Update: This proposal is now live. Council members may vote until Friday, February 23, and Tokenholders may cast veto votes until Tuesday, February 27. Votes can be cast here and here.
Update 2: This proposal has passed. View voting details at the link above.
Summary
The Orca Governance Council (the “Council”) plans to submit a proposal that, if passed, will finalize the election of Logan Jastremski as a Council member for the 2024 term. From a technical perspective, this proposal will (a) mint a new Council token for Logan and (b) burn the Council token issued to the former Council member whom Mr. Jastremski is replacing.
Description
As previously announced, the window for Orca Governance Council nominations has closed with one nominee: Logan Jastremski, Co-Founder and Managing Partner of Frictionless Capital and host of the Logan Jastremski Podcast. You can read Logan’s self-nomination here.
On 25 January 2024, Mr. Jastremski participated in a live Q&A with Orca protocol founder Yutaro Mori and Council member Chris Montagano, where they discussed Mr. Jastremski’s background, current projects, and outlook on the Solana ecosystem. Mr. Jastremski introduced himself to the other five Council members at their recent meeting on 29 January 2024. At that meeting, all present Council members unanimously voted to move his candidacy forward to an on-chain vote.
What Happens If the Vote Passes?
If the vote passes:
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One new Council token will be minted and transferred to Mr. Jastremski; and
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The Council token minted for the former Council member whom Mr. Jastremski is replacing will be burned.
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 an on-chain vote. This period allows ORCA community members to review the details of the proposal and share feedback.
Voting
After the Council governance program is updated, which is expected to happen by the end of the day on 8 February 2024, a Council member may submit the proposal using their Council Token to the Council Token Governance account (64FH4…skMWE). The account contains the following voting parameters:
Voting Period: 10 days
Council Vote Threshold: 5 “Yes” votes
Veto Threshold: 2,000,000 ORCA
Cool-down Period
This account also has a 4-day cool-down period, which begins after the initial 10-day voting period. In other words, if the vote is passed after 10 days, the community will have an additional 4 days to veto the proposal.
Execution
If the Council voting threshold is achieved and then the veto threshold is not met during the cool-down period, then the proposal will pass and its contents will be implemented.