Orca Exchange has reportedly raised over $18M from various ventures in the crypto industry. The funds were raised by crypto leading capitalist ventures, such as Polychain, Placeholder, Coinbase, alongside other companies. According to reports, the raised funds would be used to keep the exchange afloat and make it more efficient and user-friendly.
Despite the technical issues the Solana network has been facing recently, Orca, a decentralized exchange on the Solana network, has managed to attract venture capitalists to raise capital. The latest allocation is proof that the DEX, one of Solana’s biggest DeFi projects, is on the radar of top ventures in the industry.
Orca, a human-centered DEX, was established early this year and has attracted TVL worth $230M. The DEX has also recorded over $750M in trade volume, which is massive considering the time it was established. Only Raydium has generated more in trade volume and TVL hosting. The Solana-based project hosts about 1.3 billion in TVL.
Orca Enables Quick Trading of Tokens
One reason for leveraging the Solana blockchain is its flexibility and low transaction fees. Orca utilized this to provide a unique user experience and liquidity. The DEX enables the rapid trading of tokens with less flexible regulations. It allows users to profit by providing liquidity to pools, which is one thing that differentiates the DeFi project from other AMMs.
While sharing his excitement in the investment, Kyle Davies, Co-founder of one of the capitalist ventures Three Arrows Capital, said that the DEX is a vital addition to Solana. The capitalist added that he marvels at the team’s strength, dedication, and mission to improve the project and make it compete with other exchanges.
The Orca exchange is also exploring the NFT space. The team gave out about 14,000 collectibles, making it the first DeFi project based on the blockchain to delve into NFTs and Decentralized Finance. The DEX revealed that the distributed NFTs would grant holders the opportunity to access subsequent NFT projects and stake them to profit from its native token ORCA.
Apart from enhancing the exchange’s efficiency and user-friendliness, the team plans to use the raised funds to develop its TypeScript Software. Solana team disclosed that improving the software development kit will facilitate projects on the DEX’s smart contracts.
Solana Has Been Having Technical Issues of Late
Last week, Solana was hit by a network issue for the second time this month. The network’s team reported that it was having “intermittent instability”, the same time Arbitrum, Ethereum L2 witnessed an outage. Due to the mini-crisis, SOL took a dip, trading at $156. Although Arbitrum solved theirs within a couple of minutes, it took Solana several hours to get theirs fixed.