Orca, a decentralized exchange (DEX) on the Solana network, has raised $18 million in a Series A funding round. The funding was led by Polychain, Placeholder and Three Arrows Capital, with participation from Coinbase Ventures and others. Orca’s altcoin project ORCA rose as a result of this news.
Solana-based Orca received $ 18 million investment: Altcoin price rose sharply
Despite the recent technical problems of the Solana network, local DeFi projects continued to attract investors. Orca, a Solana-based DEX, has raised $18 million in a Series A funding round led by Polychain, Placeholder and Three Arrows Capital. Other investors participating in the funding included notable VCs such as Coinbase Ventures, Jump Capital, Sino Global Capital, Solana Capital, Collab+Currency, DeFiance Capital, Zee Prime and other angel investors.
After this news, Orca’s ORCA token rose by about 150 percent from $5.14 to $12.42. At the time of writing, it recorded a value increase of 105.17 percent in the last 24 hours and fell to the level of 11.34 dollars.
What is an orca?
Described as a “human-centric” automated market maker, Orca was first launched in February 2021 and has quickly become one of Solana’s top DeFi projects. Since then, it has seen a $230 million locked total value (TVL) and has experienced more than $750 million in trading volume since its launch. Orca’s closest competitor in Solana is Raydium, a Uniswap clone and automated market maker with more than 1.3 billion in TVL.
Leveraging Solana’s sub-second block times, Orca allows for fast and permissionless token trading. Additionally, users can provide liquidity to pools to earn transaction fees. Orca differs from existing automated market makers by focusing on providing a simple user experience, so it’s easy for anyone to trade tokens and provide liquidity.
According to the team, the newly raised funds will be allocated to further develop Orca as a capital-efficient and user-friendly DEX. Additionally, the team plans to continue developing the open-source TypeScript software development kit (SDK) to make it easy for any project to build on top of Orca’s smart contracts.
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