Popular decentralized Bitcoin exchange Orca announced in its recent announcement that it will cease operations for some countries as of March 31! The stock market, which had a total transaction volume of 280 million dollars last week, moved with this announcement. Here are the details…
Decentralized Bitcoin exchange Orca stops its activities!
Orca, one of the leading Bitcoin exchanges, announced that as of March 31, US users will cease their activities. While Orca announced in its announcement that it will restrict US users from making cryptocurrency transactions through its website in the coming days, experts say this move is a blow to the accessibility of Solana Blockchain’s best DEX.
It has been announced that the latest policy change will not directly affect investors using Orca’s smart contracts. According to experts, this may provide some relief for trading volume as most of Orca’s transaction flow comes through Jupiter, a transaction aggregator that connects to Orca’s backend.
On the other hand, Orca, the large DEX platform with many users, set out with the aim of becoming an “indispensable exchange for the Solana ecosystem” by creating a new generation AMM with the simplest user experience in recent years. Recently, the platform has come to the fore with the number of users it has.
The popular DEX came to the fore with a volume of 280 million dollars!
On the other hand, Bitcoin exchange Orca attracts attention with its large transaction volumes. According to DefiLlama data, Orca saw a total trading volume of $280 million last week. While this level has attracted the attention of investors, it is almost three times the trading volume of Solana’s second most popular decentralized finance platform, Raydium.
Bitcoin exchange Orca continues the flow of trading by pooling token liquidity from users. Users loan their assets to the exchange and earn commission income in return. According to the announcement, the new restrictions do not apply to US-based liquidity providers.
On the other hand, Orca, which has been collecting funds for its platform since the past years, has made great progress and reached many investors. It has become the first choice of many investors, especially when it comes to the fore with many advantages against its competitors. However, Orca, a Solana-based decentralized exchange (DEX), has raised $18 million in Series A funding in recent years led by Polychain, Three Arrows Capital, and Placeholder. The exchange also has its own native coin called Orca Coin (ORCA). ORCA is currently trading at $0.77.
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