Orca
Summary
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
2 entities · 10 linked investigations- whirLbMiicVdio4qvUfM5KAg6Ct8VwpYzGff3uctyCc→mentioned with→Orca(50%)
- + 7 more
Timeline(16 events)
2021-08-09
ORCA governance token issued; initial circulating supply of 5.25 million tokens.
Bittime ORCA Coin explainer2021-09-22
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.
CoinDesk2022-01-28
Kudelski Security completes first audit of Whirlpools program.
GitHub orca-so/whirlpools audit listing2022-05-19
Orca bug bounty program goes live on Immunefi with up to $500,000 in critical rewards.
Immunefi — Orca Bug Bounties2022-06-01
Three Arrows Capital (3AC), a lead investor in Orca's Series A, collapses following the Terra/LUNA ecosystem crash and files for bankruptcy.
CNBC2023-03-16
Orca announces restriction of U.S. users from the orca.so web trading interface, effective March 31, 2023. No explanation is provided.
CoinDesk2024-08-21
OtterSec completes third audit of Whirlpools — the first since the 2022 audits.
GitHub orca-so/whirlpools audit listing2025-07-01
Orca launches Wavebreak, a token launchpad with anti-bot CAPTCHA mechanisms, competing with Pump.fun on Solana.
Blockworks2025-08-01
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
- hash: BRtfAAabqpf9t7Rv98zd7DX99Fm8mcRxjJxNdkb5zg6K
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 5/30/2026, 5:45:17 PM
last updated: 5/30/2026, 5:46:12 PM
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