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- 1 Orca offers an easy onramp to Solana DeFi for crypto beginners.
- 2 Thanks to Solana’s speed, swapping tokens on Orca only takes a few seconds.
- 3 Start small when first using Orca, and learn by swapping stablecoins like SOL/USDC.
Orca is a leading decentralized exchange (DEX) built on the Solana blockchain. With its fast speed and low fees, Orca makes it easy for beginners to start swapping tokens and providing liquidity on Solana.
Getting started with trading on Orca
The Orca platform offers a straightforward user interface that hides much of the complexity behind Solana transactions. Here’s how to get familiar with Solana Orca.
First, you’ll need a Solana wallet. Compatible options include Phantom, Solflare, and Slope. Install the wallet extension on your browser. Then fund it with SOL by purchasing from an exchange or transferring from another wallet.
Head to the app.orca.so and connect your Solana wallet. Make sure you are on a legitimate site to avoid phishing risks.
On Orca, you can instantly trade between different Solana tokens. Simply choose the tokens you want to trade from the dropping menus. Enter the amount you wish to trade. Orca will calculate the estimated slippage and rate.
Double-check the exchange rate and hit the “Trade’ button. Approve the transaction in your connected wallet and wait a few seconds for the swap to complete on Solana.
Start small when first using Orca, and only trade amounts you are comfortable with. Try swapping back and forth between SOL and stablecoins like USDC to get the hang of trading.
Providing liquidity and earning yields with Orca
Beyond simple trading, Orca allows you to access liquidity pools to earn trading fees and yields. Here’s how it works:
On Orca, click the ‘Pool’ tab to see available liquidity pools. Each pool allows swapping between two tokens. Select a pool you wish to supply liquidity.
Click Add Liquidity and input the amounts of each token you want to provide. Orca will estimate the pool tokens you will receive. Hit Supply to approve the transaction.
Once your liquidity is supplied, you will begin earning trading fees from swaps in that pool which will be proportional to your share of the pool. Fees automatically compound into more liquidity.
Orca also distributes additional yield from partner protocols like Tulip and Francium. Sit back and watch your liquidity and earned yields grow over time.
When ready to exit, withdraw your liquidity plus earned fees and yields using the Remove Liquidity option. Converting pool tokens back to the original supplied assets.
Start small when first supplying liquidity, like $100-$500. Evaluate risks and monitor pools periodically as you learn. Orca empowers Solana newcomers to tap into DeFi simply and intuitively.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
