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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.