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Orca Council Releases Governance Proposal to Buy Back ORCA with up to 55,000 SOL
BlockBeats News, August 7th, the Orca Council has released a governance proposal to repurchase ORCA using up to 55,000 SOL and stake it to a validator node. During a 5-day voting period followed by a 2-day cooldown period, ORCA token holders can submit veto votes. Proposal details:
· Fund Size: All SOL and USDC in the treasury wallet, currently about 55,000 SOL and 400,000 USDC.
· Execution Plan: All SOL in the treasury wallet will first be staked to an Orca validator node, then periodically withdrawn as needed to execute the Orca buyback plan. The plan will be carried out on a decentralized exchange or in collaboration with market makers, lasting for 24 months, with a daily buyback cap of 2% of ORCA's 30-day average trading volume to minimize market impact.
· Storage and Use of Buyback Tokens: The repurchased ORCA tokens will be held in a multisig DAO treasury wallet. The Council plans to either burn these tokens to permanently reduce ORCA's circulating supply, allocate them to the xORCA pool as rewards, or use them for ecosystem funding.
· Risk Management of the Buyback Plan: Buybacks will be paused during periods of high market volatility (ORCA price volatility exceeding 15% in 24 hours).
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