Next week we’re running a testnet trading competition where traders will compete for their share of 51,500 $LYRA in prizes and 5 Lyra-themed CryptoTesters NFTs. The competition will run from Tuesday 12th of April at 12am UTC for two weeks until the 26th of April.
We received over 10,000 applications for the Alpha Program and accepted 500 of those applications for the trading competition. We’re also giving access to any existing Lyra trader that has traded more than $200 in premiums.
This is an exclusive opportunity for participants to learn about trading options and prove their skills as a trader. If you missed it, keep an eye out for any announcements which could help you get whitelisted.
The competition will take place on Lyra’s Avalon testnet on the Optimistic Kovan network. A faucet will give you funds to trade with, so there is no entry fee or required starting balance.
Who is whitelisted for the competition?
- 500 applicants for the Alpha Program
- Lyra traders that have traded more than $200 in premiums
- 100 CryptoTesters community members
- 100 blocmates community members
How do I enter the competition?
To enter the competition, you need the “Alpha” or “Trader” role which gives you access to our private #🏆trading-competition Discord channel in our server.
- If you’re already in the Alpha Program or are a whitelisted CryptoTesters or blocmates community member, you’ll be able to claim the “Alpha” role in Discord.
- If you’re a Lyra trader that has traded more than $200 in premiums, your trading address has been whitelisted and you can claim your “Trader” role in Discord. To verify your address, sign a message and connect your Discord account at https://guild.xyz/lyra. This allowlist is private, and you’ll be able to use a different address for the testnet competition.
Once you have access, follow the instructions in the #🏆trading-competition channel to register an address for the trading competition.
When is the competition?
The competition will run for 2 weeks from Tuesday 12th at 12am UTC to 26th of April at 12am UTC.
What are the prizes?
1st 20,000 LYRA + NFT
2nd 12,500 LYRA + NFT
3rd 6,500 LYRA + NFT
4th 3,000 LYRA + NFT
5th 1,500 LYRA + NFT
6-10 500 LYRA
10-20 250 LYRA
20-40 150 LYRA
*The NFTs distributed will be custom Lyra x CryptoTesters NFTs from their upcoming collection launch as seen in the blog graphic
How will the ranks be decided?
Traders are placed by their final balances in dollar terms at the end of the two-week trading period. Traders will be able to monitor their position in the competition on a shared leaderboard.
How will winners receive their prizes?
The winners will receive their prizes in the week following the conclusion of the trading competition. Winners will be able to privately nominate a wallet address to receive the prize.
Lyra is an open protocol for trading options built on Ethereum. Lyra allows traders to buy and sell options that are accurately priced with the first market-based, skew adjusted pricing model. Lyra also quantifies the risks incurred by liquidity providers and actively hedges them, encouraging more liquidity to enter the protocol.
Stay tuned for more important updates, key date announcements, and exciting opportunities by following us on Twitter.
Join the Lyra community on Discord to get involved; be the first to learn about new opportunities with Lyra and be a part of building the future of DeFi.