Orca Medium Blog Updates

Tagged: , ,

  • Orca Medium Blog Updates

     solbot updated 2 weeks, 4 days ago 1 Member · 7 Posts
  • solhack

    Organizer
    April 18, 2021 at 3:21 pm

    Ongoing RSS updates from the Orca Medium Blog

  • Anonymous

    Member
    April 18, 2021 at 3:25 pm

    There’s a hot new token, and it’s all over your Twitter feed. You head to your favorite DEX to swap for it, only to be reminded of the current state of the world: making the trade would cost you twenty bucks in gas.

    If you were active in DeFi during the summer of 2020, you’re likely familiar with the situation I just described. We call it the gas ceiling: fees so high only whales can afford to swim in the space.

    Terrible puns aside, the crypto ecosystem is craving a long-term solution, and that solution is Solana. We believe that Solana’s sub-second finality, airtight security, and nearly-free transactions will break the gas ceiling. Not convinced? Today, we’re proud to announce the launch of Orca, the easiest, fastest, and most user-friendly AMM and aggregator on Solana. Come experience the magic of instant, nearly-free swaps — you might just change your mind.

    A human-centered DEX

    At Orca, we pride ourselves on designing for people, not programs. Since Orca was little more than sketches on printer paper, we’ve had an ongoing feedback loop with real DeFi users. From this, we’d like to highlight three ways that Orca seeks to provide a simpler, more human-centered experience for traders on Solana.

    1. Fair Price Indicator
    In our interviews with DeFi users, one of the biggest pain points we found is determining whether a given pool currently offers a fair price. Current DEXes often feel like a choice between two evils: Blind trust that the DEX offers market rates, or time-consuming comparison with trackers or other exchanges. With Orca, we’ve sought to solve that problem with the Fair Price Indicator.

    When you input a trade on Orca, we check whether both of the following conditions are true:

    1. The rate is within 1% of the listed market rate on CoinGecko
    2. Slippage is less than or equal to your tolerance setting (defaults to 1%)

    If so, you’ll see the big green check mark above, and you can confidently hit Exchange. If not, we’ll display a Rate Warning or Slippage Warning so you can make an informed decision on whether to trade.

    2. Aggregator
    Orca is not just an AMM, but also an aggregator. Each time you input a trade, we offer the best available rate from either Orca or Serum Swap’s liquidity pools. We plan to integrate other reputable AMMs as they are built, so you can feel confident that Orca always offers the best price.

    3. Token Balances
    In most AMMs on Ethereum, there’s no way to check your balances without having to open a browser extension. This feels like an obvious gap when it comes to UX, which is why we’ve added a Tokens panel directly into the Orca interface. There, you can see your balance for all tokens listed on Orca, including live updates when you make a trade or provide liquidity.

    Why we picked Solana

    Orca consists of a lean team of two: A software engineer with deep experience in blockchain protocols, and a software engineer/interaction designer who specializes in creating human-centered digital experiences.

    This combination of crypto expertise and a fresh pair of eyes gives us a unique perspective on the space. Long-term, our mission is to build blockchain apps that solve real problems for everyday people. But we’re also clear-eyed about the fact that the technology has a long way to go before widespread adoption is feasible. Transactions that cost $20 and take several minutes to confirm are simply not performant enough to compete with traditional financial solutions.

    For crypto to become relevant to a wider audience, it must scale massively while remaining credibly neutral — in other words, obviously and provably non-discriminatory. Solana has laid the foundations to enable that change. The networking stack and virtual machine have seen slow progress in recent years, especially relative to other domains like advanced cryptography. In successfully implementing Proof of History and parallel transaction processing, among other innovations, Solana has proven that these areas are ripe for optimization.

    The results speak for themselves. The Solana network boasts 400ms block times, 50,000 TPS, and $0.00001 average transaction fees, all without the complexity of side chains or sharding. This may sound too good to be true, but having built an application from the ground up, we can vouch that Solana’s performance does not detract from the other essential properties of a blockchain (censorship resistance and security). What’s more, the Solana engineering team is actively publishing open-source building blocks for app development. By using their token-swap program as a base for our smart contract, we were able to design, develop, and launch Orca in just four months, all with our lean team of two.

    That said, when it comes to an ecosystem’s success, technology alone is not sufficient. When we reached out to the Solana Foundation, we were equally impressed by the intelligence, strong values, and down-to-earth nature of their team. As such, we’re confident that Solana has all the ingredients to become a vibrant, scalable ecosystem. We’re pitching in by building a core piece of essential infrastructure: an easy-to-use, human-centered AMM.

    What’s on the horizon

    Now that we’re live, anyone outside of the U.S. can visit orca.so and start trading SOL, BTC, ETH, USDC, USDT, and RAY. However, the journey has just begun. Here are some of the features on the way:

    • Integration of Wormhole, a cross-chain bridge between Ethereum ↔ Solana
    • Collectible, valueless tokens for early adopters
    • Additional trading pairs
    • Analytics for price, liquidity, volume, fees, and more
    • Language options in the Orca UI

    Of course, these ideas are only a starting point. We want to hear what you’d like to see — wild ideas welcome. Join the conversation on our Discord, Telegram, or Twitter (@orca_so). We’ll be waiting!

    Go to Source
    Author: Orca

  • Anonymous

    Member
    April 18, 2021 at 3:25 pm

    Since we launched Orca last Thursday, we’ve already been over-WHALE-med by the positive response from the community. (For those of you who already saw this pun on Twitter: We’re sorry. 🐳) Thank you for all the love and support!

    Unsurprisingly, the number one thing you want to know is:

    “Will there be an ORCA governance token?”

    The short answer:

    We hope so. But only once the conditions are right (enough organic trading activity and community participation) for Orca to serve the Solana ecosystem even better as a community-run protocol. That could take a few months, a year, or even longer. Regardless, we’re in it for the long haul.

    The long answer:
    As with any major decision, when deciding whether to issue a governance token, we asked: “Is this the most impactful thing we can do right now to achieve Orca’s mission?”

    Back in 2018, we were drawn to DeFi by the promise of a more equitable financial system. The actual experience of using DeFi was a different story. Achingly high fees, snail-paced transactions, the trickle of panic when you think you’ve lost your seed phrase… you know the story.

    Solana is different.

    Our mission is to bring that better financial system one step closer to reality. And we’ll do it by leveraging the performance of Solana to create experiences that are far more usable, equitable, and transparent than traditional financial institutions could ever hope to provide.

    …which brings us to another question:

    How does issuing a token further our mission?
    As an AMM, Orca is inherently incentive-aligned:

    • Traders get speedy and reliable exchanges of digital assets for a modest fee.
    • Liquidity providers earn a portion of those fees in exchange for the opportunity cost of providing capital and risk of divergence or impermanent loss.
    • Arbitrageurs get sweet deals on trades, which in turn keeps prices in line with market rates.

    However, one critical party is missing. The community: everyone who invests time and effort into developing the protocol and supporting users. A governance token rewards that community engagement with a say in the future of the protocol.

    Something that differentiates us from many other DeFi projects is a strong commitment to our values — values that go beyond “making money.” (We’ll touch on this more in the sections to follow.) Incentivizing community participation gives those values longevity, even in the absence of the founding team.

    When will you issue a token?
    Not for a few months, at least. We’ve observed some worrying trends in the experiments with decentralized governance on Ethereum. Too often, token issuers make promises they cannot keep, swindling uninformed buyers into purchasing tokens for a protocol with no real value.

    This is especially true when tokens are released at launch, before said protocol has had time to prove that it offers any real value. The result: A speculative, FOMO-driven hype-bubble that, when popped, leaves buyers swimming in the red.

    So, when is the right time to release an ORCA token?

    • When there is a reasonable amount of organic trade flow on Orca. This requires—among other things—the Solana ecosystem to grow and more legitimate use cases to arise.
    • When there is a thriving ecosystem of designers, developers, and moderators who believe in Orca’s mission, and thus contribute to the continued growth of the protocol.

    When both of the above factors are true, we’d like to issue a governance token. Though we’ll work hard to make that happen in the next several months, the actual timing depends on dynamics that are out of our control, like market cycles. But we believe Orca can flourish as a community-run protocol, and we’d love to see that happen sooner rather than later.

    What would a fair token distribution look like?
    Credibly neutral. (Yes, we’re fans of that phrase — thanks, Vitalik!)

    In other words, the distribution would reward:

    • Early adoption. Providing liquidity on a yet-unproven, early protocol involves a higher degree of risk than depositing in Uniswap or SushiSwap. That risk should be rewarded accordingly.
    • Continued adoption. Participants who actively participate over time should receive more than people who were early, but become inactive. One way to achieve this is through a consistent rate of inflation.

    The distribution would not reward:

    • Insider information. Everyone will receive tokens according to the same formula. We have not promised any additional incentives, even for friends of the Orca team.
    • Gaming the system. You won’t earn more tokens for congesting the network by creating multiple addresses and wash trading, or for splitting up swaps into smaller amounts.

    To expand on that last bullet: Though we were delighted to see so much love for our GUPPY tokens, we think there are better ways to structure distributions. From now on, we’ll strive to reward behavior that contributes to the long-term health of the protocol.

    How would ORCA tokens differ from Collectibles?
    One thing we love about DeFi is its playful, counterculture personality. (No thanks, stodgy white-shirted bankers.) And as artists ourselves, we’re fans of the growing overlap between cryptocurrency and art. We see our Collectibles as part of this trend. Eventually, they could be bought and sold. But like any other artwork, their value comes from the fact that people like them, rather than any intrinsic use-case.

    That said, we do have an idea for a use case for Collectibles! We hope to share more details soon, but for now, know that it’ll be in line with the idea of Collectibles as art. It won’t be limited only to whales. It will be experimental, adorable, and fun.

    Whew, that’s a lot! For those of you who read this far: Thank you. We hope that our thinking resonates with some of you, and that you’re as excited about the future of Orca as we are. If you haven’t yet given us a spin, you can visit us at https://orca.so.

    If you’re interested in getting involved, please reach out to us via Discord or Telegram and follow our announcements on Twitter (@orca_so). We have ideas for both independent contributors and experienced dev teams hungry for a larger challenge in the Solana ecosystem. See you there!

    And finally, a message from our legal team, whom we affectionately call the Tiger Sharks: 🦈 ⚖️

    Go to Source
    Author: Orca

  • Anonymous

    Member
    April 18, 2021 at 3:25 pm

    On Apr 13 at 16:00 PST, the cofounders of Orca held our first-ever AMA (“Ask Me Anything”) event on the Solana Telegram group. As we said at the end of the event… it was sea-riously fun getting to know our community a little better! 🐠

    For those who weren’t able to make it, we’ve shared a transcript of the event below. If you have other questions, you’re always welcome to join our communities on Twitter, Telegram, or Discord.

    Huge thanks to Chris from the Solana team for moderating this event! ☀️

    TRANSCRIPT FOLLOWS

    (Or, download the PDF transcript for nicer formatting!)

    Chris: I’m really excited to be joined today by the team behind Orca. Orca is a user-friendly AMM where you can exchange cryptocurrency on Solana.

    The goal of this AMA is to provide an opportunity for the Solana community to learn more about Orca; who the team are and what they are working on.

    For the first part of the AMA, I will ask some questions to help us to learn more about Orca.

    The second part is an open floor for the community to ask questions! (and a chance to win a guppy!)

    Let’s start off with a basic introduction! Please introduce yourself @oritheorca / @ym_orca and tell us a bit about yourselves.

    Ori: Hi, all, I’m Ori! I’m an engineer, designer, and one of the cofounders of Orca. 🐳

    After studying Computer Science at Stanford, I worked at startups in the Bay Area and New York, then a design firm in Tokyo before accidentally stumbling into the world of crypto. These days, I’m a jack of all trades, working across the stack to make Orca your favorite DeFi project! 😉

    Chris: Welcome Ori!

    Yutaro: Hi, I’m Yutaro! I’m also an engineer, and the other cofounder of Orca.

    After spending a number of years building databases at MongoDB, I jumped into crypto full time in 2017. From contributing to Eth 2.0 to building smart contracts for UMA, I’ve touched every part of the crypto stack over the years. I’m incredibly excited to have the opportunity to build a core piece of Solana’s ecosystem!

    Chris: Great to have you here with us, Yutaro! You both have incredibly interesting backgrounds!

    Now let’s jump into some questions!

    First, what is Orca?

    Ori: Happy to take that one!

    Orca is the most user-friendly DEX on Solana. When you exchange tokens on Orca, you’ll enjoy speedy swaps, minimal transaction fees, and handy features like our Fair Price Indicator, which makes it easy to know whether you’re getting market rate on your trade.

    Plus, users love our cute Collectibles, which are special tokens you can earn by participating in the Orca ecosystem! 🐠

    Chris: That sounds like a fun reward! How does Orca differ from other DEXes?

    Yutaro: I’ll take this one. Ori’s WPM is way higher than mine, but I’ll try to keep up 😂

    Orca is the only pure AMM DEX on Solana — we have our own liquidity pools! Compared to orderbook-based exchanges, we think the simplicity and composability of AMMs make them the best choice to power the next generation of DeFi apps. We hope you also experience the simplicity of AMMs when you use Orca 😁

    Chris: I think that’s certainly an area that needs improvement in this space!

    Why did you choose to build Orca on Solana?

    Ori: That’s a great question!

    Of the solutions competing to scale the blockchain ecosystem, Solana’s performance obviously stands out. 50k transactions per second, 400ms block times, and $0.01 transaction fees are pretty amazing!

    But the people matter, too. Having worked with the Solana team for awhile, we’ve continually been impressed by their values, vision, and engineering chops.

    We’re proud to be a part of this vibrant ecosystem 🌍☀️

    Chris: That’s great to hear!

    What makes the Orca brand unique?

    Yutaro: Mm, so we think that our combination of a deep understanding of crypto, strong focus on UX, and commitment to values is pretty special. In a recent series of tweets, we distilled our brand into the following 3 adjectives: Professional, principled, and playful 😊 I hope those that have been following Orca can see how that comes out in the way we designed the product and engage with our community!

    Chris: I certainly get that impression! What tokens can I exchange on Orca?

    Ori: At the moment, you can exchange SOL, ETH, BTC, USDC, USDT, RAY, FTT, KIN, and ROPE (whew)!

    But we know you want more, so we plan to support every token that you want to trade on Solana ☀️

    We’ll be listing a few more popular tokens very soon… stay tuned! 😉

    Chris: Exciting! What is coming up on your roadmap?

    Yutaro: Yeah, so we have a suuper exciting couple of months ahead! There are a number of major features in development, including the Solar Bridge (a UI for Wormhole, a decentralized bridge from Ethereum to Solana), Stable Pools (highly efficient trading of stablecoins and other similar-valued pairs), and UI localization…

    But our number one priority is the feature that you’ve all been asking for… an ORCA governance token and liquidity mining mechanism!

    Chris: Sounds like a busy schedule for you!

    Ori: Haha, we have our fins full 🙂

    Chris: Do you have any airdrops planned?

    Ori: Yes! Our loyal Twitter followers may have seen the hints already, but we’re gearing up for our next Collectible airdrop… the fun-loving CLOWNFISH!

    The exact criteria to earn the CLOWNFISH is a secret, but users who trade frequently in the last half of April may find themselves the recipient of one of these little jokesters 🙂

    Chris: Fin-tastic!

    I think that wraps up the first part of our AMA

    Danil: Will Orca support other networks in the future? Or only work on solana network?

    and will there be a farming NFTs and Orca pool in the future?

    Ori: At this point, we only have plans to support Solana! No plans to support farming of NFTs, but we are thinking about a liquidity mining mechanism for ORCA tokens. 🐳

    Yutaro: We’re incredibly bullish on Solana, and our focus for at least Q2/Q3 will be on building a great DEX on Solana only!

    T: “GUPPY or not GUPPY, that is the question” — Shakespeare circa 2021, probably

    Ori: Definitely GUPPY. Please treat our fishy friends nicely 🙂

    CHICACUBA: Could you briefly explain what your governance and mining program will consist of?

    Yutaro: Hey! We’ve been mapping out tokenomics and the mining program internally for a while now. Nothing’s set in stone yet, but we’re using other successful protocols like Uniswap and SushiSwap, particularly the good parts, as inspiration.

    Tosquito2.0: You mentioned the stable coin swap, could you please explain how an amm would make it more efficent vs an orderbook style dex?

    What do you see as potential usecases in the future for such a setup in the Solana ecosystem?

    Ori: The stable swap improves capital efficiency on stablecoin pools like USDC/USDT, compared to the Constant Product curve that we currently use for our pools. This makes it possible to exchange larger volumes with lower price impact.

    Yutaro: For LPs, the advantage of an AMM is the simplicity. You don’t need to understand how to manage an orderbook to provide liquidity. For traders, if enough LPs supply liquidity for the pool, the slippage for AMMs can compete with or even beat orderbooks!

    T @ N √ i R: What are the main advantages of ORCA?

    Ori: Our fans often tell us how much they love our lightning-fast swaps and low fees, along with the convenience features in our UX and the ability to earn Collectibles 🙂 Plus, we think our combination of deep understanding of the crypto space, focus on user-centric design, and commitment to honesty and transparency make us pretty unique as a team!

    Yusuf: Lemme in, When farming pools sir? We wanna have liquidity mining to farm ROPE at Orca🔥

    Yutaro: Hey, we’re planning on having farming pools when we launch the governance token 😊

    Régis: About WALLETS ! Is Sollet OK for every operations on Orca ? Will it support the NFT’s ?

    Ori: We recently released support for Phantom Wallet, which should come out of beta soon! We’re also actively looking into integrating other Solana wallets, especially native mobile app wallets.

    Hashed: How long will it take to have wormhole running?

    Ori: We’re hoping to have a beta out soon, but it’ll definitely be sometime in Q2! ☀️

    Michele : Will it be possible to trade collectibles in a marketplace?

    Ori: This is something we’re thinking about, but it’s not on our immediate roadmap. We don’t officially support this 😉, but we’ve seen a lot of folks trading our GUPPYs on secondary markets! If you’re interested, you can join our Orca Collectibles Telegram group: t.me/orca_collectibles

    Cryptodub Will LP provider benefit from governance token?

    Yutaro: Yep, so the general purpose of the governance token is to allow the various stakeholders of the Orca DEX to continue operating it. Since LPs are one of the most important stakeholders of any AMM DEX, we’ll structure the distribution mechanism to allow LPs to earn them.

    Azrael: Hey orca team, love using your product! Great UI.

    Question on liquidity. How do you guys plan to improve liquidity? Do you have plans to incorporate Serum/ Raydium liquidity into your AMM.

    Secondly, efficient stablecoin swap will mean something similar to Curve? Or will it still use the product constant curve AMM.

    Which reminds me we need a decentralized stablecoin on Solana!

    Ori: Thanks, Azrael! 🙂

    We don’t currently have plans to incorporate Serum/Raydium liquidity, but we do expect liquidity to go up over time as we release more features on Orca!

    And yes, our stable swap will use the same implementation as curve fi, but on the Solana blockchain 🙂

    Michele : With $ORCA token we’ll be able to vote the governance?

    Ori: Yep, we’ll eventually implement a governance mechanism to allow members of our community to vote! 👍

    T @ N √ i R: Most of users are still not aware with blockchain & its related projects! So, How this project platform create awareness about their project with non-crypto users too?

    Yutaro: Hey, that’s an interesting question. One of the big reasons why we chose Solana to begin with is that we think it’s the first blockchain that could potentially be used by regular users! In that sense, we’re riding Solana’s wave to mainstream adoption. In addition to that, our focus is always on making Orca easy to use and understand for everyone, not just power users. We’re hoping this’ll allow Orca to be used by a wider range of folks!

    BUYING: Any plans to implement varying Amm curve equations for different coins/lp strategies? Such as for the stable swaps

    Yutaro: We’re definitely doing stable swaps. Other than that, we have Q3/Q4 plans to implement capital-efficient AMMs!

    Chris: All right, I think that wraps up the AMA! Incredible job on answering all of those questions!

    Thank you again to Orca for joining us and to all of our community members who have participated.

    Ori: Thanks so much for having us, Chris!

    Chris: You’re welcome!

    Yutaro: Thanks Chris!

    Ori: It was sea-riously exciting to chat with our community 😊

    Go to Source
    Author: Orca

  • solbot

    Member
    April 18, 2021 at 3:26 pm

    There’s a hot new token, and it’s all over your Twitter feed. You head to your favorite DEX to swap for it, only to be reminded of the current state of the world: making the trade would cost you twenty bucks in gas.

    If you were active in DeFi during the summer of 2020, you’re likely familiar with the situation I just described. We call it the gas ceiling: fees so high only whales can afford to swim in the space.

    Terrible puns aside, the crypto ecosystem is craving a long-term solution, and that solution is Solana. We believe that Solana’s sub-second finality, airtight security, and nearly-free transactions will break the gas ceiling. Not convinced? Today, we’re proud to announce the launch of Orca, the easiest, fastest, and most user-friendly AMM and aggregator on Solana. Come experience the magic of instant, nearly-free swaps — you might just change your mind.

    A human-centered DEX

    At Orca, we pride ourselves on designing for people, not programs. Since Orca was little more than sketches on printer paper, we’ve had an ongoing feedback loop with real DeFi users. From this, we’d like to highlight three ways that Orca seeks to provide a simpler, more human-centered experience for traders on Solana.

    1. Fair Price Indicator
    In our interviews with DeFi users, one of the biggest pain points we found is determining whether a given pool currently offers a fair price. Current DEXes often feel like a choice between two evils: Blind trust that the DEX offers market rates, or time-consuming comparison with trackers or other exchanges. With Orca, we’ve sought to solve that problem with the Fair Price Indicator.

    When you input a trade on Orca, we check whether both of the following conditions are true:

    1. The rate is within 1% of the listed market rate on CoinGecko
    2. Slippage is less than or equal to your tolerance setting (defaults to 1%)

    If so, you’ll see the big green check mark above, and you can confidently hit Exchange. If not, we’ll display a Rate Warning or Slippage Warning so you can make an informed decision on whether to trade.

    2. Aggregator
    Orca is not just an AMM, but also an aggregator. Each time you input a trade, we offer the best available rate from either Orca or Serum Swap’s liquidity pools. We plan to integrate other reputable AMMs as they are built, so you can feel confident that Orca always offers the best price.

    3. Token Balances
    In most AMMs on Ethereum, there’s no way to check your balances without having to open a browser extension. This feels like an obvious gap when it comes to UX, which is why we’ve added a Tokens panel directly into the Orca interface. There, you can see your balance for all tokens listed on Orca, including live updates when you make a trade or provide liquidity.

    Why we picked Solana

    Orca consists of a lean team of two: A software engineer with deep experience in blockchain protocols, and a software engineer/interaction designer who specializes in creating human-centered digital experiences.

    This combination of crypto expertise and a fresh pair of eyes gives us a unique perspective on the space. Long-term, our mission is to build blockchain apps that solve real problems for everyday people. But we’re also clear-eyed about the fact that the technology has a long way to go before widespread adoption is feasible. Transactions that cost $20 and take several minutes to confirm are simply not performant enough to compete with traditional financial solutions.

    For crypto to become relevant to a wider audience, it must scale massively while remaining credibly neutral — in other words, obviously and provably non-discriminatory. Solana has laid the foundations to enable that change. The networking stack and virtual machine have seen slow progress in recent years, especially relative to other domains like advanced cryptography. In successfully implementing Proof of History and parallel transaction processing, among other innovations, Solana has proven that these areas are ripe for optimization.

    The results speak for themselves. The Solana network boasts 400ms block times, 50,000 TPS, and $0.00001 average transaction fees, all without the complexity of side chains or sharding. This may sound too good to be true, but having built an application from the ground up, we can vouch that Solana’s performance does not detract from the other essential properties of a blockchain (censorship resistance and security). What’s more, the Solana engineering team is actively publishing open-source building blocks for app development. By using their token-swap program as a base for our smart contract, we were able to design, develop, and launch Orca in just four months, all with our lean team of two.

    That said, when it comes to an ecosystem’s success, technology alone is not sufficient. When we reached out to the Solana Foundation, we were equally impressed by the intelligence, strong values, and down-to-earth nature of their team. As such, we’re confident that Solana has all the ingredients to become a vibrant, scalable ecosystem. We’re pitching in by building a core piece of essential infrastructure: an easy-to-use, human-centered AMM.

    What’s on the horizon

    Now that we’re live, anyone outside of the U.S. can visit orca.so and start trading SOL, BTC, ETH, USDC, USDT, and RAY. However, the journey has just begun. Here are some of the features on the way:

    • Integration of Wormhole, a cross-chain bridge between Ethereum ↔ Solana
    • Collectible, valueless tokens for early adopters
    • Additional trading pairs
    • Analytics for price, liquidity, volume, fees, and more
    • Language options in the Orca UI

    Of course, these ideas are only a starting point. We want to hear what you’d like to see — wild ideas welcome. Join the conversation on our Discord, Telegram, or Twitter (@orca_so). We’ll be waiting!

    Go to Source
    Author: Orca

  • solbot

    Member
    April 18, 2021 at 3:26 pm

    Since we launched Orca last Thursday, we’ve already been over-WHALE-med by the positive response from the community. (For those of you who already saw this pun on Twitter: We’re sorry. 🐳) Thank you for all the love and support!

    Unsurprisingly, the number one thing you want to know is:

    “Will there be an ORCA governance token?”

    The short answer:

    We hope so. But only once the conditions are right (enough organic trading activity and community participation) for Orca to serve the Solana ecosystem even better as a community-run protocol. That could take a few months, a year, or even longer. Regardless, we’re in it for the long haul.

    The long answer:
    As with any major decision, when deciding whether to issue a governance token, we asked: “Is this the most impactful thing we can do right now to achieve Orca’s mission?”

    Back in 2018, we were drawn to DeFi by the promise of a more equitable financial system. The actual experience of using DeFi was a different story. Achingly high fees, snail-paced transactions, the trickle of panic when you think you’ve lost your seed phrase… you know the story.

    Solana is different.

    Our mission is to bring that better financial system one step closer to reality. And we’ll do it by leveraging the performance of Solana to create experiences that are far more usable, equitable, and transparent than traditional financial institutions could ever hope to provide.

    …which brings us to another question:

    How does issuing a token further our mission?
    As an AMM, Orca is inherently incentive-aligned:

    • Traders get speedy and reliable exchanges of digital assets for a modest fee.
    • Liquidity providers earn a portion of those fees in exchange for the opportunity cost of providing capital and risk of divergence or impermanent loss.
    • Arbitrageurs get sweet deals on trades, which in turn keeps prices in line with market rates.

    However, one critical party is missing. The community: everyone who invests time and effort into developing the protocol and supporting users. A governance token rewards that community engagement with a say in the future of the protocol.

    Something that differentiates us from many other DeFi projects is a strong commitment to our values — values that go beyond “making money.” (We’ll touch on this more in the sections to follow.) Incentivizing community participation gives those values longevity, even in the absence of the founding team.

    When will you issue a token?
    Not for a few months, at least. We’ve observed some worrying trends in the experiments with decentralized governance on Ethereum. Too often, token issuers make promises they cannot keep, swindling uninformed buyers into purchasing tokens for a protocol with no real value.

    This is especially true when tokens are released at launch, before said protocol has had time to prove that it offers any real value. The result: A speculative, FOMO-driven hype-bubble that, when popped, leaves buyers swimming in the red.

    So, when is the right time to release an ORCA token?

    • When there is a reasonable amount of organic trade flow on Orca. This requires—among other things—the Solana ecosystem to grow and more legitimate use cases to arise.
    • When there is a thriving ecosystem of designers, developers, and moderators who believe in Orca’s mission, and thus contribute to the continued growth of the protocol.

    When both of the above factors are true, we’d like to issue a governance token. Though we’ll work hard to make that happen in the next several months, the actual timing depends on dynamics that are out of our control, like market cycles. But we believe Orca can flourish as a community-run protocol, and we’d love to see that happen sooner rather than later.

    What would a fair token distribution look like?
    Credibly neutral. (Yes, we’re fans of that phrase — thanks, Vitalik!)

    In other words, the distribution would reward:

    • Early adoption. Providing liquidity on a yet-unproven, early protocol involves a higher degree of risk than depositing in Uniswap or SushiSwap. That risk should be rewarded accordingly.
    • Continued adoption. Participants who actively participate over time should receive more than people who were early, but become inactive. One way to achieve this is through a consistent rate of inflation.

    The distribution would not reward:

    • Insider information. Everyone will receive tokens according to the same formula. We have not promised any additional incentives, even for friends of the Orca team.
    • Gaming the system. You won’t earn more tokens for congesting the network by creating multiple addresses and wash trading, or for splitting up swaps into smaller amounts.

    To expand on that last bullet: Though we were delighted to see so much love for our GUPPY tokens, we think there are better ways to structure distributions. From now on, we’ll strive to reward behavior that contributes to the long-term health of the protocol.

    How would ORCA tokens differ from Collectibles?
    One thing we love about DeFi is its playful, counterculture personality. (No thanks, stodgy white-shirted bankers.) And as artists ourselves, we’re fans of the growing overlap between cryptocurrency and art. We see our Collectibles as part of this trend. Eventually, they could be bought and sold. But like any other artwork, their value comes from the fact that people like them, rather than any intrinsic use-case.

    That said, we do have an idea for a use case for Collectibles! We hope to share more details soon, but for now, know that it’ll be in line with the idea of Collectibles as art. It won’t be limited only to whales. It will be experimental, adorable, and fun.

    Whew, that’s a lot! For those of you who read this far: Thank you. We hope that our thinking resonates with some of you, and that you’re as excited about the future of Orca as we are. If you haven’t yet given us a spin, you can visit us at https://orca.so.

    If you’re interested in getting involved, please reach out to us via Discord or Telegram and follow our announcements on Twitter (@orca_so). We have ideas for both independent contributors and experienced dev teams hungry for a larger challenge in the Solana ecosystem. See you there!

    And finally, a message from our legal team, whom we affectionately call the Tiger Sharks: 🦈 ⚖️

    Go to Source
    Author: Orca

  • solbot

    Member
    April 18, 2021 at 3:26 pm

    On Apr 13 at 16:00 PST, the cofounders of Orca held our first-ever AMA (“Ask Me Anything”) event on the Solana Telegram group. As we said at the end of the event… it was sea-riously fun getting to know our community a little better! 🐠

    For those who weren’t able to make it, we’ve shared a transcript of the event below. If you have other questions, you’re always welcome to join our communities on Twitter, Telegram, or Discord.

    Huge thanks to Chris from the Solana team for moderating this event! ☀️

    TRANSCRIPT FOLLOWS

    (Or, download the PDF transcript for nicer formatting!)

    Chris: I’m really excited to be joined today by the team behind Orca. Orca is a user-friendly AMM where you can exchange cryptocurrency on Solana.

    The goal of this AMA is to provide an opportunity for the Solana community to learn more about Orca; who the team are and what they are working on.

    For the first part of the AMA, I will ask some questions to help us to learn more about Orca.

    The second part is an open floor for the community to ask questions! (and a chance to win a guppy!)

    Let’s start off with a basic introduction! Please introduce yourself @oritheorca / @ym_orca and tell us a bit about yourselves.

    Ori: Hi, all, I’m Ori! I’m an engineer, designer, and one of the cofounders of Orca. 🐳

    After studying Computer Science at Stanford, I worked at startups in the Bay Area and New York, then a design firm in Tokyo before accidentally stumbling into the world of crypto. These days, I’m a jack of all trades, working across the stack to make Orca your favorite DeFi project! 😉

    Chris: Welcome Ori!

    Yutaro: Hi, I’m Yutaro! I’m also an engineer, and the other cofounder of Orca.

    After spending a number of years building databases at MongoDB, I jumped into crypto full time in 2017. From contributing to Eth 2.0 to building smart contracts for UMA, I’ve touched every part of the crypto stack over the years. I’m incredibly excited to have the opportunity to build a core piece of Solana’s ecosystem!

    Chris: Great to have you here with us, Yutaro! You both have incredibly interesting backgrounds!

    Now let’s jump into some questions!

    First, what is Orca?

    Ori: Happy to take that one!

    Orca is the most user-friendly DEX on Solana. When you exchange tokens on Orca, you’ll enjoy speedy swaps, minimal transaction fees, and handy features like our Fair Price Indicator, which makes it easy to know whether you’re getting market rate on your trade.

    Plus, users love our cute Collectibles, which are special tokens you can earn by participating in the Orca ecosystem! 🐠

    Chris: That sounds like a fun reward! How does Orca differ from other DEXes?

    Yutaro: I’ll take this one. Ori’s WPM is way higher than mine, but I’ll try to keep up 😂

    Orca is the only pure AMM DEX on Solana — we have our own liquidity pools! Compared to orderbook-based exchanges, we think the simplicity and composability of AMMs make them the best choice to power the next generation of DeFi apps. We hope you also experience the simplicity of AMMs when you use Orca 😁

    Chris: I think that’s certainly an area that needs improvement in this space!

    Why did you choose to build Orca on Solana?

    Ori: That’s a great question!

    Of the solutions competing to scale the blockchain ecosystem, Solana’s performance obviously stands out. 50k transactions per second, 400ms block times, and $0.01 transaction fees are pretty amazing!

    But the people matter, too. Having worked with the Solana team for awhile, we’ve continually been impressed by their values, vision, and engineering chops.

    We’re proud to be a part of this vibrant ecosystem 🌍☀️

    Chris: That’s great to hear!

    What makes the Orca brand unique?

    Yutaro: Mm, so we think that our combination of a deep understanding of crypto, strong focus on UX, and commitment to values is pretty special. In a recent series of tweets, we distilled our brand into the following 3 adjectives: Professional, principled, and playful 😊 I hope those that have been following Orca can see how that comes out in the way we designed the product and engage with our community!

    Chris: I certainly get that impression! What tokens can I exchange on Orca?

    Ori: At the moment, you can exchange SOL, ETH, BTC, USDC, USDT, RAY, FTT, KIN, and ROPE (whew)!

    But we know you want more, so we plan to support every token that you want to trade on Solana ☀️

    We’ll be listing a few more popular tokens very soon… stay tuned! 😉

    Chris: Exciting! What is coming up on your roadmap?

    Yutaro: Yeah, so we have a suuper exciting couple of months ahead! There are a number of major features in development, including the Solar Bridge (a UI for Wormhole, a decentralized bridge from Ethereum to Solana), Stable Pools (highly efficient trading of stablecoins and other similar-valued pairs), and UI localization…

    But our number one priority is the feature that you’ve all been asking for… an ORCA governance token and liquidity mining mechanism!

    Chris: Sounds like a busy schedule for you!

    Ori: Haha, we have our fins full 🙂

    Chris: Do you have any airdrops planned?

    Ori: Yes! Our loyal Twitter followers may have seen the hints already, but we’re gearing up for our next Collectible airdrop… the fun-loving CLOWNFISH!

    The exact criteria to earn the CLOWNFISH is a secret, but users who trade frequently in the last half of April may find themselves the recipient of one of these little jokesters 🙂

    Chris: Fin-tastic!

    I think that wraps up the first part of our AMA

    Danil: Will Orca support other networks in the future? Or only work on solana network?

    and will there be a farming NFTs and Orca pool in the future?

    Ori: At this point, we only have plans to support Solana! No plans to support farming of NFTs, but we are thinking about a liquidity mining mechanism for ORCA tokens. 🐳

    Yutaro: We’re incredibly bullish on Solana, and our focus for at least Q2/Q3 will be on building a great DEX on Solana only!

    T: “GUPPY or not GUPPY, that is the question” — Shakespeare circa 2021, probably

    Ori: Definitely GUPPY. Please treat our fishy friends nicely 🙂

    CHICACUBA: Could you briefly explain what your governance and mining program will consist of?

    Yutaro: Hey! We’ve been mapping out tokenomics and the mining program internally for a while now. Nothing’s set in stone yet, but we’re using other successful protocols like Uniswap and SushiSwap, particularly the good parts, as inspiration.

    Tosquito2.0: You mentioned the stable coin swap, could you please explain how an amm would make it more efficent vs an orderbook style dex?

    What do you see as potential usecases in the future for such a setup in the Solana ecosystem?

    Ori: The stable swap improves capital efficiency on stablecoin pools like USDC/USDT, compared to the Constant Product curve that we currently use for our pools. This makes it possible to exchange larger volumes with lower price impact.

    Yutaro: For LPs, the advantage of an AMM is the simplicity. You don’t need to understand how to manage an orderbook to provide liquidity. For traders, if enough LPs supply liquidity for the pool, the slippage for AMMs can compete with or even beat orderbooks!

    T @ N √ i R: What are the main advantages of ORCA?

    Ori: Our fans often tell us how much they love our lightning-fast swaps and low fees, along with the convenience features in our UX and the ability to earn Collectibles 🙂 Plus, we think our combination of deep understanding of the crypto space, focus on user-centric design, and commitment to honesty and transparency make us pretty unique as a team!

    Yusuf: Lemme in, When farming pools sir? We wanna have liquidity mining to farm ROPE at Orca🔥

    Yutaro: Hey, we’re planning on having farming pools when we launch the governance token 😊

    Régis: About WALLETS ! Is Sollet OK for every operations on Orca ? Will it support the NFT’s ?

    Ori: We recently released support for Phantom Wallet, which should come out of beta soon! We’re also actively looking into integrating other Solana wallets, especially native mobile app wallets.

    Hashed: How long will it take to have wormhole running?

    Ori: We’re hoping to have a beta out soon, but it’ll definitely be sometime in Q2! ☀️

    Michele : Will it be possible to trade collectibles in a marketplace?

    Ori: This is something we’re thinking about, but it’s not on our immediate roadmap. We don’t officially support this 😉, but we’ve seen a lot of folks trading our GUPPYs on secondary markets! If you’re interested, you can join our Orca Collectibles Telegram group: t.me/orca_collectibles

    Cryptodub Will LP provider benefit from governance token?

    Yutaro: Yep, so the general purpose of the governance token is to allow the various stakeholders of the Orca DEX to continue operating it. Since LPs are one of the most important stakeholders of any AMM DEX, we’ll structure the distribution mechanism to allow LPs to earn them.

    Azrael: Hey orca team, love using your product! Great UI.

    Question on liquidity. How do you guys plan to improve liquidity? Do you have plans to incorporate Serum/ Raydium liquidity into your AMM.

    Secondly, efficient stablecoin swap will mean something similar to Curve? Or will it still use the product constant curve AMM.

    Which reminds me we need a decentralized stablecoin on Solana!

    Ori: Thanks, Azrael! 🙂

    We don’t currently have plans to incorporate Serum/Raydium liquidity, but we do expect liquidity to go up over time as we release more features on Orca!

    And yes, our stable swap will use the same implementation as curve fi, but on the Solana blockchain 🙂

    Michele : With $ORCA token we’ll be able to vote the governance?

    Ori: Yep, we’ll eventually implement a governance mechanism to allow members of our community to vote! 👍

    T @ N √ i R: Most of users are still not aware with blockchain & its related projects! So, How this project platform create awareness about their project with non-crypto users too?

    Yutaro: Hey, that’s an interesting question. One of the big reasons why we chose Solana to begin with is that we think it’s the first blockchain that could potentially be used by regular users! In that sense, we’re riding Solana’s wave to mainstream adoption. In addition to that, our focus is always on making Orca easy to use and understand for everyone, not just power users. We’re hoping this’ll allow Orca to be used by a wider range of folks!

    BUYING: Any plans to implement varying Amm curve equations for different coins/lp strategies? Such as for the stable swaps

    Yutaro: We’re definitely doing stable swaps. Other than that, we have Q3/Q4 plans to implement capital-efficient AMMs!

    Chris: All right, I think that wraps up the AMA! Incredible job on answering all of those questions!

    Thank you again to Orca for joining us and to all of our community members who have participated.

    Ori: Thanks so much for having us, Chris!

    Chris: You’re welcome!

    Yutaro: Thanks Chris!

    Ori: It was sea-riously exciting to chat with our community 😊

    Go to Source
    Author: Orca

Log in to reply.

Original Post
0 of 0 posts June 2018
Now