Lyra
DEPRECATED
2023
October 5: Telegram group launches
August 21: Vote to introduce V2 and establish Lyra Foundation passes
- This proposal outlines “Lyra V2”, a platform that can facilitate the settlement, margining and matching of derivatives. It consists of three main parts:
- Lyra Chain – an Ethereum rollup built with the OP Stack.
- Lyra Protocol – A generalised risk engine.
- Lyra Matcher – An open-source order-matcher.
- Lyra V2 is governed 3 by the Lyra DAO which earns trading fees from the Lyra Protocol and transaction fees from the Lyra Chain. Trading fees accrue to an insurance fund to foster the robustness of the protocol and rollup. If approved, this proposal will fund the Lyra Foundation in preparation for launching V2. It will not deploy the Lyra Chain or Protocol.
August 15: $XRP and $LINK option markets live on Optimism
July 28: Lyra V2 introduced
- Lyra V2 is the final form of the volatility engine. It combines the best of on-chain, with a CEX-like experience to deliver a product that will usher in a new era of volatility trading, consisting of Lyra Chain, Lyra Protocol and Lyra matcher.
- Power: supporting industry-grade capital efficiency in order to offer the deepest liquidity.
- Flexibility: the protocol gracefully adapts to new use-cases and market paradigms, making for a foundational piece of infrastructure.
- Industry ready: an architecture ready to scale to all of finance.
June 11: Lyra Delegate Race launches
- A period for the community to volunteer and vote for Lyra Governance representatives via a new delegate portal.
- Lyra Agora
- A unified and dedicated platform meticulously designed to elevate the Lyra governance experience.
- Delegates now have the ability to curate personalized profiles that showcase their unique ideas, emphasize their priorities in Lyra governance, and illustrate the communities they represent.
- Community members will benefit from seamless identification of delegates based on these criteria, enabling them to easily re-delegate voting power, track proposals, and engage in various other interactive features.
- Both aspiring and existing delegates are expected to construct comprehensive Agora profiles, while delegators evaluate and assess these profiles on Agora.
- While delegate application and token delegation will be open, this provides a dedicated time where aspiring delegates can receive maximum visibility on their applications, and delegators can interact and examine potential applicants.
June 7: Trading resumes post Bedrock upgrade.
June 4: Trading is paused while the Optimism Bedrock upgrade is in progress.
- The scheduled downtime will run from June 4th 10:00UTC until approx. June 6th at 20:00 UTC.
- The Bedrock upgrade is an upgrade to the Optimism chain that lowers transaction fees greatly.
May 25: Trading goes live.
- New AMM that:
- Increases the portion fees directed to LPs.
- Can access 40+ new markets on Synthetix.
- Uses USDC to trade and LP.
May 22: The new markets are opened for deposits.
- ETH, WBTC, OP and ARB option market maker vaults are available as the assets voted in.
May 12: Votes for assets listing begins.
- With the imminent launch of the Newport upgrade integrating with Synthetix Perps v2, the community will vote on what assets to be listed initially.
May 4: DAO’s ARB allocation to be airdropped.
- Airdropping 400,000 ARB to traders and LPs over the next 8 weeks
April 13: Trading Rewards V2 goes live.
- Lyra Traders now get rewards for each trade they make, earning their share of a pool of rewards every 2 weeks for opening and holding positions.
- Traders can also become eligible for up to 2.5x boost on rewards per epoch by satisfying the criteria of multiplier tiers.
- Referral program: Users can now create a custom link to refer to other traders and earn up to 60% of their trading fees as rewards based on stkLYRA balance.
April 5: Lyra Governance V2 goes live.
- A fully autonomous on-chain system that allows LYRA token holders to directly govern the protocol and treasury.
April 3: New Grants Council members elected.
March 22: Under LEAP-51: Lyra Governance V2, $1.95m USDC has been transferred from the main Lyra multisig wallet to a core contributor controlled multisig wallet on Ethereum Mainnet.
- This is an important step in decentralizing the DAO’s treasury management process.
- The funds will be used to cover operating expenses of the development team for the remainder of the year. A breakdown of the operating expenses can be found here:
March 10: Integration with Kwenta.
- A leading decentralized perpetual trading protocol built on Synthetix.
March 3: Fast bridging is now supported directly between Optimism, Arbitrum or Mainnet.
- This is a step forward in improving the multichain UX as LYRA rewards earned on L2s can now be easily bridged back to mainnet and restaked.
March 1:
- WBTC option market goes live on Arbitrum.
- Partnership with Perpy Finance.
February 28: Partnership with Layer3
February 27: Deposits for WBTC vaults opens on Arbitrum.
February 25: Zapper integration (Arbitrum version).
February 18: Partnership with FactorDAO and CVI.
February 17: Proposal for Lyra Governance v2.
- Proposes to move from a representative council model with off-chain voting to a fully autonomous on-chain system.
- This allows holders to directly govern the protocol.
- By staking LYRA, holders receive stkLYRA which can be used for governance such as making proposals, vote, or delegate their vote to other holders.
February 8: Partnership with Camelot for providing LYRA liquidity on Arbitrum.
February 7: Partnership with Arrakis Finance to incentivize LYRA-WETH Uniswap v3 liquidity on Ethereum Mainnet.
February 3: Supported by Debank (Arbitrum version).
February 1: Trading on Arbitrum goes live, integrated with GMX.
January 30: Deposits are live on Arbitrum
January 26: Beta version of Newport goes live on Arbitrum.
January 18: LYRA staking migration.
- This is to prepare for expansion to Arbitrum.
- Staking will migrate from Optimism to Ethereum Mainnet to avoid fragmentation across multiple L2s.
January 12: Introducing Newport Upgrade.
- Removes the need for AMM to swap to spot assets, collateralizing with cash and hedging with perps instead.
- Benefits include improved capital efficiency of AMM, tighter bid-ask spreads, and new opportunities with increased system modularity.
2022
November 30: Announce that Lyra raised $3M in the strategic round from Framework Ventures and GSR.
November 26: Proposal to deploy Lyra on Arbitrum, integrating with GMX as the source of liquidity to collateralize and delta hedge the AMM.
November 25: Added to DefiLlama’s Fees & Revenue Dashboard.
October 28: Added to CoinbaseWallet
October 14: Integrated by dHedge and Toros Finance.
October 12: Advanced Mode goes live, which includes
- Full options matrix.
- Candlestick charts.
- Cross-expiry views.
- Custom data columns
October 7: End of Trade the Merge Competition.
September 28: Trade sharing goes live.
September 23: Lyra integrates Socket in-app bridge.
September 20: Upgraded the trading rewards program.
- Traders are now eligible for trading rebates based on fees paid.
- Traders can boost their rebates between 20%-60% of fees paid, determined by tiers, by staking additional LYRA.
- Traders can now earn rewards on short collateral when selling options.
- Refined rewards UI where traders can now see their potential Fee Rebate and Short Yield/Day before opening a trade and when viewing their position performance in the trading dApp.
September 16: Lyra now supports trading with USDC, DAI, and sUSD.
September 12: Blocmates’ complete guide on Lyra.
September 8: Start of Trade the Merge Competition.
September 7: Partner with Hop Protocol as the official bridge for Trade the Merge Competition.
- Giveaway of $10,000 in OP to 5 traders who bridge to Optimism using Hop and trade more than $100 in premiums on Lyra.
August 30: Integrated RainbowKit by Rainbow on Optimism
August 29: Announcement that Lyra will pause trading 14 hours prior to the expected merge block.
August 18:
- Trading rewards go live for ETH and BTC options.
- USDC Security Module on L1 deprecated.
August 17: Bitcoin market goes live on Lyra.
August 13: Zapper integration with Avalon v2 staking.
August 11: 3-month expiries go live
August 3: Avalon incentives go live.
July 24: Added to DefiLlama’s Yield Dashboard.
July 23: Nick Forster’s thoughts on Avalon launch, short-term goals, and strategies.
July 16: Listed on AD Derivatives (formerly Genesis Vol).
June 28: Avalon goes live on Optimism
June 17: Final round of liquidity provision for v1 ended and a deprecation notice has been added to the v1 dApp. All trading will be migrated to Avalon.
June 15: AMM Performance Update.
- AMM has been live for 8 rounds (~7 months) and largely suffered from declines in the prices of the underlying asset it is traded, due to the underlying long delta bias.
- The addition of delta hedging dramatically smoothes the returns of the AMM.
- If delta hedging had been live for the 8 rounds, the AMM would have delivered positive returns for liquidity providers.
- More data and rounds are needed to fully verify the claims but version 1 of the protocol has yielded a strong start for the AMM.
June 9: Host the first OP ecosystem poker tournament.
May 29: Official launch partner for Velodrome.
May 18: Avalon Upgrade goes live for allowlist users on Optimism. To get allowlist, users can:
- Sign up for Alpha program and register in Lyra discord.
- Get referred by an Alpha.
- Any trader with more than $50 in premiums traded on v1 by joining the Lyra Trader Guild.
May 10: Release of Avalon Upgrade primer.
May 4: Announced partnership with ETHGlobal for a 3-week hackathon (May 6-May 27) with $8,000 in prizes..
April 28: End of Alpha Trading Competition.
April 13: Start of Alpha Trading Competition for Avalon testnet.
April 5: Start of testing for Avalon testnet.
April 2: Zapper integration with Lyra liquidity pools on Optimism and Lyra Security Module on Ethereum Mainnet.
April 1: Lyra integrates with Gelato to automate LP incentives
March 31: Launch of Avalon testnet with new features such as:
- Long-dated expiries.
- Partial collateralization.
- Anytime entry-exit for market pools.
March 25: The following changes will take place from April 1 as according to LEAP-21 proposal:
- LYRA-ETH Sushiswap pool on Ethereum Mainnet rewards will end.
- Rewards for LYRA and USDC Security Module stakers will be reduced by 65%.
- Rewards for LYRA-ETH L2 Uniswap pool will be reduced to 10M LYRA per year, and will migrate to a Gelato managed contract with a target range (to be specified).
- Rewards for option markets liquidity providers for future rounds will be determined by the Council according to pool utilization.
March 22: Launch of Lyra GrantsDAO.
- Consists of five members with a mix of community members and Lyra team.
- Set up to encourage community participation and to reward initiatives that help the protocol.
March 2: Proposal for new Lyra tokenomics.
- Proposes to introduce vote-locked LYRA (xLYRA) with a maximum period of one year.
- This aims to align governance, traders, and liquidity providers over the long-term by paying rewards to stakers, boosting rewards for liquidity providers and traders that hold xLYRA.
February 23:
February 22: SOL options market goes live on Optimism.
February 16: Introduction of the Community Ape Fund.
- $10,000 seeded from the DAO to buy options, decided by the community through voting.
- Takes place bi-weekly to decide whether to buy calls or puts and to decide what strikes to buy for the next period
- 50% of the fund is allocated every 2 weeks.
- If the fund is profitable, 30% of profits will be donated to RedApes Orangutan Outreach via The Giving Block while 70% will be rolled over to the following period.
- If the fund loses money and dips below $1,000, the remaining money will be donated to RedApes.
February 15: Start of 8-week Lyra Learn blog series.
February 1: End of first Council election.
January 18:
January 14: LYRA Security Module Staking goes live on Ethereum Mainnet.
2021
December 22: Lyra 2022 Roadmap.
- Avalon release (formerly v1.2) in Q1 2022. It will bring:
- Improve UX.
- Partially collateralized options selling.
- Support up to 12-week expiries with up to 15 strikes per expiry, renewing every two weeks.
- Any time entry and exit to liquidity pools, subject to a short delay.
- All existing features of Lyra.
- Introduction of xLYRA and Token Reward Boosting in Q1-Q2 2022. In the short term:
- LYRA can be staked in the Security Module from January 7.
- LYRA can be used to vote on Council elections.
- LYRA can be staked in the LYRA-ETH Uniswap pool to earn LYRA rewards.
- Vaults in Q2 2022.
- At launch will offer ETH covered call and ETH secured put vaults.
- Integrations.
- V2 development in Q3 2022 onwards.
December 14: LYRA token goes live on Optimism.
December 2: Lyra Community Rewards.
- To reward early users and contributors with LYRA token distribution.
- Snapshot taken on November 25.
- Tokens claimable from December 14 for 6 months.
November 2: Launch of Lyra Security Module.
October 28: SNX staking rewards page go live.
October 27: Launch of Ignition, a 6-week process for LYRA token distribution.
October 16: Lyra Protocol Engineering Update.
October 5: LINK options market goes live.
September 20: Supported by Debank (Optimism version).
September 15: Official launch of Lyra’s Liquidity Mining Program.
September 13: Start of Trial Liquidity Mining Program to increase supply of sUSD on Optimistic Ethereum.
September 10:
- Lyra added native swapping.
- Integrated with 1inch.
September 8: Integrated with Zapper.
August 25: Lyra goes live on Optimism.
August 24: Launch of bug bounty program with ImmuneFi
August 19: Open sourced on GitHub.
August 17: Introduction of Lyra Launch Council.
- Five-seat council that lasts four months until a new Council is selected.
- The Council has the mandate to administer the LEAP framework, which seeks to ensure that changes to the protocol are transparent and well-governed.
August 13: Trading competition AMM performance.
August 10 End of Lyra Content Challenge.
August 9: Receive $1M contribution from SynthetixDAO.
August 3: Announcement of Lyra Content Challenge.
July 27: End of trading competition.
July 26: Announced Seed Round raise of $3.3M
July 13: Start of trading competition
July 1: Testnet launched
June 15: Lyra is created. First Medium article introducing Lyra is released.
