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 Total value locked Methodology

## 1. Overview

Orca TVL (Total Value Locked) measures the total USD value of tokens held in Orca's liquidity pools on Solana. This metric captures the liquidity available across Orca's two main products: Whirlpools and Orca Token Swap V2. The calculation aggregates token balances from all pool vaults, converts them to USD using end-of-day prices, and applies data quality filters to ensure accurate measurement.

## 2. Data sources

- **Solana DEX trade records**: Transaction data from Orca's decentralized exchange operations containing pool addresses and program identifiers
- **Solana token balance change events**: Daily snapshots of token balances in vault accounts across the Solana network
- **End-of-day token price feeds**: Daily aggregated USD prices for Solana tokens
- **Program interactions**: Filtered data from two specific Orca programs - Whirlpools (`whirLbMiicVdio4qvUfM5KAg6Ct8VwpYzGff3uctyCc`) and Orca Token Swap V2 (`9W959DqEETiGZocYWCQPaJ6sBmUzgfxXfqGeTEdp3aQP`)

## 3. Step-by-step calculation

### Component A: Pool and vault identification
- **Purpose**: Identifies all Orca liquidity pools and their associated token vault accounts
- **Logic**: Extracts distinct pool addresses from Solana DEX trades where either the inner or outer program matches Orca's program addresses. For each pool, captures both the `base_vault` and `quote_vault` addresses that hold the pool's tokens. Classifies each vault by product type - transactions involving the Whirlpools program (`whirLbMiicVdio4qvUfM5KAg6Ct8VwpYzGff3uctyCc`) are tagged as 'whirlpools', while those involving the Orca Token Swap V2 program (`9W959DqEETiGZocYWCQPaJ6sBmUzgfxXfqGeTEdp3aQP`) are tagged as 'Orca Token Swap V2'
- **Key fields**: `pool_address`, `account_address` (vault address), `product_id` (whirlpools or Orca Token Swap V2)

### Component B: Vault balance tracking
- **Purpose**: Tracks the token balances held in each identified vault over time
- **Logic**: Joins Solana token balance change events with the identified vault addresses to capture daily token amounts. Applies forward-filling logic to maintain consistent balances across time periods when no balance changes occur, ensuring continuous TVL measurement even during periods of inactivity. Aggregates to daily granularity and associates each balance with its corresponding pool and product classification
- **Key fields**: `timestamp` (daily), `token_address`, `account_address`, `pool_address`, `product_id`, `token_amount`

### Component C: Price conversion
- **Purpose**: Provides daily USD prices for token value conversion
- **Logic**: Aggregates end-of-day token price feeds for Solana tokens to daily averages. Focuses specifically on tokens present in Orca pools to ensure comprehensive price coverage for TVL calculations
- **Key fields**: `timestamp` (daily), `token_address`, `price_usd`

### Component D: TVL calculation with filtering
- **Purpose**: Combines vault balances with prices and applies data quality filters
- **Logic**: Joins vault balances with corresponding token prices by timestamp and token address. Multiplies token amounts by USD prices to calculate USD values for each vault position. Excludes 13 specific token addresses that are identified as problematic or non-standard tokens. These exclusions ensure data quality by removing tokens that may have incorrect pricing or represent system/test tokens rather than legitimate liquidity
- **Key fields**: `timestamp`, `chain` (solana), `token_address`, `pool_address`, `product_id`, `tvl_usd`

### Final aggregation
- **Combining components**: Sums USD values across all vault positions grouped by timestamp, chain, token address, pool address, and product ID to get total TVL per pool and token combination
- **Currency conversion**: Uses end-of-day USD prices joined by exact timestamp and token address matching
- **Time aggregation**: All data is aggregated to daily boundaries using timestamp truncation to day granularity
- **Final calculation**: Applies the `finalize_metric_tvl` macro with fill-forward strategy to create the standardized metric format, ensuring consistent time series data and applying chain availability filtering for the final output

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

OrcaORCA

Total value locked

Total value locked

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