Other participants in the Series A round include Jump Capital, Sino Global Capital, Collab+Currency, DeFiance Capital, Zee Prime, Coinbase Ventures, Solana Capital, as well as several angel investors.
Described by Kyle Davis, co-founder of Three Arrows Capital, as “a critical addition to the Solana ecosystem,” Orca was launched in February this year as a fully bootstrapped project with a two-member team, offering instant and nearly-free token swaps.
The protocol has surpassed $231 million in total value locked (TVL) since the launch of its governance token in August.
Orca has recorded over $36 million in trading volumes over the past 24 hours, making it the market’s 23-largest DEX, according to CoinGecko.
Currently, the team has eight contributors with professional backgrounds at Google, Amazon, and Coursera among other companies and startups.
With the new injection of funds, Orca is setting its sights on continuing the development of what it calls “the most capital-efficient and user-friendly automated market maker (AMM) in the Solana ecosystem.”
Naturally, it remains to be seen whether the exchange will live up to this promise.
Greater capital efficiency
Many projects engaged in the thriving decentralized finance (DeFi) space see this as a big advantage over rival blockchains, however, the Orca team is setting its sights even further.
“We are working on a smart contract that will allow for more capital-efficient trades (lower slippage) compared to our current smart contract, even with the same amount of liquidity,” Grace “Ori” Kwan, co-founder of Orca told Decrypt.
"Not only is Orca responsive and affordable, but it’s finance made fun, with a cheery experience, community, and broader values-based mission,” said Chris Burniske, a partner at Placeholder.
Burniske added that “it's teams like Orca that will bring crypto to the mainstream and redefine how we think of finance in our everyday lives."
Orca’s other plans include improving its open-source TypeScript SDK, which allows developers to build decentralized applications (dApps) on top of Orca's smart contracts, as well as the launch of its own NFT art projects. ( source : Decrypt.co )