Update 3 May 2024 This proposal has proceeded to an on-chain vote. Council members may vote until 6:24 p.m. UTC on 8 May 2024, and tokenholders may cast veto votes until 6:24 p.m. UTC on 10 May 2024. Click here for voting on Realms.
Summary
In response to valuable feedback from the Orca community, the proposal posted on Friday (regarding risk mitigation initiatives and Treasury recomposition) has been split into two separate proposals so that tokenholders can respond to each issue independently. This post also provides additional context on the proposed risk mitigation spending. If passed, this proposal will authorize payment from the Orca protocol fee treasury (the “Treasury”) in the amount of 500,000 USDC tokens to support various risk mitigation initiatives, as described below.
Description
As many community members know, it can be difficult for crypto projects to navigate the choppy waters of the ever-shifting risk management environment in which they operate. The Orca protocol has always been committed to mitigating potential risks for ORCA tokenholders and the broader Orca ecosystem. Given the recent increase in activity on Solana and Orca’s continued growth, these efforts are more important than ever.
To support these efforts, a Council member proposed allocating 500,000 USDC tokens of the Treasury to the initial development team for the purposes of exploring, developing and implementing various risk mitigation practices and processes to benefit the Orca ecosystem. These funds will be paid by the initial development team to third-party service providers. The Council believes the initial development team is best positioned to vet and engage these service providers, which is why they have been selected to manage the process.
Due to the fact that these initiatives are in their very earliest stages, as well as concerns about confidentiality and security, the Council cannot share more details at this time. As soon as specific plans are finalized, they will be shared with the community here.
The Council believes it is appropriate for the DAO to fund these activities because they are vital for the continued growth and health of the ecosystem.
This proposal was discussed and considered during the Orca Governance Council meetings convened on 13 March 2024 and 29 March 2024. Unanimously, all Council members in attendance endorsed the submission of this proposal for an on-chain vote.
Governance Process
Forum Discussion
This proposal will be posted here for a discussion period of at least 4 days before it is formally put to a vote. This period allows community members to review the details of the proposal and share feedback.
Voting
After 4 days, a Council member may submit the proposal using their Council Token to the Signaling Governance account (6d76J…4HUf9). The account contains the following voting parameters:
Voting Period: 5 days
Council Threshold: 4 ‘yes’ votes
Veto Threshold: 1,000,000 ORCA
Cool-down Period
This account also has a 2-day cool-down period, which begins after the initial 5-day voting period. In other words, if the proposal is passed after 5 days, the community will have an additional 2 days to veto it.
Execution
If the veto threshold is not met during the cool-down period, then the proposal will pass and its contents will be implemented.