For five years, Orca has been where serious liquidity providers on Solana allocated capital. In 2025 alone, 126,000 active LPs deposited a cumulative $244 million through the protocol and earned $165 million in fees. The Liquidity Terminal, Whirlpools, the Position Simulator, and portfolio tracking all exist to serve that user: someone who manages liquidity positions with intention, rebalances in response to market conditions, and expects professional-grade tooling to manage their portfolio.

Serving active LPs well was not the destination, but the foundation for what comes next.

The Capital Allocator Spectrum

Not every person using Solana is an active LP. And not every person who is not an active LP is sidelined. Many simply have different constraints: less time, less appetite for active position management, or capital that does not justify the operational overhead of monitoring positions across multiple pools.

For that user, Solana’s DeFi landscape has offered yield-bearing products for some time. Automated vault strategies exist precisely to serve this segment. The instruments are established. The demand is real. The question has never been whether liquidity yield strategies belong in DeFi. The question is whether a capital allocator has to leave their primary platform to access them.

On Orca, as of today, the answer is no.

What Vaults Adds to the Orca

Vaults are automated yield strategies surfaced inside Orca, powered by Kamino. This is not a new instrument in Solana DeFi, and it is not an unusual integration pattern in Solana DeFi. Orca was one of the first vaults launched on Kamino back in 2023, as a recipient of the Whirlpool Builders Program. What it is, specifically in the context of Orca, is the first product on the platform built for allocators who are not active LPs.

The practical difference this creates is about scope. A user who previously came to Orca solely to manage LP positions can now also hold a liquidity yield position on the same platform. A user who found the active LP workflow too demanding now has a way in. Both of those users can track their positions, whether active or passive, inside the same Portfolio view.

That consolidated view is the functional expression of what Orca is aiming to become.

How Orca Is Becoming a Full-Spectrum Capital Allocation Platform on Solana

Orca’s stated direction is to serve any expression of capital allocation on Solana’s internet capital markets. That framing is deliberate. It is a claim about where capital allocators should be able to do their work, regardless of the strategy they choose.

Swaps served users who needed to move between assets. Concentrated liquidity through Whirlpools served users who wanted to put assets to work actively. The Liquidity Terminal deepened the tooling available to those active allocators. The Orca Validator added staking infrastructure. Vaults extends the platform to users whose capital allocation preferences sit closer to the passive end of the spectrum.

Each layer has served a different user at a different point on the allocator spectrum. Vaults is the first product that moves Orca meaningfully toward serving the full width of that spectrum from a single interface.

Why Orca Partnered With Kamino for Automated Vault Strategies

Kamino has spent years building and operating automated liquidity strategies on Solana with a proven track record. Rebuilding vault infrastructure in-house would introduce delays and unnecessary execution risk — integration removes both and increases liquidity availability for users.

This is consistent with how successful financial platforms grow. They do not rebuild every instrument from ground zero. They identify where their infrastructure, trust, and user base create compounding value, and they partner where a specialist can serve the user better. The platform’s role is to provide the unified interface and the trust layer. That is why Orca chose Kamino.

Orca’s advantage is in being the platform where capital allocators on Solana already are.

Does Orca Vaults Replace Active Liquidity Provision?

Nothing about the Vaults launch changes the active LP experience. The Liquidity Terminal and Whirlpools infrastructure remain the dedicated home for active liquidity provision on Solana. The 126,000 LPs who generated $165 million in fees through the protocol in 2025 are the core of what Orca has built, and that user remains the primary beneficiary of continued product investment on the active side.

Vaults do not dilute that focus. It sits alongside it. The platform is wider now, and the depth of active LP tooling will continue to improve.

How to Access Vaults on Orca

Access is straightforward:
• Vaults is available in the top navigation bar
• Select a strategy
• Deposit capital
• Track performance inside your Portfolio alongside existing positions.

To get started, access Vaults on Orca: orca.so/vaults

Conclusion: One Platform for Every Capital Allocator on Solana

DeFi on Solana has matured past the point where infrastructure alone is the differentiator. The open question now is whether any single platform can serve the full range of how capital actually moves onchain. Not just the active allocator providing liquidity, but the holder who wants yield without the overhead as well.

Orca’s answer is a platform that meets capital allocators where they are, without neglecting the tools built for active LPs or requiring passive users to become one. Both exist on the same platform, tracked in the same portfolio view, built on the same five years of trust and infrastructure that made Orca one of the largest DEXes on Solana.

Vaults is the first step in that direction.

This article is for informational purposes only and does not constitute financial or investment advice. Yield-bearing products carry risk, including the potential loss of deposited capital. Past performance of any strategy or protocol is not indicative of future results. Conduct your own research before allocating capital to any DeFi product.

At a Glance

1. The Problem with Managing Liquidity Today
2. What is the Liquidity Terminal?
3. Features, why they matter, and how to use them
4. Conclusion

The Problem with Managing Liquidity Today

Concentrated liquidity is the most capital-efficient way to provide liquidity onchain. It is also the most operationally demanding. Unlike full-range liquidity, a concentrated position earns fees only while the market price stays within a defined range. Go outside that range and the position stops earning. Impermanent loss (IL) continues to rack up against the position’s value relative to holding.

The challenge for LPs has never been understanding this in theory, but managing this across multiple positions, in real time from one platform. Without having to stitch together data from external dashboards, price feeds, and spreadsheets to understand what is actually happening to their position.

Most LPs have felt the operational cost of this directly. A position goes out of range over the weekend. By the time it gets rebalanced, fees that could have been earned are gone and the portfolio composition has shifted in ways that were not anticipated. The gap between LP strategy and outcome is, in large part, an information and tooling gap.

The Liquidity Terminal is Orca’s answer to narrowing that gap.

What is the Liquidity Terminal

The Liquidity Terminal is Orca’s dedicated interface for concentrated liquidity management on Solana. It is built on top of Orca’s Whirlpools, Solana’s most widely integrated CLMM infrastructure, and consolidates the key workflows an LP needs into a single product surface:

• Historic price
• Liquidity distribution
• Position simulation
• Range presets
• Real-time position monitoring
• Out-of-range notifications
• Position History
• Live PnL

Think of the Liquidity Terminal as a painter’s palette. Each feature being a color to paint with. If you only have 4 colors to paint with, the level of detail your painting has will pale in comparison to someone with 8 colors. More colors mean more shades, and more features mean you can paint a clearer picture with your positions. Let’s breakdown each one outlining what each feature does, why it matters, and how to use it. Equipping you with the palatte to paint a clear picture for LPing.

Historic Price

Historic price displays a price chart for the selected token pair directly within the Terminal.

Why it matters: Range selection without price history is guesswork. An LP needs to see past and present volatility to make an informed decision on a position’s range.

How to use it: Open the Terminal, select your pool, and the historic price chart loads automatically as your context layer.

Liquidity Distribution

Liquidity distribution shows where existing capital is concentrated across the price curve of a pool.

Why it matters: Depositing into an already saturated tick range can mean competing for a smaller share of fees. Depositing into an empty or thin tick range can mean minimal fees from lower/non-existent volume.

How to use it: Review the distribution chart before setting your range to identify depth of liquidity across price ranges.

Position Simulator

Position Simulator models expected P&L outcomes across price scenarios, time in-range, and LP vs Hold comparison, before any capital is committed.

Why it matters: It replaces manual spreadsheets and visualize scenarios on different strategies, before you ever deposit capital.

How to use it: This tool is accessible without connecting your wallet.

• Select any pool
• In your Positions table, select the “Simulator” tab
• Set your range, adjust time in-range slider, and review projected outcomes across price movement scenarios
• See expected return comparison for LP vs holding tokens

Range Presets

Range presets are predefined range widths that map to common LP strategies. Based on fixed price, single-sided, or historic price.

Why it matters: Reduce friction from strategy to execution within a couple clicks.

How to use it: Found in the “Create a Position” section, select a preset as your starting point, adjust from there using the price chart.

Real-Time Position Monitoring

Real-time position monitoring displays a live price chart overlaid with an active position’s range bounds.

Why it matters: A position that goes out of range and is not caught quickly stops earning fees while impermanent loss continues to accrue.

How to use it: Open any pool, connect your wallet of choice, and view under “My Positions” tab after connecting your wallet to see every active position’s current status at a glance.

Out-of-Range Notifications

Out-of-range notifications alert an LP when the market price exits an active position’s range bounds.

Why it matters: It relieves you of needing constant monitoring across multiple positions, which is not a viable workflow at scale.

How to use it: At the top right of the page window, click on the ✉️ icon. Enable notifications that can be sent in-app, email, and via Telegram.

Position History

Position history is a time-stamped log of every deposit, withdrawal, and range adjustment made to a position since it was opened.

Why it matters: Strategy improvement requires data. A capital allocator that LPs who cannot review what they did and when, cannot identify what is working.

How to use it: After selecting a pool, click on the “History” tab next to “Positions”. View a past position’s time, liquidity action, token change, position address, and transaction link.

Live PnL

Live PnL shows the current unrealized profit and loss of an active position, updated in real time.

Why it matters: Gain visibility on any position’s health from one terminal.

How to use it: Live PnL is visible on both the “Positions” tab from the Liquidity Terminal and the Portfolio page.

Conclusion

The Liquidity Terminal is the product suite Orca built for Solana’s capital allocators that make serious LP management accessible and seamless at scale. The simulation features remove the guesswork from range selection. Real-time range visualization closes the information latency that causes positions to stay out of range longer than necessary. Best-in-class portfolio tracking makes it possible to manage multiple positions without the operational overhead of doing it manually.

Taken together, these tools represent a shift in how capital allocation can be practiced through providing liquidity on Solana: less reactive, more deliberate, and with the data infrastructure to support iteration and improvement over time.

The Liquidity Terminal is the most robust toolkit for capital allocators that LP on Solana.

Access the best tool for liquidity provision on Solana at orca.so/pools

Orca is proud to introduce Dynamic Tick Arrays, a significant upgrade to our Whirlpools program that dramatically lowers the cost of creating liquidity pools and improves capital efficiency on Solana.

Why This Matters

Back in November 2024, we took a major step in reducing liquidity provision costs by integrating TokenExtensions for fully refundable rent on position NFTs. Today, we’re pushing efficiency even further. This latest upgrade fundamentally redesigns how liquidity storage is handled, making it more affordable and scalable for everyone, from individual LPs to new token teams.

This initiative is driven by our commitment to building a platform that can support Solana’s long-term growth. As our engineering team notes, the cost of on-chain rent is a critical factor for scalability:

“If the price of SOL were to reach $500 or even $1000, the rent burden would become extreme — and that’s been a key motivation behind our ongoing efforts to improve our infrastructure. That’s why Orca is taking the rent problem seriously; it is essential for building a system that can truly scale alongside Solana.”

In this post, we’ll explore the challenge of on-chain liquidity storage, explain how Dynamic Tick Arrays provide a powerful solution, and detail what this means for users and developers.

The Challenge: Upfront Costs and On-Chain Rent

To understand the solution, let’s first look at the problem it solves.

In a concentrated liquidity pool, the full price range of an asset (from zero to infinity) is divided into discrete price points called ticks. Each tick acts like a checkpoint, tracking how much liquidity should be added or removed as the pool’s price moves past it. This is what allows liquidity providers (LPs) to concentrate their capital in specific price ranges.

Storing every single tick in its own on-chain account would be extremely inefficient and costly. To solve this, Orca groups consecutive ticks (88 in our case) into a single account called a Tick Array.

This grouping is efficient, but it presents a practical challenge: to open a position, the entire Tick Array containing the desired ticks must be initialized and paid for upfront. Even if an LP only needs to use one tick within that array, they have historically been required to pay the full rent for all 88. This cost could feel inefficient and unfair, especially for the first person to provide liquidity in a new price range.

The Solution: Orca’s Dynamic Tick Arrays

Orca’s latest upgrade introduces a more intelligent and cost-effective approach. Instead of requiring a large, fixed-size account from the start, the Whirlpools program now:

1. Initializes Tick Arrays as small as possible, covering only the necessary storage.
2. Dynamically resizes the Tick Array as new positions are opened or closed.
3. Makes the rent paid by LPs to expand an array fully refundable when their position is closed.

This “grow-as-you-go” model means the initial cost of creating a pool is drastically reduced.

Previously: Initializing a single Tick Array cost approximately 0.07 SOL (~$10 USD). For a new token pool, where 2–3 tick arrays are recommended, the upfront cost was $20–$30.

Now: The initial cost to initialize a Tick Array is just ~0.002 SOL (~$0.30 USD) — a ~97% decrease. As more liquidity is added, the array expands, but the cost is distributed among LPs and is significantly cheaper than before.

With this change, creating a new liquidity pool with five initialized tick arrays can cost less than $5 USD. In normal market conditions, this represents a savings of over 10x compared to other CLMMs.

Key Details for Traders and Liquidity Providers

One important point to understand about how this upgrade affects you:

1. Swapping is unaffected; this is an LP improvement.
   Trading behavior remains unchanged. Thanks to Orca’s SparseSwap feature, swaps can seamlessly traverse any price range based on available liquidity, regardless of whether a Tick Array has been initialized. This upgrade specifically benefits liquidity providers by lowering their costs and removing friction.
2. Understand the Rent: A small, one-time cost plus refundable deposits. This update changes how rent is handled, so it’s important to know the two scenarios:

• i) For a brand-new price range: If a Tick Array is completely uninitialized, the first user to provide liquidity pays a small, one-time, non-refundable rent to create it with a minimum size. This cost is exceptionally low — even smaller than the rent for a standard associated token account (ATA) and a fraction of the previous 0.07 SOL cost.
• ii) For existing price ranges: If a position requires an existing Tick Array to be expanded, the protocol collects a small, refundable rent deposit from the LP. This deposit is returned in full when the position is closed.

Key Details for Developers and Builders

This upgrade is already live and supported in the latest version of our Rust SDK. We highly recommend using the SDK to integrate this feature, as it automates serialization/deserialization and ensures future compatibility.

The key technical changes are:

• Tick Arrays are initialized with minimal size.
• The program dynamically resizes Tick Array accounts when positions are opened or closed.
• Rent paid by users to resize an array is refundable.

For teams who index Whirlpool tick arrays, our Developer Experience team provided an integration guide for the update.

For a deeper technical understanding, please visit our Developer Documentation and subscribe to Orca Dev Updates channel on Telegram!

Conclusion

At Orca, we are committed to building the most efficient and user-friendly DeFi platform on Solana. With Dynamic Tick Arrays, creating a liquidity pool is now dramatically cheaper, allowing capital to be deployed more effectively.

This upgrade allows asset issuers to launch pools with minimal upfront cost and empowers liquidity providers to engage in more frequent, cost-effective strategies. By tackling the on-chain rent problem head-on, Orca is ensuring our infrastructure is ready for the future, allowing every SOL invested in liquidity to work harder for you.

What is Orca?

Orca is an advanced DeFi protocol on Solana built around a Concentrated Liquidity Automated Market Maker (CLMM). Its simple, intuitive UX caters to beginners, advanced users, and professionals, making it the go-to choice for anyone looking to engage in DeFi on Solana.

Website | Docs | Developer Docs | Twitter | Discord

Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. Before using the protocol, carefully review all relevant documentation and consider risks, including the total loss of funds

Periods of high market volatility have long introduced challenges across DeFi.

For liquidity providers (LPs), sharp price swings increase exposure and risk — often without proportional rewards. Meanwhile, token creators launching new assets face the challenge of maintaining liquidity during volatile price discovery phases, often resorting to expensive, unsustainable incentive programs.

To realign these market dynamics, Orca is introducing Adaptive Fees. This new feature automatically increases fee percentages during periods of high volatility, creating a natural counterbalance to market turbulence and a more efficient ecosystem for our users.

During high volatility, LPs face the greatest risk of impermanent loss, yet traditionally earn the same fees as during stable conditions. By automatically increasing compensation during these high-risk periods, Adaptive Fees create proper risk-reward balance, ensuring LPs are incentivized to maintain liquidity precisely when the market needs it most.

For token creators, particularly those launching new projects, Adaptive Fees transform one of their biggest challenges into an advantage. New tokens naturally experience significant price volatility during their price discovery phase, which has traditionally made it difficult to attract and retain liquidity. With Adaptive Fees, this volatility becomes a feature rather than a bug, as the higher fees during these periods make their pools more attractive to LPs, helping maintain critical liquidity depth when it is most meaningful.

Embrace the volatility of the market with us as we walk through how to identify pools with Adaptive Fees, and how the Adaptive Fee bonus is calculated for Orca pools.

April has been a month of significant developments across multiple fronts — from governance implementation to UX refinements and developer tools. We’re excited to share the latest developments that continue to move Orca and Solana DeFi forward.

Protocol Upgrade

The Orca community passed a major governance proposal aimed at realigning the protocol’s incentives, supporting long-term growth, and enhancing value for the Orca community.

Since the approval, we’ve burned 25 million ORCA tokens reducing the total supply by 25%.

The systematic ORCA buyback mechanism is also now live. As outlined in the proposal, 20% of all protocol fees generated from Whirlpools are being used to purchase ORCA on the open market. These purchased tokens are being deposited into the designated xORCA reserve wallet.

Development of the xORCA staking contract is progressing. Once deployed, the ORCA tokens accumulated through the buyback program will be used to seed the initial staking rewards for xORCA holders.

Liquidity Terminal Refinements

Our Liquidity Terminal continues to evolve into a command center for LPs on Solana.

Persistent Settings: The terminal now remembers your last settings between sessions, allowing you to pick up exactly where you left off.

Resizable Position Table: Customize your viewing experience with a draggable position table.

Advanced Charting: Added time interval options on price charts for more granular market analysis.

Simplified Launchpad Integration

Integrating the Orca Whirlpools Program into developers’ own on-chain Anchor Programs used to be a longer process. Now, that’s changed.

We’ve released a fully documented CPI Integration Repo to make integrating with Orca Whirlpools simple. Launchpads and builders can now graduate tokens to Orca liquidity pools more seamlessly.

What’s included in the repository:

• Anchor program examples (v0.29.0, v0.30.1, v0.31.0)
• Client-side code for both @solana/web3.js and @solana/kit
• Testing suites with LiteSVM + Bankrun
• Full support for Splash Pools and liquidity locking

If you’re building a launchpad and want to graduate tokens into Orca Pools, this is your path forward.

Full Token Extensions Support

Solana’s Token Extension standards are powerful. Orca now offers comprehensive support for Token Extensions across the entire platform.

Transfer Fee Awareness: All core operations (trading, harvesting, liquidity operations, and autoswap) now properly detect and account for tokens with transfer fees.

Transparent Fee Disclosure: We’ve added dedicated line items in trading and liquidity dialogs that clearly distinguish between network fees and transfer fees, ensuring users understand exactly where every basis point goes.

Contextual Information: Strategic callouts have been added to create position, trade, and position details interfaces to help users understand interest-bearing token fees before they confirm transactions.

Advancing DeFi Regulation: Orca, Solana Policy Institute, and Superstate Submit a SEC Proposal

We have joined Solana Policy Institute and Superstate to submit a proposal to the SEC to develop regulatory frameworks to enable the compliant issuance, trading, and settlement of securities on public blockchains.

“Project Open is a step towards empowering innovation in financial markets through the use of blockchain-native technologies like tokenization and AMMs (Automated Market Makers),” says Nathan Davis, CEO of Orca.

“These technologies can support novel modes of capital formation while simultaneously advancing the SEC’s other core objectives of investor protection and maintenance of fair, orderly, and efficient markets. Orca is excited to work alongside Superstate and the Solana Policy Institute to bring these innovations to market in a thoughtful, responsible way.”

For a deeper dive on the proposal submitted to the SEC, find the filing here.

Looking Forward

As we continue to level up, we remain focused on making DeFi more accessible, efficient, and rewarding for the Orca community. The journey continues, and we’re excited to have you with us every step of the way.

Experience these updates firsthand at orca.so and share your feedback with us! Your input helps shape our priorities as we build the future of on-chain liquidity.

Until next time —

Stay fluid. 🐳

Liquidity Terminal (Phases 1 & 2)

Our most significant launch this month has been the first two phases of the Liquidity Terminal.

Phase 1 introduced professional-grade visualization tools for LPs:

• Real-time price charts
• Position ranges of your portfolio
• Card View of your portfolio to see all details in one view

Phase 2 transformed this into a more comprehensive command center where users can:

• View and modify positions within the same screen
• Access a complete position table for any selected pool
• Create new positions without navigating away
• Access the terminal directly from their portfolio.

Phase 3 is coming soon.

This holistic approach eliminates the fragmented workflows that have plagued liquidity providers since DeFi’s inception. What once required multiple page navigations and context switching, now happens in a single and intuitive interface.

Liquidity Locking

In March, we transformed how new token projects establish credibility with the launch of our Liquidity Locking tool. Unlike traditional methods that requires projects to burn their position NFTs (permanently destroying them) or send LP tokens to inaccessible addresses, our innovation allows creators to lock liquidity while still harvesting fees and rewards.

Liquidity Locking on Orca aligns the incentives of project teams and traders by creating permanent liquidity guarantees while enabling sustainable funding for legitimate projects. With transparent verification through integration with DexScreener and early adoption by projects like GoFundMeme, this feature is already enhancing trust and stability across the Solana token landscape.

Read more specifics on liquidity locking here.

Short-Term Yield Insights

Understanding potential returns is critical for capital allocation. Our new Estimated Yield feature now supports additional timeframes (15min, 30min, 1hr, 4hr, and 8hr) giving LPs more visibility into short-term yield patterns. This granular data allows for more strategic position management, especially during volatile market conditions when capital efficiency matters most.

Enhanced Portfolio Experience

Our new Position Range feature provides percentage-based indicators showing how far positions are from their boundaries, with clear min/max price displays and color-coded indicators for instant assessment.

For mobile users managing multiple positions, we’ve implemented card views that make scrolling and monitoring intuitive on smaller screens.

Developer Tooling Improvements

The Orca team has also developed the transaction sender library available for both Rust and TypeScript developers. This library streamlines transaction handling on Solana with built-in support for priority fees and Jito MEV tips. It enables more efficient execution in congested network conditions. The transaction sender library also features automatic compute unit budget estimation, which eliminates the need for manual calculations that often lead to transaction failures. Compatible with any Solana project, this tooling makes integration with Orca’s liquidity layer more accessible and reliable for developers across the ecosystem.

We are only a quarter of the way through our ambitious 2025 roadmap. In April, we’ll be expanding on these foundations with additional tools that further streamline liquidity management and bring newer, better opportunities for LPs. Thank you for being part of Orca’s journey. We look forward to sharing more innovations with you in the weeks ahead.

What feature are you most excited about? Let us know on our socials!

Join the Orca Community on X and Discord.

#Solana #DeFi #Liquidity #Orca #developers

Disclaimer: The content of this communication is not financial, legal, business, tax, accounting, or other advice and should not be relied on by any persons as such advice. This communication has not been provided in consideration of any recipient’s financial status or needs. No assessment has been conducted in relation to these issues based on the personal circumstances of any recipient. Each person should consider the contents herein in light of such person’s particular circumstances and consult its own advisors as to legal, business, tax, accounting, financial, and other related matters. Before using the Orca protocol, carefully review all relevant documentation and consider risks, including, without limitation, total loss of funds.

Are they really locked in?

Orca’s Liquidity Locking tool is finally here. Token creators and LPs can now create a pool with locked liquidity as opposed to burning a position NFT, keeping the ability to harvest yield from the pool.

In this article, we’ll walk through how to lock liquidity on Orca and how to harvest yield from locked positions. We’ll also cover key partners who have integrated Orca’s liquidity locking as part of their protocol or project.

The Lowdown on Liquidity Locking

Liquidity locking allows token creators to secure a portion of their token’s liquidity when launching a liquidity pool. Token creators can not withdrawn the liquidity that has been locked, but they can continue to harvest yield from the position.

For traders, locked liquidity gives confidence that the token’s liquidity is stable, reducing the risk of sudden losses due to liquidity withdrawal. Locked liquidity also makes it harder for someone to manipulate the token price through withdrawals or selloffs. For token creators, locking liquidity signals that the issuer has a vested interest in the project’s long-term stability. When a portion of the liquidity is secure, token creators can also attract more participants & build a more reliable & stable market.

Traditionally, teams would ‘burn’ their liquidity by burning a position NFT or sending the liquidity pool tokens to a burn address as a sign of ‘good faith’ to the market. However, the drawback to this approach was that once burned, the token creator would miss out on fees and rewards generated by the pool (which can represent significant funds!).

Instead, through liquidity locking, teams can capture fees and rewards from their liquidity pool and use these funds to support their project.

Rug Pull!
Liquidity locking can prevent token creators from suddenly withdrawing liquidity and “rug pulling” (no one’s favorite activity). It’s not foolproof, however, teams can still manipulate prices, hoard supply, and other shady actions. Always DYOR on new tokens.

Locking up Liquidity with Orca

To lock a portion of your liquidity with Orca, add liquidity to the pool, then select Lock Liquidity. Only full-range positions are supported.

For pools with locked liquidity, owners can harvest yield from the pool as usual on Orca.

To view what portion of a pool has been permanently locked in the pool, hover over the lock icon on the pool:

Important Notes:

• Once locked, liquidity cannot be unlocked so please ensure that the tokens being locked are correct before proceeding.
• Only full-range positions are supported.

Partner Integrations

See liquidity locking in action with GoFundMeme pools on DexScreener:

Conclusion

Liquidity locking serves as a safeguard that benefits both asset issuers and traders by reinforcing credibility and reducing fears of rug pulls, ultimately contributing to a healthier and more trustworthy trading environment.

We’re committed to making liquidity provision more flexible and accessible, empowering both new token creators and liquidity providers of all experience levels. And trying to keep you from taking an L, as best we can!

Because no matter whether you’re a trader, market maker, or builder —

Orca makes it easy. 🐳

Four years ago, Orca launched on the Solana mainnet to build a DeFi platform that puts people first. Since then, Orca has processed over $300 billion in cumulative volume, with 480+ tokens and 1,295+ trading pairs available — more being added every day. As Solana’s most trusted DEX, Orca boasts an impeccable security record with no hacks to date.

February 25, 2025, marks Orca’s fourth birthday!

To celebrate, we’re revisiting five major milestones — and offering a sneak peek at what’s coming next.

1. Starting on Solana

Orca was one of the first protocols deployed on Solana mainnet back in February 2021, receiving an early grant from the Solana Foundation to build an Automated Market Maker (AMM).
In May 2022, we introduced our open-source concentrated liquidity AMM smart contract, Whirlpools, pushing the boundaries of on-chain liquidity.

2. The Heartbeat of Solana DeFi

Throughout 2022 and 2023, numerous DeFi platforms and applications — including Jupiter, Kamino, and HawkFi — built on top of Orca, tapping into our robust liquidity layer.

Teams continue to rely on our double-audited, open-source smart contract and open-source SDK to build new primitives and enhance interoperability across the ecosystem.

Developer Tip: For more details, check out Orca’s developer docs to learn how to build on top of our platform.

3. Stablecoins & Liquid Staking/Restaking for SOL

PayPal USD (PYUSD)

Since its launch in May 2024, Orca has served as the primary on-chain liquidity venue for PayPal’s USD-backed stablecoin, $PYUSD. Issued by PayPal and integrated directly into PayPal and Venmo, $PYUSD brings a new level of credibility and distribution to digital assets on Solana. $PYUSD is 100% backed by high-quality liquid assets and managed by Paxos Trust Company.

This unique opportunity spotlights Orca’s position as the most trusted DEX for stablecoins, including Sky’s USDS, EURC, AUSD, and others.

Did you know?

PayPal USD is made possible by Solana’s Token Extensions.

Token extensions allow for the creation of specialized tooling and functionality at the token level. Token extensions make it easier to issue stablecoins on Solana by providing confidential transfers (both in terms of the account balance & the transaction amount), support for regulatory compliance, as well as coupling metadata with transactions to simplify payment reconciliation.

Token extensions have seen significant adoption within the Solana ecosystem, including Paxos’ USDP stablecoin, the first regulated Japanese yen stablecoin, and numerous other applications that Orca is happy to support.

Liquid Staking Tokens (LSTs) & Liquid Restaking Tokens (LRTs)

The rise of LSTs and LRTs on Solana in 2024 led Orca to support key launches, including Binance’s BNSOL, Bybit’s bbSOL, Renzo’s ezSOL, and Fragmetic’s fragSOL — providing deep liquidity and fueling the growth of Solana’s decentralized, scalable blockchain ecosystem.

4. $ORCA Listed on Binance

In December 2024, $ORCA was listed on Binance — one of the few tokens Binance selected to list for free in 2024.

Deeply committed to both Solana and DeFi, Orca is proud of the protocol and community of users it has built over the past three years and is now very excited to tell that story to Binance’s broader retail audience.

5. Highlights from 2024 & 2025

• Record Volume Day: In 2025, Orca hit its highest single-day trading volume, surpassing $10 billion.
• Widespread Adoption: Over 8.5 million unique wallets have interacted with Orca’s Whirlpools program since launch, culminating in 600 million+ trades to date.
• Eclipse Deployment: Orca’s launch on Eclipse in October 2024 quickly reached $378M in cumulative volume and $14.3M in TVL, making Orca Eclipse’s primary DEX.
• Dominant Liquidity Layer: We continue to lead in long-tail assets, blue-chip tokens, and stablecoins; with over 50% of SOL-USDC volume flowing through Orca.
• $300B+ in Cumulative Volume: As of February 2025, Orca has processed over $300 billion in total volume.

While we are proud of these achievements, we look to the future and know we must do more.

Looking Ahead: Orca as Solana’s Liquidity Layer

We envision a future where the majority of global financial transactions are driven by CLAMMs and other DeFi products. Our ambition goes far beyond being crypto’s leading financial primitive provider — we aim to reshape the foundation of finance itself. We’re building the next NASDAQ, grounded in a trustworthy, user-centric design that we believe is essential to realizing this vision.

In 2025, Orca will:

• Continue shipping new products and features to enhance both the LP and developer experience.
• Step up as a leader in the Solana ecosystem, supporting innovation across crypto, DeFi, and AI (read about our recent AI initiatives here).
• Unveil major announcements — stay tuned!

A new chapter is beginning at Orca.
It’s time to level up.

What is Orca?

Orca is an advanced DeFi protocol on Solana built around a Concentrated Liquidity Automated Market Maker (CLMM). Its simple, intuitive UX caters to beginners, advanced users, and professionals, making it the go-to choice for anyone looking to engage in DeFi on Solana.

Website | Docs | Developer Docs | Twitter | Discord

Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. Before using the protocol, carefully review all relevant documentation and consider risks, including the total loss of funds.

Orca is pleased to present Treasury Report #7, reflecting Orca’s key metrics to date and sharing key financial updates as of February 21, 2025.

Orca at a Glance

With the Solana ecosystem in full drive, Orca has achieved significant milestones:

• Surpassed $300 billion in trading volume and $390 million in LP fees
• Reached $10.5 billion in 24-hour trading volume
• More than 8.5 million unique traders and 290,000 unique LPs

Now, let’s dive into each of the key wallets related to Orca’s treasury 👇

Token Treasury

Wallet: Token Treasury Wallet

Amount: 40,144,206.89 ORCA (as of February 21, 2025)

Notes

• In Q4 2024, Orca migrated the Token Treasury Wallet to an improved multi-signature cold wallet security structure to further safeguard treasury assets.
• New wallet address: GwH3Hiv5mACLX3ufTw1pFsrhSPon5tdw252DBs4Rx4PV

Fee Treasury

Wallets: Fee Wallet

Amount: Market Value of $39.1 million (as of February 21, 2025)

Notes

• In Q4 2024, Orca also migrated the Fee Treasury Wallet to an improved multi-signature cold wallet security structure to enhance security.
• New wallet address: DWo8SNtdBDuebAEeVDf7cWBQ6DUvoDbS7K4QTrQvYS1S

Orca Climate Fund

Wallet: Climate Fund Wallet

Amount: Market value of $3.7 million (as of February 21, 2025)

Conclusion

We thank you for your ongoing support. As we journey through 2025, Orca remains committed to delivering a trusted, secure, and user-friendly experience in Solana DeFi.

Website | Docs | Twitter | Discord

Disclaimer: The content of this communication is not financial, legal, business, tax, accounting, or other advice and should not be relied on by any persons as such advice. This communication has not been provided in consideration of any recipient’s financial status or needs. No assessment has been conducted in relation to these issues based on the personal circumstances of any recipient. Each person should consider the contents herein in light of such person’s particular circumstances and consult its own advisors as to legal, business, tax, accounting, financial, and other related matters. Before using the Orca protocol, carefully review all relevant documentation and consider risks, including, without limitation, total loss of funds.

In the past year, we’ve seen a remarkable surge in AI adoption across the crypto space. From smart contract automation to sophisticated on-chain trading strategies, AI is changing the way we interact with decentralized finance (DeFi). At Orca, we’re excited to be part of this transformation by providing a robust platform for AI-driven applications on Solana.

Today, we’re thrilled to introduce how Orca’s AI integrations are powering new possibilities — and how developers like you can get started.

We’ve recently collaborated with three AI agent frameworks — Solana Agent Kit, GOAT by Crossmint, and Eliza by AI16z — to help you build next-generation on-chain agents.

Why AI x Crypto?

In traditional finance, AI has long been used to optimize trading, manage risk, and streamline operations. Now, with the advent of decentralized protocols, we can pair these same AI techniques with the transparency, security, and global accessibility of crypto. This means:

• Smarter Trading Strategies — AI can continuously monitor market conditions to optimize liquidity positions or identify arbitrage opportunities.
• Full Autonomy — Agents can execute trades, mint tokens, or even create entire DeFi strategies without human intervention.
• Expanding Developer Toolkits — New frameworks are making it easier than ever for developers to deploy on-chain AI agents that interact with DeFi protocols.

At Orca, we see tremendous potential for AI to empower builders and users alike. Whether you’re a professional trader, a DeFi enthusiast, or a curious developer, these integrations open up novel ways to leverage Orca’s features.

1. Solana Agent Kit

Solana Agent Kit is an open-source toolkit designed to help AI agents seamlessly interact with the Solana blockchain. With a single integration, agents (using any model) can autonomously perform over 15 Solana Actions — everything from trading and launching tokens to lending, airdropping, and deploying on AMMs.

Key Features of the Integration

• Create & Mint Tokens: Agents can autonomously create and mint new tokens.
• Launch Liquidity Pools on Orca: Deploy liquidity pools and provide liquidity in one transaction.
• Single-Sided Liquidity: Agents can initialize Whirlpools on Orca with just one token, eliminating the need for a second asset.

Single-sided liquidity pools allow liquidity providers to supply just one token of a pair, reducing the complexity of managing two separate assets. They open up new strategies for LPs and can help mitigate the risk of impermanent loss.

Resources

• Github Repo for Orca’s Actions
• Overview of Solana Agent Kit

2. Eliza by AI16z

Eliza is an AI agent framework from ai16z that integrates conversational AI with on-chain execution. Think of it as a chat-based interface that can manage real DeFi operations under the hood.

Key Features of the Integration
With our Eliza integration, agents can actively monitor and reposition your Orca LPs, reacting to real-time market conditions. You can stay informed through the chat terminal by requesting updates and insights on your positions. These insights can guide you toward refining your approach, and when you’re ready, you can simply restart Eliza with your revised strategy — helping you maintain an informed and responsive investment strategy.

Resources

• Demo video
• Pull Request

3. GOAT by Crossmint

GOAT (Great Onchain Agent Toolkit) by Crossmint is an open-source library for on-chain AI agent actions. It’s compatible with top AI frameworks like LangChain, Vercel’s AI SDK, and Eliza, and it supports both TypeScript and Python. Importantly, GOAT spans 30+ blockchains, including Solana — making it a versatile toolkit for multi-chain developers.

Key Features of the Integration

• Pool Creation: Automate the creation of new pools on Orca.
• Single-Sided Positions: Open single-sided LP positions for flexible liquidity provision.
• Position Management: Easily open, close, or fetch all your positions, including those that are out of range.

Resources

• Introduction to GOAT by Crossmint
• Github
• Orca Plugin for GOAT
• Documentation

What’s Next for Orca?

We believe this is just the beginning of the AI-driven DeFi revolution. Over the coming months, you can expect:

• Enhanced Developer Tooling: More robust APIs and documentation to simplify on-chain interactions.
• Extended AI Partnerships: Collaboration with additional agent frameworks and projects in the AI x crypto ecosystem.
• Advanced Trading Features: New ways to automate and optimize liquidity provisioning on Orca.

Our goal is to empower both developers and end-users to innovate on Solana. With Orca’s integrations, you can build AI agents that trade autonomously, launch tokens with a single command, and maintain LP positions in real-time.

If you’re ready to dive in, check out the resources linked above — or hop into our developer Discord to share what you’re building. We can’t wait to see what you create with AI on Orca!

Ready to Build?

• Explore our developer documentation
• Join the discussion on Discord
• Follow us on Twitter/X for the latest updates

Thank you for exploring how Orca is shaping the future of AI x crypto. Let’s push DeFi forward, together!

Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. Before using the protocol, carefully review all relevant documentation and consider risks including total loss of funds