We believe it’s important that Orca’s governance process is straightforward. To that end, we’ve designed a simple process community members can use to make proposals to the protocol.
We’re working on making Orca’s governance even more seamless. You can expect significant improvements on the below process later this year!
Orca Governance Process
Post your proposal in the Governance Proposals forum category.
Solicit feedback on the proposal from the community on this forum, in addition to Discord and Twitter.
After soliciting feedback, post your proposal for a vote on Orca’s temporary governance interface. (Note: you need 100k ORCA to make an on-chain proposal. You need 500k ORCA to vote “FOR” in order for the proposal to pass).
For more details, please see the Governance User Guide.
To gain voting power, tokenholders will need to deposit ORCA into the governance program. At this time, the full ORCA balance in the connected wallet will be deposited. It is not possible to deposit partial amounts.
Once deposited, your ORCA voting power will be displayed in the UI. In addition, all permissible functionalities will be enabled (e.g. voting, ability to make proposals).
1 deposited ORCA token represents 1 vote.
Once a proposal has been submitted, all holders with Voting Power will be able to submit their Yes or No vote on the dedicated proposal window accessible through the front page. Voters can also include a comment to express opinions or discussion points.
Voters are required to keep tokens in the program until the completion of the voting window (7 days). In the event that a voter needs access to their token prior to vote completion, they may Relinquish their vote and withdraw the token. The voting power amount will be removed from the Total Voting count when relinquished.
Since the core team still controls Treasury accounts and the underlying protocol, all changes voted on by the community will need to be executed by the core team. This is a temporary solution. In the future, you will be able to include executable code in your proposal, which Orca’s governance contracts will automatically execute.
An admin token has been minted with Governance control capabilities as a last-resort failsafe against malicious attacks or severe failures of the governance program. The token is held by an Orca team member and will only be used in a disaster scenario.
Here is the Admin token address: A8hBe4ja92dAVvhRyyg2KNiEVQxMHuypZ6nREVc8NT8b
The mint authority of the Admin token is controlled by the Governance program. The DAO can decide to mint new Admin tokens if necessary.
The Orca team will not participate in voting at this time. We may express opinions and provide technical feedback on governance proposals. Tokens allocated to investors in Orca’s Series A have not yet hit their cliff, and therefore will also not be available for voting at this time.