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.
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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.
