Funding

• A private sale took place in September 2021 worth $18M, during which 9.6% of the ORCA tokens were allocated. All investors were subject to a one-year cliff, and a two-year linear vest thereafter:

"Series A funding led by Polychain, Three Arrows Capital and Placeholder. Other participants in the funding round include Coinbase Ventures, Jump Capital, Sino Global Capital and Solana Capital."

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