Orca, the easiest way to exchange cryptocurrency on the Solana blockchain, introduces The Orca Climate Fund.
As the Orca ecosystem evolves, so do Orca’s Climate Fund initiatives.
The Orca Impact Fund to date
In August 2021, the Orca Impact Fund was born. Since that time, a portion of fees on every trade on Orca has been allocated to the Impact Fund. Which aims to mitigate the effects of climate change and promote sustainable practices.
The high energy consumption of Proof-Of-Work (PoW) blockchains draws reasonable criticism from climate activists. Solana is already extremely energy-efficient; according to Solana’s latest Climate Report, one transaction consumes energy equivalent to just three Google searches. And long term, Orca’s goal — and the goal of DeFi more widely — is to replace the traditional financial system with more efficient, greener alternatives. However, the Impact Fund goes one step further by demonstrating how a DeFi protocol can commit to green initiatives that scale with the success of the business.
Thus far, $1.2m has been converted to USDC from the Impact Fund and $550k will shortly be donated to Ocean Conservancy, as voted for by the Orca Community! The remainder of the fund currently stands at around $677k (click here for the wallet address). Automated conversion of the fund to stablecoins is also in the works to ensure the stability of the fund through volatile market conditions.
The Orca Climate Fund
Going forward, the Orca Impact Fund will be relaunch as the Orca Climate Fund (OCF).
The new name better reflects the goals of Orca co-founders Ori Kwan and Yutaro Mori in establishing the fund. The mitigation of climate change. For the fund to retain these core values as Orca continues to move toward full decentralization. It must support Orca’s core business. The name “Climate Fund” is a better reflection of the work which has been complete already and the work which lies ahead.
A Web3 Focus
Going forward, the Climate Fund will expand beyond philanthropy and focus also on the on the intersection between climate change and web3. Instead of solely making charitable contributions. The Climate Fund will also explore ways for DAOs to make an impact on the climate more directly.
Potential initiatives could include:
- Evaluating and taking accountability for Orca’s own climate footprint
- Hosting NFT fundraisers for carbon removal or avoidance projects with partners
- Sponsoring climate-related fellowships, e.g. funding aspiring individuals who want to deliver impact on climate change from a web3 lens
- Supporting other DAOs’ climate initiatives
Initiatives like these can leverage Orca’s position as the dominant AMM in Solana and funds raised thus far to fight for a healthier climate from a defi-native perspective.
The Climate Fund and the Orca Community
The Orca Climate Fund would never have been possible without the Orca Community. If you have ever made a trade on Orca, thank you. And be proud that you have contributed to making an impact on the real world through DeFi! 🐳
Community involvement is essential to the endurance and success of the Climate Fund. Going forward, there will be numerous ways the Orca community can participate. This begins with the nomination of potential partners and initiatives. If there are interesting climate change organizations you’d like to nominate or if you have ideas for web3-native initiatives, please fill in this short form here!
Further, a working group will form in the fourth quarter of 2022 to drive the initiatives of the Climate Fund. Members could include experts and professionals in the climate change space. Community members who are passionate about sustainability, and/or representatives from other protocols in the web3 x climate space. If you’re interested in joining the working group or would like to nominate someone who you think would be a great fit, please fill out this form.
Once the working group has been formed, the working group will identify specific initiatives and establish the process for new donations to be approved through Orca’s governance. The working group will expect to publish the status of current initiatives. Objectives of the fund, and bios of current working group members. Once it is complete, the working group will be ready to sail through 2023 with new initiatives and a fresh new brand.
Orca is the easiest way to exchange cryptocurrency on the Solana blockchain. Users can exchange tokens with minimal transaction fees. And lower latency than any DEX on Ethereum, all while knowing that you’re getting a fair price. Additionally, users may provide liquidity to a trading pool to earn a share of trading fees.