LYRA is live

LYRA is live

After 6 weeks of Ignition, we’re thrilled to announce the launch of LYRA, the native token of the Lyra protocol. Today, 65m LYRA is being distributed to almost 16,000 addresses.

LYRA will have three initial use cases:

  • Governing the protocol via election of the Lyra Council.
  • Securing the platform as collateral in the Security Module.
  • Bootstrapping the network through trading and liquidity incentives.

The vision for the LYRA token stretches much further than this though. As we move toward partial collateralization in v2, LYRA will become the centrepiece of a composable volatility engine, facilitating efficient transfers of risk throughout DeFi.

The LYRA token contracts are:

  • Ethereum Mainnet: 0x01ba67aac7f75f647d94220cc98fb30fcc5105bf
  • Optimistic Ethereum Mainnet: 0x50c5725949A6F0c72E6C4a641F24049A917DB0Cb

We’ve put together a blog with all the information you need to claim your LYRA:

LYRA token and claim process

LYRA is the first token to launch natively on Optimistic Ethereum. This will enable users to claim and trade LYRA at a fraction of the cost of L1 and with blazing speed. You can read more about the rationale for distributing on Optimistic Ethereum here. Users will have until May 14th, 2022 to claim their Lyra tokens, after which any remaining tokens will be sent to the DAO treasury.

How to claim

  1. Head to the Lyra dApp:
  2. Ensure you have added the Optimistic Ethereum network to your Metamask wallet. You can add the network using the RPC here.
  3. Click claim

Liquidity mining program

As mentioned in ‘An Optimistic Launch for $LYRA’, Lyra will commence a one-month liquidity mining program for the LYRA/ETH pair on Optimistic Uniswap. This program aims to ensure there is enough liquidity to trade with low slippage. It will incentivize full range liquidity, similar to v2, to reduce the risks of exploits that have occurred with active v3 programs.

Incentivized Uniswap Pool (OΞ)

  • Pool: LYRA/ETH
  • Fee Tier: 1%
  • Amount: 1,000,000 LYRA
  • Start: 14 December 2021 00:00 UTC
  • End: 14 January 2022 00:00 UTC
  • minPrice: 0
  • maxPrice: infinity

If you understand the risks of depositing into Uniswap at full range, you can view/deposit into the incentivized pool here.

Bridging to L1

Lyra has partnered with Celer to make the LYRA token available on their cBridge, enabling fast transfers between Optimism and mainnet. While the majority of LYRA liquidity will be on Optimistic Ethereum, it will be possible to stake LYRA on mainnet in the Lyra Security Module from January 7th 2022.

To bridge LYRA to mainnet, use the bridge here.

Get involved

If you’ve traded on Lyra, provided liquidity into the options markets or simply been active in the community, you are likely eligible to claim $LYRA tokens. As we’ve mentioned before, the launch of LYRA is an important milestone on this journey as we move toward community ownership. If you’re looking to contribute now, we encourage you to join the Lyra community, participate in governance and there are opportunities to contribute in the DAO regardless of skill set or experience. The Lyra community is growing and exciting, now is your chance to get involved.

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.