Lyra is introducing an overhauled trading rewards program, tailored for options traders. Lyra Rewards V2, outlined in LEAP-49, introduces a Trading Pool, where a predetermined amount of rewards is divided amongst eligible traders who have opened and held positions throughout the epoch. Traders can unlock boosted rewards by staking LYRA, being a top active trader or getting referred by another user. Over the next 12 weeks, we’re excited to watch traders compete for over $150k in trading rewards across Optimism and Arbitrum, read on to learn how to participate.
Traders can now monitor their rewards on the new Trader Leaderboard 👇
Please note: With the introduction of Trading Rewards v2 all previous fee rebate and short collateral trading reward programs are discontinued.
How it works
Lyra Traders earn rewards for each trade they make, earning their share of a pool of rewards every 2 weeks for opening and holding positions. Traders earn more rewards when they:
- 💸 Pay more fees
- 💱 Trade shorter dated expiries
- ⌛️ Hold positions until expiry
Here is a breakdown of the reward formula:
For more information, head to the Trading Rewards docs here.
You can become eligible for up to 2.5x boost on your rewards per epoch by satisfying the criteria of the multiplier tiers. As a trader your eligibility for multipliers is decided every 24 hours at 00:00 UTC every day. These multipliers tiers are determined by:
Amount of Staked LYRA
Based on stkLYRA balance at the end of each 24 hour window. Only a trader's rewards over that 24 hour period are multiplied.
Traders can earn a multiplier by achieving a higher rank in comparison to other traders for that 24 hour period.
Achieved by onboarding via another traders referral link, calculated on a per trade basis.
1.2x - Stake 1k LYRA, Top 100 rank or be referred by another trader
1.5x - Stake 10k LYRA or Top 50 rank
2x - Stake 50k LYRA or Top 25 rank
2.5x - Stake 250k LYRA or Top 10 rank
Along with Trading Rewards v2, LEAP 49 also introduces a tiered referral fee rewards program based on stkLYRA balances. Users can offer other traders 20% more trading rewards for using their referral code and in return earn a share of their trading fees as rewards for themselves. Below is a breakdown of the new referral tiers, and the potential fee rewards on offer.
Tier 1: 10% Fee Rewards - No staked LYRA requirement, no need for verification
Tier 2: 20% Fee Rewards - No staked LYRA requirement, verification
Tier 3: 35% Fee Rewards - Stake 500k LYRA, verification required
Tier 4: 50% Fee Rewards - Stake 1m LYRA, verification required
Tier 5: 60% Fee Rewards - Stake 3m LYRA, verification required
Users must verify their accounts to access higher rebate tiers and enable integrations to delegate stkLYRA and payout addresses. The Grants Council will oversee new referral verifications and have the authority to denylist malicious addresses exploiting the referral system.
Reward tokens will be claimable via the Lyra interface at the end of each two week epoch. Below is the breakdown of the rewards allocated for the first 6 epochs (12 weeks):
- Epochs 1-4: 77,262 ARB (~$90k)
- Epochs 5-6: 300k LYRA (~$45k)
Please note, rewards will be in LYRA on Arbitrum until the ARB allocation has been distributed to the Lyra DAO
Referrals: 1.2m LYRA (~$180k)
- Epochs 1-4: 15k OP
- Epochs 5-6: 15k OP
- Epochs 1-4: 0 LYRA (not implemented)
- Epochs 5-6: 400k LYRA (~$60k)