The Orca Council has released a governance proposal to use up to 55,000 SOL to buy back ORCA

ChainCatcher news, according to the governance proposal released by the Orca Council, it is proposed to use up to 55,000 SOL to buy back ORCA and stake it to the validator nodes. During the 5-day voting period and the 2-day cooling-off period, ORCA token holders can submit veto votes. Proposal details:

· Funding scale: All SOL and USDC in the treasury wallet, currently approximately 55,000 SOL and 400,000 USDC.

· Execution method: All SOL in the treasury wallet will first be staked at the Orca validator nodes, and then periodically withdrawn as needed to execute the Orca buyback plan. This plan will be conducted through a decentralized exchange or in collaboration with market makers, lasting for 24 months, with a daily buyback limit of 2% of the 30-day average trading volume of ORCA, in order to minimize market impact.

· Storage and use of repurchased tokens: The repurchased ORCA tokens will be stored in a multi-signature DAO treasury wallet. The committee plans to burn these tokens to permanently reduce the circulation of ORCA, allocate them to the xORCA pool as rewards, or use them for ecosystem funding.

· Risk management of the buyback plan: Buybacks will be suspended during periods of high market volatility (when the ORCA price fluctuates more than 15% within 24 hours).