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# System prepended metadata

title: 'Orkan Weekly Update #1'

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# Orkan Weekly Update #1
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###  Introduction
 
 The ORKAN has a simple goal: to build the biggest, most decentralized, on-chain Bitcoin treasury through metagovernance of yield incentives on the FTM ecosystem. In order to do so it is important for everyone to be dialed in in our value proposition and the rationale behind every decision we make. At the end of the day we believe that the success of ORKAN relies on earning the trust of our community and the understanding of the value created for everyone by achieving our goals.
 
 
In order to better communicate this we are starting this weekly update blog which will serve to talk about progress metrics, protocol news and updates and talk about what we are doing to create vaue for our token holders. In this first update we want to highlight our progress towards our treasury goals, news about our spiritswap partnership and exciting new happenings with the Information Token community and $weVe.

### Treasury Snapshot 


#### Overview
Above you can see the bonds that we are offering a goals we'd like to acheive. So far in the time that we've been live, we've been able to obtain 175,000$ of FTM/ORK liquidity in our treasury. Furthermore we've acquired 34,000$ worth of vBTC putting us well in our way to meet this target. In summary we are almost 1/4 of the way towards our initial goal of 2M USD PCV.


![](https://i.imgur.com/VjXchqx.png)
![](https://i.imgur.com/WQc0nqG.png)



#### FTM-ORK LP

The protocol currently owns 99.8% of the total LP position for ORK-FTM. This is an exciting metric. However our intention is to have more participants privately own percentage of LP as well. Our target for this would be around 80% POL. In order to accomplish this we're setting up our SPIRIT gauge which will allow us to vote on yields for FTM-ORK. THe intention is that the protocol will be able to earn the majority of the yield while still being able to share with other farmers that wish to support the protocol. 

![](https://i.imgur.com/2Hz1Ixd.png)



#### vBTC

The goal with our vBTC position is to control a majority of the supply in the treasury. So far ORKAN owns nearly 20% of the entire vBTC supply and over 63% of vBTC currently on the FTM network. This is an exciting step as this metrc will only grow as the protocol acts as a liquidity black hole for BTC.

![](https://i.imgur.com/Cdv55dl.png)
![](https://i.imgur.com/x8CGnmY.png)


#### Spirit & LQDR



We are in the process of settin up our first SPIRIT gauge. We've acquired enough inSpirit to submit the proposal and are currently talking with key actors in the space in order to secure the vote. You can check out the proposal [here](https://snapshot.org/#/spiritswap.eth/proposal/0xeb5fb60f6f871b6f57cebbb1ea4793661e9de3c7d21c61352a4674754db9b4bf 
). Once we get the gauge we'll deploy treasury funds to bribe our first vote. We'll deploy our FTM-ORK LPs in order to earn the yields which will be used to grow our treasury with wBTC and pay for the next round of bribes. 


#### wBTC

We intend to convert a % of our Spirit yields into wBTC which will be used in part to pay for subsequent rounds of bribes. Once we acquire a significant amount of wBTC we intend to create further liquidity positions with a similar structure to FTM-ORK. This will allow us to start controlling the liquidity landscape of the platform.


### Staking Rate changes

We've reduced the staking rate in order to control the token inflation in relation to bond issuance. We are currently targeting a 1,000% APY rate. We are closely monitoring this variable and are looking for feedback to achieve a sweet spot between inflation and user returns. 

![](https://i.imgur.com/WkXyMeu.png)


### Communications

We understand the desire to have more fluid communications with the developer team. To achieve this we are going to create more spaces where we can discuss protocol happenings and have group decisions made. We are going to hold a town hall meeting this Friday march 11 in order to adress everyone's concerns. 

[Twitter](https:/twitter.com/EnterTheStrudel)
[Webpage](https://orkan.finance/#/dashboard)

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