The success of Lyra thus far has been in large part due to the vibrant Discord community and the early users and LPs of the protocol. This LEAP requests that the Council authorize up to 15,000,000 LYRA tokens (1.5% of total supply) to be distributed to community members and users of the Protocol, with a snapshot of relevant contributions to be taken at 21:30 UTC Time 25/11/2021.
This LEAP proposes that the Council authorize the current core contributors to distribute up to 15,000,000 LYRA tokens to community members and early Lyra LPs and traders. These tokens will be distributed and made available on the 14th of December, along with the Ignition tokens. The details of the distribution will be left to the discretion of the core contributors.
Lyra's Ignition program has successfully driven usage and volume of the platform. For the Lyra DAO to succeed, however, governance tokens and decision making must be distributed to a large base of holders. These holders should ideally have a diverse set of skills and perspectives, including engaged active community members, traders and LPs alike. This LEAP will ensure that the core contributors can widely distribute the token to such community members, so that good governance can be achieved following December 14th.
The Council will grant the Core Contributors - who are strictly ineligible for this distribution - to allocate tokens to Discord community members, and early Lyra traders and liquidity providers as they see fit. This should be based on a fair and logical framework, to be disclosed in full to the community by December 5th.
The Council should not be able to determine this distribution, as some Council members are eligible for the distribution. Further, leaving the details of a distribution to be debated by the community presents a clear problem - community members have a clear incentive to lobby Council members to alter the distribution to benefit themselves. This presents an even larger challenge when considering the fact that we cannot verify that each account belongs to a unique individual. By delegating the distribution responsibility to the core contributors, these issues are sidestepped.
Maximum LYRA to be distributed by the Core Contributors in accordance with this LEAP = 15,000,000.
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