Instructions for using Orca DEX on Solana are detailed and easy to understand

About Orca

Orca is a DEX operating on the Solana platform, with the motto of being a DEX for the community and for the community.

Project website: https://www.orca.so/

Orca User Manual

Set up Sollet Wallet or recover Sollet Wallet

First, to create a wallet as well as deposit SOL and other SPL assets into your wallet to trade on Orca, you need a Sollet wallet, see instructions on creating and using Sollet wallet here.

Connect Sollet wallet to Orca DEX

Click Connect Wallet.

Enter the password and unlock wallet.

Click Connect to allow Orca DEX to connect to Sollet.io wallet

Swap on Orca DEX

Select the asset you want to trade => enter the transaction amount. Click Exchange.

Approve transactions in Sollet.io wallet.

Provide liquidity on Orca DEX

Select tab pool in the top left corner of the website.

Find the token pair you want to provide liquidity. Here I find SOL/SRM.

Click Deposit.

Enter the amount of 1 token, the exchange will automatically calculate the equivalent amount for the remaining token. Click Deposit.

Approve transactions in Sollet.io wallet.

Withdrawal of liquidity

You choose the pair of tokens you provide liquidity. Click Withdraw.

Adjust the amount you want to withdraw, then click Withdraw.

Approve transactions in Sollet.io wallet.

View project information and list of top Liquidity providers

Choose info tab on the left corner of the website.

Select the remaining items to read about the project.

Note: All operations on Orca require SOL in Solleet.io wallet to pay transaction fees.

Some frequently asked questions on Orca

Does the project have a governance token?

Currently, the project does not have its own token, but you can learn more about the project’s vision of issuing a governance token in the future through the article: Orca token issuance strategy.

Can Orca be used on mobile phones?

Currently Orca does not have an app on mobile phones, so you have to use your computer to use it.

What are the risks of using Orca?

Orca is a new application on a relatively new blockchain. There are some risks to using Orca:

• Vulnerabilities of smart contracts: The Solana mainnet is still in beta and there is always the possibility of smart contract exploits. To mitigate these risks, Orca’s smart contract relies heavily on the Solana Foundation’s token swap program, which has been audited by crypto security firm Kudelski.
• Divergence loss (impermanent loss) – Impermanent loss: The token price when withdraw is different from the price when deposit, then the amount staked by brothers is reduced in value, causing liquidity providers to lose.
• Risks from the wallet side: Orca uses the open source Solana wallet – Sollet.io. Once Sollet is exploited, users can be affected.

Epilogue

Orca DEX is the first AMM to be available on Solana, as the leader Orca has been preparing solid steps with the vision of becoming a second Uniswap on Solana.

Let’s follow the development steps of this project through the following article of Techtipsnreview: Why did the Orca choose Solana?