Orca
The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
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About Orca
Analysis of 30 Jul 2026Orca is a Solana automated market maker and liquidity-infrastructure protocol built around Whirlpools, its concentrated-liquidity pools. Liquidity providers select price ranges rather than supplying capital uniformly across every price, and pools can use fixed or adaptive fees.
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Adaptive fees combine a base fee with a volatility-sensitive component, aiming to compensate liquidity providers when price movement is elevated. Beyond core swaps, Orca operates Wavebreak, a human-first token launchpad whose graduated tokens receive seeded liquidity in a Whirlpool, and has introduced permissioned pools for regulated tokenized assets.
ORCA is the governance and utility token: holders can vote directly or through xORCA, a staking receipt whose backing grows when protocol-fee revenue is used for ORCA buybacks. Orca’s official token documentation lists a fixed 75 million ORCA total supply and states that 40% of protocol-fee revenue is programmatically used for xORCA buybacks.