The Orca Council has launched a significant ORCA token buyback initiative amounting to $10 million. This move aims to reduce the circulating supply of tokens, incentivize staking, and reward the ecosystem.
Objectives and Mechanism of the Buyback
The initiative involves utilizing SOL and USDC from the Orca treasury to decrease the circulating supply of ORCA tokens. The program targets to support ORCA's deflationary structure while engaging the community in the process. The Orca Council plans to leverage treasury assets and protocol fees for buybacks over a period of 24 months.
Transparency and Community Involvement
The token buyback will be governed through a DAO, ensuring complete public oversight of fund utilization. Regular quarterly reports will be published, providing detailed information on actions and resource allocation.
Expected Outcomes and Impacts
The buyback program is anticipated to positively affect trading volumes and demand for tokens, creating a supportive effect through deflationary mechanics. Repurchased tokens may be used for burning or allocation to staking pools, which could, in turn, strengthen the long-term value of the tokens.
The Orca Council's initiative for the ORCA token buyback represents a significant step toward protocol sustainability and community interest protection. With transparent governance and anticipated active participation, it may lead to long-term positive changes within the ecosystem.
