Top Decentralized Exchange Built on Solana (SOL) To Ban US Customers From Trading Amid Regulatory Uncertainty
The top decentralized exchange (DEX) built on Solana (SOL) plans to restrict Americans from trading on its platform at the end of the month.
Orca (ORCA) announced the new restriction on its website this week, however, it did not provide a reason for the change in policy.
“Orca will be adding the United States to the regions and countries which are restricted from trading on orca.so effective March 31, 2023. This will not impact the ability of U.S. users to directly interact with Orca’s smart contract or SDK, nor will it impact their ability to provide liquidity through orca.so.”
Orca is currently Solana’s top DEX in terms of total value locked (TVL), with $46.62 million, according to the decentralized finance (DeFi) tracker Defi Llama. The next highest DEX is Raydium (RAY), with $37.45 million in TVL.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
Orca’s native governance token, ORCA, is worth $0.776 at time of writing. The 783rd-ranked crypto asset by market cap is up nearly 0.4% in the past 24 hours and more than 4.5% in the past seven days.
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