Users are able to use the Orca protocol to transact with digital assets on a peer-to-peer or peer-to-protocol basis by trading against liquidity  pools, which are created and seeded by other users providing liquidity of a pair of tokens into such liquidity pools in exchange for a stake of the liquidity and trading fees generated by such pools.

Orca is a non-custodial automated market maker (AMM) protocol built on Solana. Orca was founded by Yutaro Mori and Grace Kwan and launched in 2021.

ORCA tokenholders govern the Orca protocol treasury, which receives a portion of the trading fees paid by users of the protocol.

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Orca | Data Breakdown

# Orca Buybacks Methodology

## 1. Overview

The Buybacks metric is defined as the total value of ORCA assets repurchased from the open market and deposited into the staking vault. This metric is utilized to quantify the volume of protocol revenue allocated toward supporting the asset's value and rewarding stakers. Deposits into the staking vault are isolated to identify buyback events by excluding transactions where user-initiated staking is performed. The repurchased assets are accumulated in the staking vault for stakers to redeem, reducing circulating supply pressure.

## 2. Data sources

- **Blockchain events**: SPL token transfers and `Stake` from the `Staking` program, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Staking transaction filtering

- **Purpose**: Identification of transactions associated with user-initiated staking
- **Logic**: Transactions containing `Stake` from the `Staking` program are identified and compiled. These transactions are excluded from the buyback dataset to ensure that only non-staking deposits are captured.
- **Key fields**: `transaction_id`, `block_timestamp`

### Component B: Buyback transfer extraction

- **Purpose**: Extraction of token transfers representing buyback deposits into the staking vault
- **Logic**: SPL token transfers are filtered to isolate transactions where the transfer destination matches the designated staking vault account (`Ce5j11WAsSzM3nkzrw4Kw6v6ic3nbyqpv5eywjYKeKc5`) and the transferred asset matches the ORCA asset account (`orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZE`). Transactions identified as user-initiated staking in Component A are excluded.
- **Key fields**: `transaction_id`, `from_account`, `to_account`, `amount`

### Component C: USD conversion and aggregation

- **Purpose**: Normalization of buyback amounts and conversion to USD
- **Logic**: The extracted buyback amounts are normalized by decimal precision using asset metadata. The normalized amounts are then multiplied by the end-of-day asset prices to determine the USD value. The daily values are aggregated with UTC day boundaries, and days with no activity are filled with zeros.
- **Key fields**: `amount`, `price_usd`, `timestamp`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Daily USD value of tokens repurchased from the open market.

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Buybacks

Buybacks

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