Whirlpools Rotation #23: February 23rd — March 9th

Orca
4 min readFeb 23, 2023

Bon Voyage to Aquafarms, Whirlpools Ahoy!

🌊 Whirlpools Rotation #23 🌀

  • Duration: Thursday February 23, 2023 — Thursday March 9, 2023
  • Total Rewards: Total rewards of ~6K ORCA for this rotation across all pools, plus additional project rewards on select pools. All Whirlpools are now open and rewards will begin on February 23rd at ~24:00 UTC.
  • Orca’s standard pools, which include Aquafarms and Double-Dip pools, will transition to withdrawal-only status tomorrow, February 23rd! To help transition to whirlpools, a one-click “Migrate” option is now live to seamlessly move liquidity over and take advantage of the higher trading volumes on whirlpools. Read this migration guide to get all the details!
  • Bitcoin is back on Solana thanks to Wormhole!
  • While most attention is often paid to metrics like volume and TVL, an often overlooked piece of data is trading fees generated for LPs. Read more below in Deepsea Insights to learn about how Orca is the leading trading platform on Solana for fee generation and how this can actually help traders get better pricing too!

New Whirlpools… 🌀

Tokens making their first appearance on Orca

ACS-USDC (1.00% fee tier) from Access Protocol

GP-USDC (1.00% fee tier) from Graphite Protocol

cgntSOL-SOL (0.01% fee tier) from Cogent Crypto

WBTC-USDC (0.05% fee tier) from Wormhole

Migration note for LPs Orca’s standard pools: As noted above, Orca’s standard pools will transition to withdrawal-only status tomorrow, February 23rd, and a new “Migrate” option is now live. Read this migration guide to get all the details.

  • Full deposits are now live: full-range deposits allow users to mirror a standard pool position, while still using Orca’s concentrated liquidity pools. Your position will earn lower yields compared to concentrated positions, but it will not need to be rebalanced.
  • All standard pools now have full-range deposits available for their Whirlpool counterparts
  • Have feedback on full-range deposits or need help using Orca’s concentrated liquidity pools? Hop in our Discord!

Reward incentives for pools migrating to Whirlpools from standard pools: to help encourage LPs in standard pools to move liquidity to the corresponding Whirlpools instead, Orca is continuing a rewards campaign on the following pools:

GMT-USDC (0.30% fee tier) from StepN

  • ORCA rewards: 125 ORCA per week

mSOL-USDC (0.30% fee tier) from Marinade

  • ORCA rewards: 250 ORCA per week

BOP-USDC (1.00% fee tier) from Boring Protocol

  • ORCA rewards: 125 ORCA per week
  • BOP rewards: 25k BOP per week

MNDE-mSOL (1.00% fee tier) from Marinade

stSOL-USDC (0.30% fee tier) from Lido

  • ORCA rewards: 250 ORCA per week
  • wLDO rewards: 375 wLDO per week

ATLAS-USDC (0.30% fee tier) from Star Atlas

  • ORCA rewards: 250 ORCA per week

POLIS-USDC (0.30% fee tier) from Star Atlas

  • ORCA rewards: 250 ORCA per week

SHDW-USDC (0.30% fee tier) from GenesysGo

  • ORCA rewards: 250 ORCA per week

SAMO-USDC (0.30% fee tier) from Samo

  • ORCA rewards: 250 ORCA per week

AURY-USDC (0.30% fee tier) from Aurory

  • ORCA rewards: 125 ORCA per week

🌊 Deepsea Insights 🌏

When people make comparisons between on-chain trading platforms, the two numbers most often (and usually exclusively) cited are volume and TVL. While these numbers are important, they also don’t tell the whole story. Not all liquidity and not all trades are created equal. At the end of the day, what matters most to LPs is fee generation, and no platform on Solana generates more fees for its LPs than Orca. In fact, while Orca is already the market leader in trading volume and TVL, its dominance in fee generation is even higher, topping 75% of all trading fees generated on Solana most days (and some days much more!).

While fees are obviously great for LPs, higher fee tiers can actually be a benefit to traders as well. Higher fee tiers can attract much greater liquidity depth on newer, more volatile tokens, enabling better execution for traders with lower price impact, even after accounting for the higher LP fee. This is how Orca wins by far the most trade volume through Jupiter even when other platforms might offer the same pair at a lower fee tier.

While it makes sense for the majority of volume on a pair like SOL/USDC to go through the 0.05% fee tier, most other ecosystem tokens are best served at the 1.00% tier. Tokens with enough sustained trading volume migrate liquidity organically to the 0.30% tier over time as LPs feel more comfortable accepting lower fees to compete for a higher share of volume. Accurately priced liquidity is a win for everybody because it creates a much more sustainable environment for both LPs and the traders that rely on them. 🐋

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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 total loss of funds.

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Orca

The official account of Orca: The most user-friendly AMM on Solana 🐳 https://orca.so