Orbit Chain Renewal, ORC Token Can Be Used in Ethereum Ecosystem
2024-09-04
Bittime - Orbit Chain announces update plans for ORC token. This update aims to address the inconvenience caused by the temporary suspension of governance functions following a cyberattack on Orbit Bridge.
Hacking Incident Orbit Chain
Orbit Chain is a cross-chain project that functions to connect various blockchains and transfer digital assets between networks.
However, Orbit Chain experienced a hacking incident. This incident caused governance functions on the Orbit Chain network to be temporarily suspended, causing concern.
Read Also: Arbitrum Now Supports USDC as a Custom Gas Token on Orbit Chain
ORC Token Can Be Used in Ethereum
As part of the update, Orbit Chain will temporarily suspend the ORC token staking and governance system on the Orbit Chain network in Q4 2024. Users who have ORC tokens currently being staked will be unstaken.
One of the major changes in this update is the cessation of operations of the Orbit Chain network and the move of its functionality into the Ethereum ecosystem. In the meantime, users can use ORC tokens within the Ethereum ecosystem.
ORC Token Staking and Governance System
The new staking and governance system for ORC tokens is scheduled to open in January 2025. This update is expected to bring improvements in terms of security and functionality.
In the new system, users will have the opportunity to re-participate in governance and earn rewards from staking their ORC tokens.
ORC Token Inflation Distribution
During this transition period, Orbit Chain will also temporarily adjust the ORC token inflation distribution plan. Rewards for Orbit Bridge validators will continue to be distributed, but rewards for block producers and voting will be paused.
Inflation tokens allocated for ecosystem initialization (20%), DeFi liquidity (20%), research and development (5%), and marketing (5%) will be accumulated until January 2025.
Read Also: Arbitrum Proposes Orbit Chain to Be Placed on a Blockchain Other than Ethereum
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