Bitget App
Trade smarter
Buy cryptoMarketsTradeCopyBotsEarnWeb3

Lyra introduces LDX token, adds yield-bearing derivatives

The BlockThe Block2024/05/08 12:40
By:The Block

Lyra Finance unveiled a new token, LDX. A snapshot of existing Lyra token holders was taken on May 8. The team plans to convert Lyra holders’ balances 1:1 to LDX. The token is expected to roll out in the third quarter.

Decentralized options protocol Lyra Finance unveiled a token revamp plan.

It has introduced the LDX token, which will function as the native currency of the so-called Lyra Derivatives Network and is set to roll out in the third quarter of this year. The existing Lyra tokens will be migrated to the new one.

There is also an LDX airdrop planned that will reward traders and yield farmers, incentivizing them to add to the liquidity and adoption of Lyra products.

The airdrop employs a points system, distributing LDX pro-rata in four-week rounds, lasting for at least three rounds over a period of 12 weeks, according to the Lyra team. It took a snapshot of existing token holders on May 8, whose balances will convert 1:1 to LDX.

The platform has also introduced a product that tokenizes yield-bearing derivatives — initially focusing on basis trades — followed by covered call strategies for liquid restaking tokens on EigenLayer. This will allow users to deposit LRTs issued by protocols like EtherFi (eETH) and Swell (rswETH) to earn yields. The protocol will tokenize strategies across LRTs, packaging them in the form of ERC-20 tokens.

Lyra Finance was originally launched as an on-chain options trading protocol that employs market maker vaults — asset-specific pools funded by liquidity providers using stablecoins in exchange for a share of the trading fees.

The team also developed its own optimistic Layer 2 on Ethereum using the OP Stack — an open-source and modular software stack developed by OP Labs. It raised $3.3 million in a seed funding round led by venture capital firms Framework Ventures and ParaFi Capital.

0

Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.

You may also like

ChatGPT Compares: Which Meme Coin Will Perform Best This Year

Check out what factors can fuel an additional rally for DOGE, SHIB, and other leading meme coins this year (according to ChatGPT).

Cryptopotato2024/05/19 19:10

Crypto Weekly Roundup: Institutions Hot On BTC ETFs, SEC Challenged, & More

Cryptodaily2024/05/19 13:46

Approximately $1.3 billion worth of tokens will be unlocked next week, including $943 million in PYTH

PANews2024/05/19 12:38

News Highlights for May 19th

Cointime2024/05/19 10:04

‌Spot copy trading

More
AIOnline
AIOnline
insight1000/1000
8914.74%
ROI
Total profit $45465.19
AI-Six
AI-Six
insight500/500
2194.93%
ROI
Total profit $5048.19

Bot copy trading

More
GoldenEgg
GoldenEgg
insight96/150
$18930.69
Total profit
Total subscriber profits $-280.75
Morgee
Morgee
insight49/150
$18317.89
Total profit
Total subscriber profits $-160.46