The vote on the Orca proposal “Resourcing Orca for Its Next Phase” has been open on Realms since October 6 at 17:04 UTC, and $ORCA is up 37% in 24 hours, at $3.20 on Binance. Many see it as “more buybacks.” The text published on the Orca forum on September 29 says almost the opposite.
If the vote passes:
- Protocol fees: currently, 40% buys back ORCA for xORCA stakers, 10% goes to the Fee Treasury, and 50% to the team. Going forward: 10% to xORCA, 10% to team-managed buybacks, and 80% to the team. Buybacks drop from 40% to 20% of fees.
- The community treasury moves to a team account dedicated to acquisitions. On-chain as of October 6: 14.2M ORCA, around 19% of the supply, worth nearly $45M.
- The Council would be dissolved. The team says it has negotiated the acquisition of an unnamed DeFi protocol, $SOL , with around 50% more TVL.
Schedule: voting closes on October 10 at 19:42 UTC, the proposal passes with 3,000,000 “yes” votes, then there’s a cooldown until October 12. On the forum, xORCA stakers say they can’t vote with their staked tokens.
Market-wise: from $1.80 (October 3 close) to $3.20, up 77% in three sessions. Binance spot volume was $42.3M on October 6, versus $1.3M on October 3. ORCAUSDT perp open interest rose from around $4.8M to $10.5M, with funding negative at every settlement since October 5 (-0.17% per 4 hours at 20:00 UTC). Shorts are paying to stay in.
My take: the market is buying a growth story, not better returns for stakers. If the vote passes and the target is named, this negative funding could fuel a squeeze above $3.24, the day’s high. If opposition grows, the $2.40 level (October 5 close) could become a magnet again.
80% of fees to the team for an unnamed acquisition: would you vote yes or no?
#Solana #DeFi
If the vote passes:
- Protocol fees: currently, 40% buys back ORCA for xORCA stakers, 10% goes to the Fee Treasury, and 50% to the team. Going forward: 10% to xORCA, 10% to team-managed buybacks, and 80% to the team. Buybacks drop from 40% to 20% of fees.
- The community treasury moves to a team account dedicated to acquisitions. On-chain as of October 6: 14.2M ORCA, around 19% of the supply, worth nearly $45M.
- The Council would be dissolved. The team says it has negotiated the acquisition of an unnamed DeFi protocol, $SOL , with around 50% more TVL.
Schedule: voting closes on October 10 at 19:42 UTC, the proposal passes with 3,000,000 “yes” votes, then there’s a cooldown until October 12. On the forum, xORCA stakers say they can’t vote with their staked tokens.
Market-wise: from $1.80 (October 3 close) to $3.20, up 77% in three sessions. Binance spot volume was $42.3M on October 6, versus $1.3M on October 3. ORCAUSDT perp open interest rose from around $4.8M to $10.5M, with funding negative at every settlement since October 5 (-0.17% per 4 hours at 20:00 UTC). Shorts are paying to stay in.
My take: the market is buying a growth story, not better returns for stakers. If the vote passes and the target is named, this negative funding could fuel a squeeze above $3.24, the day’s high. If opposition grows, the $2.40 level (October 5 close) could become a magnet again.
80% of fees to the team for an unnamed acquisition: would you vote yes or no?
#Solana #DeFi