Polychain, Three Arrows Capital, and Placeholder led a $18 million Series A fundraising round for Orca, a Solana-based decentralized exchange (DEX).
Coinbase Ventures, Jump Capital, Sino Global Capital, and Solana Capital were among the other investors in the investment round, according to Orca.
According to co-founder Grace “Ori” Kwan, this was a token funding round, which meant Orca sold its own ORCA tokens to investors from its treasury. Orca will use the funds to grow its team and continue developing its automated market maker (AMM) platform, according to Kwan.
Orca, which was launched in February of this year, intends to be the “go-to swap for the Solana ecosystem” by developing a next-generation AMM with the most user-friendly interface.
According to tracker DefiLlama, Orca is presently the eighth-ranked project in the Solana ecosystem by total value locked (TVL). Orca’s TVL is currently about $230 million, with a lifetime trading volume of $735 million.