Trending Project: Lyra Finance

Lyra is a decentralized options protocol live on Optimism and Arbitrum. Lyra enables users to write and/or trade puts and calls through its newly upgraded AMM, Newport. Lyra is governed by the LYRA token, which can be staked to earn emissions, boosted rewards when providing liquidity, and rebates for trades.

Lyra initially deployed on Optimism, and used Synthetix to hedge out exposure to price fluctuations (delta-hedge) for liquidity providers in the AMM. On January 31st, Lyra went multi-chain by deploying Newport on Arbitrum. Newport makes several key improvements relative to Lyra's V1 (known as Avalon) by allowing options in the AMM to be partially collateralized with stablecoins, rather than the underlying spot asset. These design choices improve capital efficiency, returns for LPs, and leads to tighter spreads for traders.

Lyra is now live on @Arbitrum, integrating with @GMX_IO 💚

Get started 👉 https://t.co/AX7yv8b87Z pic.twitter.com/E8M0hEG18O