The Orbs team has submitted a new draft OIP, with a proposal to offer relief to multi-chain bridged ORBS token holders on BNB Chain, Avalanche and Fantom, and offer them the option to replace these tokens with the new Axelar-bridged ORBS tokens

The Orbs team has submitted a new draft OIP, with a proposal to adopt a policy to open migration pathways under certain circumstances, to allow delegators who have suffered a security breach that compromised their wallets to recover their staked Orbs tokens.

This OIP proposes that the Orbs community take similar action, and set aside 6.3 million ORBS tokens from the long-term reserve pool to replace ORBS tokens lost to their holders on FTX. Actual reimbursement and the timing will be determined as the bankruptcy case continues and the affected parties and proper procedures become more clear.

As previously announced, the Orbs project is in the midst of the process of formalizing its community governance. The next step in this process is the introduction of a process for Orbs Improvement Proposals (called “OIPs”). OIPs are a platform for the community and the public at large, as well as the team, to suggest improvements and changes to the Orbs network. While the project has always been open to suggestions, OIPs will be a dedicated place where suggestions can be organized and publicized for discussions.

Last week, the Orbs Network held its first governance vote, in which a majority decided to reinstate the minimum self-delegation requirement. A second vote will now be held, regarding the exact details of the minimum self-stake.

As announced last week, the Orbs Network is introducing upgraded community governance to the project, formalizing aspects of community governance that have until now been behind the scenes. As the next major step in this process, the first formal governance vote will be going live on Snapshot on Monday, August 22, 2022 at 12:00 UTC.