Council
Lyra Governance is a system for governing the Lyra Protocol, enabled by the LYRA token. It is centered around a representative council - the "Lyra Council" - which enables the community to iterate quickly whilst ensuring that token holders have ultimate control. This page describes what the Lyra Council is.
The Lyra Council is a five-seat representative council elected by the LYRA token holders. This council has the mandate to administer the LEAP framework, which seeks to ensure that changes to the protocol are transparent and well-governed. The Lyra Council sits for four calendar months, after which a new Council is elected.
The election process begins one week prior to the conclusion of the current council period and consists of two distinct phases:
- Nominations (4 days)
- Voting: (3 days)
At the end of the voting period, the five nominees with the highest number of votes will receive a council NFT granting them the right to vote on LEAPS.
Candidates must nominate themselves in Discord and must have been a Discord member for over three months to be eligible for nomination. Candidates should provide a short write-up of why they would be a suitable member of the Lyra Council as part of their nomination. Voting takes place on snapshot with a custom strategy that enables eligible groups to vote.
Last modified 3mo ago