Given the upcoming changes to the Orca DAO (Orca contracts transitioning to governance control and the Governance Council), it’s necessary to update the existing Governance program to enable these functions.
As a reminder, we’d like to outline the current governance program parameters:
Governance Program Version: 2.0
Community Token: ORCA
Community Mint Weight Source: 50% (50,000,000 ORCA)
Community Proposal Threshold: 100,000 ORCA
Community Proposal Pass Threshold: 1% of Weight Source (500,000 ORCA)
Admin/Council Token Amount: 1
Admin/Council Proposal Threshold: 1
Admin/Council Proposal Pass Threshold: 1
Community Veto Threshold: N/A, not enabled
Below, we outline the updates that need to be made prior to the governance changes.
Update 1 - Program Version Upgrade
This will upgrade the Governance program from v2 to v3 following the latest release from Solana Labs. v3 introduces powerful new features, including:
- Community can Burn Council Token through a community vote to revoke Council Members
- Community can Veto Council proposal through a community vote
Update 2 - Threshold Changes
Given the drop in price and ongoing token unlocks, we think it’s important to increase the proposal and voting thresholds. The intention of this change is to protect the community from hostile proposals, which is increasingly important as core contracts transition from team to community control.
Thresholds will be changed to the following:
Community Mint Weight Source: 100% (100,000,000 ORCA)
Community Proposal Threshold: 250,000 ORCA
Community Proposal Pass Threshold: 1% of Weight Source (1,000,000 ORCA)
Community Veto of Council Pass Threshold: 3% of Weight Source (3,000,000 ORCA)
At a high level, these changes should be considered housekeeping to ready the program for the upcoming governance council.
In the future, these types of maintenance proposals will need to be proposed and implemented by the community or the Council.