Orca Reclaims Market Share as Memecoin Volume Drops

Orca, one of Solana’s oldest DeFi apps, has been enjoying a return to prominence in recent weeks.

With liquidity and attention flowing out of Solana’s memecoin economy following the $LIBRA scandal, Orca is reclaiming dominance and trading volume. Floating on rising tides, Orca has debuted an intuitive new interface, helping liquidity providers to better visualize their positions.

Can Orca reclaim its position atop Solana’s DEX rankings?

Orca Market Share Rises

For the third consecutive week, Orca’s share of Solana DEX trading volume has gained ground on its competitors. According to Blockworks data, Orca’s weekly market share has risen from 10.6% to 19.7% over the past three weeks.

Within the last 24 hours alone, this figure has risen to 24.60%, just short of leaders Meteora and Raydium, which account for 28.23% and 27.02.73% of market dominance, respectively. Based on DefiLlama data, Orca has flipped rival DEXes in rolling 7-day trading volume. Notably, Orca is more capital efficient than its rivals, with a significantly higher Volume/TVL ratio.

Orca’s rising dominance correlates with falling memecoin trading volumes. Solana’s memecoin traders appear to have lost faith in the trenches in the wake of the $LIBRA scandal, which exposed the depth of corruption plaguing the sector.

Since $LIBRA’s launch, memecoin volume share has dropped from 80.1% on February 15 to as low as 43.9% on March 4. 

Given that the vast majority of memecoin liquidity is deployed on Raydium, reduced memecoin trading activity has led to alternative decentralized exchanges reclaiming market share. In this case, Raydium’s loss is Orca’s gain, with the latter’s dominance on Project Token, LST, and $SOL/USD markets helping Orca win back market share from its rival.

With time, Orca could reclaim its position as the biggest fish in the pond. Orca previously dominated DEX trading volume on Solana from July 2022 until March 2024, before Raydium overtook its rival courtesy of pump.fun’s token migration mechanic.

Orca Debuts New Liquidity Terminal

Building on its growing momentum, Orca has launched an intuitive new liquidity terminal. 

Designed to simplify liquidity provision and help users visualize their range, Orca’s newest update has been well-received by DeFi users. 

Beyond real-time price charts and predictive positioning, Orca has hinted that users can expect to see additional features added to the beta platform in the near future.

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