The headword is the nominative singular of a noun that occurs in the genitive twice in Homer's Odyssey: 14.161 (web address 1) and 19.306 (web address 2). Most if not all of the material in the entry derives from commentary on these passages, and focuses on explaining the etymology of the word, something modern scholars are still uncertain about. One suggestion connects its first element luk- with Indo-European words for "light" (cf. Latin lux) but this is far from certain.
[1] (For this parenthetical equivalence see already lambda 770.) So far the entry = Synagoge lambda162, Photius lambda450 Theodoridis. Of the two suggested etymologies the first is obscure in form, since the word used for 'quickly' (tax-) would not self-evidently combine with 'going' (ba-) to form luka/bas. Perhaps it assumes as obvious the connection with wolves discussed later in the entry (viz. wolves as swift animals); or it may be an interpretation of the second etymology, 'gloomily going' which is more straightforward in form lug- + ba-, but obscure in sense. Apart from 'quickly going', the material in this sentence is quite similar to material in Apollonius' Homeric Lexicon (109.11) whence Etymologicum Gudianum and Hesychius lambda1356. In the latter two it is made clearer than elsewhere that a year is 'darkly going' because the passage of time is imperceptible (although whether it is conceived of as too quick to perceive or too slow to perceive is left ambiguous). See also the scholia to Oppian, Halieutica 1.551, where the etymologies that seem separate in other sources are combined: lugai/ws kai\ o)ce/ws bai/nwn kai\ kekrumme/nws kai\ lelhqo/tws. ("gloomily and swiftly going, and hiddenly and imperceptibly").
[2] cf. Artemidorus 2.12. This etymology, deriving the word from the roots for 'wolf' (luk-) and 'going' (ba-) is found in the scholia to Homer. A scholion to Homer, Odyssey 19.306 clarifies that the wolves in the wolf-chain are thought to resemble the days, weeks and months that follow upon one another within the year. For other wolf-related etymologies, see the scholia to Oppian, Halieutica 1.551: wolves travel in groups of twelve, like the twelve months; wolves breed only once every year (cf. Aristotle, History of Animals 580a); the alternating movement of the wolf's feet resembles the sequence of months, etc.