According to TechFlow, the cross-chain project Orbit Chain has announced a major update plan for the ORC token. The plan is designed to deal with the inconvenience caused by the long-term suspension of governance functions after the Orbit Bridge vulnerability was exploited.
OrbitChain will stop the staking and governance system of ORC tokens on the Orbit Chain network in the fourth quarter of 2024 and prepare for a comprehensive update.
The new ORC token staking and governance system is scheduled to open in January 2025. During this time, all currently staked ORC tokens will be unstaked and users will be free to use these tokens within the Ethereum ecosystem.
At the same time, the inflation distribution plan of ORC tokens will be temporarily adjusted. Orbit Bridge validator rewards will continue to be distributed, but block producer rewards and voting rewards will be suspended.
Inflation tokens allocated for ecosystem initialization (20%), DeFi liquidity (20%), R&D (5%), and marketing (5%) will accumulate until January 2025.
In addition, the Orbit Chain network will cease operations and its functions will be transferred to the Ethereum ecosystem. The voting for the relevant governance proposal will begin at 11:00 am Beijing time on September 6 and will last for 7 days.