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 xORCA supply Methodology

## 1. Overview

The xORCA supply metric measures the total outstanding supply of xORCA tokens on the Solana blockchain. xORCA represents staked ORCA positions in the Orca protocol and is not a governance token. The metric tracks the cumulative net supply by monitoring all mint and burn events for the xORCA token, providing a daily time series of total tokens in circulation.

## 2. Data sources

- **Solana token mint events**: Blockchain events recording new xORCA token issuance from the Solana token program
- **Solana token burn events**: Blockchain events recording xORCA token destruction from the Solana token program

Both data sources are filtered specifically for the xORCA token contract address `xorcaYqbXUNz3474ubUMJAdu2xgPsew3rUCe5ughT3N` and include all events from September 27, 2025 onwards.

## 3. Step-by-step calculation

### Component A: Raw mint and burn event extraction
- **Purpose**: Capture all xORCA token supply change events from Solana blockchain
- **Logic**: Filter Solana token mint and burn events for the specific xORCA token address. Mint events represent token creation and are tagged as 'mint' event type. Burn events represent token destruction and are tagged as 'burn' event type. Each event includes timestamp, transaction details, token address, and amount affected.
- **Key fields**: `block_timestamp` for timing, `amount` for quantity changed, `event_type` to distinguish mints from burns, `token_address` for filtering, `transaction_id` for traceability

### Component B: Daily aggregation and net change calculation  
- **Purpose**: Calculate daily net supply changes by combining mint and burn activity
- **Logic**: Truncate event timestamps to daily granularity and aggregate all events by day. For each day, sum mint amounts as positive values and burn amounts as negative values to calculate the daily net change in token supply. This produces a time series of daily supply adjustments.
- **Key fields**: `timestamp` truncated to day, `daily_net_change` representing net tokens added or removed

### Component C: Cumulative supply calculation
- **Purpose**: Convert daily net changes into running total outstanding supply
- **Logic**: Apply a cumulative sum over daily net changes ordered chronologically. Convert token amounts from smallest units to standard token units by dividing by 1,000,000 (1e6). This produces the total outstanding supply at the end of each day.
- **Key fields**: `outstanding_supply` as the cumulative total, `timestamp` for daily boundaries

### Final aggregation
- **Combining components**: The daily outstanding supply values are passed through without additional combining, maintaining the chronological sequence
- **Currency conversion**: No currency conversion applied - values remain in xORCA token units  
- **Time aggregation**: Daily boundaries based on truncated timestamps, with forward-fill strategy applied to populate any missing days with the last known supply value
- **Final calculation**: The final metric value represents the total xORCA tokens outstanding at the end of each day, calculated as the cumulative sum of all historical mint events minus all historical burn events, converted to standard token units

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

OrcaORCA

xORCA supply

xORCA supply

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