Orca
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anchored·vHdRNw…QyF3Summary
Orca is a concentrated-liquidity automated market maker (AMM) and decentralized exchange built on the Solana blockchain, launched in February 2021 by co-founders Grace "Ori" Kwan and Yutaro Mori. Its core product, Whirlpools, is an open-source CLMM protocol with six independent security audits, a verifiable on-chain build, and no confirmed exploits since inception. The protocol operates via a DAO governed by the ORCA token and has expanded to Eclipse mainnet; the primary documented risk factors are residual upgrade-authority centralization, the legacy Three Arrows Capital investor relationship (now defunct), and a 2023 decision to geo-block U.S. users from the web interface without a public regulatory explanation.
Connected Entities
14 entities · 60 linked investigations- whirLb…tyCc→mentioned with→Orca(50%)
- Ethereum→mentioned with→Coinbase(60%)
- DeFiTuna→mentioned with→Jupiter Exchange(65%)
- DeFiTuna→mentioned with→Solana(80%)
- DeFiTuna→mentioned with→Ethereum(80%)
- DeFiTuna→mentioned with→Uniswap(60%)
- Ethereum Foundation→mentioned with→Ethereum(80%)
- Uniswap→mentioned with→Ethereum(80%)
- Eclipse→mentioned with→Ethereum(80%)
- Eclipse→mentioned with→Solana(80%)
- + 21 more
Timeline(16 events)
9 August 2021
ORCA governance token issued; initial circulating supply of 5.25 million tokens.
Bittime ORCA Coin explainer22 September 2021
Orca raises $18 million Series A (token sale from treasury) co-led by Three Arrows Capital, Polychain, and Placeholder; Coinbase Ventures and Jump Capital among participants.
CoinDesk28 January 2022
Kudelski Security completes first audit of Whirlpools program.
GitHub orca-so/whirlpools audit listing19 May 2022
Orca bug bounty program goes live on Immunefi with up to $500,000 in critical rewards.
Immunefi — Orca Bug BountiesJune 2022
Three Arrows Capital (3AC), a lead investor in Orca's Series A, collapses following the Terra/LUNA ecosystem crash and files for bankruptcy.
CNBC16 March 2023
Orca announces restriction of U.S. users from the orca.so web trading interface, effective March 31, 2023. No explanation is provided.
CoinDesk21 August 2024
OtterSec completes third audit of Whirlpools — the first since the 2022 audits.
GitHub orca-so/whirlpools audit listing29 October 2024
Orca deploys Whirlpools on Eclipse mainnet, its first multi-chain expansion.
Orca MediumJuly 2025
Orca launches Wavebreak, a token launchpad with anti-bot CAPTCHA mechanisms, competing with Pump.fun on Solana.
BlockworksAugust 2025
Orca DAO governance vote approves 24-month ORCA buyback program using treasury SOL and USDC; SOL staking to dedicated Orca validator also approved.
Solana FloorDecision Log
- slot 453834001 · hash HY8np8zUTy2H6qqkUZ8uenTFQ8TDoNk7nPY9yeHKA5FU
- slot 423927848 · hash 67CxJ9kVqRiY6PGvayp1J3ATYgVg532QriVXKHLjvuXA
- slot 423927844 · hash 45EyCGhmA3ZqoNZuQhkCiFZ13RS83Z9YKP86qHp9nA7g
- slot 423204503 · hash BRtfAAabqpf9t7Rv98zd7DX99Fm8mcRxjJxNdkb5zg6K
This investigation is cryptographically anchored to the Solana blockchain (4 decisions). 25 of 26 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/30/2026, 5:45:17 PM
last updated: 5/30/2026, 5:45:17 PM
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