Lyra integrates with Hop on Optimism

Lyra integrates with Hop on Optimism

Today we’re announcing that Lyra has integrated Hop Exchange natively into the Lyra trading dApp in a move to further improve the onboarding experience to L2 Ethereum. Hop is the leading bridge protocol for sending tokens across rollups and their shared layer-1 network in a quick and trustless manner. Since launching in July 2021, close to $1.4b has been bridged using Hop between Ethereum Mainnet, Gnosis chain, Polygon, Arbitrum and Optimism. By integrating with Hop, Lyra can offer traders a seamless experience to move tokens from Layer 1 Ethereum to Optimism.

Initially, Lyra will be a bridge for ETH from mainnet to Optimism. We chose to launch this feature with ETH exclusively for a few reasons:

  • ETH is the most commonly bridged asset (>50% of volume)
  • It removes the need for additional approval transactions in the bridging and swapping steps
  • Traders need it ETH transaction fees

How to use Hop on Lyra

  • To begin, press “Get Started” after connecting your wallet
  • To top up your account’s ETH or sUSD, click on your ETH balance in the navbar to bridge over more ETH, or click on your sUSD balance in the navbar to swap to more sUSD
  • Insufficient sUSD for a trade of deposit will also prompt the Hop bridge modal

What’s next?

Bridge from other chains

In the future, DeFi users will have tokens across multiple rollups and chains. We want the onboarding experience for Lyra to be as easy as possible. By integrating with Hop we can support bridging from other L2s like Arbitrum and Polygon to reduce any friction to start trading.

Bridge for stablecoins

In the near future, traders will be able to open and close trades and deposit to the market pools using multiple stablecoins. When this occurs we plan to add the ability to bridge these stablecoins (along with ETH) within the dApp to improve UX and reduce the need to swap tokens.

Bridge sUSD

We plan to add bridging of sUSD when the debt pools merge and sUSD is fungible across different layers. Hop also plans to support sUSD in the future.

Why not try it for yourself?

About Lyra

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; provide early feedback, be the first to learn about new opportunities with Lyra, and be a part of building the future of DeFi.

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