ORCA · a fixed-supply token a fee buyback slowly shrinks.
ORCA is the governance token of Orca, a leading Solana exchange — ~60.8M circulating, with supply fixed near 75M on-chain (no active minting) under a 100M cap.
Sell pressure. Effectively none — the protocol mints no new ORCA, and all vesting finished back in 2024.
Buy pressure. A DAO buyback spends 30% of fees plus staked-SOL yield buying ~0.40M ORCA off the market over 90 days.
Net. About 0.7% off the market over 90 days — supply edging slowly down as the buyback runs.
ORCA supply sits fixed at about 75M on-chain — no block emission and no staking-reward mint add new coins. The DAO still holds mint keys up to the 100M cap but has issued nothing — monitored.
Every original team, investor, advisor and treasury allocation finished vesting back in 2024, so no scheduled cliff reaches the market.
About 14M ORCA sits non-circulating in the DAO treasury, and 25M of the 100M cap is still unminted — both are tracked team-controlled overhangs. No dated release or mint falls in the window — monitored.
No bankruptcy estate or court-ordered distribution applies to ORCA.
The DAO's 24-month treasury program spends 30% of protocol fees plus yield on ~55,000 staked SOL buying ORCA on the open market each month — about 0.40M ORCA over 90 days. Repurchased ORCA is held in the treasury multisig, then burned, paid to stakers, or used for grants.
There is no automatic per-transaction fee burn; any burning of ORCA is a discretionary use of the buyback stack, folded into the buyback above — monitored.
No discretionary open-market buying outside the published buyback program — monitored.
No new multi-year lock or escrow announced in the window; xORCA staking is liquid and not counted as a lock — monitored.
My research. My portfolio. Free.
Deep research weekly. My real holdings monthly.