Some frequently asked questions

What is a DAO?

A decentralised autonomous organisation (DAO) is a self-governing and decentralised system that allows its members to make collective decisions without the need for a centralised authority.

What are Derivatives?

Derivatives are a foundational component of any economic system, allowing risk to be transferred between market participants.

What is Lyra Governance?

Lyra governance is a system that enables LYRA holders to govern the DAO using the LYRA token and the governance smart contracts. You can read more about governance here.

Why does Lyra need governance?

Governance is required for the aspects of a protocol that require human input (i.e. things that cannot be automated). There are two main areas of any project that require such input:
  1. 1.
    Protocol Administration
    1. 1.
      Deployment of smart contracts
    2. 2.
      Setting system parameters
  2. 2.
    Treasury Management
    1. 1.
      Funding the maintenance and improvement of the protocol
Last modified 2mo ago