Lyra: Options on Optimism

We are happy to announce that we added support for Lyra! Lyra is the first complete options AMM of DeFi, on Optimism. Options trading allows a user to buy exposure in an asset - like ETH - without buying the actual asset. Very simplified, buying a put option lets you bet on falling prices and a call option on rising prices of the underlying asset for a specified time. Therefore, options can help you to manage risk, obtain leverage, and construct any payoff structure.

Why Lyra?

Lyra is now live on Optimism, the popular Layer 2 (L2) scaling solution. You probably know Layer 2 for their apparent benefits: Lower transaction cost and faster transaction speed. 

By using Lyra, you do also benefit from L2:

  • Low fees: 100x cheaper than Ethereum mainnet

  • Fast: Sub-second trade confirmation

  • Use the intuitive interface: Hedge your positions or sell puts for yield

Good to know for option pros out there: Lyra uses the Black-Scholes pricing model and market demand and supply to map the implied volatility surface per expiry.

Another advantage of composable hedging is built based on Synthetic to hedge the delta risk of its LPs. When users are on Lyra, LPs take on exposure to the underlying asset, but Lyra will automatically trade long/shorts on the underlying assets through Synthetix for protecting LPs.

Our opinion: An interesting new protocol with ~$50 million TVL worth taking a look at!

How to use Lyra on imToken

Enter your wallet, and switch to “Optimism” in the top menu.

 

Search “Lyra” on the DApp browser and try it on imToken.