TechFlow news: Cross-chain project Orbit Chain has announced a major update plan for its ORC token, aiming to address inconveniences caused by the prolonged suspension of governance functions following the exploit of Orbit Bridge.
OrbitChain will disable ORC token staking and governance systems on the Orbit Chain network in Q4 2024 and prepare for a comprehensive upgrade.
The new ORC token staking and governance system is scheduled to launch in January 2025. During this period, all currently staked ORC tokens will be unstaked, allowing users to freely use these tokens within the Ethereum ecosystem.
Meanwhile, the ORC token inflation distribution plan will undergo temporary adjustments. Validator rewards for Orbit Bridge will continue to be distributed, but block producer rewards and voting rewards will be suspended.
Inflation tokens allocated to Ecosystem Initialization (20%), DeFi Liquidity (20%), Research & Development (5%), and Marketing (5%) will accumulate until January 2025.
In addition, the Orbit Chain network will cease operations, with its functionalities transitioning to the Ethereum ecosystem. The related governance proposal vote will begin at 11:00 AM Beijing time on September 6 and last for seven days.
