“Apex Predator” Orca surpasses 130,000 daily active users and dominates Solana DEX rivals

DeFi protocol Orca has seen a surge in new users, putting it way ahead of it Solana DEX competitors and closer to its goal of becoming DeFi’s “Apex Predator”.

The Decentralized Exchange (DEX) and Automated Market Maker (AMM) were recently introduced hot tubs, Provide users of the protocol with access to concentrated pools of liquidity. Soon after, popular Web3 lifestyle app STEPN integrated Orca’s pools to power their swaps. As a result, usage of the protocol is at an all-time high.

The number of daily users of Orca (defined as unique wallets performing fewer than 20 transactions per day to filter out arbitrage wallets) surpassed 130,000 in early May 2022, putting it head and shoulders above other exchanges on Solana.

Number of unique wallets interacting with Solana DEXs Source: @TwoCrows on Dune

With daily DEX user base on Solana with around 160,000 unique addresses At the beginning of the month, Orca takes over 70% of the whales. This is in stark contrast to Orca’s closest competitors, Raydium (8.3%) and Serum (6.7%).

Source: @TwoCrows on Dune

This increase in activity has resulted in a corresponding increase in swap volume. In 2022, Orca recorded over $9 billion in volume, with about half of that coming in the last month.

For longtime users, Orca’s dominance comes as no surprise. Its rare combination of intuitive user experience and cutting-edge technology has given it broad appeal among DeFi newbies and veterans alike. Not to mention Orca’s commitment to real-world impact; About 0.01% of all swap fees flow through the fight against climate change and sustainability Orca Impact Fund.

Another element of Orca’s success is its composability. Just as Orca’s user interface is designed for ease of use, Orca’s open-source Software Development Kit (SDK) is designed for easy integration with other applications. This has prompted protocols like STEPN to integrate Orca “under the hood” to make the exchange easier for their users.

But those are just stepping stones for Solanas.”Apex AMM“. The newly released Whirlpools technology allows LPs to earn higher fees with less liquidity, improving swap pricing and making markets within Solana more efficient overall.

In the coming months, Orca intends to transition all of its existing pools to whirlpools and launch community listings, allowing anyone in the ecosystem to list a concentrated liquidity pool “without permission.” This will allow Orca to become the foundational liquidity layer for all fungible tokens in Solana. (See more details here.)

The Whirlpools smart contract has been double checked by Kudelski and Neodyme and will be available as open source in May 2022 Whirlpools SDK allows for easy integration by developers looking to harness the power of concentrated liquidity and is already being used by the popular aggregator Jupiter.

In the near future, Orca will be encouraging developers to integrate hot tubs into its upcoming Builders program. Possible integrations include leveraged farming on protocols like Tulip, efficient trading of fractional NFTs, and automated concentrated liquidity strategies known as “vaults”.

To see Solana’s Apex Predator for yourself, visit orca.so.

This post was commissioned by Orca and is not intended as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon for investment, tax, legal or other advice. You should conduct your own research and consult independent attorneys and advisors on the matters discussed in this post. Past performance of an asset is not indicative of future results.

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