Orbit Chain: The new ORC token staking and governance system is scheduled to launch in January 2025.

The cross-chain project Orbit Chain has announced a major update plan for the ORC token to address the long-term suspension of governance functions on the Orbit Bridge due to vulnerabilities exploitation. Orbit Chain will cease the staking and governance system of the ORC token on the Orbit Chain network in the fourth quarter of 2024 and is planning to open a new staking and governance system in January 2025. During this period, all currently staked ORC tokens will be unstaked, and users can freely use these tokens within the Ethereum ecosystem. Meanwhile, the inflation distribution plan for the ORC token will undergo a temporary adjustment, with Orbit Bridge validator rewards continuing to be distributed, while block producer rewards and voting rewards will be paused. The inflation tokens allocated for ecosystem initialization, DeFi liquidity, research and development, and marketing will accumulate until January 2025. The Orbit Chain network will cease operations, and its functions will transition to the Ethereum ecosystem. Relevant governance proposal voting will commence at 11:00 AM Beijing time on September 6th and will last for 7 days.