Whirlpools are a type of pool created by Orca, a decentralised liquidity platform operating in the Solana ecosystem. The first pools were released last year around March and April, but more and more pools have been made available to users.

The main purpose of whirlpools is to improve existing pools. For this reason, whirlpools, unlike the conventional pools of any AMM, which constitute the majority of DEXs in DeFi, where liquidity facilitates trading at any price, trades suffer from high slippage, and unused capital limits the performance of liquidity providers, allow liquidity providers (LPs) to concentrate their liquidity in specific price ranges. Thus, LPs that provide higher liquidity for the range in which trades actually occur will earn a higher proportion of fees and rewards, encouraging a more efficient use of capital.

Another advantage of Whirlpools is that both swaps and the provision of liquidity in Whirlpools can be completed in a single transaction. This is a big improvement over competing capital-efficient DEXs. In order books, for example, the multiple transactions required to settle a single order make trading less reliable [1].

It is worth noting that the euphoria caused by Solana's new memecoin, $BONK, has reignited interest in the Solana ecosystem and seems to have revived the LPs. This has led to new Whirlpools being released and new users joining Orca.

The intention of this dashboard is to provide a dive deep analysis about the growth of Orca Whirlpools over time, providing the following relevant information:

• New pools and users joining the platform
• Weekly LPs entering and exiting
• Weekly LP actions in and out
• Weekly LP volume deposited and exited
• Average volume deposited and exited
• Weekly net volme
• TVL by pool

Due to high impact of $BONK on Solana, it has been also carried out an analysis comparing the following metrics before and after $BONK inception:

• Daily average deposits and withdrawals
• Daily average depositors and withdrawers
• Daily average volume deposited adn withdrawn
• The same above metrics have been computed by pool
• Daily and cumulative swaps by pool
• Daily and cumulative swappers by pool
• Daily and cumulative fees (USD) by pool

Orca Whirlpool main stats

These first charts show information about the weekly deposit actions to Whirlpools over time. The intention is to provide information by pool considering the following aspects:

• LPs entering each pool

• LP deposits

• LP volume deposited in USD

• Average volume deposited in USD

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The most important results to highlight are the importance of USDC pair on the top pools as well as the irruption of BONK since its inception.

Orca Whirlpool withdrawal actions

TVL stats

In these two charts it can be seen information about the evolution of the Total Value Locked (TVL) by pool. On the left image, we can see the weekly net volume deposited (USD) by pool over time. On the right image, we can see the cumulative net volume deposited (USD) and thus, the TVL over time. As it can be seen between 15-20M USD are currently deposited in Whirlpools, being USDH/USDC, KI/USDC, stSOL/SOL, SOL/USDC, BONK/SOL the top ones among others.

Whirlpool crossovers

In these charts above, it can be seen the number and distribution of crossover per pool. In this case, it can be seen how SOL/USDC is the one with the most crossovers, reaching more than 20% of the total crossovers, representing more than 12k crossovers. The top 3 is formed by USDC/USDT and ORCA/USDT. It is to say that BONK/SOL and BONK/USD, one of the most recnt added pools are in the top 5 both.

Since $BONK, the daily average deposits and withdrawal have increased considerably. However, it seems that the amount of the average withdrawals experimented a higher increase than deposits and then, the average net deposits has also increased negatively. The same occurred with the average LP depositors and withdrawers. The daily average volume deposited and removed have been reduced.

Looking at the activity by pool, we can see how there are some of the pools with a relative higher activity than others. In this case, it seems that SOL/USDC, BONK/SOL and BONK/USDC have been the most active pools since the $BONK inception.

Key insights

• 200 Orca Whirlpools have been launched so far with over 280k users joining them.
• The most important results to highlight are the importance of USDC pair on the top pools as well as the irruption of BONK since its inception.
• The most important results to highlight are the importance of USDC pair on the top pools as well as the irruption of BONK since its inception.
• Between 15-20M USD are currently deposited in Whirlpools, being USDH/USDC, KI/USDC, stSOL/SOL, SOL/USDC, BONK/SOL the top ones among others.
• SOL/USDC is the one with the most crossovers, reaching more than 20% of the total crossovers, representing more than 12k crossovers. The top 3 is formed by USDC/USDT and ORCA/USDT.
• BONK/SOL and BONK/USD, are in the top 5 in terms of crossover even be the most recent added Whirlpools.
• SOL/USDC, BONK/SOL and BONK/USDC have been the most active pools since the $BONK inception.
• The most fees in USD has been the USDH/BONK.

This section shows information about the weekly withdrawal actions to Whirlpools over time. The intention is to provide information by pool considering the following aspects:

• LPs exiting each pool

• LP withdrawals

• LP volume removed in USD

• Average volume removed in USD

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The most important results to highlight are the importance of USDC pair on the top pools as well as the irruption of BONK since its inception.

Orca Whirlpools activity since $BONK

In this final charts, we can see information about the Orca Whirlpools generated fees. Here, we are able not only to track the evolution of fees but also the activity in terms of swaps and swappers by pool. In this case, it seems that the pool that generated the most fees in USD has been the USDH/BONK.

In this first metrics, we can see how more than 200 Orca Whirlpools have been launched so far with over 280k users joining them.

Orca Whirlpool deposit actions

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Overview

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