LEAP-10: Extend Lyra Launch Council

Author
StatusApproved
Created2021-11-12

Simple Summary

Extend the Lyra Launch Council until January 31, 2022, so that it can oversee the launch of the LYRA token. The LYRA token holders will elect the next council on January 28, 2022, to begin its term on February 1, 2022.

Abstract

This LEAP proposes extending the term of the Lyra Launch Council. As outlined in this post, the council was initially intended to sit for three months, from August 17 to November 17. With the token launch scheduled for December 14, it is necessary to extend this term so that the council can fulfil its purpose.

Motivation

Since introducing the council, we've bootstrapped a simple yet effective governance process. The LEAP framework allows anyone to propose a change to the protocol. The discussion for a proposal takes place in discord, and once social consensus is established, the LEAP is formally proposed on snapshot and council members cast their votes.

This system of delegated governance has found the right balance between decentralisation and efficiency, allowing the core team to iterate quickly whilst ensuring the community has the final say in how the protocol changes. As a community, we've passed nine leaps in just three months:

  • Launched the ETH, BTC and LINK markets.
  • Incentivised liquidity in the market pools and the Uniswap sUSD/DAI pair.
  • Decided on the LYRA token distribution.
  • Initiated the "ignition" phase to launch the LYRA token.

By maintaining the current council structure throughout the token launch, we minimise the chance of any disruption to the community.

Specification

Overview

The Lyra Council will retain the same members until January 31, 2022. The LYRA token holders will elect the next council on January 28, 2022, to begin its term on February 1, 2022. The specifics of the election process will be proposed in a separate LEAP.

Rationale

By waiting six weeks from token launch until the next council is elected, the community will be in a better position to focus on the election process:

  • Initial fluctuations in the LYRA market will have stabilised.
  • LYRA will have been able to disseminate to a broad group of users.
  • The core team will have the capacity to implement the technical requirements for a fair election.

Technical Specification

There is a contract for the Lyra Council located here. Each council member has been issued an NFT that affords them the right to vote on proposals on snapshot. These NFTs will be burned on January 31, 2022, at which point the Lyra Launch Council will be officially dissolved and replaced by new members. The current membership is as follows:

Token ID User Address
1 Dom 0x9Ba8c70a8Fd922e97a4e78C46583742C7D41796C
2 Nick 0x6CB910cEDFA335D255cdb11994008469f75b7188
3 Ksett 0x3aF1f5E855b50D4B2D02FFa657D503349C2a0903
4 Telonic 0x6CA77996123D01F94Ef64B9EcB7E2d0b1D594ff0
5 Burt Rock 0xAC4462Dc1D8959D28D12D7882C29C5Ab832127c6

Test Cases

Not applicable for this LEAP as there is no implementation.

Configurable Values

Launch Council End Date = January 31, 2022
New Council Election Date = January 28, 2022
New Council Start Date = February 1, 2022

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