ORCA

Fee Structure

Upon token issuance, we will deprecate the existing liquidity pools, which pay a flat 0.3% to liquidity providers, and launch new pools with the following fee structure (scaled proportionally for pools with lower fees):

• 0.25% — LPs
• 0.04% — Orca Treasury
• 0.01% — Orca Impact Fund

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.

The Orca Impact Fund represents the team's commitment to real-world positive impact. The accumulated fees will be donated on a quarterly basis to fight climate change.

For more details about our reasoning for these changes, refer our post on Medium: Introducing the ORCA Governance Token.

Token Distribution

Initial Circulating Supply

The ORCA governance token has an initial circulating supply of 5.25 million.

The initial supply is composed entirely of airdrops to existing liquidity providers and traders.

• 4,000,000 ORCA to Liquidity Providers: Distributed retroactively to existing liquidity providers, weighted by total USD value of liquidity provided since launch by Aug 2, 00:00 UTC (a leaderboard is visible at orca.so/stats)
• 500,000 ORCA to average traders: Distributed evenly to addresses with a total USD trade value between $1,000 and $10,000 by Aug 2, 00:00 UTC
• 500,000 ORCA to heavy traders: Distributed evenly to addresses with a total USD trade value ≥ $10,000 by Aug 2, 00:00 UTC
• 250,000 ORCA to advisors: These tokens were allocated to our advisors, e^{i} ventures, in exchange for sourcing early liquidity for the Orca protocol.

Proposed Future Distribution

The following targets are not set in stone.

We have created the following target distribution as a starting point for Orca's tokenomics over the protocol's gradual decentralization. The exact numbers are likely to shift over time based on the pace of yield farming emissions, overall liquidity health, and incentivization of new features, among other factors.

Liquidity Providers (Aquafarms)

Distributing ORCA to liquidity providers through yield farming serves two primary purposes:

1. Gradually decentralizing the protocol
2. Directing liquidity to pools that need it most, by adjusting the emissions rates for each farm

The selection of Aquafarms and their emissions rates will be adjusted every two weeks.

The initial emissions across all Aquafarms will be approximately 200,000 tokens per week for the first two weeks.

Initial emissions weights:

• ORCA Pools
  • ORCA/SOL: 3x
  • ORCA/USDC: 3x
• Normal Orca Pairs
  • SOL/USDC: 1.5x
  • SOL/USDT: 1.5x
  • ETH/USDC: 1x
  • SOL/ETH: 1x
  • RAY/SOL: 1x
  • USDC/USDT: 1x

Community Fund

14.25% of the total supply is tentatively allocated to incentivizing community engagement. These tokens may be used for development, marketing, or growth into new regions, among other use cases.

The ORCA governance token is designed to support the long-term health of the Orca protocol. If changes are made to our tokenomics, we will update this page with an explanation of the changes and why they were made.

Launch Schedule

Aug 9: Retroactive airdrop

Aug 9-10: Market-making on Serum to determine the initial price of ORCA in Orca's pools

Aug 11: Aquafarm pools deployed (existing LPs may migrate liquidity and new deposits may be made. Emissions not yet live)

Aug 12: ORCA token emissions from Aquafarms begin