Three Arrows Capital, Polychain, and Coinbase Ventures were among the investors who contributed to the Orca fundraising.
The Solana Ecosystem Project is a government initiative. Orca has closed a $18 million Series A funding round backed by some of the top crypto venture firms, demonstrating that prominent investors are eager to support SOL-based companies.
Orca, a decentralized exchange, would put the money toward furthering the development of its automated market maker solutions for Solana, according to a statement released on Wednesday. The increase comes fewer than eight months after a two-person team led by Yutaro Mori and Grace Kwan started the project.
Coinbase Ventures and Three Arrows Capital were also part of the Series A. Jump Capital was also a participant, as well as Sino Global Capital, DeFiance Capital, and Zee Prime.
Orca hopes to set itself apart from the competition by offering a more user-friendly DEX. In the early days of the Solana blockchain, it was one of the first protocols to become live. A large disruption on the S network occurred last week, because of an initial DEX offering for the Grape Protocol.
Investors hoping to profit from some of the most important blockchain movements have shown a lot of interest in decentralized exchanges. Decentralized exchanges (DEXs) promise to be able to overcome the many problems with traditional platforms while also providing novel trading solutions and lowering the barriers to entry for new players.
Uniswap, PancapeSwap, and SushiSwap are the top three DEXs in terms of trade volume at the moment. According to Coingecko, the total daily volume across all DEXs was $5.5 billion as of Tuesday.
Regulators appear to have taken notice of the industry’s recent fast expansion, as the Securities and Exchange Commission of the United States is allegedly examining Uniswap.
