Orca, the decentralized exchange (dex) platform has announced that it was successful in raising an impressive $18 million in a Series A funding round, which was led by prominent names like Three Arrows, Placeholder and Polychain. This dex platform is a project of Solana, which was established to be the ‘go-to swap’ platform for the blockchain. On Wednesday, the decentralized finance (DeFi) service based on Solana disclosed the amount they had managed to raise. Orca said that this investment would help in jumpstarting their path that could help it in becoming the go-to swap option for the Solana ecosystem.
There has been a substantial increase in value of Solana (SOL), as it has managed to gain around 5,184% within the last 12 months alone. The development of a variety of DeFi projects has been seen on the Solana protocol. Some of the prominent Defi projects based on Solana include Dexlab, Solanax, Spiderswap, Hydraswap, Sypool, Solrise, Port, Senswap, Parrot, Solaris and Serum, amongst others. At the time of writing, the total-value locked (TVL) into the Orca Defi protocol is around a whopping $300 million. According to Orca, the $18 million finance comes from Placeholder, Polychain and Three Arrows that served as co-leads in the funding round.
Some of the other companies that also participated in the Series A funding round included Sino Global Capital, Solana Capital, Collab and Currency, Coinbase Ventures, Jump Capital, Zee Prime and Defiance. During the announcement, Chris Burniske, the Placeholder partner said that the best thing about Orca is not that it is affordable and responsive. It is that Orca has made finance fun and comes with a cheery community, experience and broader mission based on values. He went on to say that it was protocols like Orca that will bring crypto into the mainstream and will help redefine how people think of finance in their everyday lives.
The Yutaro Mori, along with Grace ‘Ori’ Kwan, launched Orca back in February 2021 and the project began without any outside funding, whatsoever. The Orca team disclosed that since its launch, they had managed to expand their core team to eight members and they span broad professional experiences, three continents and a number of hobbies. It should also be noted that there is also a native token of the automated market maker (AMM), which is known as ORCA and is used for liquidity pools and trading fees on Aquafarms. The co-founder of Three Arrows, Kyle Davies believes that there is a need for a Solana-powered AMM, such as Orca.
Davies said that Orca’s AMM is a critical additional to the overall Solana ecosystem and its performance, strength of team as well as the community-focused mission is highly exciting. While there have been significant gains in Solana in 2021 and its market capitalization has helped it become the seventh-largest crypto asset, the network also experienced a massive outage on September 14th, 2021. The situation did not please Solana users and an official blog post was published by the Solana team for discussing the outage in-depth, along with a detailed timeline.