Orca DEX plans buybacks and token staking

Key Points

1. Orca Council will withdraw assets to conduct buybacks over the next 24 months, with the treasury holding 55,127 SOL ($9.9 million) and 503k USDC.

2. The proposal vote is likely to pass with 100% 'yes' responses and a 51% quorum already met.

3. Orca is Solana’s third-largest DEX, with $19-20 billion in July trading volume and $115 million in YTD fees, with 30% directed to the treasury for buybacks.

4. Staking is slated for launch in September, and ORCA trades 24% lower on a cap-to-revenue basis compared to RAY, suggesting potential upside.

5. Orca launched Wavebreak, a memecoin launchpad, and is the dominant DEX on the SVM-based Ethereum L2 chain, Eclipse, though with significantly lower usage than on Solana.