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How to use Orca DEX: A Step-by-step Guide

Publish by Lily Du at 08 September 2021

This article will introduce Orca - the only pure AMM DEX on Solana. We would like to give you clear instructions on how to use Orca, including its core features: Swapping, Providing/ Removing Liquidity to an Aquafarm, Providing/ Removing Liquidity to a regular pool and FAQ.

Orca Overview

Orca is a pure AMM DEX on Solana which has its own liquidity pools. Since its launch in February 2021, Orca currently supports 25 liquidity pools.

Orca’s key advantages:

  • Fully audited: Orca uses the token-swap smart contract, which is fully audited and available for anyone to integrate with. Communities/ projects/ market participants can freely create and trade on custom Orca pools.
  • Speed and low fees: Built on the Solana blockchain, Orca (ORCA) allows lightning-fast swaps and low fees (~1 second settlement, ~$0.00002 gas fees).

Preparation for trading on Orca DEX

What are the prerequisites for trading on Orca?

First, users need to have a Solana wallet. In this article, we will use sollet.io wallet for example. Users can refer to this hyperlink to learn how to create and use Sollet Wallet as well as to add SPL Tokens, ERC20 tokens to it.

Other non-custodial and exchange wallets Orca (ORCA) also interacts with include:

Preparing Solana (SOL) for the gas fees

To swap stablecoins on Orca, users must have some Solana tokens (SOL). Users can buy Solana on a centralized exchange such as Binance and send them to the Sollet wallet.

How to use Orca DEX

Connecting Orca with Sollet Wallet

Step 1: Visit Orca’s trading interface at https://www.orca.so/. Click Connect Wallet.

Step 2: A list of different wallets will be displayed. Go ahead and choose any wallet to use. In this article, we chose the Sollet Wallet.

Step 3: Enter Password, then click Unlock.

Step 4: Click Connect to allow Orca to access the Solana account.

Step 5: The wallet address will show up at the top right corner of the trading screen.

It means the Wallet has been successfully connected, and users can start trading. The amount of each token stored in the wallet will also be displayed on the left side of the interface.

How to use Orca Swap

Step 1: Go to the Exchange tab, enter the preferred amount of each token to swap and then click Exchange.

Step 2: Click Approve to execute the transaction.

Step 3: Click Confirm. When the transaction finished, users would see the displayed notification at the top right corner.

Provide & Remove Liquidity on Aquafarm

1. Provide Liquidity to Aquafarm

Unlike regular pools, liquidity providers in Aquafarms, aka Double-Dip pools, will earn both trading fees and ORCA tokens.

Step 1: Go to the Pools tab, under Aquafarms, choose the token pair to add liquidity. In this article, we have chosen the SOL/USDC token pair.

Step 2: Click Deposit.

Step 3: Enter the preferred amount of each token. Projected fee earnings and the yearly returns will show up based on those amounts. Click Deposit then.

Step 4: Click Approve All to execute the transaction.

Step 5: When the transaction is finished, users would see the displayed notification at the top right corner.

2. Remove Liquidity from Aquafarms

Step 1: Click Withdraw to start removing liquidity.

Step 2: Enter the amount of liquidity to withdraw. Then click Withdraw.

Step 3: Click Approve to execute the transaction.

Step 4: When the transaction finished, users would see the displayed notification at the top right corner.

Provide & Remove Liquidity to a regular pool

Similar to other AMMs, LPs can contribute liquidity to Orca’s pools and receive a part of trading fees as rewards.

1. Provide liquidity

Step 1: Scroll down to Standard Pools - which is located below Aquafarms on the trading interface. Choose the token pair to contribute liquidity. In this article, we have chosen the MER/SOL token pair.

Step 2: Click Deposit.

Step 3: Enter the preferred amount of each token. Projected fee earnings and the yearly returns will show up based on those amounts. Click Deposit then.

Step 4: Click Approve All to execute the transaction.

Step 5: When the transaction finished, users will see the displayed notification at the top right corner.

2. Remove Liquidity

Step 1: Click Withdraw to start removing liquidity.

Step 2: Enter the amount of liquidity to withdraw. Then click Withdraw.

Step 3: Click Approve to execute the transaction.

Step 4: When the transaction finished, users will see the displayed notification at the top right corner.

FAQ about Orca DEX

How much are the gas fees?

Built on the Solana blockchain, Orca allows lightning-fast swaps and low fees (~1 second settlement, ~$0.00002 gas fee).

Does Orca have a governance token?

The ORCA governance token was launched on Monday, August 9th, 2021. ORCA token mint address: orcaEKTdK7LKz57vaAYr9QeNsVEPfiu6QeMU1kektZE

What is the difference between Aquafarms and regular pools on Orca?

Unlike regular pools, liquidity providers in Aquafarms, aka Double-Dip pools, will earn both trading fees and ORCA tokens.

Will Orca integrate into Serum?

The Orca team confirmed that they have no plan to incorporate Serum/Raydium liquidity, but they do expect more features coming on Orca. It is very exciting to see what those features are in the future.

Summary

This article has included the most critical and detailed information on Serum (SRM) Token. Please leave any questions you have below, and we will get you back as soon as we can! Also, feel free to join Coin98 Community for further discussions about Crypto!

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Lily Du

The only true wisdom is in knowing you know nothing.

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