The Solana Orca Ecosystem Project has concluded an $ 18 million Series A investment round led by some of the largest crypto venture capital funds, providing further evidence that top investors are keen to back SOL-based startups.
Orca, which operates as a decentralized exchange, will use the funds to continue developing its automated market maker solutions for Solana, the company said on Wednesday. The increase comes less than eight months after the project was launched by a two-member team made up of Yutaro Mori and Grace Kwan.
In addition to Three Arrows Capital, Polychain, Placeholder, and Coinbase Ventures, Series A participants included Jump Capital, Sino Global Capital, DeFiance Capital, Zee Prime, Collab + Currency, and Solana Capital.
Orca aims to differentiate itself from other automated market makers by providing a simplified DEX experience. This was one of the first protocols to launch on the Solana blockchain, which is now valued at over $ 39 billion. As TBEN reported, the S network experienced a major outage last week related to an initial DEX offering for the Grape protocol.
Related: Breaking the Crypto Adoption Barrier? Solana aims to do her own “thing”
Decentralized exchanges have received considerable attention from investors looking to capitalize on some of the biggest blockchain trends. DEXs claim to solve the myriad of issues that plague legacy platforms while offering innovative trading solutions and lowering barriers to entry for new participants.
Currently, the top DEXs by transaction volume are Uniswap, PancapeSwap, and SushiSwap. Daily volume on all DEXs hit $ 5.5 billion on Tuesday, according to Coingecko.
The industry’s rapid growth over the past year appears to have caught the attention of regulators, with the United States Securities and Exchange Commission apparently investigating Uniswap. Specifically, the U.S. securities regulator is seeking more information about the company’s marketing and investing departments, as reported by the Wall Street Journal.