Orca

What Orca does

Orca is a Solana-based decentralized exchange (DEX) operating as an automated market maker (AMM) protocol composed of smart contracts deployed on the Solana blockchain. Founded in 2021 and operated by Orca Management Company S.A. (a Panama-incorporated entity), the platform enables peer-to-peer trading of SPL tokens and digital assets through concentrated-liquidity pools with adaptive fee tiers ranging from 0.01% to 0.05%. Core products include Orca Pools (concentrated liquidity for fee earning), Orca Trade (token swap interface), Orca Vaults (automated yield strategies), Orca Portfolio (position management), Wavebreak (token discovery), and xORCA Staking (liquid staking at approximately 24% APR). Orca has processed over $500 billion in cumulative trading volume and competes primarily with Raydium, Meteora, and Jupiter in the Solana DEX ecosystem.

The protocol generates revenue primarily through trading fees on swaps executed across its liquidity pools, with 24-hour fee generation visible in the tens of thousands of dollars per major pool. Beyond retail DeFi trading, Orca has built a distinct institutional vertical offering compliant 24/7 secondary trading infrastructure for tokenized securities — exemplified by the GLDY Pool for Streamex's gold-backed token, which enforces KYC and accreditation checks at the token level through onchain access controls. The platform supports tokenized real-world assets including gold (GLDY), tokenized equities (SPCX/SpaceX via Backpack), and Layer-1 blockchain indices (NX8), distributed through an institutional stack comprising Anchorage, Hex Trust, Wintermute, and Equity Trust.

Go-to-market combines product-led growth (self-serve access via orca.so), community engagement (Discord, X, Telegram), and selective institutional partnerships. In 2026, Orca launched AI Agent infrastructure for prediction market trading (Polymarket, Kalshi) in partnership with Nodepay, leveraging crowd-driven sentiment data for automated execution. The company maintains 11-50 employees and raised $18 million in September 2021 from investors including Placeholder, Polychain, Three Arrows Capital, Coinbase Ventures, Jump Capital, and Solana Capital. The protocol is governed by ORCA token holders, with the CLO actively engaged in regulatory discussions including South Korean digital asset legislation.

Name

Orca

Legal name

Orca Management Company S.A.

Website

https://www.orca.so

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Orca is a Solana-based decentralized exchange (AMM) enabling peer-to-peer SPL token swaps, concentrated-liquidity pools, and liquid staking (xORCA) for retail DeFi users, while also providing compliant institutional trading infrastructure for tokenized real-world assets such as gold (GLDY), equities (SPCX), and blockchain indices (NX8).

Ownership category

akta.pro rank

Product category

Decentralized Exchange (DEX) / DeFi Protocol

NAICS

Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Liquidity Aggregation & Smart Order Routing (FSADAJAD)

akta.pro secondary industries

Copy Trading, Social Trading & Automated Trading Platforms (FSADAAAK), Governance, Controls & Policy Automation (GRC for Web3) (FSAPAJAG)

Keywords

• Decentralized exchange
• Automated market maker
• Liquidity pools
• Token swaps
• DeFi protocol

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Trading Fees: Orca generates revenue through trading fees collected from swaps executed on its DEX pools. Fee tiers vary by pool (0.01% to 0.05% range visible on pool pages). The protocol has processed over $500 billion in cumulative trading volume.
2. Staking Rewards: Revenue generated from protocol fees that fund staking rewards for xORCA holders. Stakers earn rewards in ORCA terms, with 24.00% APR and 24h buybacks of 5,091 ORCA.
3. Institutional Trading Infrastructure: Fee revenue from compliant secondary trading systems for tokenized securities, enabling institutional investors to trade tokenized assets 24/7 through permissioned liquidity pools.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Orca is a decentralized exchange and automated market maker (AMM) protocol built on the Solana blockchain, consisting of smart contracts that enable peer-to-peer swapping of SPL tokens and digital assets. The protocol offers concentrated liquidity Pools (Whirlpools), token swap Trade, automated yield Vaults, Portfolio management, xORCA liquid staking, Wavebreak token discovery, compliant 24/7 institutional trading infrastructure for tokenized securities, and AI Agent infrastructure for prediction market trading.

Product overview

Orca is a Solana-based decentralized exchange (DEX) operating as an automated market maker protocol. The core platform consists of Orca Pools (concentrated liquidity pools for fee earning) and Orca Trade (token swap functionality), supported by the Orca Portfolio interface for position management. Additional offerings include Orca Vaults (automated yield strategies), xORCA Staking (liquid staking with ~24% APR), and Wavebreak (token discovery). Orca has expanded into institutional services with compliant 24/7 trading infrastructure for tokenized securities and has launched AI Agent infrastructure for prediction market trading in partnership with Nodepay. The protocol has processed over $500 billion in cumulative trading volume.

Differentiator

Problem solved

Functional benefit

Products and services

• Orca Pools (Concentrated Liquidity Pools / Whirlpools) Concentrated liquidity pools enabling liquidity providers to earn fees from trading activity on the Orca AMM. Pools support various trading pairs (e.g., SOL/USDC, SPYx/USDT, whETH/SOL) with adaptive fee tiers (0.01%, 0.04%, 0.05%) and position range customization.
• Orca Trade Token swap functionality enabling traders to exchange SPL tokens and digital assets on the Solana blockchain through the Orca automated market maker protocol.
• Orca Vaults Vault products for managing deposited assets across liquidity pools, offering automated position management and yield optimization strategies.
• Orca Portfolio Portfolio management interface for viewing and managing deposited assets across liquidity pools and vaults, displaying total liquidity value, estimated yield, and pending yield.
• xORCA Liquid Staking Liquid staking mechanism allowing ORCA token holders to stake and receive xORCA, earning rewards funded by Orca's protocol fees. Currently offering approximately 24% APR, with 24-hour buybacks of ORCA tokens.
• Wavebreak Token discovery platform for exploring and analyzing tokens on Solana, integrated within the Orca ecosystem.
• Institutional Trading Infrastructure for Tokenized Securities 24/7 compliant trading system for tokenized securities exclusively for accredited investors, featuring on-chain KYC and accreditation checks at the token level with permissioned liquidity pools.
• AI Agent Infrastructure for Prediction Markets AI Agent infrastructure enabling intelligent market analysis, automated execution, and scalable on-chain trading across prediction market platforms such as Polymarket and Kalshi, powered by Nodepay's real-time sentiment intelligence network.
• GLDY Pool (Gold-Backed Token Trading Venue) Permissioned secondary trading pool for Streamex's gold-backed GLDY token, providing accredited investors with 24/7 compliant trading access through on-chain KYC and accreditation enforcement.

Quantifiable outcome

• Over $500 billion in cumulative trading volume processed
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability4 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Solana Policy InstituteminorStrategic or Co-development Partner · 22 June 2026Joint participation in South Korea's Democratic Party closed-door seminar on DeFi, DEX regulation, and investor protection as part of drafting crypto legislation. Orca's Chief Legal Officer presented on US digital asset legislative trends.
• StreamexcoreStrategic or Co-development Partner · 21 May 2026Partnership with Streamex for a compliant 24/7 secondary trading venue for gold-backed token GLDY. The infrastructure uses real-time KYC and accreditation checks to restrict access to approved investors, enabling accredited investors to buy and sell Streamex's gold-backed token through permissioned onchain liquidity pools.
• WintermutecoreStrategic or Co-development Partner · 21 May 2026Institutional partnership providing instant T+0 liquidity for tokenized gold product GLDY. Part of Streamex's institutional partnership ecosystem supporting compliant secondary market infrastructure.
• Equity TrustcoreStrategic or Co-development Partner · 21 May 2026Institutional partnership for IRA custody integration accessing over $72 billion in retirement capital for tokenized gold product distribution through retirement accounts.
• NodepaycoreTechnology or Integration · 8 May 2026Strategic partnership to launch AI-powered agent infrastructure for the prediction market industry. Combines Orca's automated trading framework with Nodepay's real-time sentiment intelligence network to enable intelligent market analysis, automated execution, and scalable on-chain trading across prediction market platforms such as Polymarket and Kalshi.
• AnchoragecoreStrategic or Co-development Partner · 3 February 2026Institutional-grade custody provider for NX8 token index, providing secure storage solutions alongside Hex Trust for institutional participants.
• Hex TrustcoreStrategic or Co-development Partner · 3 February 2026Institutional-grade custody provider for NX8 token index, enabling secure storage solutions for institutional investors alongside Anchorage.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Others

• Securitize: Tokenized securities issuance and distribution platform adjacent to Orca's compliant tokenized-RWA trading infrastructure. Comparable institutional customer base.

Direct peers

• Raydium: Solana's incumbent AMM DEX, currently capturing 55%+ of Jupiter-routed trades. Most direct competitor to Orca across concentrated-liquidity pools, token launches, and ecosystem integrations.
• Meteora: Solana DEX with Dynamic Liquidity Market Maker (DLMM) pools gaining share on volatile pairs. Direct technical competitor to Orca's Whirlpools in liquidity provisioning efficiency.
• Phoenix: Solana-native central limit order book DEX. Competes for trader flow that prefers order-book execution over Orca's AMM model.
• Drift Protocol: Solana DEX offering perpetual futures and spot trading. Overlaps with Orca on retail DeFi traders and is expanding its AMM stack on Solana.
• SushiSwap: Multi-chain AMM DEX with concentrated liquidity. Competes head-to-head for cross-chain liquidity providers and DeFi traders at similar fee tiers.

Broad incumbents

• Jupiter: Solana's dominant DEX aggregator and broader DeFi super-app (perpetuals, launchpad). Routes most onchain flow and treats Orca as one of multiple underlying liquidity venues.
• Uniswap: Largest Ethereum/L2 AMM DEX. Sets the product template Orca follows (concentrated liquidity) and competes for cross-chain DeFi liquidity and developer mindshare.
• PancakeSwap: Multi-chain AMM DEX dominant on BNB Chain and present on Solana. Comparable user-facing DEX experience with broader cross-chain distribution.

Emerging players

• Polymarket: Leading onchain prediction market and an Orca integration partner via the AI Agent infrastructure. Overlaps as both customer and adjacent competitor for prediction-market trading flow.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/orca_so
• LinkedInlinkedin.com/company/orca-so

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Orca