In June 2023, the Council voted to deposit the equivalent of US $300K from the Orca protocol’s fee treasury into its USDC-USDT concentrated liquidity pool. The purpose of this deposit was to increase liquidity and competitiveness of the pool. The deposit has been delayed due to technical incompatibilities, but the pool’s liquidity has improved organically. Additionally, as of December 18, 2023, Circle’s Euro stablecoin EURC is available on Solana.
In light of these facts, on December 12, 2023, the Council voted to reallocate a portion of the $300K previously earmarked for the USDC-USDT deposit. Specifically, the Council voted to use 100K USDC to seed a new EURC-USDC concentrated liquidity pool on Orca. Half of the 100K USDC was used to purchase EURC directly from Circle.
The Council elected to hold this vote in executive session (as opposed to on-chain) because:
- the launch of the EURC-USDC pool was confidential until December 18, 2023; and
- the amount of funds reallocated approximately 1% of Orca’s fee treasury and is therefore considered a nominal investment.
The Council is thrilled to be able to announce this decision to the Orca ecosystem.