# \[DIP\] Grant the Lyra Foundation further funding

**URL:** <https://forums.derive.xyz/t/dip-grant-the-lyra-foundation-further-funding/242>\
**Category:** General\
**Created:** [October 29, 2024, 4:29am UTC](https://forums.derive.xyz/t/dip-grant-the-lyra-foundation-further-funding/242 "2024-10-29T04:29:29Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![domrom](https://avatars.discourse-cdn.com/v4/letter/d/a87d85/32.png) [@domrom](https://forums.derive.xyz/u/domrom)\
**Post date:** [October 29, 2024, 4:29am UTC](https://forums.derive.xyz/t/dip-grant-the-lyra-foundation-further-funding/242/1 "2024-10-29T04:29:29Z")

</div>

# 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 L](https://forums.derive.xyz/t/lrfc-introduce-lyra-v2-and-establish-lyra-foundation/108)[RFC](https://www.notion.so/LRFC-Migrate-LYRA-to-LDX-a4e5a8d4a1a547bbbeeb5a5e74047d30?pvs=21) 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](https://forums.derive.xyz/t/lrfc-lyra-foundation-grant-renewal/212):

| 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