What is Orca (ORCA)?

Deep Dive

1. Purpose and trading

Orca lets people trade tokens directly through smart contracts, without a centralized exchange holding their assets. Its automated market maker matches swaps against pools of assets supplied by users.

2. Whirlpools technology

Whirlpools uses concentrated liquidity: providers choose price ranges where their funds are available for trading, rather than spreading them across all possible prices. This can make liquidity more efficient, though providers take on the risk that prices move outside their chosen range. Orca

3. ORCA and the wider organization

ORCA is a governance token associated with decisions about the protocol. In October 2026, Orca and Solana lending protocol Loopscale combined under Formation; Orca’s exchange remains part of the broader trading and lending effort. The Block

Conclusion

Orca is Solana based trading infrastructure, with Whirlpools at its core and ORCA serving a governance role; its products are now part of Formation’s broader effort. How will Formation develop Orca’s liquidity pools alongside lending and other financial tools?null