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 Tradeable assets Methodology

## 1. Overview

The tradeable assets metric measures the total number of unique tokens that are available for trading on the Orca decentralized exchange platform at any given time. This is a cumulative count that grows over time as new trading pairs are created, representing the breadth of token offerings available to users. The metric answers the business question: "How many different tokens can users trade on Orca, and how has this selection grown over time?"

## 2. Data sources

The calculation relies entirely on Solana blockchain data:
- **Pool initialization events**: Parsed Solana transaction instructions for pool creation across multiple Orca protocols (Whirlpool v1, Whirlpool v2, and TokenSwapV2)
- **Token metadata**: Token mint addresses extracted from pool initialization instructions
- **Transaction timestamps**: Solana block timestamps to determine when each token first became tradeable
- **Account addresses**: Pool contract addresses that identify trading pair deployments

## 3. Step-by-step calculation

### Component A: Trading pair extraction
- **Purpose**: Identify all trading pairs ever created on Orca across different protocol versions
- **Logic**: Parse three types of Solana pool initialization instructions: `Whirlpool_InitializePool_instruction`, `Whirlpool_InitializePoolV2_instruction`, and `TokenSwapV2_Initialize_instruction`. Each instruction contains the addresses of two tokens that form a trading pair, along with the pool account address and creation timestamp. The system extracts `tokenMintA`, `tokenMintB` (for Whirlpool protocols) or `tokenA`, `tokenB` (for TokenSwapV2) from each initialization event
- **Key fields**: `block_timestamp` for timing, `account_address` for pool identification, `token0_address` and `token1_address` for the token pair, `chain` (always Solana), and `product_id` (whirlpools or Orca Token Swap V2)

### Component B: Token address normalization
- **Purpose**: Create a comprehensive list of all unique tokens with their first appearance dates
- **Logic**: Union token addresses from both sides of all trading pairs (token0 and token1) to create a single list of unique token addresses. For each token, determine its first appearance date by finding the earliest block timestamp when it was included in any pool initialization event. This handles cases where the same token might appear in multiple trading pairs created at different times
- **Key fields**: `timestamp` (truncated to daily granularity), `token_address` (deduplicated), `product_id`, and `chain`

### Component C: Daily asset counting
- **Purpose**: Count how many new unique tokens became tradeable each day
- **Logic**: Group token first appearances by day, product, and chain to count the number of distinct tokens that became tradeable for the first time on each specific day. This creates a daily time series showing the rate at which new tokens are being added to the platform
- **Key fields**: `timestamp` (daily), `asset_count` (count of new tokens per day), `product_id`, and `chain`

### Final aggregation
- **Combining components**: Apply gap filling to ensure continuous daily time series with zero values for days when no new tokens were added
- **Currency conversion**: No currency conversion needed as this metric counts tokens, not values
- **Time aggregation**: Daily granularity with gaps filled using zeros to maintain continuous time series
- **Final calculation**: Calculate a cumulative running sum of daily new asset counts, partitioned by chain and product, to derive the total number of tradeable assets available at each point in time. The final value represents the complete set of unique tokens that have ever been part of a trading pair on Orca and remain available for trading

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

Number of unique tokens tradeable on the exchange.

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