Post by wolfur about Orca token ($ORCA)

Orca's docs give the xORCA rate as $ORCA in the vault divided by xORCA supply, and link the vault. I ran that on Oct 4: the vault (Ce5j11WAsSzM3nkzrw4Kw6v6ic3nbyqpv5eywjYKeKc5) holds 9,465,616 $ORCA against 4,544,582 xORCA, which gives 2.083. The stake page shows 1 xORCA at about 1.678 ORCA, and the stake page is right: stakes that day minted at 1.678. The staking program keeps a counter of ORCA owed to wallets that have unstaked, 1,839,631 today, and its math subtracts that before dividing. So 19% of the vault is an exit queue, and anyone pricing xORCA with the docs formula, say a lending market, would be 24% high.

I listed the queue from the program's accounts: 326 tickets from 257 wallets, summing to the counter exactly. The 116 still in the 7-day cooldown hold 1.75M ORCA, 2.9% of circulating supply, all withdrawable by Oct 11. One of them is 1,000,088 ORCA and matures Oct 5 at 16:57 UTC. The other 210 (92,144 ORCA) have matured and were never withdrawn, the oldest (0.001 ORCA) since Oct 6, 2025.

The buyback that feeds the rate swings day to day. In my replay of the vault's transactions the buyback bot added 13,294 ORCA on Sep 29 and 3,864 on Oct 3. The stake page shows 18.43% APR. On the 7.626M staked, Oct 3 alone annualizes to 18.5% and Sep 29 to about 64% (my arithmetic), so the APR looks like a one-day figure.

On control, the xORCA docs say 3-of-5 signatures. On chain, one Squads vault (GwH3Hiv5mACLX3ufTw1pFsrhSPon5tdw252DBs4Rx4PV) is the ORCA mint authority, the upgrade authority of Whirlpools and of the staking program, and the staking update authority. Its multisig needs 5 approvals from 9 voting members, with a 24-hour time lock. The tokenomics page calls the 75M supply fixed while that mint authority is live.

For the team:

1. Correct the docs formula, and publish the escrow total with its maturity dates next to the rate.

2. Update the multisig line, and either renounce the mint authority or say why it stays.

My question: what window is the APR computed over?

Note for TokenGems: the FAQ here answers "What is Orca DEX?" with one word, "AMM".