Trade The Merge Competition - $30,000 in prizes

Introduction:

We’re excited to launch a new trading competition around the price outcomes of The Merge with over $30,000 (in OP) in prizes.

Ethereum will soon merge from proof of work to proof of stake and with any event of this magnitude there will likely be price volatility. Traders far and wide have long speculated about the impact of ‘The Merge’ on the price of Ethereum, it’s time to put those theories to the test in the Lyra ‘Trade The Merge’ competition.

Traders will be ranked in two tiers; relative P/L and absolute P/L over the competition timeframe.

The ETH and BTC markets will be eligible for the trading competition.

Overview:

Start: 12am UTC September 8, 2022

End: 8am UTC October 7, 2022

Total prize pool that competitors will receive:

Absolute P/L: 15,000 OP tokens

Relative P/L: 15,000 OP tokens

Entry requirements: Trade $100 in premiums* to be eligible. Please note that only positions opened after the competition start time will account towards your ranking.

*Premiums: the market price paid for option contracts.

Competition prizes:

Relative P/L:

Relative P/L will be calculated based on percentage return on positions opened after the start date, less any deposits or withdrawals during the competition period.

*Please note that Relative P/L will be calculated from LONG calls and puts only.

• 1: 2,000 OP
• 2: 1,000 OP
• 3: 500 OP
• 4-10: 250 OP
• 11-25: 150 OP
• 26-100: 100 OP

Absolute P/L:

Absolute P/L rankings will be calculated from a traders returns in dollar value from positions opened after the start date during the competition.

• 1: 5,000 OP
• 2: 3,000 OP
• 3: 2,000 OP
• 4: 1,500 OP
• 5: 1,000 OP
• 6-10: 500 OP

How do I enter?

To enter simply make a trade on Lyra after the official competition start time. After trading more than $100USD in premiums you will appear on the competition leaderboard where you can track your performance in relation to other traders.

Can I deposit and withdraw during the competition?

If you transfer to someone else you’re disqualified, if you receive a transferred position it won’t be counted in your ranking.

How do I get to Optimism?

To get to Optimism you will need to bridge from Ethereum Mainnet or another chain.

Hop Protocol is our official bridge partner for this competition. To celebrate we're giving out an additional 10,000 $OP in gifts split between 5 lucky users who trade more than $100 in the competition period.

Read more here

How will winners receive their prizes?

Winners will have their OP prizes distributed to their competition wallet within 1 week of the end of the competition period.

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