Solana ecosystem project Orca raised $18 million in Series A funding round
The funding round was led by some of the biggest venture funds in crypto, offering further evidence that high-profile investors are keen to back SOL-based startups.
Orca will use the funds to continue developing its automated market maker solutions for Solana blockchain, the company announced Wednesday. The fundraising comes in less than eight months after the project was launched by a two-member team consisting of Yutaro Mori and Grace Kwan.
In addition to Three Arrows Capital, Polychain, Placeholder, and Coinbase Ventures, Series A participants included Jump Capital, Sino Global Capital, DeFiance Capital, Zee Prime, Collab+Currency, and Solana Capital.
Orca aims to differentiate itself from other automated market makers by delivering a simplified DEX experience. It was one of the first protocols to launch on the Solana blockchain, which is now valued at over $39 billion.
Decentralized exchanges have received considerable attention from investors looking to capitalize on some of the biggest trends in blockchain sector. DEXs claim to solve the myriad issues plaguing legacy platforms while also delivering innovative trading solutions and lower barriers to entry for new participants.
Currently, the top DEXs by trading volume are Uniswap, PancapeSwap, and SushiSwap. Daily volume across all DEXs reached $5.5 billion on Tuesday, according to data from Coingecko.