Audit log

Every state-changing event for Orca: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-30 17:46:12Z
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   {"actor":"system:backfill","investigation_id":"06fdfbe1-7e9b-4a4f-8302-97f38657812a","kind":"publish","page_slug":"orca","published_at":"2026-05-30T17:46:12.237Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Orca","sections":[{"content":"Orca is a decentralized exchange and AMM protocol running natively on the Solana blockchain. It launched in February 2021 and introduced its flagship concentrated-liquidity product, Whirlpools, in March 2022 — broadly analogous in design to Uniswap v3 but built for Solana's parallel-execution runtime. The protocol allows users to swap SPL tokens and for liquidity providers to concentrate capital within custom price ranges across four fee tiers (0.01%, 0.05%, 0.30%, 1.00%). In October 2024, Orca deployed Whirlpools on Eclipse mainnet, an Ethereum Layer-2 running the Solana Virtual Machine, making it the first multi-chain deployment of the protocol. In July 2025, Orca launched Wavebreak, a token launchpad with anti-bot protections that uses onchain CAPTCHA and a bonding-curve graduation mechanism. The ORCA governance token (hard cap: 100 million) was issued in August 2021. Co-founder Grace \"Ori\" Kwan, a Stanford CS graduate and former Coursera engineer and IDEO designer, led UX; co-founder Yutaro Mori (\"rawfalafel\"), an Ethereum Foundation alumnus and former UMA engineer, architected the AMM. The team also includes members with backgrounds at Google and Amazon.","heading":"What It Is","severity":"low","sources":[{"credibility":2,"name":"Orca on Solana: Project Review, Programs, Token, Metrics — Solana Compass","type":"research","url":"https://solanacompass.com/projects/orca"},{"credibility":2,"name":"Meet the Orca Team — Orca Medium","type":"official","url":"https://medium.com/orca-so/meet-the-orca-team-1b116398db48"},{"credibility":2,"name":"Yutaro Mori & Grace Kwan — Co-Founders of Orca Ep #46 — Solana Validated","type":"other","url":"https://solana.com/validated/episodes/yutaro-mori-grace-kwan-co-founders-of-orca-ep-46"},{"credibility":2,"name":"Orca is Live on Eclipse Mainnet — Orca Medium","type":"official","url":"https://orca-so.medium.com/orca-is-live-on-eclipse-mainnet-1a3e23997815"},{"credibility":2,"name":"Orca releases Wavebreak launchpad for Solana tokens — Blockworks","type":"news_article","url":"https://blockworks.co/news/orca-solana-token-launchpad"},{"credibility":1,"name":"GitHub — orca-so/whirlpools","type":"official","url":"https://github.com/orca-so/whirlpools"}]},{"content":"Orca has processed over $36 billion in cumulative trading volume since launch and at various points in 2022–2023 held the position of Solana's largest DEX by total value locked. As of mid-2025, Solana Compass data shows daily metrics of approximately 963,600 transactions, $122.8 million in swap-attributed volume, and 56,200 unique signers on active days. DeFiLlama tracks TVL on the protocol at approximately $400–500 million depending on market conditions. CoinGecko lists the ORCA token circulating supply at approximately 60.8 million against a 100 million hard cap. Orca routes a substantial share of Solana DEX volume through Jupiter, the dominant Solana trade aggregator, which aggregates liquidity from Orca's Whirlpool pools as a backend.","heading":"Scale & Market Position","severity":"low","sources":[{"credibility":2,"name":"Orca TVL, Fees, Revenue & Volume — DeFiLlama","type":"research","url":"https://defillama.com/protocol/orca"},{"credibility":2,"name":"Orca on Solana: Project Review, Programs, Token, Metrics — Solana Compass","type":"research","url":"https://solanacompass.com/projects/orca"},{"credibility":2,"name":"Orca Price: ORCA/USD Live Price Chart — CoinGecko","type":"research","url":"https://www.coingecko.com/en/coins/orca"}]},{"content":"The Whirlpools smart contract has been independently audited six times since its pre-launch phase. The audit record is as follows: Kudelski Security (January 28, 2022), Neodyme AG (May 5, 2022), OtterSec (August 21, 2024), Sec3 (February 28, 2025), Sec3 (June 23, 2025), and Sec3 (August 22, 2025). Audit reports are stored in the public .audits directory of the orca-so/whirlpools GitHub repository. The Neodyme report is also directly accessible as a public PDF. No audit has publicly disclosed a critical unpatched vulnerability. The on-chain program (Program ID: whirLbMiicVdio4qvUfM5KAg6Ct8VwpYzGff3uctyCc) is deployed with a verifiable build, allowing independent parties to confirm that the on-chain bytecode matches the public source code at a specific commit using the Solana Verify CLI and OtterSec's verification API. Multiple sources, including CryptoRank and dexrank, state that Orca has experienced zero hacks or exploits since inception as of mid-2026. This claim has not been contradicted by any credible source found. Orca maintains an active bug bounty program on Immunefi, live since May 19, 2022, with a maximum reward of $500,000 for critical smart contract vulnerabilities ($100,000 minimum) and $50,000 for high-severity findings. Proofs of concept in code form are required; no KYC is required for payouts.","heading":"Security & Audit History","severity":"low","sources":[{"credibility":1,"name":"GitHub — orca-so/whirlpools (audit listing)","type":"official","url":"https://github.com/orca-so/whirlpools"},{"credibility":1,"name":"Security Audit — Orca Whirlpools Neodyme AG May 05, 2022","type":"research","url":"https://www.neodyme.io/reports/orca.pdf"},{"credibility":1,"name":"Orca Bug Bounties — Immunefi","type":"official","url":"https://immunefi.com/bug-bounty/orca/information/"},{"credibility":2,"name":"Orca DEX Security Stands Strong: CEO Confirms Funds Safe Following Drift Protocol Hack — CryptoRank","type":"news_article","url":"https://cryptorank.io/news/feed/a8498-orca-dex-security-drift-hack"},{"credibility":3,"name":"Orca DEX Review 2026 — dexrank","type":"research","url":"https://dexrank.com/reviews/orca"},{"credibility":3,"name":"Orca on X — Verifiable Build Announcement","type":"social_media","url":"https://x.com/orca_so/status/1858930741494903174"}]},{"content":"Whirlpools uses a WhirlpoolsConfig account structure in which the Orca Foundation controls the configuration owner for all pools surfaced on the orca.so UI. This account owner has authority to update default protocol fees and fee collection addresses for Orca-operated pools. The design explicitly permits permissionless deployment of independent WhirlpoolsConfig accounts, meaning third parties can run their own Whirlpool pools without Orca's involvement. The program's deployed code uses a verifiable build, adding a layer of transparency around upgrades. However, the upgrade authority for the on-chain program itself — the Solana account that can push new bytecode — has not been publicly confirmed to be either burned or transferred to a multi-signature council. The GitHub README does not explicitly address this, and the available audit reports do not address governance finality. This is a residual centralization risk common across Solana DeFi protocols at this stage of maturity. The DAO council structure requires four council votes to pass proposals and includes a two-day veto window where token holders can block decisions with 1 million ORCA votes. Quarterly transparency reports are mandated under the buyback program governance approval.","heading":"Centralization & Upgrade Authority Risk","severity":"medium","sources":[{"credibility":1,"name":"Account Architecture — Whirlpools Developer Documentation","type":"official","url":"https://dev.orca.so/Architecture%20Overview/Account%20Architecture/"},{"credibility":1,"name":"GitHub — orca-so/whirlpools","type":"official","url":"https://github.com/orca-so/whirlpools"},{"credibility":2,"name":"Orca DAO Proposes Deployment of 55,000 SOL and 400,000 USDC for Buyback Initiative — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/orca-dao-proposes-deployment-of-55-000-sol-and-400-000-usdc-for-buyback-initiative"}]},{"content":"Co-founders Grace Kwan and Yutaro Mori have maintained public profiles since the protocol's launch, including a podcast appearance on the Solana Validated series. Mori previously contributed to the Ethereum 2.0 Golang client and worked as an engineer at UMA Protocol before founding Orca; Kwan held software engineering and design roles at Coursera and IDEO. The team has maintained a public governance forum, open-source contracts, and regular Medium posts documenting product changes. No co-founder has been named in regulatory actions, criminal proceedings, or credible fraud allegations. The protocol disclosed its governance token distribution structure publicly, including team vesting (20% allocation, 3-year linear vest with 1-year cliff), which expired in 2024. The team did not take outside venture equity; funding was structured as a token sale from the DAO treasury.","heading":"Team Track Record & Transparency","severity":"low","sources":[{"credibility":2,"name":"Meet the Orca Team — Orca Medium","type":"official","url":"https://medium.com/orca-so/meet-the-orca-team-1b116398db48"},{"credibility":2,"name":"Yutaro Mori & Grace Kwan — Co-Founders of Orca Ep #46 — Solana Validated","type":"other","url":"https://solana.com/validated/episodes/yutaro-mori-grace-kwan-co-founders-of-orca-ep-46"},{"credibility":1,"name":"Solana-based DEX Orca raises $18 million — The Block","type":"news_article","url":"https://www.theblock.co/post/118279/solana-dex-orca-funding-18-million-three-arrows-capital-others"}]},{"content":"The ORCA token has a fixed hard cap of 100 million tokens. The original allocation at launch (August 2021) was approximately: DAO Treasury 55.85%, Team 20%, Private Sale (investors) 9.60%, Value Add and Advisory 4.30%, Liquidity Provider rewards 4.00%, Heavy Trader rewards 0.50%, Advisors 0.25%, and Contributor Grants 5.50%. All team, advisor, and investor tokens were subject to a 3-year vesting schedule with a 1-year cliff, which expired in 2024. Circulating supply as of mid-2025 is approximately 60.8 million ORCA. Governance is conducted via the Orca DAO, which in 2025 approved a 24-month market buyback program using DAO treasury assets (up to 55,000 SOL and 400,000 USDC), capped at 2% of 30-day average daily volume to limit price impact. Repurchased ORCA is held in a multi-signature DAO wallet pending a governance decision to burn, distribute to xORCA stakers, or direct toward ecosystem grants. The DAO also voted to stake treasury SOL with a dedicated Orca validator, directing staking yield back to the protocol. The ORCA token governance model does not feature a public listing of multi-sig key holders or a formal on-chain timelock for admin actions, which is a common governance gap in Solana DeFi.","heading":"Tokenomics & Governance","severity":"medium","sources":[{"credibility":2,"name":"The ORCA Governance Token: True Value — Orca Medium","type":"official","url":"https://medium.com/orca-so/the-orca-governance-token-true-value-36edc9fb4245"},{"credibility":2,"name":"Orca (ORCA) Tokenomics & Vesting Schedule — Tokenomist","type":"research","url":"https://tokenomist.ai/orca"},{"credibility":2,"name":"Orca DAO Governance and Tokenomics: Relational Sustainability Brief — Orca Forums","type":"official","url":"https://forums.orca.so/t/orca-dao-governance-and-tokenomics-relational-sustainability-brief/1111"},{"credibility":2,"name":"Orca DAO proposes Solana staking and ORCA buybacks — Crypto News","type":"news_article","url":"https://crypto.news/orca-dao-proposes-solana-staking-orca-buybacks-2025/"},{"credibility":3,"name":"ORCA Deep Dive: Tokenomics, 2025 Developments and Price Outlook — OneKey","type":"research","url":"https://onekey.so/blog/ecosystem/orca-deep-dive-tokenomics-2025-developments-and-price-outlook/"}]},{"content":"In September 2021, Orca raised $18 million in a token-based Series A, selling ORCA tokens from the DAO treasury. The round was co-led by Three Arrows Capital (3AC), Polychain Capital, and Placeholder VC, with participation from Coinbase Ventures, Jump Capital, Sino Global Capital, Collab+Currency, DeFiance Capital, Zee Prime Capital, and Solana Capital. Three Arrows Capital collapsed in June 2022 following the Terra/LUNA ecosystem crash and filed for bankruptcy. 3AC's liquidators took control of their asset portfolio, which would have included any ORCA tokens distributed from the fundraise. No public reporting has specifically documented a forced ORCA token liquidation by 3AC liquidators, but the event created general selling pressure across assets in 3AC's portfolio. Orca's protocol operations were not materially disrupted by 3AC's collapse, and no credible source has attributed any Orca operational failure to the 3AC situation. DeFiance Capital, another participant, also faced difficulties during the 2022 downturn but has since restructured. The presence of 3AC in the cap table is a noted historical risk factor, though it is largely resolved given 3AC's cessation of operations.","heading":"Investor Relationships & Funding","severity":"medium","sources":[{"credibility":1,"name":"Solana DEX raises $18M Series A from Three Arrows Capital, Coinbase Ventures — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/solana-dex-raises-18m-series-a-from-three-arrows-capital-coinbase-ventures"},{"credibility":1,"name":"Solana-based DEX Orca raises $18 million — The Block","type":"news_article","url":"https://www.theblock.co/post/118279/solana-dex-orca-funding-18-million-three-arrows-capital-others"},{"credibility":1,"name":"Solana-Based DEX Orca Raises $18M Series A Funding — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2021/09/22/solana-based-dex-orca-raises-18m-series-a-funding"},{"credibility":1,"name":"How the fall of Three Arrows, or 3AC, dragged down crypto investors — CNBC","type":"news_article","url":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html"}]},{"content":"On March 16, 2023, Orca announced it was adding the United States to its list of restricted regions, effective March 31, 2023. The restriction blocked U.S. IP addresses from trading on the orca.so web interface. Orca's announcement did not state a reason, and co-founder Grace Kwan did not respond to a request for comment from CoinDesk at the time. The restriction did not affect: (a) direct on-chain interaction with Orca's smart contracts; (b) U.S. users who provide liquidity through the protocol; or (c) trade aggregators such as Jupiter, which routed through Orca's backend without restriction. The likely rationale was preemptive regulatory risk management during a period of heightened SEC scrutiny of crypto exchanges and DEXes, but no official explanation has been provided. No SEC, CFTC, or DOJ action against Orca specifically has been identified in available public records through mid-2026. Comparable Solana DEXes — notably Mango Markets — shut down in 2025 following active SEC and CFTC enforcement. Orca's preemptive restriction may have been a mitigating factor.","heading":"U.S. Geographic Restriction (March 2023)","severity":"medium","sources":[{"credibility":1,"name":"Crypto Exchange Orca to Block U.S. Traders From Website — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/03/16/crypto-exchange-orca-to-block-us-traders-from-website"},{"credibility":2,"name":"Solana-based DEX Orca bans US users from trading in its platform — CoinGeek","type":"news_article","url":"https://coingeek.com/solana-based-dex-orca-bans-us-users-from-trading-in-its-platform/"},{"credibility":2,"name":"Orca is Set to Bar Americans from Using its Web Interface — BitDegree","type":"news_article","url":"https://www.bitdegree.org/crypto/news/solana-based-dex-orca-to-ban-us-customers-from-trading-on-its-web-interface"}]},{"content":"In July 2025, Orca launched Wavebreak, a token launchpad positioned as a competitor to Pump.fun and other Solana meme-token launch platforms. Wavebreak integrates onchain CAPTCHA to mechanically prevent bot-driven sniping, bundling, sandwiching, and wash trading — practices common in competing launchpads. Upon token graduation, a liquidity pool is automatically created using 19.8% of the token supply plus 84 SOL, with a locked full-range liquidity position in a 1% fee-tier Adaptive Fee Pool. The launchpad adds a new attack surface to the Orca protocol ecosystem, including smart contract risk for the bonding-curve and graduation logic. This surface has not yet received the same depth of public audit history as the Whirlpools core contracts. The first publicly documented project to launch on Wavebreak was DeFiTuna's TUNA token. Orca CEO Nathan Davis made public statements about the anti-bot mechanisms. The long-term reputational risk depends on whether the launchpad is used by legitimate projects or becomes a venue for short-lived speculative or fraudulent tokens, a risk common to all launchpad platforms.","heading":"Wavebreak Launchpad & Emerging Surface Area","severity":"medium","sources":[{"credibility":2,"name":"Orca releases Wavebreak launchpad for Solana tokens — Blockworks","type":"news_article","url":"https://blockworks.co/news/orca-solana-token-launchpad"},{"credibility":2,"name":"Orca Joins Launchpad Wars with Wavebreak: What's Different? — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/orca-joins-launchpad-wars-with-wavebreak-what-different"},{"credibility":2,"name":"Orca Wavebreak: A Game-Changing Solana Launchpad — OKX","type":"news_article","url":"https://www.okx.com/en-us/learn/orca-wavebreak-solana-defi"}]},{"content":"Orca is one of the most security-conscious and consistently operated DEXes on Solana. Its core Whirlpools contracts have accumulated six independent audits from credible firms, maintain a public verifiable build, and have operated for over four years without a reported exploit. The bug bounty program on Immunefi provides a structured disclosure pathway. The primary risk factors are: (1) residual upgrade-authority centralization that is standard but not fully documented or mitigated by a timelock; (2) the historical presence of Three Arrows Capital in the investor base, a now-defunct fund that collapsed in 2022, whose token liquidation dynamics are not fully documented; (3) the 2023 U.S. geographic restriction, which carries regulatory ambiguity since no formal enforcement action has been identified; and (4) the nascent Wavebreak launchpad surface, which has not yet received the same audit depth as the core protocol. No evidence of fraud, rug-pull mechanics, or misappropriation of user funds has been found in available public sources. ORCA token vesting is fully expired as of 2024, removing near-term insider sell pressure. The DAO governance, while imperfect in decentralization, has demonstrated active treasury stewardship and public accountability through required quarterly reporting.","heading":"Verdict & Risk Summary","severity":"low","sources":[{"credibility":1,"name":"GitHub — orca-so/whirlpools","type":"official","url":"https://github.com/orca-so/whirlpools"},{"credibility":1,"name":"Orca Bug Bounties — Immunefi","type":"official","url":"https://immunefi.com/bug-bounty/orca/information/"},{"credibility":3,"name":"Orca DEX Review 2026 — dexrank","type":"research","url":"https://dexrank.com/reviews/orca"}]}],"sources_used":[{"credibility":1,"name":"GitHub — orca-so/whirlpools","type":"official","url":"https://github.com/orca-so/whirlpools"},{"credibility":1,"name":"Orca Bug Bounties — Immunefi","type":"official","url":"https://immunefi.com/bug-bounty/orca/information/"},{"credibility":1,"name":"Security Audit — Orca Whirlpools Neodyme AG May 05 2022","type":"research","url":"https://www.neodyme.io/reports/orca.pdf"},{"credibility":1,"name":"Solana-Based DEX Orca Raises $18M Series A Funding — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2021/09/22/solana-based-dex-orca-raises-18m-series-a-funding"},{"credibility":1,"name":"Crypto Exchange Orca to Block U.S. Traders From Website — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/03/16/crypto-exchange-orca-to-block-us-traders-from-website"},{"credibility":1,"name":"Solana-based DEX Orca raises $18 million — The Block","type":"news_article","url":"https://www.theblock.co/post/118279/solana-dex-orca-funding-18-million-three-arrows-capital-others"},{"credibility":1,"name":"Solana DEX raises $18M Series A — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/solana-dex-raises-18m-series-a-from-three-arrows-capital-coinbase-ventures"},{"credibility":1,"name":"How the fall of Three Arrows Capital dragged down crypto investors — CNBC","type":"news_article","url":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html"},{"credibility":2,"name":"Orca TVL, Fees, Revenue & Volume — DeFiLlama","type":"research","url":"https://defillama.com/protocol/orca"},{"credibility":2,"name":"Orca on Solana: Project Review, Programs, Token, Metrics — Solana Compass","type":"research","url":"https://solanacompass.com/projects/orca"},{"credibility":2,"name":"Orca Price: ORCA/USD — CoinGecko","type":"research","url":"https://www.coingecko.com/en/coins/orca"},{"credibility":2,"name":"Orca DEX Security Stands Strong — CryptoRank","type":"news_article","url":"https://cryptorank.io/news/feed/a8498-orca-dex-security-drift-hack"},{"credibility":2,"name":"Orca releases Wavebreak launchpad for Solana tokens — Blockworks","type":"news_article","url":"https://blockworks.co/news/orca-solana-token-launchpad"},{"credibility":2,"name":"Orca Joins Launchpad Wars with Wavebreak — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/orca-joins-launchpad-wars-with-wavebreak-what-different"},{"credibility":2,"name":"Orca DAO Proposes Deployment of 55,000 SOL — Solana Floor","type":"news_article","url":"https://solanafloor.com/news/orca-dao-proposes-deployment-of-55-000-sol-and-400-000-usdc-for-buyback-initiative"},{"credibility":2,"name":"Orca DAO proposes Solana staking and ORCA buybacks — Crypto News","type":"news_article","url":"https://crypto.news/orca-dao-proposes-solana-staking-orca-buybacks-2025/"},{"credibility":2,"name":"Orca is Live on Eclipse Mainnet — Orca Medium","type":"official","url":"https://orca-so.medium.com/orca-is-live-on-eclipse-mainnet-1a3e23997815"},{"credibility":2,"name":"Meet the Orca Team — Orca Medium","type":"official","url":"https://medium.com/orca-so/meet-the-orca-team-1b116398db48"},{"credibility":2,"name":"The ORCA Governance Token: True Value — Orca Medium","type":"official","url":"https://medium.com/orca-so/the-orca-governance-token-true-value-36edc9fb4245"},{"credibility":2,"name":"Orca DAO Governance and Tokenomics — Orca Forums","type":"official","url":"https://forums.orca.so/t/orca-dao-governance-and-tokenomics-relational-sustainability-brief/1111"},{"credibility":2,"name":"Orca (ORCA) Tokenomics & Vesting Schedule — Tokenomist","type":"research","url":"https://tokenomist.ai/orca"},{"credibility":2,"name":"Yutaro Mori & Grace Kwan — Co-Founders of Orca Ep #46 — Solana Validated","type":"other","url":"https://solana.com/validated/episodes/yutaro-mori-grace-kwan-co-founders-of-orca-ep-46"},{"credibility":1,"name":"Account Architecture — Whirlpools Developer Documentation","type":"official","url":"https://dev.orca.so/Architecture%20Overview/Account%20Architecture/"},{"credibility":2,"name":"Solana-based DEX Orca bans US users — CoinGeek","type":"news_article","url":"https://coingeek.com/solana-based-dex-orca-bans-us-users-from-trading-in-its-platform/"},{"credibility":3,"name":"ORCA Deep Dive: Tokenomics, 2025 Developments — OneKey","type":"research","url":"https://onekey.so/blog/ecosystem/orca-deep-dive-tokenomics-2025-developments-and-price-outlook/"},{"credibility":3,"name":"Orca DEX Review 2026 — dexrank","type":"research","url":"https://dexrank.com/reviews/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.","timeline":[{"date":"2021-02-01","event":"Orca launches on Solana mainnet as a basic AMM/DEX.","source":"Solana Compass / Orca Medium","source_url":"https://solanacompass.com/projects/orca"},{"date":"2021-08-09","event":"ORCA governance token issued; initial circulating supply of 5.25 million tokens.","source":"Bittime ORCA Coin explainer","source_url":"https://support.bittime.com/hc/en-us/articles/11512751392015-What-is-ORCA-Coin-Definition-Tokenomics-and-Function-in-DEX"},{"date":"2021-09-22","event":"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.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2021/09/22/solana-based-dex-orca-raises-18m-series-a-funding"},{"date":"2022-01-28","event":"Kudelski Security completes first audit of Whirlpools program.","source":"GitHub orca-so/whirlpools audit listing","source_url":"https://github.com/orca-so/whirlpools"},{"date":"2022-03-01","event":"Whirlpools concentrated liquidity AMM launches on Solana mainnet.","source":"MEXC Orca guide","source_url":"https://www.mexc.com/learn/article/orca-solana-the-complete-guide-to-the-dex-whirlpools-and-orca-token/1"},{"date":"2022-05-05","event":"Neodyme AG completes second audit of Whirlpools.","source":"Neodyme public audit report","source_url":"https://www.neodyme.io/reports/orca.pdf"},{"date":"2022-05-19","event":"Orca bug bounty program goes live on Immunefi with up to $500,000 in critical rewards.","source":"Immunefi — Orca Bug Bounties","source_url":"https://immunefi.com/bug-bounty/orca/information/"},{"date":"2022-06-01","event":"Three Arrows Capital (3AC), a lead investor in Orca's Series A, collapses following the Terra/LUNA ecosystem crash and files for bankruptcy.","source":"CNBC","source_url":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html"},{"date":"2023-03-16","event":"Orca announces restriction of U.S. users from the orca.so web trading interface, effective March 31, 2023. No explanation is provided.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2023/03/16/crypto-exchange-orca-to-block-us-traders-from-website"},{"date":"2024-08-21","event":"OtterSec completes third audit of Whirlpools — the first since the 2022 audits.","source":"GitHub orca-so/whirlpools audit listing","source_url":"https://github.com/orca-so/whirlpools"},{"date":"2024-10-29","event":"Orca deploys Whirlpools on Eclipse mainnet, its first multi-chain expansion.","source":"Orca Medium","source_url":"https://orca-so.medium.com/orca-is-live-on-eclipse-mainnet-1a3e23997815"},{"date":"2025-02-28","event":"Sec3 completes fourth audit of Whirlpools.","source":"GitHub orca-so/whirlpools audit listing","source_url":"https://github.com/orca-so/whirlpools"},{"date":"2025-06-23","event":"Sec3 completes fifth audit of Whirlpools.","source":"GitHub orca-so/whirlpools audit listing","source_url":"https://github.com/orca-so/whirlpools"},{"date":"2025-07-01","event":"Orca launches Wavebreak, a token launchpad with anti-bot CAPTCHA mechanisms, competing with Pump.fun on Solana.","source":"Blockworks","source_url":"https://blockworks.co/news/orca-solana-token-launchpad"},{"date":"2025-08-01","event":"Orca DAO governance vote approves 24-month ORCA buyback program using treasury SOL and USDC; SOL staking to dedicated Orca validator also approved.","source":"Solana Floor","source_url":"https://solanafloor.com/news/orca-dao-proposes-deployment-of-55-000-sol-and-400-000-usdc-for-buyback-initiative"},{"date":"2025-08-22","event":"Sec3 completes sixth audit of Whirlpools.","source":"GitHub orca-so/whirlpools audit listing","source_url":"https://github.com/orca-so/whirlpools"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision df58b0b6-75c6-4640-bbec-26b20fad7a09copy