ORCA · nothing is being made, and fees keep buying it back.
ORCA is the token of Orca, one of the largest exchanges on Solana — 60.8M circulating out of the 75.0M that exist after a one-off community burn. Every coin outside the market sits in one project account, and it has not moved since Mar 17 2026.
Sell pressure. There is none to book. Nothing mints, vesting ended in 2024, and the project account released 0 coins in the last 90 days.
Buy pressure. Trading fees bought 396.0K ORCA on the open market across 2,128 purchases — about one an hour, every hour, for 90 days.
Nothing mints ORCA. On-chain supply reads 74,999,541 against the 75,000,000 ceiling left by the one-off community burn of Apr 16 2025, and it sits 458 coins BELOW that ceiling — so not one new coin has been created since. The catch worth knowing: the key that could mint more was never destroyed — it sits behind a team multisig — so the cap is a promise, not a lock.
Team and investor vesting finished in 2024 and there is no escrow left holding ORCA. The proof is arithmetic rather than a tracker's word: everything outside the market, 14,200,768 coins, is accounted for by one project account down to the last decimal, leaving nothing for a vesting contract to hold.
No public evidence of release in window — monitored. The community account holds 14,200,768 ORCA and has moved 12 times in its entire life; the last was Mar 17 2026, when two grants took out 641,654. Releases are sporadic with no published calendar, so nothing is projected forward.
There is no bankruptcy estate, no trustee and no court-ordered distribution attached to ORCA.
1,081,417 ORCA was withdrawn from the staking vault over 90 days against 2,141,290 staked in. Neither side is booked: staking hands back a receipt token that can itself be traded, sent and used as collateral, so the coins never actually leave the market and the 7-day exit wait is a queue, not a lock. Measured at both ends and watched.
The exchange keeps a 12% share of every trading fee and spends 40% of that share buying ORCA on the open market — 396,030 coins across 2,128 purchases in 90 days, roughly one an hour. The coins go into the staking vault rather than a fire, so they are held, not destroyed. That 40% is double the old rate; the council raised it from 20% on Jan 13 2026.
Nothing burns today. The only ORCA ever destroyed was the single community burn of 25,000,000 coins on Apr 16 2025, plus 458 coins of dust since — the buyback holds what it buys instead of destroying it.
The community programme that stakes about 55,000 SOL to fund open-market purchases buys into the same vault already counted in row 1, so no separate figure is claimed here — counting it twice would overstate the buy side.
Staking ORCA is not a lock. The receipt token handed back is a normal tradable token, so a staker keeps full exposure and can sell at any moment; the vault took in 2,141,290 coins from stakers over 90 days and none of it is counted as supply leaving the market.