How To Submit & Vote On Proposals In The Newly Launched Lybra DAO
TL;DR
- The Lybra DAO is launching on Sunday 1st October at 1pm UTC.
- Holders of esLBR will be able to submit and vote upon governance proposals that guide the future development of the Lybra protocol.
- Jump here for step-by-step instructions on how to submit and vote upon DAO proposals.
Introducing The Lybra DAO
As the world’s first truly decentralized, interest-bearing stablecoin issuer, Lybra’s vision has always been to distribute as much power as possible amongst its governance token holders. A key milestone in this vision is about to be realized with the Lybra DAO launching on Sunday 1st October at 1pm UTC.
In today’s article, we’ll tell you everything you need to know about how you can use your esLBR and LBR holdings to participate in the DAO by voting on key decisions that impact the future of the Lybra protocol.
For the uninitiated, let’s start by explaining a little about what DAOs are and how they operate before providing a step-by-step guide on how to participate in the Lybra DAO…
What Is A DAO?
DAO stands for Distributed Autonomous Organization. The goal of DAOs is to decentralize power by providing a mechanism for communities of people to vote on key decisions that are then executed automatically on the blockchain. Typically in a DeFi project, this will be one via governance tokens. Holders of esLBR tokens can submit proposals and then vote on them, with their voting power proportional to the amount of governance tokens they hold. DAOs have proved to be a successful model and adoption of them is accelerating fast, with assets held in DAOs having almost doubled since the beginning of 2023, rising to over $25bn.
So, the first step in participating in the Lybra DAO is accumulating voting power. This is how it’s done…
How To Accumulate Voting Power For The Lybra DAO
There are 2 ways to accumulate voting power to influence decisions made by the Lybra DAO:
a) Accumulate esLBR
esLBR is the governance token that drives the voting mechanisms in the Lybra DAO. esLBR can be generated by:
- Minting eUSD or peUSD
- Providing liquidity to LBR/ETH, eUSD/3CRV, peUSD/USDC pools
- Staking LBR
This can all be done by accessing the “Earn” section of the Lybra app.
Alternatively, users can purchase discounted esLBR by:
- Buying up the dLP Bounty
- Buying up the Vesting Penalty Bounty
Both these Bounties can be accessed on the “Bounty” section of the Lybra app. Not only do you receive a 40% discount but all LBR used to purchase the bounties is burnt forever, supporting the economics of the Lybra ecosystem.
How To Submit & Vote On Lybra DAO Governance Proposals
a) Submitting A Proposal
- You will need a minimum of 100,000 esLBR to submit a proposal.
- To initiate discussion of a potential proposal, post in the Governance channel of the Lybra Discord (to be launched at the same time as the DAO).
- Once it has been discussed, submit the proposal to: https://www.tally.xyz/gov/lybra-dao.
- To vote on a proposal, visit https://www.tally.xyz/gov/lybra-dao.
b) Voting Process
- Voting begins 2 days after the proposal is submitted.
- Submit your vote at https://www.tally.xyz/gov/lybra-dao.
- Any esLBR holder can vote.
- 1 LBR equals 1 vote.
- There will be a 7-day voting window for each proposal.
- If the DAO votes “yes” to an on-chain proposal it will be automatically executed by Time Lock 2 days after voting is complete.
Up Next: Details On DAO Proposal 1 & Exploring The Lybra Wars
You now have everything you need to know to submit and vote upon proposals in the Lybra DAO and start influencing the future of the Lybra protocol. This is a great opportunity for the community to be more deeply involved in decision making and represents a further step in Lybra’s vision of decentralization.
This article is the first in a series we’ll be releasing about the Lybra DAO. Next up, we’ll be discussing the details of the first DAO proposal, before diving deeper into the Lybra Wars incentive dynamics. These will deliver a thriving new ecosystem of incentives and rewards for multiple stakeholders across the protocol.
In the meantime, why not load up the Lybra app, head over to the “Bounty” section and stock up on the 40% discounted esLBR. This way, you can accumulate cut-price voting power in the run up to the DAO launch.
Meanwhile, you can keep in touch with us at:
Twitter: https://twitter.com/LybraFinance
Discord: https://discord.gg/mgyq3PhdJg
Website: https://lybra.finance/
