Analysis Of Orca’s User Growth On Solana

Kavitha

2 years ago

This article intends to show Orca’s adoption as measured by swap volume and number of unique wallets in comparison to at least two other popular Solana exchanges and Uniswap. The cause of this increase in adoption? Look into what popular apps on Solana use Orca and offer some insight on this trend.

Introduction

With Orca, you can exchange cryptocurrency on the Solana blockchain in an incredibly fast and user-friendly manner. It is said that Orca is the easiest cryptocurrency exchange on the Solana blockchain. It is a pure AMM DEX based on Solana, with its own liquidity pools.

Here are some of the main features of Orca:

Orca facilitates the exchange of tokens using its own pool, instead of relying on Serum for liquidity. Note: A core part of the ecosystem, serum provides services to its ecosystem applications, each with their own technology and users. Serum’s ecosystem and liquidity can be leveraged by anyone.
Like other AMMs, Orca provides liquidity pools for its LPs and rewards them with a portion of the trading fees earned.
in this ,a few liquidity pools will become aquafarms (not all the pools). Liquidity providers are currently paid commissions for their participation in Orca’s pools. However, liquidity providers in Aquafarms will also earn ORCA tokens in addition to trading fees.
For LPs, Orca allows very fast like a lightning speed swaps and low fees (e.g., for a 1 second settlement, gas costs $0.00002). And the 0.3% trading fee goes automatically into liquidity pools after every swap.

Orca Compared With Other Popular Solana Exchanges By Swap Volume & Unique Wallets

Here from the below graph we can see the comparison of Orca with other popular Solana exchanges by swap volume since Jan 2022. Exchanges Jupiter Aggregator V2 makes up the largest percentage (40.73%) of the total Volume out of the 4 Exchanges.In May 9, 2022, a maximum volume of 4.91M was observed. The volume is increasing.May 16, 2022 saw a lower total volume than usual, while May 9, 2022 saw a higher total volume.

From the four Exchanges, Jupiter Aggregator v2 contributes the most to total volume (40,73%). Here from the below graph we can see the orca is in second on Solana network after the JupiterAggregator v2.

Using the graph below we can see what the swap volume of Orca as compared to the other Solana exchanges has been since January 2022. As of January 2022, Orca is close to catching up with the growth of the other exchanges. Suddenly, on W19,2022(May9-14) however, it appears that the Orca swap volume has decreased when compared to other exchanges. In the same period(W19 2022) the Saber exchages swap volume also increased by 142.7% when compared to his previous week.

Here from the below graph we can see the comparison of Orca with other popular Solana exchanges by unique wallets since Jan 2022. Exchanges Orca makes up the largest percentage (53%) of the total number of Wallets out of the 4 Exchanges.In May 16, 2022, a maximum number of unique wallets of 347.15K was observed. The unique wallets is increasing trend.

From the four Exchanges, Orca contributes the most to total unique wallets (53.2%). Here from the below graph we can see the orca is in top place on Solana network by unique wallets and the Raydium v4 is in second place.

Using the graph below we can see what the number of unique wallets of Orca as compared to the other Solana exchanges has been since January 2022. Initially we can not see much growth on orca wallets but later from March 2022 onwards we can see there the increase of unique wallets for Orca . As of January 2022, Orca is catching maximum number of unique wallets by comparing with other exchanges.

Orca Compared With Ethereum Exchanges By Swap Volume & Unique Wallets

Considering the graph below, we can see the comparison between the unique wallets of Orca and the popular Ethereum exchanges since January 2022. According to the below graph, the number of orca wallets has increased since March 2022 when compared with other Ethereum exchanges.

Comparing Ethereum popular exchanges since Jan 2022 with Orca unique wallets, we can see that 58% of unique wallets are from Orca. Uniswap-v3 is the second most popular next to orca.

When we compare Curve Exchange wallet growth on W19 2022 with the previous weeks, we can see a sudden increase. Orcas wallet growth has maintained consistency since Jan 2022.

The Swap volume of Orca has been increasing from March 2022 onwards by comparing with the other ethereum exchanges . And also we can see a sudden maximum increase of swap volume of Orca on May 16 th 2022.

From the other Ethereum Exchanges, Orca contributes the most to total volume (81%). Here from the below graph we can see the uniswap V3 is in second place when we compare with the Orca with ethereum exchanges .

Compared to other exchanges, the Curve swap volume is high in the beginning of January 2022. However, the swap volume on Curve has not grown much since then. We can suddenly see almost 600% growth on W19, 2022 when compared with the previous week. The Orca swap volume is growing consistently since Jan 2022.

Observations

According to the above analysis, Orca is on track to catch up with the growth of the other exchanges. On W19,2022(May9-14), however, it appears that the Orca swap volume has decreased when compared to other exchanges. Comparatively to his previous week, the Saber exchange swap volume also increased by 142.7% during this period.
Among the other popular exchanges on Solana, Jupiter Aggregator V2 accounts for the largest percentage (40.73%) of the total Volume.The Exchanges Orca account for the largest portion (53%) of the total number of Wallets among the other popular Solana Exchanges.
We can see that 58% of unique wallets are from Orca when we compare Ethereum’s popular exchanges since Jan 2022 with its unique wallets. Following orca, Uniswap-v3 is the second most popular Ethereum exchange. In comparison with other Ethereum exchanges, the number of orca wallets has increased since March 2022.
Comparing Orca’s Swap volume to Ethereum’s total volume, Orca contributes the most (81%).
We can conclude from all of these observations that the growth of swap volume and wallets on Orca were higher when compared to other exchanges in the same network and also with the Ethereum network over a period of time .