ORCA DEX on Solana blockchain

By estrenoscinehoy.com | It's all about crypto | 18 Dec 2021

Hey here!

Today I would like to introduce you the ORCA DEX on Solana blockchain. This is one of the best DEXs on this blockchain, as they say:

"ORCA is the easiest place to exchange cryptocurrency on Solana.".

As you can image the token of this DEX is the ORCA token. As the moment of writing this post, the ORCA token is about $5.86 which is a really good price.

How does it work?

It works at the same way than other DEX's, mainly staking or providing liquidity to the DEX and getting some rewards in the DEX token. So in this case you can provide liquidity in several pairs, mainly Solana tokens, and you can get ORCA tokens as rewards. To work on this DEX you need to connect your wallet, and after that, you can trade with your Solana tokens.

Choose the pool you like and stake your tokens. Remember that to stake in these pools you have to stake a pair of them, as you can see in the image. To do that you have to stake the same amount of both of them. Sometimes in this process when you stake both tokens, you will get a new token called LP-whatever or similar, and this final token is which you have to stake at the pool finally. Connect your wallet and follow the instructions on the ORCA page to do that.

Wallets

At this moment the most popular wallets to save your Solana tokens are Phantom which is an chrome extension, and Solflare which is a webwallet or firefox extension app. If you don't have any Solana wallet you have use one of this apps and create one.

Keep in mind that the Solana blockchain has its own tokens and these are different than the Ethereum ERC-20 or Binance BEP-20 or SmartBCH SEP-20 tokens, so that's why you need and special Solana wallet to handle them. In the Binance, Coinbase or KuCoin exchange, you don't have to worry about because the exchange handles for you these differences, but if you are using a cold wallet you need to keep in mind.

How to transfer Solana to your wallet?

Let see an example from Binance to Phantom. You need to have SOL in Binance, so then, you can go to withdraw and there you can fill the fields and the most important is to select the Solana Network. How do you get the Solana account to transfer the funds? open your phantom extension and copy the solana account as you can see in the image. With this account, you can fill the address destination field on the binance form wizard. Submit and that's all. You have to pay some fees and you have to wait a little bit to receive your SOLs on your phantom wallet. This process is very similar between the most popular exchanges, so if you understand it you can do it on Coinbase, Kucoin or so on.

Conclusions

Orca is one of the most famous DEXs on the Solana Blockchain. If you like this blockchain maybe ORCA is a good place to visit. Remember, DYOR 'do your own research' before invest. I hope this post was helpful for you

Regards