[Asset Onboarding Application] $ORCA - Orca - Revised Format
Author(s): @nathan
Tags: asset-onboarding
Asset Name: Orca
Asset Code: ORCA
Submission Date: 2022-08-23
Ratification Date: 2022-09-13
Status: Active
Forum URL: https://forum.jetprotocol.io/t/asset-onboarding-application-orca-orca-revised-format/1045/3
Application Profile
1. What is your motivation for submitting this application?
Jet Protocol has demonstrated a very strong commitment to community governance and decentralization. Orca wants its holders to be able to participate in that community directly by using the Jet Protocol as a platform for lending their ORCA to others and borrowing against their ORCA holdings.
2. What is your association to the proposed asset?
I am part of the business development team at Orca.
3. What are the key benefits to the Jet Protocol for onboarding the asset?
Orca is one of the most widely used protocols on Solana and routinely has more daily active users than either Raydium or Serum. The ORCA token is held by nearly fifty thousand wallets, and more than 1 out of every 8 ORCA tokens is currently deposited in a lending protocol. Average utilization rates on deposited ORCA presently exceed 12%, resulting in hundreds of thousands of dollars of borrowed ORCA earning fees for lending protocols and their users every day.
4. What are the known limitations of the asset?
N/A
Project Profile
1. Please provide a brief, high-level description of the asset’s native ecosystem (project), including protocol’s type (peer-to-peer/ peer-to-liquidity/ etc.).
Orca is a DEX focused on providing the best UX, DX, and swap prices on Solana. Orca’s primary product offerings are concentrated liquidity AMM pools (whirlpools). Total value locked on the Orca platform is in excess of $90 million, and traders execute tens of millions of dollars in trades on Orca every day. Daily trading volume on whirlpools routinely exceeds the amount of LP capital, resulting in outstanding capital efficiency for LPs.
2. Who are the founding members? What is their current involvement with the project?
Ori Kwan and Yutaro Mori are the project’s founders, and they both continue to work on the project full time.
3. Please indicate the ICO date, initial price and valuation of the token and total capital raised (in USD and crypto terms).
Orca did not raise funds through an ICO and only distributed tokens publicly through an airdrop detailed here.
4. How much of the capital raised via the ICO was converted into FIAT (in terms of FIAT currency and amount of tokens)?
N/A
5. What was the way of issuing and distributing the tokens? Were there pre-ICO investors?
N/A
6. What is the current token distribution (project team vs. investors vs. public)?
The current circulating supply is approximately 21,000,000 out of a max total supply of 100,000,000 tokens. These 21,000,000 tokens are owned by the public because the team, investor, and advisory allocations have not yet begun to unlock. Unlocks for the team begin this month (August 2022) and investor unlocks begin next month (September 2022).
7. Are there any fees generated by the protocol? If yes, please provide details and amounts.
The protocol earns fees through taking a percentage of swaps. Protocol fees deposited to the Orca treasury (not LP fees) are currently 0 basis points on concentrated liquidity pools (whirlpools) and 4 basis points on most traditional constant product pools. The Orca Climate Fund earns approximately 1 basis point on standard pools and 0.6 basis points on Whirlpools These fee rates may be adjusted in the future through community governance proposals.
8. Is the protocol audited? By what firms? Please provide link(s) to the audit documentation.
Orca’s constant product pools use the Solana token swap program located here. Orca uses a version that was audited by Kudelski and the report is available here. The deployment uses commit hash 813aa3.
Orca built its own program for its concentrated liquidity whirlpools, and it has passed audits by both Kudelski and Neodyme.
9. Is the protocol open source? If yes, please provide links to the repository.
Yes, the protocol is open source. Orca’s github repository is located here.
10. Other relevant project data or comments:
Orca’s Typescript SDK is available here to interact with any Orca pools programmatically.
Asset Profile
1. Asset name:
ORCA
2. Asset type (native/ wrapped):
Native
3. One-sentence description of the asset:
ORCA is the governance token of the Orca protocol.
4. What’s the purpose of the asset within its native ecosystem?
ORCA holders are able to vote on governance proposals, and a holder must own 100,000 ORCA to be able to initiate a governance proposal.
5. Does the asset have any use outside of its native ecosystem (integrated protocols)?
ORCA can currently be used for borrowing and lending on Solend and Apricot and for lending on Tulip and Francium.
6. Please provide all Smart Contract address. If the project is open source, detail how the Smart Contracts are implemented.
Whirlpools: whirLbMiicVdio4qvUfM5KAg6Ct8VwpYzGff3uctyCc
Constant Product: 9W959DqEETiGZocYWCQPaJ6sBmUzgfxXfqGeTEdp3aQP
Asset Liquidity
1. What exchange(s) support the asset?
In addition to the native Orca platform, Orca trades on a variety of large centralized exchanges including: Coinbase, FTX, Gate.io, and MEXC Global.
2. Does the asset have liquidity on Serum? What is the liquidity depth (resting orders)?
Yes, but the majority of liquidity for ORCA is on the Orca platform.
3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).
Approximately 200K in USDC volume per day.
4. Which oracles monitor the asset? How many feeds are available?
Pyth - Feed Here
5. How often does the asset drop significantly in price? Please provide a link to the price history.
6. For stablecoins only: Has the asset ever lost the peg? If yes, for what reason?
N/A
7. For algorithmic stablecoins only: Please provide details on the risks associated with the design.
N/A
8. For wrapped assets only: Which bridges are used? Are they custodial or non-custodial? Are they audited?
N/A
9. What amount of asset’s liquidity exists in the integrated protocols (if applicable)?
ORCA deposits into yield farming and lending protocols are as follows:
Tulip: 7.4% of Circulating Supply
Francium: 2.9%
Solend: 1.2%
Apricot: 1.2%
Total: 12.7% (~$2.2 million)
Total borrow utilization of these deposits is currently around 12%.
10. List any parties interested in taking part in liquidations for the proposed asset type.
N/A
Key Mechanics
1. How many active addresses/ users currently hold the asset?
2. Please provide a brief overview of the tokenomics.
ORCA is a governance token for the Orca protocol. All ORCA holders can vote on governance proposals, but a holder must own 100,000 ORCA to be able to make a governance proposal.
3. Is the asset supply expected to increase or decrease over time? Is there a token burn mechanism? Is the project able to mint more tokens in the future?
Current circulating supply of 21,000,000 will increase over time through LP emissions, community/builder incentives, and investor/team unlocks with a maximum supply of 100,000,000 ORCA. LP emissions equate to an annualized inflation rate of 7.4% of circulating supply based on current weekly emissions of 30,000 ORCA.
4. Please explain the staking mechanism (if any).
N/A
5. Please explain the slashing mechanism (if any).
N/A
6. Are there tokens on vesting schedule? If yes, what is that schedule and related vesture limitations?
Team allocations are on a three year vesting schedule with a 1 year cliff that expires in August 2022. Investor allocations are on a three year vesting schedule with a 1 year cliff that expires in September 2022.
7. Are any tokens allocated for specific purposes or issuance schedules (e.g. liquidity mining)?
The majority of the token supply is reserved for community/developer incentives, including emissions for LPs on the platform. However, there is not a fixed issuance schedule for these uses.
Legal Profile
1. Is the project or the asset owned by any incorporated organization?
No
2. In which jurisdictions was the token issued?
N/A
3. Was the token issued as part of regulatory process (e.g. securities offering)?
No
4. Was the token issued as part of fundraising process?
A private Series A funding round took place in September 2021 that raised $18 million for a 9.6% allocation of ORCA tokens. No public fundraising has ever taken place.
5. Has the project or the asset obtained any legal opinions on the regulatory standing of the token? If yes, please provide links to the relevant documentation.
Yes. Link provided below.
6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.
No.
Links
Link to project’s white paper:
Link(s) to active communities related to the project:
Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:
-
https://docs.orca.so
Orca · GitHub
solana-program-library/token-swap at master · solana-labs/solana-program-library · GitHub
Link(s) to audits - both procedural and Smart Contracts:
Link(s) to legal opinions:
Link(s) to other legal material:
Other relevant links:
*https://orca.so
orca_so | Twitter | Linktree
List all relevant Solana addresses here:
- orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZE Token Address
9W959DqEETiGZocYWCQPaJ6sBmUzgfxXfqGeTEdp3aQP Swap Address
whirLbMiicVdio4qvUfM5KAg6Ct8VwpYzGff3uctyCc Whirlpools Address
Marketing / Campaign Material
If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here:
*
Orca Branding Guide: Orca Brand Assets - Orca
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