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 ORCA/xORCA rate Methodology

## 1. Overview

The xORCA rate metric measures the exchange rate between xORCA tokens and the underlying staked ORCA tokens. This rate represents how many ORCA tokens each xORCA token can be redeemed for, effectively showing the value accumulation in the staking vault over time. The metric is calculated by dividing the total amount of ORCA tokens held in the staking vault by the outstanding supply of xORCA tokens.

## 2. Data sources

- **Solana token mint events**: Records of xORCA token creation events from the Solana blockchain
- **Solana token burn events**: Records of xORCA token destruction events from the Solana blockchain  
- **Solana token transfer events**: All ORCA and xORCA token transfers on the Solana network
- **Orca staking instruction logs**: Parsed Solana program instruction logs from the Orca staking contract
- **Solana transaction data**: Transaction metadata and context for filtering staking-related operations

## 3. Step-by-step calculation

### Component A: xORCA supply tracking
- **Purpose**: Calculate the outstanding supply of xORCA tokens over time
- **Logic**: Collect all mint and burn events for the xORCA token (`xorcaYqbXUNz3474ubUMJAdu2xgPsew3rUCe5ughT3N`). For each day, sum the net change in supply where mint events increase supply and burn events decrease supply. Convert token amounts from smallest units by dividing by 1,000,000. Calculate cumulative supply using a running sum from the earliest date to present.
- **Key fields**: `block_timestamp` for daily aggregation, `amount` for token quantities, `event_type` to distinguish mints from burns

### Component B: Staked ORCA tracking  
- **Purpose**: Calculate the total amount of ORCA tokens held in the staking vault
- **Logic**: Identify three types of events that affect staked ORCA balance. First, collect staking transactions by filtering token transfers that occur within transactions containing Orca staking instructions. Second, identify stake events as ORCA transfers to the staking vault address (`Ce5j11WAsSzM3nkzrw4Kw6v6ic3nbyqpv5eywjYKeKc5`) and unstake events as transfers from this address. Third, collect buyback events as ORCA transfers to the staking vault that are not part of staking instruction transactions. For each day, calculate net change where stake events and buybacks increase the balance and unstake events decrease it. Convert amounts and calculate cumulative staked total.
- **Key fields**: `transaction_id` for linking transfers to instructions, `to_address` and `from_address` for identifying vault interactions, `token_address` for filtering ORCA tokens

### Final aggregation
- **Combining components**: Join the daily staked ORCA amounts with daily xORCA supply data on timestamp and chain
- **Currency conversion**: No currency conversion needed as this is a token-to-token exchange rate
- **Time aggregation**: Daily boundaries based on Solana block timestamps truncated to day level
- **Final calculation**: Divide total staked ORCA by xORCA outstanding supply using safe division to handle cases where xORCA supply might be zero. Apply fill-forward strategy to populate missing days with the most recent available rate.

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

Exchange rate between underlying ORCA and xORCA supply.

OrcaORCA

ORCA/xORCA rate

ORCA/xORCA rate

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