Orca’s First AMA!

This post was originally published on Orca

On Apr 13 at 16:00 PST, the cofounders of Orca held our first-ever AMA (“Ask Me Anything”) event on the Solana Telegram group. As we said at the end of the event… it was sea-riously fun getting to know our community a little better! 🐠

For those who weren’t able to make it, we’ve shared a transcript of the event below. If you have other questions, you’re always welcome to join our communities on Twitter, Telegram, or Discord.

Huge thanks to Chris from the Solana team for moderating this event! ☀️

TRANSCRIPT FOLLOWS

(Or, download the PDF transcript for nicer formatting!)

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Chris: I’m really excited to be joined today by the team behind Orca. Orca is a user-friendly AMM where you can exchange cryptocurrency on Solana.

The goal of this AMA is to provide an opportunity for the Solana community to learn more about Orca; who the team are and what they are working on.

For the first part of the AMA, I will ask some questions to help us to learn more about Orca.

The second part is an open floor for the community to ask questions! (and a chance to win a guppy!)

Let’s start off with a basic introduction! Please introduce yourself @oritheorca / @ym_orca and tell us a bit about yourselves.

Ori: Hi, all, I’m Ori! I’m an engineer, designer, and one of the cofounders of Orca. 🐳

After studying Computer Science at Stanford, I worked at startups in the Bay Area and New York, then a design firm in Tokyo before accidentally stumbling into the world of crypto. These days, I’m a jack of all trades, working across the stack to make Orca your favorite DeFi project! 😉

Chris: Welcome Ori!

Yutaro: Hi, I’m Yutaro! I’m also an engineer, and the other cofounder of Orca.

After spending a number of years building databases at MongoDB, I jumped into crypto full time in 2017. From contributing to Eth 2.0 to building smart contracts for UMA, I’ve touched every part of the crypto stack over the years. I’m incredibly excited to have the opportunity to build a core piece of Solana’s ecosystem!

Chris: Great to have you here with us, Yutaro! You both have incredibly interesting backgrounds!

Now let’s jump into some questions!

First, what is Orca?

Ori: Happy to take that one!

Orca is the most user-friendly DEX on Solana. When you exchange tokens on Orca, you’ll enjoy speedy swaps, minimal transaction fees, and handy features like our Fair Price Indicator, which makes it easy to know whether you’re getting market rate on your trade.

Plus, users love our cute Collectibles, which are special tokens you can earn by participating in the Orca ecosystem! 🐠

Chris: That sounds like a fun reward! How does Orca differ from other DEXes?

Yutaro: I’ll take this one. Ori’s WPM is way higher than mine, but I’ll try to keep up 😂

Orca is the only pure AMM DEX on Solana — we have our own liquidity pools! Compared to orderbook-based exchanges, we think the simplicity and composability of AMMs make them the best choice to power the next generation of DeFi apps. We hope you also experience the simplicity of AMMs when you use Orca 😁

Chris: I think that’s certainly an area that needs improvement in this space!

Why did you choose to build Orca on Solana?

Ori: That’s a great question!

Of the solutions competing to scale the blockchain ecosystem, Solana’s performance obviously stands out. 50k transactions per second, 400ms block times, and $0.01 transaction fees are pretty amazing!

But the people matter, too. Having worked with the Solana team for awhile, we’ve continually been impressed by their values, vision, and engineering chops.

We’re proud to be a part of this vibrant ecosystem 🌍☀️

Chris: That’s great to hear!

What makes the Orca brand unique?

Yutaro: Mm, so we think that our combination of a deep understanding of crypto, strong focus on UX, and commitment to values is pretty special. In a recent series of tweets, we distilled our brand into the following 3 adjectives: Professional, principled, and playful 😊 I hope those that have been following Orca can see how that comes out in the way we designed the product and engage with our community!

Chris: I certainly get that impression! What tokens can I exchange on Orca?

Ori: At the moment, you can exchange SOL, ETH, BTC, USDC, USDT, RAY, FTT, KIN, and ROPE (whew)!

But we know you want more, so we plan to support every token that you want to trade on Solana ☀️

We’ll be listing a few more popular tokens very soon… stay tuned! 😉

Chris: Exciting! What is coming up on your roadmap?

Yutaro: Yeah, so we have a suuper exciting couple of months ahead! There are a number of major features in development, including the Solar Bridge (a UI for Wormhole, a decentralized bridge from Ethereum to Solana), Stable Pools (highly efficient trading of stablecoins and other similar-valued pairs), and UI localization…

But our number one priority is the feature that you’ve all been asking for… an ORCA governance token and liquidity mining mechanism!

Chris: Sounds like a busy schedule for you!

Ori: Haha, we have our fins full 🙂

Chris: Do you have any airdrops planned?

Ori: Yes! Our loyal Twitter followers may have seen the hints already, but we’re gearing up for our next Collectible airdrop… the fun-loving CLOWNFISH!

The exact criteria to earn the CLOWNFISH is a secret, but users who trade frequently in the last half of April may find themselves the recipient of one of these little jokesters 🙂

Chris: Fin-tastic!

I think that wraps up the first part of our AMA

Danil: Will Orca support other networks in the future? Or only work on solana network?

and will there be a farming NFTs and Orca pool in the future?

Ori: At this point, we only have plans to support Solana! No plans to support farming of NFTs, but we are thinking about a liquidity mining mechanism for ORCA tokens. 🐳

Yutaro: We’re incredibly bullish on Solana, and our focus for at least Q2/Q3 will be on building a great DEX on Solana only!

T: “GUPPY or not GUPPY, that is the question” — Shakespeare circa 2021, probably

Ori: Definitely GUPPY. Please treat our fishy friends nicely 🙂

CHICACUBA: Could you briefly explain what your governance and mining program will consist of?

Yutaro: Hey! We’ve been mapping out tokenomics and the mining program internally for a while now. Nothing’s set in stone yet, but we’re using other successful protocols like Uniswap and SushiSwap, particularly the good parts, as inspiration.

Tosquito2.0: You mentioned the stable coin swap, could you please explain how an amm would make it more efficent vs an orderbook style dex?

What do you see as potential usecases in the future for such a setup in the Solana ecosystem?

Ori: The stable swap improves capital efficiency on stablecoin pools like USDC/USDT, compared to the Constant Product curve that we currently use for our pools. This makes it possible to exchange larger volumes with lower price impact.

Yutaro: For LPs, the advantage of an AMM is the simplicity. You don’t need to understand how to manage an orderbook to provide liquidity. For traders, if enough LPs supply liquidity for the pool, the slippage for AMMs can compete with or even beat orderbooks!

T @ N √ i R: What are the main advantages of ORCA?

Ori: Our fans often tell us how much they love our lightning-fast swaps and low fees, along with the convenience features in our UX and the ability to earn Collectibles 🙂 Plus, we think our combination of deep understanding of the crypto space, focus on user-centric design, and commitment to honesty and transparency make us pretty unique as a team!

Yusuf: Lemme in, When farming pools sir? We wanna have liquidity mining to farm ROPE at Orca🔥

Yutaro: Hey, we’re planning on having farming pools when we launch the governance token 😊

Régis: About WALLETS ! Is Sollet OK for every operations on Orca ? Will it support the NFT’s ?

Ori: We recently released support for Phantom Wallet, which should come out of beta soon! We’re also actively looking into integrating other Solana wallets, especially native mobile app wallets.

Hashed: How long will it take to have wormhole running?

Ori: We’re hoping to have a beta out soon, but it’ll definitely be sometime in Q2! ☀️

Michele : Will it be possible to trade collectibles in a marketplace?

Ori: This is something we’re thinking about, but it’s not on our immediate roadmap. We don’t officially support this 😉, but we’ve seen a lot of folks trading our GUPPYs on secondary markets! If you’re interested, you can join our Orca Collectibles Telegram group: t.me/orca_collectibles

Cryptodub Will LP provider benefit from governance token?

Yutaro: Yep, so the general purpose of the governance token is to allow the various stakeholders of the Orca DEX to continue operating it. Since LPs are one of the most important stakeholders of any AMM DEX, we’ll structure the distribution mechanism to allow LPs to earn them.

Azrael: Hey orca team, love using your product! Great UI.

Question on liquidity. How do you guys plan to improve liquidity? Do you have plans to incorporate Serum/ Raydium liquidity into your AMM.

Secondly, efficient stablecoin swap will mean something similar to Curve? Or will it still use the product constant curve AMM.

Which reminds me we need a decentralized stablecoin on Solana!

Ori: Thanks, Azrael! 🙂

We don’t currently have plans to incorporate Serum/Raydium liquidity, but we do expect liquidity to go up over time as we release more features on Orca!

And yes, our stable swap will use the same implementation as curve fi, but on the Solana blockchain 🙂

Michele : With $ORCA token we’ll be able to vote the governance?

Ori: Yep, we’ll eventually implement a governance mechanism to allow members of our community to vote! 👍

T @ N √ i R: Most of users are still not aware with blockchain & its related projects! So, How this project platform create awareness about their project with non-crypto users too?

Yutaro: Hey, that’s an interesting question. One of the big reasons why we chose Solana to begin with is that we think it’s the first blockchain that could potentially be used by regular users! In that sense, we’re riding Solana’s wave to mainstream adoption. In addition to that, our focus is always on making Orca easy to use and understand for everyone, not just power users. We’re hoping this’ll allow Orca to be used by a wider range of folks!

BUYING: Any plans to implement varying Amm curve equations for different coins/lp strategies? Such as for the stable swaps

Yutaro: We’re definitely doing stable swaps. Other than that, we have Q3/Q4 plans to implement capital-efficient AMMs!

Chris: All right, I think that wraps up the AMA! Incredible job on answering all of those questions!

Thank you again to Orca for joining us and to all of our community members who have participated.

Ori: Thanks so much for having us, Chris!

Chris: You’re welcome!

Yutaro: Thanks Chris!

Ori: It was sea-riously exciting to chat with our community 😊

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