Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Lyra introduces LDX token, adds yield-bearing derivatives

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.

Lyra introduces LDX token, adds yield-bearing derivatives image 0Decentralized 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: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Bitcoin is about to break 100,000 dollars, while altcoins are underwhelming

Market liquidity shows a trend of centralization, and the sentiment for crypto compliance still needs to be realized.

Chaincatcher2024/11/21 12:00

TikTok Meme is here: After spending a night watching videos, my account lost 50%

Can TikTok serve as a traffic hub to attract a large number of Web2 users into Web3?

Chaincatcher2024/11/21 12:00

The popular TikTok meme has a value of 600 million dollars in the cryptocurrency world, reviewing Chillguy's rapid rise to fame

"That year I had my hands in my pockets, not knowing what a rival was."

Chaincatcher2024/11/21 12:00

What the US election outcome spurred in crypto land

Senator Cynthia Lummis hopes a US strategic bitcoin reserve can be teed up for “adoption in 2025”

Blockworks2024/11/21 11:11