Orca
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Orca in numbers
Orca ranks #189 by market capitalization, at $144.23M. It belongs to the DeFi sector (Decentralized Exchange). It has traded since Aug 11, 2021, across 249 markets on 39 exchanges, with $73.13M of volume in the last 24 hours. Its all-time high of $48.24 was reached on Sep 25, 2021; the current price is 97.2% below that peak. Its cycle low of $0.372231 came on Jun 19, 2022.
60.8% of the maximum supply of 100.00M ORCA is in circulation. 11 investors are recorded as backers, including Coinbase Ventures, Polychain Capital, Solana Ventures. Development data lists 4 core developers and 1,704 code commits.
About Orca
Orca is a permissionless exchange on Solana that operates via concentrated liquidity automated market maker (CLAMM) pools. On Orca’s application, users can trade SPL tokens that have liquidity and/or provide liquidity to existing/new SPL token pairs. In contrast to a traditional automated market maker (AMM) pool where liquidity is provided across the entire price range from zero to infinity, liquidity providers (LPs) on Orca can choose a price range within which to provide liquidity or opt to provide the full range in certain pools where this feature is available.
Background
Orca was co-founded by Yutaro Mori and Ori Kwan and was first introduced in February 2021 to build an exchange on Solana that “offers market rates,” limited slippage, and user experience improvements such as displaying token balances in-application.
According to a Medium post from February 2021, Orca was the third application to launch on Solana.
On Aug. 9, 2021, the project team launched ORCA via Serum, an order-book-based decentralized exchange (DEX) on Solana. On Aug. 12, 2021, yield farming rewards paid in ORCA were introduced to incentivize liquidity provisioning for select liquidity pools.
In November 2021, the project team raised over $1.20 million in mint fees via Orcanauts, an NFT collection. The funds raised were subsequently donated to charity via the Orca Climate Fund, “an autonomous enterprise” that makes donations to organizations working to protect the environment.
In April 2022, the project team launched the Orca DAO, a governance mechanism for ORCA tokenholders. In the same month, the team launched Whirlpools, Orca’s concentrated liquidity pools where users can choose a price range to provide liquidity. Orca had previously only offered Aquafarms, its standard pools where users can provide a full range of liquidity.
In July 2022, the Orca DAO approved the creation of the Orca Governance Council, a seven-member body that dually governs the protocol alongside ORCA tokenholders.
In November 2023, the project team introduced the “Liquidity Terminal,” a new interface for interacting with Orca that includes candlestick charts, historical prices, liquidity depth, and token information such as price and market capitalization.