Orca Medium Blog Updates

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  • Orca Medium Blog Updates

     solbot updated 3 days, 21 hours ago 1 Member · 29 Posts
  • solbot

    September 23, 2021 at 12:01 pm

    Autumn is almost here under the sea, and we couldn’t be more excited. To celebrate the cozy fall weather (and the wonderful Orca community), we will be holding a special event: Orca’s first Fall Festival!

    We have tons of new Aquafarms, Collectibles, and other surprises in store for you, all packed in between September 23rd and October 7th. Perhaps most importantly, we’ll be doubling ORCA rewards for this period from 300,000 ORCA to 600,000 ORCA per week and launching a number of new Double-Dip pools — that’s over $8 million in weekly rewards at the current price! To celebrate, all pools on Orca during this period will become Aquafarms and earn LPs ORCA rewards.

    We’ve got a lot to cover in this article, so we’ll go through the events one by one. Let’s dive right in!

    New Aquafarms and Double-Dip Pools

    With over $300 million in total value locked in our pools, we’ve come a long way in a few short months since our launch in February! We’re always looking for new ways to reward Orca liquidity providers, and we’re premiering a brand new one during the Fall Festival: Double-Dip Pools.

    Double-Dip Pools are built on top of our Aquafarms (farms where liquidity providers earn both ORCA tokens and trading fees as rewards), but kicked up another notch — LPs in these pools not only earn ORCA and trading fees, but also the native tokens of partner projects as well. Yes, you heard that correctly — these pools allow you to earn all three: fees, ORCA, and project tokens!

    Our Double-Dip Pools will include:

    BOP — USDC

    We’ll also be continuing the following Double-Dip pools:

    LIQ — USDC
    PAI — ORCA
    pSOL — USDC

    In addition, we’ve also launched several new standard pools for some of the most requested tokens on Solana, including:

    SBR — USDC

    Every pool on Orca during Fall Festival is an Aquafarm, earning LPs ORCA rewards. You can now deposit at orca.so/pools and rewards will begin today, September 23rd at 20:00 UTC. This is to ensure all of our community starts earning rewards at the same time!

    ORCA and Collectible Rewards

    Many community members have been asking for it, and it’s finally here. For a limited time, Orca Collectible holders will be able to stake their Collectibles to earn ORCA rewards!

    Additionally, we’ll have a single-sided staking pool for ORCA tokens. This pool will also be incentivized with ORCA rewards. Stay tuned for a post outlining all the details and get excited for launch on Monday, September 27th!

    Collectible Contests

    Haven’t received an Orca Collectible yet? Don’t worry, we’ve got a great new opportunity for you to take home one of your very own! We’ll be giving out a total of 1,020 new Collectibles during the Fall Festival — 20 WHALE NFTs, and 1,000 CLOWNFISH. Here’s how to get your fins on one:


    We’re bringing back the Whale Leaderboard — a leaderboard of top LPs across Orca. Each of the top 20 liquidity providers during the Fall Festival will earn one of our coveted WHALE collectibles!


    Any wallet that trades on Orca between September 23rd and October 7th will be entered into a randomized raffle. Everyone will have an equal chance to win 1 of 1,000 cute CLOWNFISH!

    AMAs and Giveaways

    In addition to our partnered Double-Dip Pools, we’ll be gathering some friends from other Solana protocols for Discord AMAs. The Solana ecosystem has a wonderful sense of community, and we’re really looking forward to engaging with all of you! We’ll have some cool giveaways for participants in each AMA, too 😉 Keep an eye out for a list of dates and guests with your favorite projects on Solana.

    Speaking of giveaways, we’ll also have some special physical swag giveaways each week. These are our first-ever physical items, so you won’t want to miss it. We can’t release the details quite yet, but keep a close eye on our Twitter for a chance to snag one.

    As always, thank you for being part of our pod! If you’re new to Orca, you can try out a swap on Orca.so, follow us on Twitter, or join our Discord and Telegram. We’ll be waiting!

    Go to Source
    Author: Orca

  • solbot

    September 27, 2021 at 9:04 pm

    You’ve been asking for it, and as part of our Fall Festival, it’s finally surfaced: Staking!

    For the next few weeks, you’ll be able to deposit your $ORCA and Collectibles in Staking Pools to earn — you guessed it — more $ORCA.

    Deposit your tokens now at orca.so/staking to start earning rewards when they begin on Tuesday, Sep 28 at approximately 20:00 UTC. (This ensures everyone has an equal chance to earn rewards, even if they’re asleep when this post is released! 😉)

    What is staking?

    If you’re new to DeFi, the whole concept of staking can be confusing, so let’s take a moment to explain. For a limited time, you’ll be able to deposit tokens in a Staking Pool to earn $ORCA rewards from the Treasury. (As a reminder, 0.04% of each trade on Orca goes to the Treasury!)

    Like Aquafarms, rewards are proportional to the amount you’ve deposited relative to everyone else in the pool.

    Unlike Aquafarms, you only have to deposit one type of token, so there’s no risk of impermanent loss — just simple, easy-to-love yields!

    Here at Orca, we pride ourselves on being a community-driven protocol. Staking is our first experiment with using the Orca Treasury to offer our loyal token holders (and Collectible-holders) tangible rewards in the form of $ORCA. After a few weeks, we’ll evaluate whether to continue the Staking Program or explore other ways to reward our community. Read on or watch the tutorial below to learn how!


    $ORCA Staking

    Been HODLing your $ORCA? Your patience has been rewarded: You can now deposit it into the brand-new $ORCA Staking Pool to start reaping the rewards!

    The total rewards for the 2-week period from September 28 to October 12 will be 65,000 $ORCA. Rewards will then be adjusted approximately every 2 weeks after that, on the same schedule as Aquafarms.

    Collectible Staking

    Did you know that orcas have a well-developed sense of hearing (through the jawbone, no less)? You’ve been telling us that you want more concrete use cases for your Collectibles, and we’ve been listening!

    That’s why, for the duration of Fall Festival only, there will be a Staking Pool for every Collectible! That’s right — from September 28 to October 11, you’ll be able to deposit your Collectibles to earn a share of the following rewards:

    (listed as COLLECTIBLE NAME: [total rewards per pool] — [estimated return per token], if every distributed token is deposited for the full 2 weeks and the price of $ORCA is $15 USD)

    GUPPY: 52,500 $ORCA — $80
    STARFISH: 3,000 $ORCA — $25
    CLOWNFISH: 20,000 $ORCA — $215
    PORPOISE: 20,000 $ORCA — $300
    WHALE: 10,000 $ORCA — $3,000
    KILLER WHALE: 500 $ORCA — $7,500

    These amounts were chosen based on the rarity and circulating supply of each Collectible, which can be found at orca.so/collectibles. For more information about these fishy friends, including how they were originally earned, check out our Collectible History doc!

    Building a loyal pod

    In short: you can think of staking as a little “thank you” for our loyal podmates. Rewarding our community is something we take seriously, and we have more ideas brewing on that front. We can’t say too much just yet, but they may involve a more… so-fish-ticated NFT project 😉

    This feature was a true whirlwind (design to ship in just two weeks), and we hope you’ll have as much fun using it as we did building it. Happy staking! 🌊

    Because you’re a curious pod — some FAQs:

    Where do the rewards come from?
    The ORCA Treasury! 0.04% of every trade on ORCA goes to the ORCA Treasury. From the ORCA Tokenomics post:

    “The Orca Treasury is a DAO that ties the value of the ORCA token to Orca itself. The accumulated fees may be used to fund development, manage the token supply through buy-backs, or other initiatives that support the long-term health of the Orca protocol.”

    Why is this a limited-time campaign?
    Treasury funds aren’t unlimited, and neither is the creativity of our team and community! Like all features on Orca, we’ll observe how you use the feature, conduct user research, and listen to your feedback in our channels to decide whether staking is the best way to reward our community going forward.

    Can I deposit more than one Collectible per pool?
    There will be a reward pool for every Collectible, and you can participate in all of them! Plus, you can deposit multiple Collectibles per pool, so if you have 10 GUPPY, you can deposit all 10 to earn 10x the rewards compared to depositing 1 GUPPY.

    Should I stake ORCA or provide liquidity on ORCA pools?
    The yields on our Staking Pools are deliberately designed to be lower than the ORCA/SOL and ORCA/USDC Aquafarms. This incentivizes users to provide liquidity to our pools, which leads to better rates for traders — all part of a healthy marine ecosystem!

    Where can I buy or trade Orca Collectibles?
    While Collectible markets are not officially sanctioned by Orca, you can find markets for all of Orca’s Collectibles here.

    However, some users are bullish on Orca as a protocol and prefer to hold their ORCA, rather than swap half of it for another token. Others prefer not to actively manage their positions or are wary of impermanent loss. If you fall into any of the above categories, staking might be a good choice for some, if not all, of your ORCA.

    That’s all for now. To stay up to date on all things Orca, follow us on Twitter and join our lively communities on Telegram and Discord. Sea you there! 🌊

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.

    Go to Source
    Author: Orca

  • solbot

    October 8, 2021 at 6:04 pm

    Get the latest news about Orca, directly within the app 🐳

    Ever find yourself straying a little far from the pod, unsure of how to stay on top of all the latest changes at Orca? We’ve got your (hump)back! 🐋

    The next time you open orca.so, be on the lookout for the bell icon in the navbar. Anytime you see a yellow dot, it means that we have some news to share! We will be using this feature, called Updates, to share tips, tutorials, news, and more.

    To see what’s new, simply click the bell. All new updates will have a yellow dot indicating that you haven’t read them yet; simply click to mark as read. In some cases, you can also interact with the update directly by clicking the yellow button.

    As always, thank you for being part of our pod! We know Crypto Twitter can feel like a full-time job, so we hope this little feature makes it easier to learn about new pools, tend to your Aquafarms, and keep up with the Orca community.

    If you’re new to Orca, you can try out a swap on orca.so, follow us on Twitter, or join our Discord and Telegram. Sea you there! 😉

    Go to Source
    Author: Orca

  • solbot

    October 13, 2021 at 3:04 pm

    For the past few weeks, we celebrated Orca’s first-ever Fall Festival! Yesterday, we celebrated by sending our top 20 LPs a special new Collectible: The HALLOWHALE! And if you swapped, check your wallet to see if you received a surprise CLOWNFISH—1,000 lucky traders got a new friend, too 😉

    At the start of the Fall Festival, we shared our expectations and the rewards we planned to distribute back to our community. Now, it’s time to reflect on the festivities!

    Aquafarms and Double-Dip Pools

    At the beginning of the event, we had just over $300 million USD in total value locked (TVL) in our pools. This was our highest TVL since our launch in February of this year. During the Fall Festival, that amount skyrocketed to just under $1 billion! We’re delighted with this progress and the enthusiasm from you, our community.

    On that note… our pod is growing! The amount of rewards distributed also exceeded $12 million, with $ORCA at an average price of $10.05. We also saw our highest number of unique wallets yet and nearly doubled the number of ORCA token holders.

    During the Fall Festival, we also added a large number of new Double-Dip Pools! Special shoutout to a few standouts who had a combined $65 million staked: ATLAS — USDC, POLIS — USDC, SLIM — USDC, and SAMO — USDC. Across all pairs, about ~$3 million were paid in rewards. You love our Double-Dip Pools, and we are happy to say that they’re here to stay.

    Going forward, we are looking to add more liquidity pools and will be listening to feedback from our pod for what pools you guys want to see. Keep an eye out—Double-Dip Pools rotate every Thursday. You will get a notification 24 hours prior to rotation via In-App Updates so you can move around your liquidity if needed.

    ORCA and Collectible Rewards

    For the Fall Festival, we wanted to reward our active users and large LP contributors, so we introduced Collectible Staking. You all loved it, and we saw tons of you stake your Collectibles for more Orca rewards!

    The amount of Collectibles staked was as follows:

    WHALE: 43
    PORPOISE: 593
    GUPPY: 3,678
    CLOWNFISH: 501
    STARFISH: 916

    Don’t have a Collectible to call your own yet? Never fear; there’ll be more opportunities to earn them going forward! 😉

    AMAs and Giveaways

    Over the Fall Festival, we had a whale of a time partnering with other projects in the Solana ecosystem and having a chat with our honorary podmates, Star Atlas and Solanium, during AMAs. The Solana ecosystem has a wonderful sense of community, and we’ve really enjoyed meeting and talking with everyone. Keep an eye out for more cross-community collabs soon!

    As always, thank you for being part of our pod! If you’re new to Orca, you can try out a swap on orca.so, follow us on Twitter, or join our Discord and Telegram. We’ll be waiting!

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.

    Orca’s Fall Festival Recap was originally published in Orca on Medium, where people are continuing the conversation by highlighting and responding to this story.

    Go to Source
    Author: Orca Team

  • solbot

    October 26, 2021 at 3:04 pm

    Our ecosystem is thriving. Daily trading volume now averages over $100 million, and the success of our Fall Festival brought us thousands of new podmates. And of course, we can’t help but notice the whale in the room: the total value locked in our pools breached $1 billion for the first time!

    But you won’t catch us resting on the reef. With the success of our Series A fundraise, we have the resources to bring Orca to the next level. Our mission to make Orca the go-to AMM for the Solana ecosystem continues, and we’re excited to have you on board!

    Now, let’s dive into what we have in store across product, integrations, and community…

    1. Product: The most powerful, user-friendly AMM on Solana

    Love our clean, user-friendly swap experience? Hold your seahorses — we’re about to embark on an even more ambitious voyage!

    • Whirlpools: On AMMs such as Uniswap v2, SushiSwap, or even Orca today, liquidity providers are forced to facilitate trades at all prices. While the simplicity of this model has many benefits, it lacks capital efficiency. Using Whirlpools, users will be able to concentrate their liquidity around certain price ranges. This will benefit all Orca users: liquidity providers will earn greater yields and traders will be able to transact at lower cost. Whirlpools are a win-win, and we can’t wait for our community to give them a whirl! 😉
    • More token listings and Double-Dip pools: As the world of Solana grows, we grow with it. More tokens from all over Solana will shortly be arriving in the world of Orca alongside the pools you already love like Marinade, Star Atlas, Larix, and others. And liquidity providers will continue to reap the rewards of enhanced yields in new double-dip pools like Aurory (AURY) and Parrot (PRT)!
    • Quality-of-life improvements to the DEX: While we pride ourselves on clean and seamless UX, there’s always room to improve. Here are a few of the upgrades on the horizon…
    • (1) AutoSwap deposits: Tired of jumping back and forth between the Exchange and Pools pages to make a deposit? Have no fear: AutoSwaps are nearly here! When you enable AutoSwap in the deposit modal, you’ll be able to provide pair tokens in any ratio you’d like — even just one of the two. We’ll take care of swapping against our pools to balance them before the deposit is made. LPs rejoice — diving into our pools will be easier than ever! 🐳
    • (2) Magic Bar upgrades: Our Magic Bar is getting smarter! Until now, you’ve been able to specify trades in either the base tokens or USD, such as “5 SOL to ORCA” or “$100 SOL to ORCA.” Now, after connecting your wallet, you’ll be able to use the “half,” “all,” and “max” keywords as well! For example: “half SOL to ORCA”, or “all USDC to SOL”. It’s almost… magical! 🪄
    • (3) Better mobile UX: Our stats show that over 20% of swaps are made from mobile or tablet devices. Mobile users will not be left ashore as we roll out new features! We’ve recently made several tweaks to our UI — such as swapping our wallet connection modal, which was oversized on mobile, for a dropdown — to ensure our UI is equally polished on every device.

    2. Integrations: partnering with the best projects on Solana

    As a general-purpose AMM, Orca serves as an extremely flexible DeFi lego. Our immediate focus is empowering developers to build on top of Orca using the TypeScript SDK, embedding our pools in more swap experiences, and creating new use cases for Orca LP tokens.

    • SDK Upgrades: Orca’s open-source TypeScript SDK is now at feature parity with the Orca UI, which means you can swap, get quotes, deposit and withdraw from pools and Aquafarms, and harvest rewards! And with Whirlpools on the way, we’ll be upgrading our SDK space, so developers can take full advantage of the concentrated liquidity goodness. For the latest and greatest updates, watch the repo on GitHub!
    • Swap Functionality: Orca is integrated into several other swap interfaces, including Jupiter, Step, P2P, and Coin98. We’ll continue working with other protocols to integrate our swaps, so they can take advantage of our currently competitive rates… and the even better rates that will come with Whirlpools!
    • Lending Protocols: Orca LP tokens and the $ORCA token itself are great options for collateral on lending platforms. They’re also easy to integrate with our SDK! We’ve already integrated with Tulip and Francium, and will continue to partner with additional protocols as they mature.
    • Yield Farming Platforms: Managing positions is a time-consuming task, but there are an increasing number of tools that make the enterprising farmer’s life simpler. We’ll continue to work with partners such as Sonar.Watch and Step so our users can take advantage of the most cutting-edge farming tools and dashboards.

    3. Community: Fostering a thriving pod

    Orca’s strength lies in our thriving community — life beneath the sea would be no fun without our podmates. We recently completed our first governance vote, which marked our first step toward decentralization. But we have a long voyage ahead, and we’re excited to grow the pod every step of the way!

    • The Orca Ambassador Pod: We’ll soon be launching our ambassador program for users who share our ambition to make Orca accessible for everyone. Members, who we call Ambassador Dolphins, will help increase Orca’s visibility within Solana and the broader world beyond. More details on this program and how to join will be released in the weeks to come!
    • Discord evolution: Our Discord server will soon be evolving! Rather than simply a forum for reporting bugs or asking questions, the server will invite everyone, from new users to Orca veterans, to participate in a happy maelstrom of discussion and debate about the future of Orca.
    • Centralized exchange listings: We’re working on making $ORCA available to everyone, and part of that is building liquidity across all major crypto exchanges. We can’t reveal which exchange will be the next to list $ORCA — but when we do, our community will be the first to know. 😉 CEX listings will help to broaden access and reach new users who are keen to explore the ocean that is DeFi. Speaking of which…
    • Welcoming beginners to DeFi: Orca’s focus on simplicity and user-friendliness makes it the perfect starting point for newcomers venturing into the waters of DeFi for the first time. With that in mind, we’re creating a raft of content to guide new users as they take their first swim in crypto! Our upcoming Medium series, Orca for Everyone, will be a comprehensive step-by-step guide for future podmates. The first two articles will show you how to buy your first crypto, set up a Solana wallet, and make your first swap on Orca!

    And last, but by no means least…

    In the near future, we shall reveal the secrets of a project we call Orcanauts. We’ve been keeping this project hidden beneath the surface until now, but the time is rapidly approaching when we can share it with you, our community!

    Orcanauts are an expansion to our ecosystem that will give the Orca community the ability to engage with our brand in a fun and lighthearted way. More details will be available soon! Be sure to follow us on Twitter to uncover the mysteries of one of our most lovable projects yet…

    We hope you’re as excited as we are for this next evolution of Orca. If you’d like to build with us, hop into our Discord or Telegram and give us a wave. And if you’re attending Solana Breakpoint in Lisbon next month, be sure to drop by and say hello to our team! Our co-founders, Ori (@oritheorca) and Yutaro (@rawfalafel), will be speaking at the event. We’ll also be running a special Orca Treasure Hunt, where you’ll have the chance to earn some rare Orca swag… and perhaps even a rare Collectible. It’ll be a splash! ☀️️

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.

    Go to Source
    Author: Orca Team

  • solbot

    October 31, 2021 at 6:04 am

    How we’ll sail towards a brighter future for your favorite AMM

    Earlier this week, we published our long-awaited Winter Roadmap, which gave you a peek into our recent developments across Product, Integrations, and Community. Today, we’d like to share one more update: How the Orca Treasury fits into our plan for a decentralized future. We won’t stop sailing until we steer this ship safely into the hands of our beloved pod! ⛵️

    What we learned from Staking

    As part of Orca’s Fall Festival, we launched an exciting experiment: $ORCA and Collectible Staking. As with any new feature, we kept a close eye on the results and came away with some important learnings:

    • Collectible holders were highly engaged: We were delighted to see so much enthusiasm from our community of critter-collectors: Participation ranged from approximately 70% for STARFISH to over 90% for WHALE holders.
    • Staking does not encourage trading: Though around 2.5 million (approximately 25% of circulating $ORCA) was staked, there was no corresponding increase in trading volume from stakers.
    • Large stakers are HODLing: Despite the decrease in Staking rewards this week, the 5 largest $ORCA stakers are still holding over 99.5% of the amount staked. This suggests that these friendly whales believe in Orca’s long-term success, rather than focusing only on short-term gains—a sentiment we can agree with! 🐳

    Based on these observations, we will be focusing our development efforts—and Orca’s Treasury—on rapid growth.

    To that end, the $ORCA staking program will be coming to an end soon. As a final thank-you to our community, we extended the program by 1 week on Tuesday; rewards will continue until Nov 2nd at 20:00 UTC.

    How we’ll accelerate growth

    Our mission is to make Orca the go-to AMM for the entire Solana ecosystem. By doing so, we will further our goals of:

    For that to happen, we need to encourage trading. Trades are the hydropower for our flywheel—more trading means LPs earn more fees, which translates to more liquidity and, in turn, better rates for traders. (This is why the main metric we discuss internally is trading volume, not TVL.)

    Though staking provides a short-term incentive for people to hold $ORCA, as discussed earlier, staking does not increase trading.

    What does encourage trading is lower fees. To that end, our upcoming next-generation AMM, Whirlpools, will not take fees for the Orca Treasury upon launch. (A small percentage of fees will still go to the Impact Fund.) This is a reflection of Orca’s current positioning in the ecosystem, in which competitive rates can make all the difference. In the future, it will be up to governance to decide whether to charge Treasury fees.

    What should I do with my $ORCA instead?

    Sad to see Staking go? Consider providing liquidity to one of our $ORCA liquidity pools: ORCA/SOL, ORCA/USDC, ORCA/mSOL, or ORCA/PAI. As of October 28, the APR for these pools ranged between 77% for mSOL (not including staking earnings!) to 177% for PAI — yes, these Aquafarms are teeming with marine life!

    “But what about impermanent loss?” you ask.

    We encourage all enterprising farmers to read up on the risks of IL; in fact, we require LP to read our Liquidity Provision Guide in the deposit UI. However, though our user interviews have indicated that most LPs are aware of IL, they often overestimate the actual degree of loss for non-altcoin pairs. Check out our cofounder @oritheorca’s recent Tweet thread for some more color on this!

    That said—regardless of whether you choose to LP, the best reason to hold a token is because you believe in the long-term success of the protocol. Speaking of which…

    What’s next for the Orca Treasury?

    In the future, governance will determine how the funds in the Orca Treasury are used. We’ll use best practices developed by the wider Solana community to inform what aspects of the protocol can be adjusted by governance.

    A few examples of how the Treasury could be used include:

    • Staking: Just because we’re ending staking now doesn’t mean that it’ll never return! Precedents like SushiSwap’s xSushi program have shown that staking rewards can effectively incentivize long-term engagement, and we could imagine a future in which it suits a mature version of Orca.
    • Fee discounts on trading: An alternative is to bake benefits for tokenholders into the core AMM itself. One example is fee discounts for large tokenholders, which encourages engagement with the entire Orca protocol.
    • Additional rewards for LPs: Our current Aquafarm program has shown that token rewards are an effective way to incentivize liquidity; since the launch of the $ORCA token in August, our Total Value Locked has skyrocketed from $50 million to over $1 billion! After our current yield farming program comes to an end in a few years, Treasury fees could support a similar model.

    We will also continue to research up-and-coming ways of allocating Treasury funds, such as protocol-owned liquidity, to guide the future Orca DAO.

    As always, thank you for joining us on this voyage! There may be choppy waters along the way, but with all of you on board, we’re confident that our ship will continue sailing for a long time to come.

    Happy Halloween, podmates! 🎃

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.

    Go to Source
    Author: Orca Team

  • solbot

    November 1, 2021 at 9:04 pm

    Listen now on Spotify, YouTube, or Simplecast!

    In our 6th episode, our co-founder Ori (@oritheorca) welcomes Placeholder Partner Chris Burniske (@cburniske) onto the show to talk about what they’ve each learned about how to structure a fair, human-centered fundraise.

    In the process, they discuss each of the tips in Ori’s popular Twitter thread: Top 4 pieces of advice I received during our fundraise. If you’ve ever thought about fundraising—on either side of the equation—this is an episode you won’t want to miss!


    Ori (00:10):

    Hey pod mates. This is Ori, co-founder of Orca, the most user-friendly dex on Solana. And welcome to this episode of OrcaPod, a deep dive into DeF i from the builder’s perspective. This episode, I’m honored to welcome Chris Burniske, co-founder and partner of Placeholder. Placeholder is one of the most well-respected venture capital funds in crypto and also a co-lead for Orca Series A. Chris, welcome to the show.

    Chris (00:36):

    Hi Ori. Thanks for having me.

    Ori (00:37):

    Such a pleasure. Honestly, I think this is a really special episode for us because of how long we’ve really respected Placeholder, even when we were just starting out with Orca. I remember Yutaro and I talking about how Placeholder has a really unique approach to creating fair crypto networks. And our token economics, which we talked about all the way back in episode three of OrcaPod, were really inspired by that thoughtful approach to capital distribution that you talked about in the original sin. So today I thought we could have a little conversation about what we’ve both learned along the way about how to structure fundraisers such that they’re productive for both the community and the team involved. How’s that sound?

    Chris (01:22):

    That sounds great.

    Ori (01:22):

    Awesome. Well, let’s get to it. First of all, I actually thought it would be really fun to share the story of how you actually became a crypto VC, which I had the honor of learning about just this year. Care to fill in our listeners?

    Chris (01:35):

    Sure. It’s a pretty random walk as life can often be. I was classically trained as a scientist so biochem, physics around the ocean in university. At the tail end of my time in college, I met a woman by the name of Cathie Wood who was getting a startup off the ground called ARK Invest, and Cathie offered me a position as a big data researcher because I was … I had some focus on that while I was in college. I actually turned her down. I didn’t want to work in finance, I didn’t want to move to New York City, I didn’t want to be in front of a screen all day long which would all become things that I would do in a few years time, but at the time I didn’t want to do it.

    And went and bounced around for about a year before I saw Cathie on TV. And she was talking about interesting things. At that point, ARK was just getting off the ground. They didn’t have funds live yet but they were producing research. And so I reached out to her and said, “Hey, do you still have any open positions?” And she said, “Yeah, come out.” So I joined ARK, and pretty quickly in my time at ARK I started to cover crypto for the firm. And I had just fooled around with crypto in college, nothing serious. And it didn’t really dawn on me in 2012 and 2013 how grand the idea was at least of Bitcoin, there were applications that I was more enamored by, but really started paying deep attention in late 2014 into 2015.

    And then ARK became the first public fund manager to add Bitcoin to its funds and then Bitcoin doubled. And this was just a case of being right place, right time. And all of this culminated in me meeting Joel and getting to … Joel Monegro, my co-founder at Placeholder, and getting to know the Union Square Ventures team. And then Joel and I started talking about doing our own fund, and we had the support of Union Square Ventures and ARK Invest. And so in 2017, we raised a pure crypto-focused firm off the ground. And now Placeholder is four years old and well into its life.

    Ori (04:13):

    You’ve really been on quite the journey since those four years ago, haven’t you?

    Chris (04:17):


    Ori (04:19):

    I think I can speak for many of your portfolio companies when I say that we’re all really grateful that you went on that random walk because Placeholder brings such a unique perspective. And in particular, I also thought it would be fun to talk about how you actually came to be an investor in Orca.

    Chris (04:36):

    Definitely. So I first met your co-founder Yutaro through UMA, which Placeholder is also an investor in, and we’re having a dinner in New York City. I guess I was the only investor there and it was the whole UMA team, and we had hotpot, and it was just a blast. And got to know Yutaro a little bit then. And then I knew that Yutaro had been at the Ethereum Foundation and then was at UMA. And then fast forward a couple of years, you all spoke with me, I think it was 2020, about Wallaroo, the high yield experiment you guys were running on Solana and you-

    Ori (05:27):

    It was actually Ethereum back then.

    Chris (05:29):

    Oh, it was Ethereum.

    Ori (05:32):

    It was Ethereum.

    Chris (05:33):

    Okay. So we talked through the Wallaroo idea, agreed to stay in touch, and then at some point, you guys shifted to Solana, and then Orca started to become an idea. And I remember we kept talking. You both made compelling cases for Solana and got me to start taking Solana more seriously. And then at the same time, I think my encouragement was to wait to raise capital and to get as far down the path as you could, and ideally launch a token and get a market price before you were going to raise capital because then you’d probably get the most advantageous price. At least that’s as I recall it. If you recall it differently I’m very curious to hear. And then low and behold in 2021, you guys did just that, and we’d been talking throughout and so it was pretty seamless to pick up that dialogue about potentially getting Placeholder involved.

    Ori (06:42):

    We’ve definitely taken a lot of your advice to heart, as I think the listeners will hear about when we discuss some of the particular advice that I share later on. But I really love the part of your story of how it starts with a hotpot dinner because actually, I think something that’s pretty unique about our pitch process is that, especially in the time of COVID and especially for crypto, it’s very normal for the whole pitch process to be very remote, right. But we actually did have the very unique opportunity to meet you in person during our pitch process.

    Chris (07:13):

    That’s right. We met in person. We happened to be in the same place at the same time, and we had a informal but depthful conversation as I recall it. I think sometimes entrepreneurs think oh, I need this deck and I need to be able to fill 60 minutes, and sometimes they end up talking at the investors the whole time. But really you want engaged investors that are asking questions that understand the product, and that can only show up in a back and forth conversation, and I think we had that all throughout our conversations. And then the quote-unquote pitch was really just a conversation about the most important parts of Orca.

    Ori (08:06):

    That’s really the most enjoyable type of pitch too, at least having been through the process. Once you’ve given the same pitch back to back so many times, ultimately a conversation is much more refreshing than going through the same slides. I think it actually speaks to the two-way nature of the pitch, right. Sometimes it feels like a one-way interview, but actually, it is two ways. And the investors who have clearly taken the time to actually read your deck and come with intellectual questions really stand out.

    Chris (08:36):

    Right. Definitely. I can only imagine the repetition. The mind numbingness of the repetition that you have to go through. We go through it occasionally when we have to raise as well so I can empathize.

    Ori (08:51):

    That’s true. I guess it’s a little bit of inception there. Everyone’s raising at the end of the day.

    Chris (08:56):

    Everyone has to raise capital from somewhere.

    Ori (08:58):

    I think that’s a topic for another day. Maybe we’ll do a follow-up podcast where we go into your raising process because I’d actually be very curious. But for today, I was actually hoping to ask you a little bit about, from your perspective, how Placeholder’s approach differs from others in the crypto space.

    Chris (09:16):

    Well, I’d say we’re laser-focused on using this technology to better distribute data, wealth, and power. And so if a implementation we feel is potentially centralizing or grabbing too much wealth for insiders or too much power for insiders, even if we recognize that it’s likely to be a moneymaker, it’s not fulfilling our thesis mandate, and why we exist, and why we invest, and so everything gets passed through this lens of better distributing data, wealth, and power for the world. And we think it’s possible to do that and to be really good investors.

    And then within that thesis focus, run a very human-centric practice so I think as you and Yutaro have experienced. Where Joel and I have been full-time in crypto now for seven years, we understand how grueling it is. It’s 24/7, 365, one of the core community members or founders or leaders of a crypto network, that network, that community can be very demanding sometimes, and talking through the personal issues or the team issues that arise is really important. We want to be there as the investor that teams feel comfortable going to when shit’s hitting the fan, not the investor that they feel they need to hide the gory details from. And so that’s part of the human-centric practice.

    And then I know part of the focus of this podcast is also the fair fundraise and the fair distribution. And so for us, our goal when we’re helping get a network off the ground is for the insiders so the early team, early advisors, early investors, everyone that’s involved at a permission stage, for those folks to get 20 to 33% of a network’s fully diluted allocation. And so that saves … At 20% it means that the permissionless public can get 4X what people at the insider’s stage got. And at 33% it means the permissionless public can get 2X, 66% what the insiders got at 33%.

    And then, even within that insider allocation, the goal is for the team to get more than the investors. So one and a half to 2X what investors get because the builders are the special sauce. They are the ones that code everything. And yes, I think of investors as the bench. The core team is the starting team and they’re there when the whistle blows. And then investors come in occasionally and have specific skill sets, but they’re not the core. And so making sure that the core gets more than investors, which in some cases doesn’t happen and I think that’s crazy. And so those are the wealth structure dynamics that we look for within crypto networks.

    Ori (12:44):

    It’s really interesting that you talk about how the builders should ultimately get more because they’re the ones doing the work, which I think in most cases would logically make sense. But actually, after talking to a lot of different projects, I’ve heard more and more about cases in which projects actually … Or investors rather, actually are on the ground there with projects essentially doing the building which isn’t something that we experienced since we did follow your advice and essentially didn’t raise until we were past seed stage. I’m interested in what you think of that trend where people will almost outsource their entire, for example, marketing divisions or PR divisions to these investors.

    Chris (13:24):

    Well, I think it depends on what’s being done, and it also depends on the structure of the investment firm. But by and large, most investment firms need to return their capital at some point in time and will be a finite duration. Whereas good crypto networks that are composed predominantly of middle machines that automate critical digital services, those are multidecadal mechanisms. And so if they’re reliant on a finite termed investor, then it might be a finite termed crypto network, and we want to help build infinite termed crypto networks. At the same time, it’s great that investors are helping more. And I think that there is pressure within crypto for investors to really showcase what they can bring to a crypto network to compete with other investors to provide differentiated services. And in some ways, ICOs, even though they more or less got outlawed by the SEC, but as we open up the private stage of markets closer and closer to the public, there’s more competition, and so that makes the private investors either a venture structure or hedge fund structure in crypto behave better, contribute more.

    And I think that DAO ‘s are only going to further this trend. And what’s cool about a DAO is a DAO can also be in finite termed. And so it might be more native to have these crypto Dow investment teams that are composed of a circulating roster of talent. People come, people go contributing different amounts of capital, and to attach themselves to different crypto networks, and then help those networks grow and sustain over time. But whatever a team needs … I think if they can find investors that compliment where they feel weak or just not as robust, that’s great.

    Ori (15:41):

    The finite point that you’re making is one that really resonates I think and makes sense as we think about decentralization on a certain timeline as well. I think we ultimately are … Have to think about building protocols in a very different way from building traditional companies. And so I really like what you’re saying about a human-centered approach to fundraising where you’re actually sort of empowering the founders to set the protocol on the right path to decentralization. I especially love it because we talk about human-centeredness all the time, but this is a completely different definition of it.

    Chris (16:17):

    And eventually, the founders and the core team have to be able to take their hands off the wheel. Everyone more or less has to be able to take their hands off the wheel and know that there’s going to people coming and going helping to maintain what has been built.

    Ori (16:36):

    It’s going to be a journey to get there. I think it’s really unproven but it’s one that, at least for Solana now, I’m becoming more and more let’s say optimistic about just seeing how the community is starting to rally. And so that’s actually something I wanted to circle back on that you mentioned a little bit earlier, but correct me if I’m wrong, but I think Orca is Placeholder’s first major investment in a Solana protocol. And I know that the firm’s views have sort of changed on that over time so I’m curious to dive into that a little bit.

    Chris (17:08):

    Well, I remember in 2017, Joel and I had an afternoon where our minds were blown looking at the Solana white paper, and we were excited that a team of Qualcomm engineers was building this. And if I could go back and do it all over again, I might’ve pursued Solana at that time, but we were busy getting Placeholder just off the ground at that point in time and it was really a curiosity and a fascination. And then I’ve gotten to know Raj, and Anatoly, and a few other members of the Solana team. I think that it’s good tech, and there’s no doubt that core set of engineers is very talented. They pursue meaningfully different trade-offs from most any other Layer-1 smart contract platforms. Most famously they’re not pursuing charting, right, it’s the antithesis to how a lot of other Layer-1 smart contract platforms are aiming to scale.

    We’re going to have to see what happens when Solana hits 30,000 TPS, and what the costs are. And when Solana gets there, I think that there’s enough talent to figure it out. One of the things that has kept us out as an investor is the insider allocation of SOL is heavier than we’re really comfortable with. That’s in part due to I think the disposition of some of their earliest investors. I think it’s also in part, they had to build through a bear market. There wasn’t a lot of enthusiasm at the time. Lower enthusiasm means lower valuation, which means higher dilution or allocation going to investors. And so I don’t think it’s the evil of the Solana core team that things ended up this way.

    A lot of human history is just path-dependent. And I think that over time you can still have big flushes of those insider allocations to better distribute the crypto asset. And just to argue against myself for a second. One really good thing that happened with SOL is it was on the public market around a dollar for a while. At least six months if not longer. And that let different people who could find a way to get access on those public markets, which wasn’t super easy, but there were ways that let more people build positions at a low-cost basis. And then there’s certainly a loyalty that comes through writing an asset for a 100X or more. And so I think that even if the insider allocation is a little heavier than is ideal, it’s a very different setup from, for example, DeFinity, which launched at extremely high valuation and then has traded down pretty precipitously. Whereas Solana launched in the public markets at a very low valuation, gave that public asset, and then has risen.

    Ori (20:23):

    I’m laughing a little bit because just literally earlier today I was talking to Yutaro about potentially doing a little segment or something where we give a bit of a crypto history lesson on DeFinity and the things to learn from-

    Chris (20:35):

    Oh boy.

    Ori (20:35):

    From that. Maybe not something we have time to get into today.

    Chris (20:39):

    Well, and verdict’s still out. It’s not like DeFinity’s bad tech either. They’ve made some marketing mistakes, and I think that a lot of crypto culture does not want to see DeFinity succeed, but it is also a formidable team that has built powerful tech.

    Ori (20:56):

    Absolutely. The theme that we were actually thinking of is how sometimes you can do everything right and things won’t go your way, and so you can do your best to learn from the past. But in the case of crypto that the past is so short. Speaking of learning from history, I think this is actually a good time to chat about a topic that we’ve chatted a little bit about before but never in this sort of public forum, which is some of these learnings from the fundraise process. So I actually wrote a little tweet thread a couple of months ago about this, and some of these learnings came directly from that exact human-centered approach of working with you and a few other investors that we felt like we really trusted as humans. And so I thought maybe we could just go through them one by one and chat about them. And I’d love to actually hear places that you disagree as well. How’s that sound?

    Chris (21:50):

    Let’s do it.

    Ori (21:51):

    Alrighty. The way I actually titled this was, the top four pieces of advice I received during our fundraise. And so these pieces of advice actually largely did come from folks who ended up investing in our round. And the first one is, to decide on the structure of your round and stick to it. Because once you start getting attention, funds will often bully you to change the structure that you’re looking for to suit their needs but you should remember that the ball is in your court.

    Chris (22:16):

    So I think the most important thing from this one is remember the ball is in your court because it really is. The builders are the special sauce. And though investors have more iterations, more turns of the wheel in fundraises, and so they can develop more tactics to outmaneuver the builders, the builders can always rely on the fact that they control the special sauce. I remember, in your guys’ process, you were getting some pressure to meaningfully decrease the valuation in a way that was unfair at least compared to market, compared to where your public asset was trading, and we talked about it and you guys stuck to your guns and ultimately, raised at that amount and even higher, which is better for your network, better for all of your stakeholder participants so I definitely agree with remembering the ball is in your court.

    The only one that’s a little tricky here is deciding of … On the structure and sticking to it. The only reason I say that is sometimes because investors have a number of rounds or iterations on these fundraises, they can help sometimes say, “Hey, here is a downside of this structure. You might want to consider this other structure or this other jurisdiction.” And so if an investor is able to present more information or more context on the legality or jurisdiction that might change your structure, even if the valuation and everything is where you want it, sometimes it can be good to be flexible to that should the rationale be presented for why it’s in your best interest.

    Ori (24:10):

    That’s a great point. And actually, maybe structure isn’t the right word here. Perhaps what would’ve been more accurate is the spirit of the round. That spirit is something like the fairness to the community.

    Chris (24:21):


    Ori (24:21):

    But structure I think is more of this legal word.

    Chris (24:25):

    Yes. I see structure and I’m just used to the legality of deals and I just go, “Okay, what’s the legal structure.”

    Ori (24:31):

    Right. That makes sense which is not what I wanted to highlight. So for anyone listening to this, let me … In my mind, edit this tweet, although tweets are not editable.

    Chris (24:42):

    This is the fascinating thing with words and communication. You put out something and people interpret it differently than you intended it. Same with art.

    Ori (24:50):

    That’s the beauty of it though, right. I won’t go down this rabbit hole because I love being a word nerd, obviously. It’s one of … I just love making puns on the Orca Twitter. Some people like it and some people don’t.

    Chris (25:02):

    Word nerd is good. I like that one.

    Ori (25:04):

    We’re very aligned there. But at the risk of going further down the rabbit hole, maybe I’ll bring us to tweet number two, which is actually quite related to tweet number one, and some of the learnings you just shared, which is that the first commit is the hardest. And at first, it might feel like no one wants in, especially at the price that you’ve raised or that you’ve proposed raising at, and discouraging really doesn’t begin to cover it in terms of how it feels to be a founder at that point. But this is actually advice I got from a number of people. As soon as you really get that first commit, that that first ally, everything can really change in an instant.

    Chris (25:43):

    And I think that especially if the ally has strong brand recognition there’s … I’d say there’s a relatively limited number of firms and this goes beyond crypto. This is just venture, in general, that do lead work and research to be in a position to develop their own conviction or to put together the structure. And the majority of firms really follow. And it’s more network-based and connections-based, and it’s hey, you’re the lead, can you get me into this round? And so if you have a high brand recognition firm that becomes your first partner, the … From there the entire round can just fall together and you can go one day from being like is this going to happen to a few days later being 3X oversubscribed? Just because so much adventure can be a following affair. I mean, so much of human life, whether we want to believe it or not, people are predominantly followers. And so I definitely agree with this advice of focus on getting a few really good investors over the line or just one and then that can make your entire round.

    Ori (27:02):

    I totally agree. And I … Especially given what we went through, emphasize getting a … I’m trying to search for the right word here, but maybe a spiritually aligned investor. Leading into that word spirit here. Again, because like we talked about in the first tweet, that’s sort of human backing that they can provide, that emotional support, and also that advice that that first partner can provide is going to be really, really influential and powerful. And it might end up pushing your entire raise in a very different direction depending on who that first commit is I think. Easier said than done perhaps, but there is even a small tactical thing here of really scheduling in the correct order to try to make sure that things fall into the right place. Calendly is your friend and sending out Calendlys that have the availabilities that you want may more tactically important than you might believe. But moving on to number three. Fundraising is building a team. It’s not just collecting checks. Each investor plays a unique role. You want a warrior, a mage, and a healer, not three of one class.

    Chris (28:09):

    And so we were talking about this a little bit earlier I think where I described investors as being on your bench and not necessarily the starting team. And this speaks to that exactly of you want different skill sets on your bench and not all investors are the same. And you have these mega-funds now that build out big platforms that have hiring funnels or marketing funnels or call it the classical things that people think of as venture helping with. But then you’ve got Placeholder as very founder and human-centric. And then you have other firms that are specifically focused more on the building side as you were talking about, Ori. I think framework does a fair amount of building alongside with the developers or builders that they back. And so just knowing exactly what you’re getting.

    And I would say if an investor promises you everything they might give you nothing. And it can be very enticing to hear all these things, but if you hear all these things and there’s not that much substance behind how that’s going to be done, then you might not get anything at all. And one other thing here is the putting together the round process is a little bit like dating where everyone’s on their best behavior, and then once everything is signed it’s a little bit more like marriage where you’re all in it, you’ve signed, there’s no backing out. And so then really at that stage, people will reveal more of their true character. And so there can be a tendency to over promise and under deliver. And so just being cognizant of that also as you’re trying to build your team and really digging into how are you going to be a warrior for me? How are you going to be a mage for me? How are you going to be a healer for me?

    Ori (30:16):

    Thank you for humoring my RPG nerd analogy. It’s there. I think a sport’s analogy could work equally well for those who think about it that way. It’s definitely rung true for us even post fundraise what you’re saying around the whole dating period. Actually, I find dating to be a useful analogy for many things in building a company. With investors, with potential hires, there is really just this period of getting to know one another wherein some dimensions you might be just as happy as you thought you would be, and in others things, don’t quite pan out. And so I think there actually can be some level of vetting that’s done before you make that commitment as to the one to two things that you really want to get from that relationship.

    Chris (31:00):

    And I would say talking with other builders and other co-founders is a great way to know what an investor is going to be like at the marriage stage. The other thing and this is a structural thing, typically, venture firms are only considering or doing work on a few deals, on a few open deals at that quote-unquote dating stage at a time, while they have a portfolio of … If they’re more selective like Placeholder, we’ve got a portfolio total of about 30 investments, but some investors have hundreds of investments, right. And so you go from in that dating stage being one of a few to at the marriage stage being one of 30 or one of the hundred or hundreds. And so that also just structurally starts to change the dynamic of interaction in relation in a way that I don’t think people really think about unless you’re in the investor seat.

    Ori (32:05):

    That’s a really great point. And I think definitely that’s something that we experienced as well. And even now I’ve really appreciated when investors have been very upfront about the amount of time that they would or would not be able to dedicate to us, which often relates to allocation as well. Coming from … Well, never having raised before personally, there’s so much that you need to consider and so much advice that might come your way when you’re starting to do a fundraise that these types of things can feel like small details. But I think there’s sort of different stages of advice to look at depending on how far you are along in the fundraise and when you’re starting to put all the numbers in place. I think that it’s a good time to start thinking about things like how much allocation should you give to each person and what does that mean for … Or each firm rather? And what does that mean for the relationship?

    Chris (32:54):

    Definitely. And hopefully, people listen to this podcast.

    Ori (32:58):

    I hope so. So I guess that brings us to number four which is to practice self-care and co-founder care. Fundraising is a grind. And at one point in our raise, I was pretty seriously depressed. And so I’d advise you to lean on your co-founder if you’re lucky enough to have a one because no one understands better than they do. And to also do the same for them.

    Chris (33:25):

    There’s a lot of depth here that we could go into, but I think that sacrificing for a long time your mental, or physical, or spiritual wellbeing is just never, never worth it. And so I’m glad that Yutaro was able to be your rock and that you guys were able to get through it. Fundraising can … You can feel like a parrot, right. You’re just saying the same thing again, and again, and again, and again. And with those really bad pitches you’re doing it to a bunch of blank faces who will be like “Okay, we’ll put in a million dollars.” And you’re like “They give us no indication of why they’re interested.” Or, even worse, they don’t say anything and they don’t email you back. And you’re like well, why did I just spend that hour on performing that act?

    And so I think that fundraising is going to get more humane because the access to invest is opening up, right, and it’s like venture investors for many decades now have controlled this early-stage market and that market is starting to crack and open up. And that’s great because that means more competition and more competition means the investors all behave better and it’s then a less … This is the word coming to my mind, but it’s a less abusive process to the builders and entrepreneurs. And that’s important because again, they are the special sauce and so if they are less abused then they can better create. And so self-care in the fundraising process and all stages of the process. For me, my self-care comes from getting off the screen. I can’t … Screen time actually sucks my energy and then I rejuvenate it offline. But different people are going to have different kinds of self-care.

    Ori (35:25):

    I love the imagery when you talk about investors behaving better. It’s just very funny to hear that from an investor. But I think everyone does have their own ways of practicing self-care and there can be a lot of pressure to actually not practice self-care, especially in the typical Silicon Valley type of startup environment. But one thing that’s really beautiful I think about the time we’re in now is yes, we have this increased competition. Yes, maybe investors have a bit more opportunity or a reason to behave better, but we also have a more equitable environment thanks to this more remote, and fully global, and increasingly decentralized world where folks are no longer as disadvantaged by maybe where they came from or what languages they originally speak or-

    Chris (36:17):


    Ori (36:17):

    Whether or not they have Silicon Valley connections. So I think that’s really inspiring.

    Chris (36:22):

    And the information is out there, right. This information that we’re talking about in this podcast is going to be out there. Or, crypto Twitter is all over ripping apart VCs, and much of it very merited. Some of it a little misguided but much of it pretty merited. And so if you go back to early ’90s when people were raising to build the internet, there wasn’t the internet at scale to disseminate this information, right, and so it was locked in pockets. But now this information and the structures to open access are just breaking everything open so it’s not just the financial access it’s the information access to know what is fair and balanced in this capital raising process.

    Ori (37:06):

    Twitter is really something that we could spend a lot of time talking about.

    Chris (37:10):

    Twitter is crazy.

    Ori (37:11):

    It’s not something I ever used before crypto, but now I can see how it’s actually pretty amazing how all these different folks can directly learn from people who used to be inaccessible. Go follow Chris on Twitter. Hear more of his learnings.

    Chris (37:27):

    And Ori too.

    Ori (37:28):

    Where we’ll be there projecting our thoughts out into cyberspace and hoping you’ll be listening. But to close today’s podcast, I wanted to ask Chris if there’s any final learnings or advice that you wanted to share with our community and particularly folks who are looking to fundraise in a way that is ultimately more fair?

    Chris (37:49):

    I would boil it down to … At the private stage when the builder is interacting with the investor, the builder needs to keep in mind that they are the representative for all the stakeholders that are not present at the table. And some investors don’t care about those other stakeholders and some investors do care. But if you as the builder really care and protect the economic and governance rights of those stakeholders, then you will do well by your network over the long run. But it’s very tempting because those stakeholders are not physically present at the table to ignore or diminish them. And so I would really encourage people to think about what we’re building here with these data and coordination machines and to really work to keep in mind all the stakeholders that don’t currently have access to that private negotiation table and to do well by them.

    Ori (38:55):

    That’s great advice, especially because ultimately these are the folks who will be sustaining your protocol long term, right. It’s a bunch of machines that will hopefully be self-sustaining, but ultimately there’s going to be people who are interacting with those machines and you really better hope that they’re properly incentivized.

    Chris (39:16):

    And feel connection and gratitude for the protocol.

    Ori (39:18):

    That’s true. Which again, a whole other topic, but is something that I’ve been incredibly gratified to witness with Orca’s. How many folks just legitimately love Orca?

    Chris (39:28):

    They love it.

    Ori (39:30):

    I love it. I love that they love it. We’re still just starting to explore what it means to connect with our community but I think that’s that whole governance process and building community is something that I’m really, really excited to embark upon in the next few years. But for today, I think we’ve gone on probably long enough. And as I’ve mentioned, you can always continue to subscribe to us on Twitter. So for today, we’ll closeout. Thanks so much for sharing your wisdom with us, Chris.

    Chris (39:57):

    Thanks for having me, Ori.

    Ori (39:58):

    For everyone else, stay tuned for the next episode. You can check us out on Twitter at Orca_so, or join our Discord or Telegram through the link in the show notes. It’s been a splash.

    Go to Source
    Author: Orca Team

  • solbot

    November 7, 2021 at 9:04 pm

    Our new NFT project combines art, DeFi, financial literacy, and fun! 🐳

    As the Orca ecosystem has grown, new creatures have been sighted emerging from deep within. 10,000 unique Orcanauts are now roaming free!

    Just like our podmates, each one of these little explorers is unique… and it’s looking for a forever friend with whom to navigate the deep sea of DeFi.

    Today, we’re proud to introduce the most lovable NFT project in Solana: Orcanauts!

    We’ve been secretly working on this project for some time. Inspired by the incredible communities that have formed around NFT projects like Cryptopunks, Degen Ape Academy, and Solana Monkey Business, Orcanauts are our way of inviting you to deepen your engagement with Orca and build the foundations of what could grow into a thriving Orcaverse.

    Orcanauts is not only an opportunity to join an exclusive DeFi community, but an opportunity you can take with a full heart. Why? Orca will take exactly zero of the mint revenue: 75% will go to charity, and the remaining 25% will go to the artist.

    Intrigued? Let’s take a tour of this watery galaxy!

    The Adventure Ahead

    We see Orcanauts as a multi-phase project.

    Phase 1: Adoption

    This month, our existing Orca community will have the first chance to adopt an Orcanaut. If you’re lucky enough to bring home an Orcanaut, we encourage you to show off your new pet, like that one friend who never stops sending pics of their new dog(coin). Make it your profile picture on Twitter, Telegram, or Discord, frame it on your wall, print t-shirts of it… you know the drill!

    Phase 2: The Orcanautical Community

    By adopting an Orcanaut, you’ll become part of the Orcanautical Community, a special club just for our most loyal podmates. From day one, you’ll get access to the #orcanautical channel in our Discord. We hope this channel will be a gathering place for dedicated DeFi users to mingle and share ideas. Who knows… there might even be an alpha leak!

    And finally — Orcanaut owners will have the chance to build a deeper relationship with the Orca team. Members of the Orca core pod, including co-founders Grace (@oritheorca) and Yutaro (@rawfalafel), will drop into the channel on a regular basis to chat live with the Orcanauts community, answer your questions, and gather feedback. This way, you’ll get the chance to give feedback directly to the team, which has a high chance of making its way into the product!

    Phase 3: An Orcanautical Gallery

    We’re grateful to the many artists who have played a key role in bringing the Orca brand to life. Though we think the Orcanauts themselves are a work of art, our commitment to supporting digital creators does not end there.

    Once per season, the Orca team will sponsor an artist to create a piece of work featuring the Orcanauts, which will be designed based on input from the Orcanautical Community. In the future, we could explore a wide range of mediums, from interactive digital art to auditory elements. In this way, we’ll not only expand the Orcanauts lore, but continue exploring how DeFi and NFTs can support a new generation of digital creators.

    Phase X: The Orcaverse

    Further down the line, we’d like this project to be the first step toward an expanded Orcaverse in which we explore the intersection of NFTs and DeFi. Here are a few of our favorite ideas that have bubbled out of our brainstorming sessions:

    • Level up your Orcanaut by farming Coral Candy, a fungible token that can be farmed by trading on Orca and providing liquidity
    • A customizable ship for each Orcanaut that serves as a showcase for your Orca achievements and wider NFT collection
    • Disassembly of Orcanauts into constituent trait NFTs, so you can equip your ‘naut with new looks earnable by using Orca

    As you can imagine, building the Orcaverse is a full-time job for a full-time team. We have a lot on our plate when it comes to building the best AMM in Solana, so for the near future, our core team will stay focused on our core roadmap. Once Orca is more mature, however, we’d love to support the right external team to take the lead on building the Orcaverse! If the idea of spinning up a team to push the boundaries of NFTs and DeFi excites you, give us a shout in the future #orcanautical channel. 😉

    (For those of you wondering whether Orcanauts interacts with our existing Collectibles—we see them as separate projects, each of which could evolve in different ways!)

    Meet the Artist

    The Orcanauts are the creation of artist, designer, and imaginary-world-expert Cori Huang (her brand-new Twitter is @corcorarium). We mean that quite literally — she geeked out enough on creating fictional worlds that she got an undergraduate degree in it. Cori is not only a multi-talented creator, but also an active volunteer in her local community, making her the perfect fit for this project from both a skills and values standpoint. We feel lucky that she decided to come on board to bring this project to life!

    Though she has ample experience designing for the digital world, Orcanauts is Cori’s first foray into the world of DeFi. We’ll soon be sharing a few short interviews with Cori (both via Medium and on our podcast, OrcaPod!), so you can learn more about her and the creative process behind Orcanauts.

    A Meaningful Donation

    Seventy-five percent of the mint revenue for Orcanauts will go to a nonprofit that promotes financial literacy education for children around the world. (As a reminder, the remaining 25% goes directly to the artist!)

    The theme of financial literacy education is one that is near and dear to our hearts. The focus on education is nothing new for Ori — her interest in education led her to begin her career as a software engineer at ed-tech company Coursera. There, she met friend and mentor Jon Wong, who would later become the lead developer of Orcanauts.

    The focus on financial literacy was inspired by a momentous meeting with Placeholder, one of the co-leads for Orca’s Series A, in which we discussed our moral responsibilities as a DeFi project.

    In the weeks to come, we’ll share more details about the specific nonprofit we’ll be working with. We’re extremely excited about the impact we can make through this donation, and we can’t wait to bring you along for the ride. Stay tuned!

    We’re extremely proud of this project, which we believe represents the best of Orca’s brand: professional, principled, and playful. We have much more to share about these little guys in the weeks to come, so follow us on Twitter for the latest on everything Orca, and keep an eye out for dedicated Orcanauts-related channels in our Discord!

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.

    Go to Source
    Author: Orca Team

  • solbot

    November 11, 2021 at 12:04 pm

    Meet the creator behind our upcoming NFT release!

    Cori Huang’s very first sketches of what would become the 10,000 Orcanauts!

    As the release of 10,000 Orcanaut NFTs into the wild draws closer, we thought it was high tide to introduce you to the creator who brought these adorable critters to life: the talented Cori Huang.

    Cori has brought a vast wealth of experience to this project as a professional illustrator and designer. Her creative talent and eye for detail can be appreciated in the adorable design of each and every Orcanaut.

    In this interview with Cori, we cover the inspirations behind the Orcanauts designs, what it’s been like to bring this new pod to life, her thoughts on how NFTs might disrupt “TradArt,” and much more.

    Enjoy— and be sure to follow her brand new Twitter, @corcorarium!

    Cori, thank you for your incredible work with Orcanauts! Can you tell our community a little about yourself?
    I’m a freelance designer and illustrator from New Jersey, currently exploring West Coast life. Previously, I’ve worked at a few tech startups wearing different design hats — marketing, product design, illustration. Aside from art and design, I love to read, mostly sci-fi and other fiction, play games, and dabble in various crafts.

    As an artist and designer, what brought you to DeFi and Crypto? How has it changed your working life?
    I learned about DeFi and Crypto through hanging around tech folks, but I started hearing about NFTs through a few artist friends who started minting NFTs. When Ori (@oritheorca) and I first talked about the Orcanauts project, I was really just beginning to wrap my head around the space.

    Since I’m just starting to get involved, not too much has changed in my working life. There are some practical changes, like accepting payment in cryptocurrency, but otherwise, I think what’s changing is that I’m getting to see a different collection of digital art than I’ve been exposed to before, and I’m following the conversation around how and whether artists should get involved in the technology.

    How did you come up with the art style for Orcanauts?
    Orcanauts is the first project of its kind that I’ve worked on, and the early stages were exploring the art style, since we hadn’t figured out the format of the project yet. I got to sketch a lot of whales during this time, not really knowing what kind of character it would be.

    Since the project originates from Orca, we continued with a friendly and approachable look. With Ori’s direction and feedback, we came to this cute and colorful aesthetic partly inspired by Neopets and Pokemon. Some of the design decisions were practical though, like using thick lines to help separate foreground shapes and keeping the shading simple to avoid overcomplicating a color palette that already had many colors.

    Tell me more about the colors. They’re quite different from Orca’s, no?
    That was a really fun part of it. I started conservatively, taking Orca’s distinctive color palette, increasing the saturation and slightly shifting the blues away from purple to create a lighter feel.

    I’m used to working with brands with more minimal aesthetics though, and this shift turned out to be way too subtle — Ori asked me a few times if there was a way to make it even brighter and more cheerful. When I realized Orcanauts really didn’t need to be tied to the Orca look and feel, I got to play with the fun pinks, oranges, aquas, and teals that you see in the Orcanaut artwork, logo, and website now.

    As I was drawing the whale and then the traits, I spent a lot of time checking different combinations and making corrections to the relative positioning and colors. You’d think by the time all the traits were drawn, I would have seen all of the different Orcanaut combos… and yet one of the most exciting parts was when Jon (the lead developer on the project) actually tried generating thousands of fully-assembled Orcanauts with all their unique combinations!

    What element of the Orcanaut project did you enjoy the most?
    Regarding the art, I enjoyed drawing the backgrounds because they create the context for the Orcanaut, a bit of a mini world for the Orcanaut to exist in. This touches on my personal love of worldbuilding, and there was quite a variety in the types of backgrounds: abstract and representational, thematic and geographic.

    As an artist yourself, how do you think NFTs might shape the existing art world? Do you think NFT’s could disrupt the traditional art market (“TradArt”), the same way DeFi is disrupting traditional finance, or “TradFi”?
    I think NFTs have framed all sorts of digital art in a way that calls attention to them as art. I’m not sure I’ve heard of an artist selling a 3D motion graphic work the way they would sell a painting before, but now it seems like ”of course!” And I’m obsessing over this piece by Yun Ling lately. Then there’s the royalty feature that enables an artist to continue to earn income on resales, which could become a real revenue stream to support some artists.

    However, I’m hesitant to be too optimistic. There are still problems to solve in the technology and problems from the traditional art market that carry over to the NFT world like gatekeeping and discoverability. I think one of the gatekeeping elements in the NFT space right now is that the on-ramp is not only steep if you’re not familiar with the technology, but it’s also pretty hard to find. And once you figure out the “how”, as an artist you face the same challenges around marketing yourself, finding the right audience that appreciates your work, and, maybe, deciding how your values and art overlap (see James Jean’s entry into NFTs), all things that you would face in any market.

    Personally, Orcanauts has been my NFT learning experience, and I appreciate that behind the scenes, the team cares about how we can funnel the possible success of the project (don’t count your chickens before they hatch!) towards others. I’m hoping that sharing some of the process I went through and the lessons I’m still figuring out will be useful to other artists too.

    That sounds great! Do you have any specific tips for aspiring NFT artists?
    Although the below might not be of interest to veteran Orca users, I thought it only appropriate to share some resources I found helpful, from the perspective of an artist trying to understand how I might fit into the NFT world or how NFTs might fit into my art journey.

    Thanks again, Cori. Orcanauts wouldn’t have been possible without you, and we can’t wait to see them come to life later this month! ✨

    If you’re as excited about Orcanauts as we are, be sure to follow us on Twitter for the latest info. 😉 Sea you there!

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.

    Go to Source
    Author: Orca Team

  • solbot

    November 22, 2021 at 12:08 am

    Delectable details on our upcoming NFT launch!

    Coming November 27th: the most adorable NFT project in Solana!

    As the Orcanauts swim closer to their launch date (less than a week away now!), it’s time to reveal more about our vision for the project and how to mint one.

    For those new to our pod, Orcanauts are a collection of NFTs created for our loyal community here at Orca. An adorable work of generative art by Cori Huang, each of these 10,000 sea-dwelling critters is as unique as it is adorable, with traits of varying rarities (we’ll tell you how rare each trait is closer to launch 😉).

    A first for the NFT world

    While we’re very proud of Orcanauts as a standalone NFT project, our ambition for this aquatic adventure goes much further than that. We see this as an opportunity not only to deepen our engagement with our users, but to make a material impact on the real world.

    While DeFi can “gamify” finance, as architects and early users of this new ecosystem we have a moral responsibility to promote and foster financial responsibility. And so in a first for Solana (to our knowledge), the Orca team will take no revenue from this NFT project.

    Instead, 75% of the mint revenue from this NFT project will be used to develop a brand-new cryptocurrency education curriculum for youth across the globe, with the remaining 25% of the mint revenue going to the artist.

    We’ll be revealing our nonprofit partner and why we picked them in a full deep-dive post in the coming days before launch. We’re incredibly excited about the mission of bringing crypto literacy to the masses, and we’re excited to offer you the chance to make history by taking part in it.

    Two-phase mint process

    The mint process will occur in two phases: Phase I will begin at 16:00 UTC on November 27th, when the first 2000 Orcanauts will become mintable.

    As the entire Orcanaut project was made with our community in mind, only Orca users will be able to mint during Phase I… and at a small discount!

    To qualify as an Orca user and participate in Phase I, you must have made a swap and/or provided liquidity on Orca by 24:00 UTC on November 25th at the latest.

    After this cut-off point, those wanting to mint an aquatic companion will need to do so in Phase II — so if you want to catch the first tide and haven’t used Orca yet, hurry and join the pod!

    The mint will be opened up to non-users in Phase II, when the whale’s share of Orcanauts will be released into the wild. Phase II will begin at 24:00 UTC on November 27th. Save the date!

    Perks of the Orcanautical Community

    If you manage to nab a ‘naut, you’ll have an adorable companion to call your own — but that’s not all!

    Members of the Orcanautical Community will become elite members of our pod, with access to a gated Discord channel where we’ll hold occasional community events, such as private AMAs with the Orca core pod, including co-founders Grace and Yutaro. With so many dedicated Orca users in tow, we expect that this community will be a rich source of alpha… for those lucky enough to be a part of it, that is!

    And that’s not all. Once each season, the Orca team will commission a work of art featuring the Orcanauts using ideas and suggestions from the Orcanautical Community. If you’ve ever wanted to become a patron of the DeFi arts, this might be your chance!

    We’ll be releasing more details about Orcanauts — including mint details, trait rarities, and the charity — in the coming days. Follow us on Twitter to get ahead of the wave 😉

    For those chasing more Orcanaut lore, check out the latest episode of OrcaPod, where the talented creator behind Orcanauts Cori Huang reveals some of the secrets and inspiration behind these adorable creatures! 🐳

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.

    Go to Source
    Author: Orca Team

  • solbot

    November 24, 2021 at 6:03 pm

    75% of the mint revenue for Orcanauts will be used to develop a DeFi education curriculum for children around the globe!

    Today, we’re fin-credibly proud to announce that 75% of the revenue from Orcanauts will be used to develop crypto and DeFi education for youth in partnership with Aflatoun International!

    One of the implicit goals of DeFi is to make financial opportunity accessible to anyone around the world. While we love this vision, the reality is that an Internet connection alone is not enough — knowledge is an important piece of the puzzle, too. By adopting an Orcanaut, you’ll be donating to a cause we all care about: Ensuring that DeFi is truly for everyone.

    Plus, don’t miss our Twitter Space with Aflatoun!
    This Friday, Nov 26 at 9am CET, Orca’s cofounder @oritheorca will be hosting a Twitter Space with Roeland Monasch, CEO of @Aflatoun. Learn about Aflatoun’s previous work, more about the donation, and more! There may even be a prize for a lucky listener…

    Why DeFi education?

    If you’re an existing member of the Orca pod, you’ll know that we donate 0.01% of all trading fees to ocean conservation and climate change via the Orca Impact Fund. (At our current trading volume, that’s over $10,000 every day!)

    Since Orcanauts is a separate project, however, we decided to donate the funds to a separate cause — one that feels relevant to the emerging conversations around NFTs. The theme of financial literacy came from a conversation with Placeholder, one of the co-leads for Orca’s Series A.

    When we described the idea for Orcanauts, Placeholder challenged us to think about the impact of “gamifying” finance. This was a wake-up call. We walked away with the conversation with a renewed sense of moral responsibility to ensure that Orca’s impact on the financial world is net positive.

    Why Aflatoun?

    The Orcanauts team universally loved the idea of supporting financial literacy, and thus we kicked off a search for a partner that:

    • Has a proven track record in financial education
    • Works across the globe
    • Focuses on communities in greatest need

    In Aflatoun, we were gratified to find a social franchise that matches this description perfectly! Their mission is to:

    “Ensure access to quality, inclusive, child-centered social & financial education for all children and young people, especially the most vulnerable.”

    When we met the Aflatoun team over a call, we immediately felt a strong sense of alignment when it came to mission and vision. That final human touch seal-ed the deal!

    How we’ll do it

    Our proposed collaboration with Aflatoun includes three components. (The more Orcanauts are adopted, the more we’ll be able to do!)

    1. Curriculum Development
    2. Educator & Facilitator Training
    3. Rollout

    In early 2022, Aflatoun will conduct on-the-ground research to determine which countries are the best fit for this initiative. The pilot will be conducted in at least 1 country per geographic region, with the goal of reaching at least 25,000 kids during the pilot phase alone.

    If all 10,000 Orcanauts are adopted, we’ll be able to fund the entire pilot, with funds left over to continue scaling the program worldwide.

    Our call to action

    And so, we’ll end with a call to action for our beloved Orca pod.

    If you’ve ever felt a desire to give back…

    If you’ve ever wanted an excuse to splurge on a cute NFT or three…

    Adopt an Orcanaut!

    Adoption opens on Saturday, November 27, 2021 at orcanauts.orca.so.

    Get your scuba masks ready — we’re diving deep on impact!

    Go to Source
    Author: Orca

  • solbot

    November 25, 2021 at 6:03 pm

    With just a few days until launch, here’s all you need to know to claim an Orcanaut NFT!

    Minting at orcanauts.orca.so in two batches on Saturday, November 27th!

    As the tide of DeFi rises, a pod of playful creatures come swimming to the surface. The Orcanauts are nearly here — and ready for a new adventure…

    At long last, it’s almost time for the launch of Orcanaut NFTs!

    In 2 days, the minting process will begin. Here’s all you need to know to claim an adorable aquatic companion…

    The two-phase mint will take place at orcanauts.orca.so. Phase I will begin at 16:00 UTC on November 27th; Phase II will begin later the same day at 24:00 UTC.

    • As Orcanauts were created for our loyal community, Phase I will be restricted for Orca users. To qualify as an Orca user, you must have made a swap or provided liquidity on the Orca DEX at any point before 24:00 UTC on November 25th (there’s still time if you haven’t yet!).
    • Those who qualify for Phase I will be able to mint an Orcanaut at the slightly discounted price of 0.6 SOL. However, only 2,000 Orcanauts will be available to mint in this Phase — so you’ll have to swim fast if you want to get ahead of the crowd!
    • In Phase II, the mint will be opened up to all of Solana. This is where the whale’s share of the minting will take place. When this Phase begins at 24:00 UTC, the remaining 7,960 Orcanauts will be mintable at the slightly higher price of 0.7 SOL.

    (Note that of the 10,000 Orcanauts, 40 Honorary Orcanauts have been minted for members of the core Orca team and for partners of the Orca DEX to raise awareness of the project. You can recognize these adorable critters by their distinctive markings — with dark Orca coloring for core team members, and holographic blue for friends of Orca. Rumor has it that some of these ‘nauts are being given away… be sure to follow our Twitter for clues 😉)

    For those who aren’t able to mint on the day, but are dying to add a ‘naut to their NFT collection, there will be a secondary market created for Orcanauts on Magic Eden immediately after the mint closes (~24–36 hours from the mint start time).

    75% of the mint revenues from Orcanauts will be donated to Aflatoun to develop a DeFi curriculum for kids worldwide. The remaining 25% will go to the artist. So all those who wade into the water in search of an Orcanautical companion, can do so for a good cause!

    And lastly, we’d like you to meet an important member of the team, without whom Orcanauts wouldn’t have been possible.

    Earlier this month we introduced you to the talented Cori Huang, the artist who brought these lovable critters to life. This week, we’d like you to meet another vital contributor to the project: Jon Wong, the lead engineer on Orcanauts whose work behind the scenes made this NFT project possible.

    He’d like to share this short message with you below:

    “Hi! My name is Jon, the engineering lead on Orcanauts. I’m excited to bring this lighthearted NFT collection to the Solana ecosystem; this project has been a delightful balance between innovation in the NFT space and knowing how much impact it’ll bring to the world at-large, both on and off-chain. I know how much the community loves Orca — I’m hoping that a friendly Orcanaut will brighten up your day and that they might even serve as a friendly guide for someone new to the DeFi universe!

    While I’m hoping Orcanauts are the cutest part of your growing NFT collection come mint day, I’m most looking forward to growing the #orcanautical community, spotlighting and supporting artists, and making Orca (and Solana!) a brighter, more inclusive space for all.”

    We’ll be hosting a Twitter Spaces with Cori and Jon, as well as a couple special guests, on Friday, November 26th at 18:00 UTC! Keep an eye out on the Orca Twitter for details.

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.

    Go to Source
    Author: Orca

  • solbot

    December 30, 2021 at 12:01 am

    Aquafarm Rotation #11: Dec 30th — Jan 13th

    This week we have 6 new Double-Dip pools, 3 new Standard Pools, and a bit of Aquafarm alpha.

    As we sail towards 2022, our ecosystem continues to grow with the arrival of new Double-Dip and Standard Pools. Explore the full list in this update — and watch out for some AMAs with newly listed projects on our Twitter!

    For new podmates, “Aquafarms” are liquidity pools on Orca. They allow our users to earn yield in the form of trading fees and the ORCA governance token. “Double-Dip” pools allow users to earn additional rewards, in the form of both ORCA and tokens from Solana projects we have partnered with.

    Read on to discover what’s arriving on Orca this week…

    Aquafarm Rotation #11

    • Duration: Thursday, December 30, 2021 — Thursday, January 13, 2021
    • Total Emissions: 300K ORCA per week (rewards begin on 12/30 at 20:00 UTC)
    • Events: AMA with GenesysGo on 12/30 at 22:00 UTC (link), AMA with MeanFi on 1/5 at 22:00 UTC (TBA on our Twitter)

    1: Double-Dip Pools

    Double-Dip pools earn dual rewards in both ORCA and a partner project’s tokens.

    #1: MeanFi (MEAN-USDC): Website | Twitter | CoinGecko

    • Double-Dip duration: December 30, 2021 — March 24, 2022
    • Rewards: 300,000 MEAN (+ ORCA rewards)

    Click here to swap or deposit MEAN on Orca!

    #2: UNQ Club (UNQ-USDC): Website | Twitter | CoinGecko

    • Double-Dip duration: December 30, 2021 — March 24, 2022
    • Rewards: 4,200,000 UNQ (+ ORCA rewards)

    Click here to swap or deposit UNQ on Orca!

    #3: GenesysGo (SHDW-USDC, SHDW-SOL): WebsiteTwitter

    • Double-Dip duration: January 5, 2022 — April 21, 2022
    • Rewards: TBA prior to launch

    We’ll be hosting an AMA with the GenesysGo team on Thursday, 12/30 at 22:00 UTC before their IDO. Tune in via Twitter Spaces here and read more about their launch here!

    #4: Waggle Network (WAG-USDC): Website | Twitter | CoinGecko

    • Double-Dip duration: December 30, 2021 — March 24, 2022
    • Rewards: 360,000 WAG (+ ORCA rewards)

    Click here to swap or deposit WAG on Orca!

    #5: Whalemap (WMP-USDC): Website | Twitter | CoinGecko

    • Double-Dip duration: December 23, 2021 — March 24, 2022
    • Rewards: 1,420,000 WMP (+ ORCA rewards)

    Whalemap launched last week with WMP rewards. ORCA rewards will begin tomorrow.

    Click here to swap or deposit WMP on Orca!

    #6: Solchicks (CHICKS-USDC): Website | Twitter | CoinGecko

    • Double-Dip duration: December 26, 2021 — December 29, 2022
    • Rewards: 25,000,000 CHICKS (+ ORCA rewards)

    Solchicks launched last week with CHICKS rewards. ORCA rewards will begin tomorrow.

    Click here to swap or deposit CHICKS on Orca!

    2: Aquafarms

    Aquafarms earn LPs a share of trading fees and ORCA rewards.

    Most current Aquafarms will continue with no significant changes. A few notable highlights include:

    • We’ve been working on migrating to Wormhole’s v2 ETH. whETH-USDC and whETH-SOL pairs will continue as Aquafarms and earn rewards, while v1 ETH pairs transition to standard pools.
    • To support the further adoption of liquid staked SOL, ORCA rewards on mSOL pairs has increased. Orca currently supports the following pools: mSOL-USDC, mSOL-USDT, mSOL-SOL, MNDE-mSOL, ORCA-mSOL, whETH-mSOL, and BTC-mSOL

    3: Standard Pools

    New pool listings on Orca, earning LPs a share of trading fees.

    #1: Basis Markets (BASIS-USDC): Website | Twitter | CoinGecko

    Keep an eye out for a fresh Double-Dip pool with Basis on 1/13 with the next rotation. 😉

    Click here to swap or deposit BASIS on Orca!

    #2: All Art Protocol (AART-USDC): Website | Twitter | CoinGecko

    Click here to swap or deposit AART on Orca!

    #3: STEPN (GST-USDC): Website | Twitter | CoinGecko

    Click here to swap or deposit GST on Orca!

    For further details, check out our guides on How to Use Double-Dip Pools, How to Provide Liquidity, or our FAQ. And dive into our Discord or Telegram for support, or just to give us a wave! Happy swapping and farming! 🐳

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.

    Go to Source
    Author: Orca

  • solbot

    January 3, 2022 at 9:01 pm

    Orca for Everyone is a guide to navigating DeFi from the team behind Orca: The most user-friendly cryptocurrency exchange on Solana.

    Ahoy there!

    Want to explore the vast ocean of cryptocurrencies, but don’t quite know where to start?

    Welcome to Orca: The most user-friendly exchange in crypto.

    Using cryptocurrency may seem daunting, but it’s our mission to show you how easy, simple and fun it can be.

    In this installment of Orca for Everyone, we’ll show you how to begin your journey into cryptocurrency. You’ll learn the basics of how to buy crypto with regular money and how to set up a wallet so you can use it to explore the fascinating world of decentralized finance.

    But before we cast off on our voyage, let’s get you up to speed on the basics…

    An intro to Crypto and DeFi

    You’ll likely have heard of Bitcoin, which is popularly regarded as a kind of “digital gold”: a store of value and (though this view is controversial!) a rival to paper currencies.

    Nowadays, much of the cryptocurrency space offers an alternative to the traditional financial system, like banking and financial markets. This area of crypto is referred to as decentralized finance, or “DeFi.”

    Clean, fast, and playful, Orca is a decentralized exchange, or DEX: a marketplace where users can trade cryptocurrencies and earn yield without depending on any bank or broker.

    What makes this possible is the foundation on which Orca is built: the Solana blockchain.

    Thanks to Solana’s low cost and super-speedy transactions, Orca users don’t have to worry about many of the problems facing DeFi applications on older blockchains, such as Ethereum.

    Solana’s native method of payment is a cryptocurrency of the same name, often referred to by its ticker, SOL (yes, the two have the same name, which can be tricky!). SOL makes the Solana ecosystem go round, and you’ll need it to use DeFi applications such as Orca.

    Next, we’ll show you how to acquire, store, and use SOL!

    Step 1: Buying SOL

    Purchasing SOL with regular currency (such as $, €, £, and ¥) is straightforward. It can take a few days to complete the process, so it’s a natural first step for your adventure into DeFi.

    First, you’ll need to set up an account with a crypto exchange that accepts regular currency deposits (a “centralized exchange”) — we’ll use the cryptocurrency exchanges Coinbase (recommended for users residing in the USA) and FTX (recommended for non-US users) in this example.

    For those on mobile, both Coinbase and FTX are available on the iOS App Store and Google Play Store.

    As you’re still learning the ropes, it’s worth starting out with small purchases to get a feel for the task — no more than you’re comfortable losing. You don’t want to stumble off the deck before you gain your sea legs!

    But please note: Coinbase has a minimum withdrawal limit for SOL (at the time of this writing, 1.12 SOL). That said, you don’t need to be a big fish to join the fun at Orca! If you’d prefer to start your adventure with a smaller quantity of SOL, consider FTX or FTX US, which have no minimum withdrawal requirements.

    Once you’ve clicked “sign up” on either website, you’ll be led through the process of setting up an account and verifying your identity. Once that’s complete and you’re signed in, you’re all set to get your hands on some SOL!

    Coinbase: Click “Buy/Sell” on the top right of the main page. Then select “Solana,” followed by your chosen method of payment.

    If you’d prefer to purchase a specific quantity of SOL (rather than denominate the purchase in USD), click “custom” on the previous screen and enter your desired quantity. Then click the “Preview Order” button, followed by “Buy now”. You’re all set!

    FTX: Click “Fiat” at the top right of the home page once you’ve logged-in.

    Then click “DEPOSIT VIA CARD”, and follow the instructions given to add your debit or credit card as a means of payment (you will need to have completed FTX’s Level 2 Identity Verification before you can complete this step).

    Once that’s done, you’ll be able to fund your FTX account with your debit or credit card.

    Note that all currency deposited in this way will automatically be converted to dollars. Not that it matters of course, as we’re buying SOL anyway!

    Once you’ve some dollars in your account, it’s time to get your hands on some SOL. Using the search bar at the top of the screen, type in “SOL” and select the “SOL/USD” currency pair suggested.

    This will bring you to the market for buying or selling SOL tokens in dollars. There’s a lot going on in this page, but don’t be overwhelmed by all the flashing indicators and the brightly colored chart. For our purposes, only one element of this page matters — scroll down beneath the chart to find it:

    It’s here that we’ll be buying SOL. To ensure our buy order is filled swiftly we’ll be using a“market order”, which will execute at the prevailing market rate, rather than at a specific price: select it under “Order type”. Then, enter the how much you’d like to buy in the USD field (in the example above, $50 worth), and click “BUY”. Your order should be filled immediately.

    Using either of the methods above, you may have to wait a few days before your purchase is available to withdraw. If so, simply continue to Step 2 once that period has passed.

    Step 2: Setting up a wallet

    Well done, you now own some SOL!

    But don’t celebrate yet; your adventure is only just beginning.

    You won’t be able to explore the Solana ecosystem and the many opportunities within by keeping your SOL on a centralized exchange. You need a DeFi wallet — one that supports Solana.

    If you plan on using your web browser for this expedition, we recommend Phantom, an easy-to-use browser extension wallet. After installing Phantom, you can find it in the extension tray on the top-right of your browser window, beside the address bar.

    To keep it there for easy access in the future, click the jigsaw puzzle piece in the top right of the window, then click the pin icon beside Phantom in the drop-down menu.

    If you prefer to use your mobile phone, you can use web wallets like Solflare (in Beta) or Sollet, which can be used in a mobile web browser.

    After installing your wallet of choice and setting it up, be sure to keep your password complex (but memorable!) and to keep your secret recovery phrase in a safe place, per the wallet’s setup instructions.

    In particular, make sure you don’t leave a digital trace of your recovery phrase — don’t take a photo or a screenshot, or save it in a text document on your computer where a wily cybercriminal might get access to it. Write it down in the real world — on a piece of paper — and guard it as you would a treasure map. You don’t want to lose your SOL (or any of the other treasure you’ll acquire on your travels)!

    Step 3: Identifying your SOL address

    Now that you have a wallet, it’s time to find your Solana address.

    This is also known as your “public key,” and it functions much like your bank account number for all things Solana. Each address is a unique string of letters and numbers between 32–44 characters long. If others wish to pay you on the Solana blockchain, or you want to fill your wallet with SOL, you’ll need this address.

    Don’t worry, you don’t need to memorize it or type it out. The norm is to simply copy and paste!

    We’ll use Phantom here as an example. First open Phantom in your browser, then simply click the name of your wallet (it defaults to “Wallet 1” if you haven’t given it a special name yet).

    This will automatically copy your Solana address to your clipboard. You now have an address to send your SOL tokens to! Which brings us to our next step…

    Step 4: Sending SOL to your wallet

    Hop back onto Coinbase or FTX.

    Coinbase: Click the white “Send/Receive” button at the top-right of the screen. Select “Solana” in the “Pay with” box. And in the “To” box, paste the address that you copied from your wallet earlier.

    When specifying how much SOL you would like to send, remember that on Coinbase there is a minimum withdrawal required for SOL. Once you’ve entered it, click “Continue” and confirm the withdrawal.

    FTX: Click “WALLETS” at the top left of the home page — then scroll down to Solana and click “WITHDRAW”.

    Enter the amount of SOL you would like to send (there is no minimum withdrawal amount on FTX), and your Solana address, which you copied from your new wallet earlier.

    Complete the 2FA Authentication process (in the image above, a text message), then click “WITHDRAW”.

    Once you’ve sent your SOL from your exchange account to your wallet, open the Solana wallet you set up earlier, and wait for your SOL to arrive. Solana transaction times are blissfully shorter (and cheaper) than other blockchains — usually on the order of a few seconds, and only a few cents in transaction fees! However, it sometimes takes centralized exchanges like Coinbase and FTX a bit longer (another reason we’re diving into DeFi!), so don’t be too worried if you have to wait a bit before your SOL shows up in your wallet.

    Congratulations: you are now the proud owner of some SOL and a user of the Solana blockchain!

    You are now swimming across the surface of Solana… but the best is yet to come!

    While SOL is a remarkable asset by itself, the real riches of the Solana ecosystem lie in the deep:

    • Easily accessible (if risky!) yields in the double or even triple digits…
    • Not merely digital assets, but digital treasures like NFTs…
    • And lightning fast, cross-border payments — anytime, and virtually anywhere.

    Sound too good to be true? It’s all out there, waiting for you. But don’t take our word for it! We’d like you to explore it for yourself. And that’s what we’ll be showing you in the next chapter of our voyage.

    In part II, we’ll show you how to dive into DeFi by making your first “swap” — the local lingo for exchanging one cryptocurrency for another — on Orca.

    In the meantime, welcome to the pod!

    To be continued…

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the personal circumstances of any recipients. All persons are encouraged to seek their own independent financial advice prior to taking any further action.

    Orca for Everyone, Part I: Getting Started with Solana was originally published in Orca on Medium, where people are continuing the conversation by highlighting and responding to this story.

    Go to Source
    Author: Orca

  • solbot

    January 12, 2022 at 9:01 pm

    Aquafarm Rotation #12: Jan 13th — Jan 27th

    This week we have 7 new Double-Dip pools, 3 new Standard Pools, and fresh ORCA Aquafarms.

    Aquafarm Rotation #12

    • Duration: Thursday, January 13, 2022 — Thursday, January 27, 2022
    • Total Emissions: 300K ORCA per week (rewards begin on 1/13 at 20:00 UTC)
    • Events: AMA with Allbridge on 1/12 at 15:00 UTC (link, recording coming soon), other AMAs TBA on our Twitter

    1: Double-Dip Pools

    Double-Dip pools earn dual rewards in both ORCA and a partner project’s tokens.

    #1: Terra (wUST and LUNA): Website | Twitter | CoinGecko

    • Double-Dip duration: January 30, 2021 — April 7, 2022
    • Rewards: 5,500 LUNA (+ ORCA rewards) distributed evenly across pools
    • Pools: SOL-wUST, USDC-wUST, mSOL-wUST, wLUNA-wUST
    Click here to swap or deposit SOL-wUST on Orca!
    Click here to swap or deposit USDC-wUST on Orca!
    Click here to swap or deposit mSOL-wUST on Orca!
    Click here to swap or deposit LUNA-wUST on Orca!

    #2: Basis.Markets (BASIS): Website | Twitter | CoinGecko

    Click here to swap or deposit BASIS on Orca!
    • Double-Dip duration: January 13, 2021 — April 7, 2022
    • Rewards: 60,000,000 BASIS (+ ORCA rewards)

    #3: All.Art (AART): Website | Twitter | CoinGecko

    Click here to swap or deposit AART on Orca!
    • Double-Dip duration: January 13, 2022 — April 7, 2022
    • Rewards: 16,000,000 AART (+ ORCA rewards)

    #4: Solice (SLC): Website | Twitter | CoinGecko

    Click here to swap or deposit SLC on Orca!
    • Double-Dip duration: January 13, 2022 — April 7, 2022
    • Rewards: 640,000 SLC (+ ORCA rewards)

    2: Aquafarms

    Aquafarms earn LPs a share of trading fees and ORCA rewards.

    Most current Aquafarms will continue with no significant changes. We have 2 fresh Aquafarms that will earn ORCA rewards: ORCA-USDT and ORCA-whETH

    Click here to swap or deposit ORCA-USDT on Orca!
    Click here to swap or deposit ORCA-whETH on Orca!

    3: Standard Pools

    New pool listings on Orca, earning LPs a share of trading fees.

    #1: JPOOL (JSOL-USDC): Website | Twitter | CoinGecko

    Click here to swap or deposit JSOL on Orca!

    #2: Monke daoSOL (daoSOL-USDC): WebsiteTwitter

    Click here to swap or deposit daoSOL on Orca!

    #3: Lido staked SOL and Terra UST (stSOL-wUST): Website | Twitter | CoinGecko

    Click here to swap or deposit stSOL-wUST on Orca!

    For further details, check out our guides on How to Use Double-Dip Pools, How to Provide Liquidity, or our FAQ. If you’re fresh to DeFi, give Orca for Everyone a read. And dive into our Discord or Telegram for support, or just to give us a wave! Happy swapping and farming! 🐳

    Disclaimer: The content of this communication is not financial advice and should not be relied on by any persons as financial advice. This communication has not been provided in consideration of any recipient’s financial needs. We have not conducted any financial assessment based on the pers

    Go to Source
    Author: Orca

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