LEAP-33: OP Incentives Take 2

Author
StatusApproved
Created2022-09-05

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.

Configurable Values

Copyright and related rights waived via CC0.