Orca proposal would overhaul fee split, move treasury assets, and shift to token-holder governance

The Orca community published a token-holder proposal on Sept. 29 that would significantly change how protocol fees are allocated and how the project is governed. Under the plan, 10% of protocol fees would flow to the xORCA pool, 10% would go to a team buyback account, and 80% would be directed to team operations. The proposal also calls for moving about 14.2 million ORCA from the community treasury and roughly 70,000 SOL from the fee treasury into accounts controlled by the team. Beyond treasury changes, the proposal would dissolve the council and replace it with a governance model run purely by token holders. It also outlines Orca’s earlier and later fee splits, noting that the original allocation was 20% to xORCA, 30% to the fee treasury, and 50% to the team, before later changing to 40% / 10% / 50%. The team said it has negotiated the acquisition of a leading Solana DeFi protocol and expects the deal to add about 50% in total value locked, or TVL. Voting requires 3 million yes votes and runs for five days. The council would retain the ability to veto the measure with four votes. Risks listed in the proposal include more concentrated control and lower returns for xORCA holders, while the team said it would disclose buyback activity and strategic account deployments every six months.