Marking a significant shift in Lyra Governance, the first LYRA token vote is now available on Snapshot. Lyra utilizes a delegative governance structure, where a council of 5 representative council members vote to make decisions on behalf of the DAO and administrate LEAPs on behalf of LYRA holders.
The current council, known as the ‘Lyra Launch Council’ was elected through a vetted internal voting process by active community members in mid-2021. You can read more about the council structure here. A recently approved governance proposal, LEAP-15, outlines a more robust scope for the Lyra Council, and includes more details such as responsibilities, remuneration and expected output. A breakdown of the council election and transition process can be viewed below:
Throughout 2021, we were taken aback by the enthusiasm of key community members in Lyra governance forums. This participation continued over into the council nomination process, with a total of 12 eligible nominations from the Team and Lyra community. Voting will remain open for three days until 00:00 UTC February 1. To view the nominations, head to the #council-nominations channel in the Lyra Discord here.
- 🌈ksett _/#8710
- Burt Rock#7445
- Cinque _/#8648
- JVK (🐶,🐶)#6935
- leifu _/#8588
To ensure a fair outcome, vote weighting has been applied to specific LYRA holders which can be defined below:
Lyra is an open protocol for trading options built on Ethereum. Lyra allows traders to buy and sell options that are accurately priced with the first market-based, skew adjusted pricing model. Lyra also quantifies the risks incurred by liquidity providers and actively hedges them, encouraging more liquidity to enter the protocol.
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