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oORVX

oORVX is Orvex’s non-transferable emissions instrument.
It is designed to reduce sell pressure on the liquid token while giving LPs a controlled path into either liquid ORVX or permanent governance.

What it is

  • Gauge rewards are emitted as oORVX only.
  • oORVX is not the liquid token and is not intended for free transfer.
  • It represents a claim that can be converted through protocol-defined routes rather than sold immediately on the market.

This structure lets emissions support liquidity, governance alignment, and reserve formation at the same time.

How to convert oORVX

oORVX has two conversion paths only:

  1. Exercise into liquid ORVX

    • Mechanism: Pay stablecoins at the protocol strike rate and receive liquid ORVX.
    • Default strike: 30% of market price.
    • Governance range: Adjustable within 20% to 50%.
    • Example: If 100 ORVX is worth $100 at market, exercising 100 oORVX at the default strike requires $30 in stablecoins and returns 100 liquid ORVX.

  2. Convert into a Permanent account

    • Mechanism: Burn oORVX into a permanent veNFT.
    • Result: Non-redeemable governance capital with 1.0x voting weight and immediate governance participation.
    • Use case: Best for users who want long-term governance exposure rather than liquid tokens.

Where exercise revenue goes

When users exercise oORVX, they pay stablecoins into the protocol.

  • 80% is routed to the Strategic Reserve.
  • 20% is routed to operations.

The Strategic Reserve principal is not spent. It is deployed only into principal-preserving yield strategies, and reserve yield is directed back to veToken voters.

Strategic considerations

  • Exercise if you want liquid ORVX exposure and are comfortable paying stablecoins at the current strike.
  • Choose a Permanent account if you want immediate governance power with no unlock path.
  • oORVX is designed to slow reflexive sell pressure by replacing direct liquid emissions with controlled conversion.
  • The two-path model keeps emissions aligned with either reserve-building demand or durable governance formation.

See also: veORVX Token Documentation for voting mechanics and reward details.