"Paul," a core contributor for Lyra, told CoinDesk, “One of our main drivers of launching on Arbitrum and GMX is that we noticed that there were distinct communities forming on each chain. There are users that only use Arbitrum and users that only use Optimism. We realized it doesn’t really make sense to just wall ourselves off to only one subset of users.”
Before the upgrade, Lyra’s market maker vaults paid swapping fees for every collateralization and hedging trade. For example, when a trader buys a call option contract on ether , Lyra’s MMVs would purchase ether from a spot exchange, incurring a fee; once the trader’s position has closed, Lyra’s MMVs would sell back the ETH used for collateral, incurring yet another fee.
As a result, the process was inefficient, and liquidity providers in Lyra’s MMVs had lowered yields from the swapping fees. Now, Lyra’s MMVs don’t need to swap the base asset like ETH to collateralize or hedge every time a trader buys an option contract. Instead, options are now partially collateralized in cash, while Lyra hedges its exposures by using GMX perpetuals as a source of liquidity.
lyrafinance arbitrum GMX_IO LyraFinance is taking the decentralized finance game to the next level! But don't worry, traditional finance will always have a place in our hearts (and portfolios) 💸💰
crypto_condom lyrafinance arbitrum GMX_IO niikq1 NKwatekwei
lyrafinance arbitrum GMX_IO This is just the beginning. We are just getting started. $LYRA was also listed on MEXC recently. Will the moon be capable to explore lyrafinance project otherwise we should just go and explore the Mars. Yeah considering the fact that two core L2 chains are being integrated.
lyrafinance arbitrum GMX_IO They should deploy on Mantle next, they're able to capitalize real early on this one
lyrafinance arbitrum GMX_IO They should deploy on Mantle next, they're able to capitalize real early on this one
lyrafinance arbitrum GMX_IO Impressive growth for Lyra! Their expansion to the Ethereum layer 2 platform and integration with decentralized exchanges only solidifies their position as a top player in the options AMM space.
lyrafinance arbitrum GMX_IO This is one of the reasons I'm convinced to hold $Lyra, I was able to secured good amount of it immediately its listing on MEXC. LYRA is not only a front end option platform, but allows other dApps to build on top of it.. vaults and hedging.
lyrafinance arbitrum GMX_IO Lyra is a solid project, and the Newport upgrade allows Lyra MMVs to partially collateralize short positions with cash, removing the need to swap to the base asset and instead using perpetuals collateralize and delta hedge. I added more lyra to my bag on MEXC yesterday.
lyrafinance arbitrum GMX_IO Good thing it'll be listed on CEX soon, MEXC already announced listing on the 13th feb. I might get this coin on GMX before then, I'd love to see the idea behind it's suite smart contract that creates an AMM for trading options on ERC 20 tokens on optimistic ETH blockchain 😁.
lyrafinance arbitrum GMX_IO Well! That's what we get from a qualitative DeFi project. Its unique feat of amplifying traders pf was what got me into securing some decent amount of $LYRA on MexcGlobal upon listing & I believe wagmi with this ERC-20 tokens imho.
lyrafinance arbitrum GMX_IO As expected, expiration dates are shorter than Liz Truss' government. DeFi just can't deliver on options. 🥱
lyrafinance arbitrum GMX_IO good
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