Lyra integrates Socket in-app bridge
We’re proud to announce that we’ve integrated with Socket. Socket is a complete interoperability stack which allows asset & data transfer across chains, enabling developers to build truly cross-chain apps. Lyra aims to promote the adoption of Layer 2 Ethereum by improving the user experience at every opportunity. By integrating a native bridge into our trading platform, users can instantly onboard from Ethereum mainnet or any other chain with ease - a huge usability win.
The Lyra bridge opens the floodgates for liquidity to seamlessly flow and users to easily onboard into Lyra on Optimism from 7+ chains!
Here is a quick guide for you to understand all the features of the bridge & get you started for the first jump!
1) Begin your bridging journey
To start the bridging, click on the ‘Get Started’ tab on the home-screen, which will open a pop-up with a step by step onboarding guide. Next choose the ‘Bridge’ button on the top-bar & that’s all you are good to go!
2) Select from & to chain
From chain is the chain you’re sending tokens from & to chain is the chain you want to receive your tokens on.
For example, to experience Lyra blazingly fast on Optimism you will choose from chain as Polygon & destination chain as Optimism.
3) Select sending token and receiving token
Once you’ve selected the from and to chains, select the tokens you want to bridge. Use the drop-down menu to pick from the available tokens & choose the desired amount you want to bridge!
Lyra bridge also lets you bridge & zap from into any token on destination!
eg: You can go from $DAI on Polygon to $USDC on Optimism in one bridging txn!
4) Select a route for bridging
Click on the settings icon on the top-right corner and choose the best route based on your desired preference!
High Return — Highest return on the destination chain
Low Gas Fee — Lowest gas fee for bridging
Fastest — Route with least bridging time
Once you have selected & input the token amounts, click on ‘Review Quote’ to validate your bridge transaction before proceeding. Once ready click on ‘Bridge’ to begin the bridging!
You can see a see status of the ongoing transaction by clicking the ‘Pending’ window.
The bridge interface also lets you to do same chain swaps. To do this, navigate to the ‘Swap’ tab, choose the asset you have, asset you want to swap to & click on Swap after reviewing quote!
How does the bridge work?
The Lyra Bridge under the hood is powered by Socket’s Liquidity Layer that brings an aggregated layer of various asset bridges including Hop and Optimism native bridge. Choose the best suited bridge for them depending on your bridging needs!
How do swaps & multichain swaps work?
The Lyra bridge supports swaps on all source and destination chains through 1inch. With swap-bridge-swap, a user can go from anyToken on a source chain and land on their desired token on the destination chain while getting the best rates for both their swaps and bridging.
I received funds less than the quote, what should I do?
For bridging transactions with a destination swap mentioned above, the output amount might slightly vary due to price fluctuation during bridging. Since you perform the destination swap post-bridging via 1inch, you can be assured that you are getting the best prices at that time
Am seeing an error message during the bridging transaction
Sometimes you might get an errors during multi-transaction bridging. The error indicates that the bridging is complete but the swap on destination failed due to insufficient liquidity. Please check your wallet in case of this error and complete the swap on any DEX of your choice.
In case of any other errors, please raise a support ticket for the issue or alternatively join Socket Discord & post your issue on the #support channel
I couldn’t do the destination swap since I didn’t have gas, what do I do now?
While bridging, if you select the ‘Refuel’ toggle, you will receive gas along with your bridged assets on the destination!
Am facing an issue with my bridging transaction, what should I do?
Here are few ways for you to get your problem resolved:
- You can raise a support ticket for the issue you are facing and we will get back ASAP!
- Join Socket Discord & post your issue on the #support channel
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.
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