{
 "symbol": "ORCA", "name": "Orca", "review_date": "2026-10-08",
 "reviewer": "AI", "model_id": "claude-fable-5-1", "logic_version": "value_v1", "prompt_sha256": "58434c62f807c2035cf603f7f93e6e22db880e9f4172968767efef7d1f326065",
 "one_sentence_zh": "Orca 是 Solana 上的集中流动性 DEX（Whirlpools），交易者为换币支付 swap 费，87% 归 LP、13% 归协议，协议份额的一部分用于回购 ORCA 分给 xORCA 质押者。",
 "one_sentence_en": "Orca is a concentrated-liquidity DEX on Solana (Whirlpools); traders pay swap fees, 87% to LPs and 13% to the protocol, part of which buys back ORCA for xORCA stakers.",
 "red_lines": {
   "R1": {"hit": false, "note": "收入链上可查：DefiLlama 口径 30 天费用 $10,715,807、历史累计 $237.9M；方法论为所有 Whirlpools swap 费（含自适应费池波动附加费）。未见刷量指控。", "sources": ["https://api.llama.fi/summary/fees/orca-dex?dataType=dailyFees", "https://api.llama.fi/summary/fees/orca-dex?dataType=dailyHoldersRevenue"]},
   "R2": {"hit": false, "note": "回购资金来自经营收入：DefiLlama 方法论写明协议抽 13% swap 费，其中 12% 进国库，国库份额的 40%（2026-01-13 起由 20% 提高）用于回购 ORCA 进 xORCA 金库。另有 2025-08 DAO 批准的国库 SOL/USDC 回购计划（上限 55,000 SOL + $400k USDC，24 个月），资金是国库的 SOL/USDC 资产而非卖 ORCA 或增发，不构成左手倒右手；但该部分不算经营收入，已在 notes 说明。", "sources": ["https://api.llama.fi/summary/fees/orca-dex?dataType=dailyHoldersRevenue", "https://pintu.co.id/en/news/190688-orca-dao-sets-up-solana-staking-strategy-and-24-month-orca-token-buyback/amp", "https://tokenomics.com/articles/orca-tokenomics-how-orca-burns-20-of-solana-dex-fees"]},
   "R3": {"hit": false, "unlock_12m_frac_of_circ": 0.0, "note": "Tokenomist 显示 Orca 已完全解锁（fully unlocked），无未来 12 个月团队/投资人解锁；流通 60.8M / 总量 100M（2025 年已销毁 25M，部分来源称流通约 60.16M）。", "sources": ["https://tokenomist.ai/orca/overview", "https://tokenomics.com/articles/orca-tokenomics-how-orca-burns-20-of-solana-dex-fees"]},
   "R4": {"hit": false, "note": "ORCA 有治理权（DAO 持币人提案：xORCA、销毁 25%、$10M 回购、开发团队拨款）与经济权（质押为 xORCA 接收回购）。", "sources": ["https://governance.alearesearch.io/item/ea97cf44-96fa-4bcc-bf4d-bd78bb59c42a", "https://api.llama.fi/summary/fees/orca-dex?dataType=dailyHoldersRevenue"]},
   "R5": {"hit": false, "note": "一句话可说清：Solana DEX，交易者付 swap 费。", "sources": ["https://api.llama.fi/summary/fees/orca-dex?dataType=dailyFees"]},
   "R6": {"hit": false, "note": "本次检索未发现被盗未赔付、监管下架或团队跑路事件。", "sources": []}
 },
 "A_judge": {"mechanism_executing": true, "mechanism_desc": "swap 费→协议国库份额的 40% 持续用于回购 ORCA 注入 xORCA 质押金库；DefiLlama 按链上口径记录持币人收入 30 天 $514,359、累计 $5.29M，最近三日每日 $12.8k~$15.7k，说明在持续执行。xORCA 质押合约已上线（Sec3 审计）。2025-04 DAO 通过的 25% 供应销毁已执行（100M→75M）。未直接打开回购钱包地址，执行证据来自 DefiLlama 适配器与第三方文章。", "sources": ["https://api.llama.fi/summary/fees/orca-dex?dataType=dailyHoldersRevenue", "https://tokenomics.com/articles/orca-tokenomics-how-orca-burns-20-of-solana-dex-fees", "https://governance.alearesearch.io/item/ea97cf44-96fa-4bcc-bf4d-bd78bb59c42a"]},
 "B": {
   "one_sentence": {"score": 2.5, "evidence": "Solana CLMM DEX；交易者为换币付费，LP 拿 87%，协议拿 13%；累计费用 $237.9M，付费主体与原因清晰。", "sources": ["https://api.llama.fi/summary/fees/orca-dex?dataType=dailyFees"]},
   "moat": {"score": 1.5, "evidence": "护城河是流动性深度与 Solana 开发者/发行方集成（Whirlpools SDK、Eclipse 扩展）；累计 $237.9M 费用、30 天 $10.7M 说明仍有可观份额，但 Solana DEX 竞争激烈（Raydium/Meteora/Jupiter 路由），未找到份额趋势数据，护城河宽度中等、方向不明。", "sources": ["https://api.llama.fi/summary/fees/orca-dex?dataType=dailyFees", "https://docs.orca.so/"]},
   "ten_years": {"score": 1.5, "evidence": "2021-02 上线，已跑过一轮熊牛；DEX 是链上交易基础设施，Solana 存续则 Orca 大概率存续；但若没有 Orca，Solana 有替代 DEX，行业不会倒退。", "sources": ["https://tokenomics.com/articles/orca-tokenomics-how-orca-burns-20-of-solana-dex-fees"]},
   "people_governance": {"score": 1.5, "evidence": "兑现率较好：2025-04 持币人提案（xORCA、25% 销毁、$10M 回购、团队拨款）已通过并执行销毁与质押；2026-01-13 把回购份额从 20% 提到 40% 并体现在 DefiLlama 口径；2025-08 国库 SOL 质押+回购计划承诺季报与公开钱包。扣分：团队 20% + 国库 55.85% 的分配集中度高，国库是否卖币未找到数据。", "sources": ["https://governance.alearesearch.io/item/ea97cf44-96fa-4bcc-bf4d-bd78bb59c42a", "https://pintu.co.id/en/news/190688-orca-dao-sets-up-solana-staking-strategy-and-24-month-orca-token-buyback/amp", "https://tokenomist.ai/orca/overview"]}
 },
 "C_judge": {
   "users_growth": {"score": 0.0, "evidence": "未找到证据：本次未获得近 90 天对前 90 天的活跃地址/用户数据（DefiLlama 协议页 403，仅拿到费用序列）。", "sources": []},
   "utility": {"score": 1.0, "evidence": "持有 ORCA 并质押为 xORCA 才能分到回购收益，且 ORCA 是 DAO 投票凭证；质押被真实需要。", "sources": ["https://api.llama.fi/summary/fees/orca-dex?dataType=dailyHoldersRevenue", "https://governance.alearesearch.io/item/ea97cf44-96fa-4bcc-bf4d-bd78bb59c42a"]},
   "culture": {"score": 0.0, "evidence": "未找到证据：无社媒/社区增速数据。", "sources": []},
   "web3_direction": {"score": 0.5, "evidence": "链上现货交易是 DeFi 核心方向，但 DEX 赛道已成熟，不是新增方向。", "sources": ["https://api.llama.fi/summary/fees/orca-dex?dataType=dailyFees"]}
 },
 "confidence": "medium",
 "notes": "DefiLlama 持币人收入口径（40% 国库份额回购进 xORCA）与我查到的治理决议一致，机制在执行。注意国库 SOL/USDC 回购计划（55,000 SOL + $400k USDC / 24 个月）不属于经营收入回购，程序计算持币人收益率时若把它计入会高估。C 维用户增速与文化两项因无数据记 0，非负面判断。"
}