Service Providers

Independent groups that contribute to the DAO

Service providers play a crucial role in the growth and maintenance of the Lyra ecosystem. Any individual or group can apply to become a service provider to the Lyra DAO by submitting a proposal to the governance system.

Becoming a Service Provider

To become a service provider, interested parties should create a proposal following the LEAP format. The proposal must clearly outline the following:

  1. Service Description: A detailed explanation of the service(s) to be provided and how they will benefit the Lyra ecosystem.
  2. Funding Request: A clear justification for the amount of funding requested, including a breakdown of costs and resources needed.
  3. Value Proposition: An explanation of how the proposal will add value to the Lyra ecosystem, which can be classified into two types:
    1. Direct Value: Enhancements that immediately impact the Lyra ecosystem, such as increasing trading volume, liquidity, or platform usage.
    2. Indirect Value: Contributions that support long-term growth and sustainability, such as grants, ecosystem development, partnerships, or educational initiatives.
  4. Team Background: A summary of the team's experience, qualifications, and past achievements that demonstrate their ability to deliver the proposed service.
  5. Timeline and Milestones: A proposed timeline for the project, including key milestones and estimated completion dates.
  6. Reporting and Accountability: A plan for reporting progress, maintaining transparency, and ensuring accountability to the Lyra community and governance system.

Review and Approval Process

After submitting a proposal, the review and approval process consists of the following steps:

  1. Community Discussion: The LEAP is published for community review, allowing stakeholders to ask questions, provide feedback, and engage in discussions.
  2. Off-chain Vote: The LEAP is proposed on Snapshot (or a similar platform) for stkLYRA holders to signal their approval or rejection.
  3. On-chain Vote: If the off-chain vote indicates sufficient support, the LEAP is submitted to the Lyra Governance system for stkLYRA holders to vote on.
  4. Decision: If the proposal is approved, the service provider will receive the requested funding and be expected to deliver the proposed service(s). If the proposal is rejected, no further action is taken, but the proposer can revise and resubmit the proposal, addressing the concerns raised during the review process.

By ensuring a transparent and accountable process, Lyra DAO encourages the development of a diverse and robust ecosystem of service providers, fostering innovation and collaboration within the community.