LEAP-24: OP Incentives

Author	mjs
Status	Rejected
Created	2022-08-23

Simple Summary

A proposal to distribute 3,000,000 OP to incentivise usage and activity on Lyra and the underlying Optimism network.

Abstract

This LEAP seeks to ratify the proposal made to the OP governance fund inside of Lyra's governance framework.

Motivation

As part of the OP token launch, projects such as Lyra qualified for a distribution. To receive the OP, Lyra must create a plan that will incentivise usage and activity on the Optimism network.

Specification

Most descriptive information resides in the original proposal. This LEAP seeks to ratify the quantities allocated to each section and which council has the authority to distribute the OP.

Overview

Group	Amount	Authority	Retroactive
Builders	600,000 OP	Grants Council	60,000 OP
Liquidity	1,700,000 OP	Lyra Council	0
Traders	500,000 OP	Lyra Council	0
Ecosystem	200,000 OP	Lyra Council	0

Rationale

Extensive discussion in Discord - see LEAP-24 thread in #dao-chat - and in the original proposal.

Technical Specification

Builders

Amount: 600,000 OP
Authority: Grants Council
Retroactive: 60,000 OP

Eligible builders will apply to the Grants Council.

Liquidity

Amount: 1,700,000 OP
Authority: Lyra Council
Retroactive: 0 OP

Market Maker Vaults

OP can be allocated by the Lyra Council every fortnight, as per LEAP-26.

LYRA Token Liquidity

The Lyra Council can allocate OP at any time to the Uniswap v3 LYRA/WETH pair as per LEAP-21.

Traders

Amount: 500,000 OP
Authority: Lyra Council
Retroactive: 0 OP

Rebates

OP can be allocated as part of the trading rebates outlined in LEAP-30.

Ecosystem

Amount: 200,000 OP
Authority: Lyra Council
Retroactive: 0 OP

Hackathon

Lyra will host a virtual hackathon and create content to educate builers on (i) what can be built with options and (ii) how to build on Lyra.