Orca is a decentralized exchange that works on the Solana blockchain. Using this DEX you can swap tokens fast, confidently, and cheaply. Further, the platform allows you to add to the liquidity pools. It strives to provide better security, nearly-free transactions, and more, with its efficient team members. As per the vendor, this is the easiest and quickest Solana that is user-friendly.
The DEX was founded in February 2021 and consists of a team of skilled traders. The main objective of the company is to provide an easy, fast, and user-friendly AMM on Solana.
The DEX claims to provide speedy, low fees, and human-centered design. It is the easiest platform for crypto coin exchange on the Solana blockchain. It features the Fair Price Indicator that ensures cheap and quick token exchange. Users can earn fees for trading and token emissions via the liquidity and Whirlpool features.
- Low transaction fees
- Fast transactions
- Risk of divergence loss
- Still in Beta phase
- No verified performance proof
Key features of Orca
Some of the important features that this DEX focuses on are:
- A transaction time of less than one second is present.
- The DEX charges a low fee of $0.00001 as the network charges.
- Inbuilt CoinGecko price comparison is present.
- ORCA is the native token of the DEX and has an initial circulating supply of 5.25 million and a total supply of 100 million.
- The DEX uses a fair price indicator that verifies whether the rate of a token is within 1% of the listed market rate on CoinGecko and that the slippage is less than or on par with your tolerance setting.
- A token panel present on the interface allows you to view all the token balances and live updates when you provide liquidity or trade.
- The constant product pools version is audited by Kudelski, a crypto-security firm and the Whirlpools feature has been audited by Neodyme and Kudelski.
What wallets does it support?
The main wallets the DEX supports are:
- Sollet Extension
- Solflare Extension
To connect your wallet to the DEX here are the steps to follow:
- Create a Solana wallet with Phantom or Sollet.io
- As the DEX is non-custodial, your wallet tokens are exchanged directly from the wallet
- The vendor recommends the use of Phantom Wallet for the DEX
How does Orca work?
Here are the steps to follow to get started with the DEX:
- To get started you need to have the native Solana token, SOL in your wallet for paying network fees
- You can buy SOL directly from a centralized exchange such as FTX, Coinbase, Binance, etc.
- In the Phantom wallet use the Deposit option and type the token name you want to deposit
- Click on the ‘Copy’ option to record the deposit address and send SOL to the deposit address from the CEX
- Make sure the deposit address is correct and you are using Solana SPL withdrawal before you send funds
- You can also convert tokens from ETH using the MetaMask wallet
What can you buy with Orca?
The popular tokens you can buy with the DEX are:
- and more
Are there any risks with Orca?
As per the vendor, the divergence loss can affect the positive return you can get from trading via the DEX. Since the Solana network is in the beta phase, the smart contract can be exploited. To avoid this the DEX uses the token swap Further, it is not possible to transfer your LP tokens and withdraw them using another account.
The DEX provides a 0.3% fee to liquidity providers. The fees are given as follows:
- 0.25% to LPs
- 0.04% to Orca Treasury
- 0.01% to the Orca Impact Fund
For deposit, use the Pools feature present on the main screen of the DEX. Click on the Deposit option and enter the token amount you want to deposit. Click on ‘Deposit’ and ‘Approve’ to confirm the process.
For withdrawal, use the ‘Withdraw’ button, choose the amount you want to withdraw, and click on ‘Withdraw’ and approve to confirm the transaction.
Should you buy it?
As per the vendor, the system is still in its testing phase and you need tokens based on the SOL mainnet for using the DEX. Another factor to consider is the risk of loss due to divergence.
Orca is a new DEX on the crypto market providing benefits like minimal transaction fees, fast transactions, and fair price promise. However, the DEX accepts only wallets and tokens based on the Solana network. The beta phase and risk of divergence loss are other factors to consider.