We’re excited to announce that Lyra has raised $3.3M co-led by the largest venture capital firms in DeFi, Framework Ventures and ParaFi Capital, with support from the DeFi Alliance, Divergence, Orthogonal, Robot Ventures, Apollo Capital and Magnet Capital. Lyra is the first options protocol to manage risk for its liquidity providers, which enables it to offer the best pricing and liquidity for traders.
Lyra is one of the first protocols to deploy on Ethereum’s most promising layer 2 scaling solution, Optimism, which provides instant transactions. More importantly, Optimism enables Lyra to be the first protocol to actively manage risk for its liquidity providers. Delta risk is hedged with automated trading on Synthetix, the leading derivatives trading protocol. Furthermore, Lyra’s spreads change dynamically based on vega exposure, charging higher fees for trades that increase risk.
“By leveraging layer 2 scalability with Synthetix composability, Lyra enables a truly permissionless risk-managed options marketplace for DeFi traders and liquidity providers,” said Michael Anderson, co-founder of Framework Ventures. “Lyra empowers the DeFi community with greater financial opportunity and raises the industry’s bar to new heights.”
With money from the raise, Lyra aims to hire internally and focus on expanding its engineering team. We are also very grateful for the individuals who participated as angels in the round:
⭕ Jing from Optimism
👻 Stani from Aave
🏴 Ryan from Bankless
🦄 Anton from 1Inch
🌉 Tyler from Barnbridge
👾 Kieran from Illuvium
⛽ Anthony from The Daily Gwei
“Options have been a core missing piece in the DeFi stack,” said Santiago Roel Santos, Partner at ParaFi Capital. “Lyra’s novel on-chain pricing mechanism, Synthetix integration, and deployment on Optimism will introduce traders and liquidity providers to a scalable and capital-efficient options protocol. We’re excited to back the Lyra team in their journey to bring permissionless options markets to the masses.”
To explore the Lyra platform, users can visit the Lyra dApp and connect their MetaMask wallet to begin trading. Lyra is currently live on the Optimism Kovan testnet, where users can experience the trading interface and trade options using test tokens. For additional information on the protocol and for future updates on Lyra’s mainnet launch in the coming weeks, visit lyra.finance.
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