That was adopted by the Apache Foundation and is still under active development. It was opened up and turned in to "Wave In A Box" that you can run on your own server. https://incubator.apache.org/wave/

Uh I liked Orkut a lot. It was my first social network and pretty much the last in many ways.

I just added Google Wave as a featured product! Thanks for the feedback. Although it is technically open-source and operated by another company. We can still say Google Wave is dead but just under a different skin. I guess it's another zombie