Simple Summary
Grant the Lyra Foundation a further 300,000 USDC to fund ongoing operations.
Abstract
The Lyra Foundation was established after a June 2023 LRFC passed, with its stated mandate to help bootstrap the v2 launch and support the Protocol’s decentralized growth. Since then, the Foundation has helped steward the launch of v2, which has:
- Generated over $2 million in fees for the DAO
- Supported over $4.5 billion in trading volume
This proposal details a plan to renew the Foundation’s budget ahead of the DRV token launch.
Motivation
Previous USDC grants are close to exhausted, so additional funding is required to continue funding the infrastructure supporting the Derive protocol and L2.
Specification
The foundation requests a grant of $300,000 USDC.
Rationale
The foundation is operating with a monthly spend in the $70-90k range. Funding of $300k would help bridge operations until the launch of DRV, giving time for new strategic partnerships to be established to enable the diversification of the treasury.
Use of Proposed Grant (USDC)
This funding is to continue operating under the previously specified OKRs:
| Objective | Key Results |
|---|---|
| Grow protocol activity | Construct long-term aligned liquidity agreements via market makers and protocol integrations on the Lyra Chain. Success will be measured by metrics including (but not limited to): volume, new users, security module fees generated. |
| Support continuous protocol development | Contract with relevant service providers (including core contributors) to develop protocol functionality, including (but not limited to): AMM design and development, automated strategy vaults, new collateral onboarding, autonomous hedging vaults, new partnerships. Success to be measured against metrics including (but not limited to): number of new integrations, integration time for developers, integration volumes. |
| Act as an advocate for the protocol | Take advantage of beneficial opportunities on behalf of the protocol. Offer service providers clarity, accountability, and competitive contract opportunities. |
| Treasury Diversification | Facilitate diversification of the DAO treasury to ensure it has sufficient capital to fund long term development and growth of the protocol and ecosystem. |
Configurable Parameters
Recipient address: 0xAC81065eC33C149De27ab471181bF1baE198b5EA
USDC amount: 300,000
Requested date: Oct 24th 2024
Test Cases
N/A