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

Orca | Data Breakdown

# Orca Revenue Methodology

## 1. Overview

Revenue measures the portion of trading fees retained by the Orca protocol, as determined by its protocol take rate. Earnings generated by the protocol from its automated market maker (AMM) products, specifically Whirlpools and Orca Token Swap V2, are represented by this metric before operating expenses or token incentives are deducted. The remaining portion of the collected fees is distributed to liquidity providers as supply-side fees.

## 2. Data sources

- **Blockchain events**: DEX trade records, `Traded` events from `Whirlpool` program logs, `InitializeConfig`, `SetDefaultProtocolFeeRate`, `InitializeFeeTier`, `SetDefaultFeeRate`, `InitializeAdaptiveFeeTier`, `SetDefaultBaseFeeRate`, `InitializePool`, `InitializePoolV2`, `InitializePoolWithAdaptiveFee`, `SetProtocolFeeRate`, and `SetFeeRate` from `Whirlpool` programs, and `Initialize` from `TokenSwapV2` programs, covering Solana
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Whirlpools fee rate and share determination

- **Purpose**: Determine the trade fee rates and protocol fee shares for Whirlpools pools
- **Logic**: Default trade fee rates and protocol fee shares are established based on the rates in force at the time of pool initialization, using `InitializeFeeTier`, `SetDefaultFeeRate`, `InitializeAdaptiveFeeTier`, `SetDefaultBaseFeeRate`, `InitializeConfig`, and `SetDefaultProtocolFeeRate` from `Whirlpool` programs. Pool-specific overrides are applied using `SetFeeRate` and `SetProtocolFeeRate` from `Whirlpool` programs. For periods covered by active trading, actual charged fee rates and protocol fee shares are extracted directly from `Traded` events in `Whirlpool` program logs. The trade fee rate is calculated as the sum of liquidity provider and protocol fees divided by the input amount, and the protocol fee share is calculated as protocol fees divided by the sum of liquidity provider and protocol fees.
- **Key fields**: `trade_fee_rate`, `protocol_fee_share`, `input_amount`, `lp_fee`, `protocol_fee`

### Component B: Orca Token Swap V2 fee rate and share determination

- **Purpose**: Determine the trade fee rates and protocol fee shares for Orca Token Swap V2 pools
- **Logic**: Fee rates are extracted from `Initialize` from `TokenSwapV2` programs. The total trade fee rate is calculated as the sum of the liquidity provider fee rate and the protocol fee rate. The protocol fee share is calculated as the protocol fee rate divided by the total trade fee rate.
- **Key fields**: `lp_fee_rate`, `protocol_fee_rate`, `trade_fee_rate`, `protocol_fee_share`

### Component C: Trading volume extraction and normalization

- **Purpose**: Extract raw trading volumes for both Whirlpools and Orca Token Swap V2
- **Logic**: DEX trade records are filtered by the program accounts for Whirlpools (`whirLbMiicVdio4qvUfM5KAg6Ct8VwpYzGff3uctyCc`) and Orca Token Swap V2 (`9W959DqEETiGZocYWCQPaJ6sBmUzgfxXfqGeTEdp3aQP`). Raw trade amounts for both assets in each pool are normalized by their respective decimal precisions using asset metadata.
- **Key fields**: `amount_0`, `amount_1`, `decimals`

### Component D: USD valuation and revenue calculation

- **Purpose**: Convert trading volumes to USD and calculate protocol revenue
- **Logic**: Normalized asset amounts are multiplied by end-of-day price feeds. The USD trading volume for each swap is determined by taking the minimum USD value of the two traded asset legs, with special handling applied to prioritize the priced leg for tokenized stocks. Daily protocol revenue is calculated by multiplying the USD trading volume by the trade fee rate and the protocol fee share, then summing these values across all pools.
- **Key fields**: `trading_volume`, `trade_fee_rate`, `protocol_fee_share`, `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

OrcaORCA

Revenue

Revenue

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