Solana ($SOL) Powered DEX Receives $18 Capital Injection

Recently, Orca ($ORCA), a decentralized exchange (DEX) built on the Solana blockchain, announced an $18 million Series A funding round led by some of the industry’s biggest investors. 

According to a report by Decrypt, Orca recently closed on an $18 million Series A funding round led by Polychain, Placeholder and Three Arrows Capital. Jump Capital, Sino Global Capital, Collab+Currency, DeFiance Capital, Zee Prime, Coinbase Ventures, and Solana Capital were among the other investors to participate in the round of funding. 

Orca, which was launched in February, calls itself “the easiest, fastest, and most user-friendly AMM on Solana.” Kyle Davis, co-founder of Three Arrows Capital, called the DEX a “critical addition” to the Solana ecosystem. 

The report claims the Orca team intend to use the new funding to continue developing their platform of the “most capital-efficient and user-friendly automated market maker (AMM) in the Solana ecosystem. “

Grace “Ori” Kwan, co-founder of Orca, told Decrypt,

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. 

The Decrypt report also mentioned that Orca has managed to distinguish itself from other DEX’s by incorporating user-friendly trading tools, such as the “Fair Price Indicator” and the “Magicbar.”

Chris Burniske, a partner at Placeholder, told Decrypt that Orca is “responsive and affordable” for users, while making the experience of investing a fun, “cheery” experience.

According to data by Defi Llama, currently, Orca has around $740 million in total value locked (TVL) on its platform; this is $500 million higher than the TVL figure just nine days ago.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Image by Csaba Nagy from Pixabay

Source: Read Full Article