As per the latest reports, Orca, a decentralized finance (DeFi) platform based on the Solana network has announced the completion of a successful funding round. The firm has revealed that the particular funding round is Series A. The firm has successfully generated funds worth $18 million from the particular funding round.
Orca has announced that with the help of the raised funds, Orca will proceed with developments in the Solana ecosystem. The platform aims to become one of the major networks for swapping services within the Solana ecosystem. Therefore, it wants to make itself the most prominent and highly adopted go-to swap platform within the space.
Ever since its launch, Solana (SOL) has gained massive adoption and success within the cryptocurrency space. The records show that in the last 12 months, the SOL network has gained a 5,184% value. With its potential, SOL has managed to gain the attention and support of many projects from the decentralized finance space.
Several projects have to support Orca in the particular funding round with their contribution. In the particular funding round, several firms such as Hydraswap, Solanax, Sypool, Port, Solend, Spiderswap, Senswap, Dexlab, Solrise, Parrot, Solaris, and Serum contributed with their investments.
Orca has also gained a lot of growth and success in recent months as well. At the time of writing, the total value locked (TVL) for the platform is over $300 million. This means that many investors are trusting in the value and growth of the platform, and are willing to invest in it.
Three major firms that contributed with a larger investment percentage are Placeholder, Polychain, and Three Arrows. These firms also acted as the co-leads in the particular Series A funding round.
There were many more firms that participated in the particular funding round. These firms included Collab & Currency, Sino Global Capital, Jump Capital, Solana Capital, Coinbase Ventures, Zee Prime, and Defiance.
Chris Burniske from Placeholder talked about the Orca DeFi protocol. He stated that ever since they have partnered with Orca, their experience with the protocol has been full of broader, community, and cheery experience values-based mission.
He stated that Orca has proven to be really affordable and responsive, making the decentralized finance sector full of fun. It is because of the Orca DeFi protocol that the cryptocurrency and especially, the decentralized finance sector would gain tremendous mainstream adoption.
With its help and efforts in the DeFi sector, Orca aims to redefine the cryptocurrency sector where it could be adopted as a platform used on a daily basis.
It was just back in February of 2021 when Orca was launched in the decentralized finance sector. Since then, the project has made a lot of progress and it is constantly growing in size and adoption.