Update: This proposal is now live. Council members may vote until Wednesday, February 21, and Tokenholders may cast veto votes until Friday, February 23. Votes can be cast here.
If passed, this proposal will authorize payments from the Orca protocol fee treasury to cover tick array initialization costs.
Depositing liquidity on a custom price range in a liquidity pool necessitates a nominal fee in SOL commonly referred to as a tick array cost. For more information on tick arrays, please visit the Orca Developer Portal.
Given that protocol fees are now accruing to the protocol fee treasury, it is appropriate to utilize these protocol funds to create a self-sustaining payment mechanism for these tick array costs.
This proposal was discussed and considered during the Orca Governance Council meeting convened on 29 January 2024. Unanimously, all Council members in attendance endorsed the submission of this proposal for an on-chain vote.
This proposal will be posted here for a discussion period of at least 4 days before it is formally put to an on-chain vote. This period allows community members to review the details of the proposal and share feedback.
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
This account also has a 2-day cool-down period, which begins after the initial 5-day voting period. In other words, if the vote is passed after 5 days, the community will have an additional 2 days to veto the proposal.
If the veto threshold is not met during the cool-down period, then the proposal will pass and its contents will be implemented.