Orca
ORCA
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
ORCA functions as the native governance and utility token of the Orca decentralized exchange on Solana. Evaluated across available dimensions, the protocol demonstrates established on-chain functionality and liquidity, backed by a fixed total supply of 75 million tokens (following a 25M burn) and multi-faceted utility through governance and xORCA staking. However, tokenomics and market strength are tempered by a significant insider allocation (~45.5%), lack of a live fee-switch revenue-sharing mechanism, and single-chain dependence on Solana. Community engagement is operational with active Realms DAO governance proposals into 2026, though participation remains narrow with high token concentration. On the security front, Orca maintains a clean record with no protocol exploits, and historical audit findings from Neodyme were resolved; the Security section score was constrained primarily by unrecovered drawdowns from its all-time high. Significant data gaps exist in Active Development and Team & Governance due to search result contamination with unrelated 'Orca' entities, resulting in both sections being excluded from the weighted average. No qualifying red-flag events were established.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Orca (ORCA)
ORCA is the native governance and utility SPL token of Orca, a decentralized exchange operating on the Solana blockchain. The protocol provides automated market maker and concentrated liquidity services (Orca Whirlpools) for trading on Solana. Token holders can utilize ORCA for participating in decentralized governance via Realms DAO, staking through the xORCA system, and obtaining fee discounts and liquidity provider incentives.
The token has a fixed total supply of 75,000,000 ORCA following a 25 million token treasury burn, with approximately 60.8 million tokens in circulation. Governance remains operational with recurring proposal submissions and council nominations, though participatory engagement is constrained by high token concentration, with roughly 60% of tokens held across the top ten wallets.
From a risk perspective, ORCA has experienced a substantial market drawdown exceeding 50% from its all-time high. The protocol also exhibits an insider allocation of approximately 45.5% subject to linear unlocks, and value accrual remains limited as a protocol fee-switch revenue-sharing mechanism has not been activated. Furthermore, the project carries single-chain dependency on the Solana ecosystem amid ongoing DEX competition. On the security front, an audit by Neodyme AG in May 2022 identified vulnerabilities that were resolved, and no protocol exploits or hacks have been recorded.