LyraDAO receives $1M contribution from the synthetixDAO

We’re excited to announce that the LyraDAO has received a $1M contribution from the synthetixDAO. DAOs have come of age in 2021, with DeFi and NFT projects alike opting for their flexible structure. Synthetix has been one of the pioneers of the movement, proving that it is possible to manage a multibillion-dollar protocol using DAOs. On the other hand, Lyra is a young DAO, born this year to bring one of DeFi’s last remaining primitives on-chain.

We believe that D2D activities will create new value as communities come together to build things that aren’t possible on their own. Lyra is a perfect example of this idea. It’s not possible to build an options AMM without a liquid spot market such as Synthetix, which enables Lyra to collateralise options and hedge the risk of its liquidity providers.

It’s not a one-way street though, D2D is about positive-sum activities. For every option traded on Lyra, Synthetix stakers earn fee revenue. Every time deltas are hedged for Lyra’s liquidity providers, stakers are compensated for providing the capital. By providing a robust and composable derivatives liquidity protocol, Synthetix enables projects like Lyra to build the next frontier of DeFi.

Beyond just the protocol level, Lyra and Synthetix share many of the same community members, values and convictions. We look forward to working with the Spartans!

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