Orca has something no other major Solana DEX can claim: zero hacks in over four years of operation. While Raydium lost $4.4M in December 2022, Orca's contracts have never been exploited. In DeFi, that track record is worth paying attention to.
Summary of this Orca review: Orca is a concentrated liquidity DEX on Solana known for its security-first approach and user-friendly design. With ~$300M TVL and the Whirlpools CLMM system, it offers capital-efficient liquidity provision with multiple fee tiers (0.01% to 1.00%). Six audits from firms including OtterSec and Sec3 back up the security claims. The October 2024 Eclipse expansion (Ethereum L2 using Solana VM) extends Orca beyond Solana.
The honest trade-off: Raydium has deeper liquidity. With 60%+ market share and larger pools, Raydium offers better execution on large trades. If you're swapping $100K+, Raydium's depth matters. For normal trades where security and clean UX are priorities, Orca is the better choice.
Orca's philosophy — "steady development over marketing hype" — reflects in everything from the double-audited Whirlpools release to the Climate Fund initiative. It's a DEX built by people who prioritize not losing your money over shipping features fast.
Orca Review — What is Orca?
Orca launched in 2021 as a Solana DEX with a focus on user experience and security. Founded in Tokyo by two builders with no initial VC backing, it grew through community adoption rather than token incentives.
Key Facts (Updated February 2026):
- Launched: 2021 (Whirlpools: March 2022)
- Chains: Solana, Eclipse (Ethereum L2)
- TVL: ~$300M
- Type: Concentrated Liquidity AMM (CLMM)
- Token: ORCA — governance and fee sharing
- Market Position: #2 Solana DEX by volume (after Raydium)
- Security: Zero hacks in 4+ years
Who is Orca for?
- Security-conscious traders
- LPs wanting concentrated liquidity with clean UI
- Solana beginners seeking simpler DeFi
- Developers building on Solana or Eclipse
Who should skip Orca?
- Large traders needing maximum liquidity depth
- Memecoin traders/launchers (use Raydium)
- Those wanting limit orders (Raydium has orderbook integration)
Orca Review — Whirlpools (Concentrated Liquidity)
Whirlpools is Orca's concentrated liquidity system, similar to Uniswap V3:
How It Works
- LPs concentrate liquidity within specific price ranges
- More capital efficiency than traditional constant-product AMMs
- Higher yields when price stays in your range
- Risk: impermanent loss if price moves outside range
Fee Tiers
| Tier | Best For |
| 0.01% | Stablecoins, very low volatility |
| 0.05% | Low volatility pairs |
| 0.30% | Standard volatile pairs |
| 1.00% | High volatility, exotic pairs |
Pool creators select the appropriate tier. This flexibility lets the market optimize for different pair characteristics.
Technical Advantages
- Single-transaction swaps and LP operations
- Open-source contracts (released May 2022)
- Permissionless pool creation for any SPL token
- Double-audited before public release
Orca v2 UI (2024)
The 2024 UI update serves four user groups: 1. Traders: Fast swaps with Jupiter price comparison 2. LPs: Position management sidebar, portfolio view 3. Token Creators: Permissionless pool creation 4. Builders: Open-source SDK, documented APIsOrca Review — Fees
| Fee Tier | Use Case | Comparison |
| 0.01% | Stablecoins | Matches Curve |
| 0.05% | Low volatility | Matches Uniswap best tier |
| 0.30% | Standard pairs | Industry standard |
| 1.00% | High volatility | For exotic pairs |
Cost Comparison — $10,000 swap (standard pair):
| DEX | Fee | Total Cost |
| Orca (0.30%) | $30 | ~$30.01 |
| Raydium (0.25%) | $25 | ~$25.01 |
| Jupiter | Variable | Routes through best price |
Orca's 0.30% standard fee is slightly higher than Raydium's 0.25%. For best execution, use Jupiter aggregator — it routes through both Orca and Raydium pools automatically.
Orca Review — Orca vs Raydium
This is the main comparison for Solana users:
| Factor | Orca | Raydium |
| Market Share | 30-35% | 60%+ |
| TVL | ~$300M | ~$1.5B |
| Security | Zero hacks | $4.4M hack (Dec 2022) |
| AMM Type | CLMM only | CLMM + CPMM + AMM v4 |
| UI | Simpler, cleaner | More complex, more options |
| Limit Orders | No | Yes (OpenBook) |
| Launchpad | No | LaunchLab + Pump.fun |
| Audits | 6 | Multiple |
| Multi-chain | Solana + Eclipse | Solana only |
When to Choose Orca
- Security is your top priority
- You want the cleanest UI
- You're focusing on concentrated liquidity
- You're a beginner to Solana DeFi
- You're building on Eclipse
When to Choose Raydium
- You need maximum liquidity depth
- You want limit orders
- You're trading/launching memecoins
- You need variety of pool types
The Honest Take
Raydium dominates Solana DeFi through ecosystem leverage — it's where memecoins launch, where deep liquidity lives, and where Jupiter routes most volume. Orca can't compete on liquidity depth.But Orca's security track record is unmatched. If "don't lose my money" matters more than "lowest slippage on large trades," Orca is the choice.
Orca Review — Security
Audit History
| Auditor | Date | Scope |
| Kudelski Security | Jan 2022 | Core contracts |
| Neodyme | May 2022 | Whirlpools |
| OtterSec | Aug 2024 | Full protocol |
| Sec3 | Feb 2025 | Update review |
| Sec3 | Jun 2025 | Quarterly audit |
| Sec3 | Aug 2025 | Quarterly audit |
Six audits from reputable firms, including quarterly Sec3 reviews in 2025.
Track Record
Zero hacks since inception (4+ years).This is verifiable and remarkable for a major DEX. The SEC filing from June 2025 confirms: "Orca Protocol has never experienced a hack or exploit since inception."
Compare to:
- Raydium: $4.4M hack (December 2022, private key compromise)
- Many Solana DEXs: Various exploits over the years
Security Philosophy
From Orca's documentation: > "Orca's highest priorities are the safety of user funds, and the transparency of our processes."The team explicitly chose "steady development over marketing hype" and avoided "catchy slogans and questionable tactics." This conservative approach shows in the results.
Bug Bounty
Active bug bounty program launched with Whirlpools. Open-source codebase allows community review.Our Security Rating: 4.8/5 — Best security track record on Solana. Multiple audits. Only reason not 5.0 is inherent smart contract risk in all DeFi.
Orca Review — Eclipse Expansion
In October 2024, Orca launched on Eclipse — an Ethereum L2 using the Solana Virtual Machine:
What is Eclipse?
- Ethereum L2 (settles to Ethereum)
- Uses Solana VM for execution (fast, cheap)
- Best of both worlds: ETH security + Solana speed
Why It Matters
- Orca can access Ethereum liquidity without leaving Solana UX
- First mover advantage if Eclipse gains traction
- Multi-chain positioning beyond Solana
Current Status
Eclipse is still early. TVL and volume are small compared to Solana deployment. But the expansion shows Orca's ambition beyond being "just a Solana DEX."Orca Review — ORCA Tokenomics
Token Utility
- Governance: Vote on protocol proposals
- Staking: Earn portion of trading fees
- Revenue Share: Quarterly distributions to staked holders
- xORCA: Buybacks and burns from protocol fees
Supply
- Initial Total Supply: 100M ORCA
- Current Circulating: ~39M ORCA
- Locked: ~61M (TBD unlock schedule)
- Distribution: Entire initial supply airdropped (no pre-sale)
Climate Fund
Unique to Orca: a small fee from trades goes to the Orca Climate Fund.- First donation: $550,000 to Ocean Conservancy (November 2022)
- Quarterly conversion to stablecoins
- Ongoing environmental commitment
Conclusion: Should You Use Orca?
Orca is the security-first choice for Solana DeFi. Zero hacks in 4+ years speaks for itself.
Use Orca if:
- Security is your priority
- You want the cleanest Solana DEX UI
- You're an LP focused on concentrated liquidity
- You're a Solana beginner
- You're building on Eclipse
Skip Orca if:
- You need maximum liquidity depth (use Raydium)
- You want limit orders (use Raydium)
- You're launching/trading memecoins (use Raydium)
- You're making $100K+ trades (slippage matters)
Our Rating: 4.4/5
Bottom Line: Orca trades liquidity depth for security and UX. For most Solana users making normal-sized trades, that's a good trade-off. The zero-hack track record is genuinely rare in DeFi. Use Jupiter to route through both Orca and Raydium for best execution.
For maximum Solana liquidity, see our Raydium Review. For Solana aggregation, see our Jupiter Review. For perpetual trading, see our Hyperliquid Review.