Link to the on-chain proposal: https://governance.orca.so/dao/ORCA/proposal/AJW8PNHp5w9JspaiUoW351eKNM1fwDGiWCe5Dd2KNRRz
If approved, this proposal will form the Governance Council and nominate the council members listed below.
Note that this proposal does not include the technical implementation for the Governance Council to be launched on-chain. Rather, it will serve as an official approval to form the Council. A future technical proposal will cement Council powers on-chain.
In short, this proposal serves to officially create the Council and nominate council members while a future proposal will give Council members on-chain governance rights.
Orca will begin transitioning contracts to the Governance program, giving ORCA tokenholders control over protocol upgrades, treasury spending, and more. To help manage this responsibility, ORCA tokenholders are electing a Governance Council responsible for managing contract upgrades, the operating team, and general maintenance of the protocol.
Orca’s governance structure will be established so that both the Council and Community have the ability to submit proposals. The difference is in the voting populations for each proposal type, wherein the population for Council proposals is limited to Council members while Community Proposals are limited to ORCA tokenholders.
Ownership of the Orca Governance program, and all contracts assigned to it, will ultimately remain under full control of ORCA tokenholders through Council proposal vetoes and Council Token burns (revoking a Council Member).
|Proposal Quorum||4 of 7 Yes votes|
|Term Length||12 months|
|Compensation||30,000 USDC-SPL per term|
|ORCA Grant||35,000 ORCA, 1 year cliff|
|Early Resignation Notice||3 months|
The Council will act on behalf of the community to maintain and upgrade the underlying Orca contracts. The Council will schedule proposals at the recommendation of the Operating team to best support the maintenance and growth of the protocol. This includes reviewing upgrades and submitting technical proposals to perform the necessary changes.
The Council will be responsible for growing and guiding the teams building on Orca. This would include the following:
- Holding the teams accountable for protocol development
- Issuing ORCA allocations to hire and incentivize contributors
- Hiring and removing teams based on performance
The Council will be responsible for advising the evolution of Orca’s DAO as it evolves through this transition. This may include structural changes, like forming Working Groups, and launching community initiatives, like an Orca Grants Program or other incentives programs.
This will also include treasury management, with opportunities to diversify and re-allocate the community treasury to better align the financial health of the protocol.
The Council will report to the community on a quarterly basis through a breakdown of activities within both the Council and Developing teams. All proposals, discussions, upgrades in development, and more will be shared for community assessment.
The Council will also be expected to host quarterly calls to discuss the report and developments.
Founder, UMA Protocol
0xParc & Personae Labs
General Counsel, Orca
Partner, Ethereal Partners
Community Member, Orca
In addition to appointing Council Members, this proposal will also serve to elect a Secretary for the Council. The Secretary will serve the following responsibilities on behalf of the community:
- Attend Council meetings
- Record and share meeting notes with the community
For this role, we propose electing the following candidate that self-nominated here:
Dolphin Consultant, Orca
By voting Yes, the community is agreeing to launch a Governance Council and appointing the candidates above as Council members along with the Council secretary candidate.