Orca

Orca is a decentralized exchange on Solana; ORCA is its governance token, and staked ORCA shares in trading fees.

Orca is a decentralized exchange on Solana. It uses concentrated liquidity pools called Whirlpools: people deposit pairs of tokens, traders swap against them, and the depositors earn the trading fees. The exchange launched in 2021 and was co-founded by Grace Kwan and Yutaro Mori. It also runs on Eclipse.

ORCA is the governance token, issued on 9 August 2021. Holders vote on proposals through Realms, and an elected DAO Council carries out decisions. Of every trading fee, 87% goes to liquidity providers, 12% to the DAO treasury and 1% to a Climate Fund. Holders can stake ORCA for xORCA: 40% of protocol fees are used to purchase ORCA for the staking vault, so xORCA grows in value with trading volume. Unstaking takes 7 days.

The documentation gives a total supply of 75 million ORCA, and about 60.8 million circulate. DefiLlama showed about $315.6 million locked in Orca pools on 1 October 2026.