“an OPportunity awaits” The Short Put
In this issue:
- L222 Twitter Spaces with Synthetix
- Optimism Airdrop
- Lyra’s Alpha Trading Competition
- Avalon launch dates
- LEAP Updates
- The volatility engine is growing
- Council Nominations are live
- Liquidity Incentives
- Polynomial Update
- Lyra Catch Up
- Grants
- LEAP Status Tracker
L222 Twitter Spaces with Synthetix
On April 26 Synthetix hosted Kain, Lyra, and Polynomfial. Checkout the recording below:
Optimism Airdrop
The most thoughtful airdrop crypto has ever seen was spelled out Tuesday by Optimism!
If you were a Lyra user over these past couple months, Congrats! You got a portion of the airdrop, and potentially future airdrops!
Not even 24 hours after the OP Airdrop details — @Mike _/ Lyra proposed LEAP-24. It is currently being discussed in discord. Mike is proposing framework on how to DISTRIBUTE OP TOKENS TO LYRA USERS! Head on over and soak in the alfa or give your input!
Lyra’s Alpha Trading Competition
Lyra’s upcoming trading competition
The trading competition is over! It has been an epic battle, and the top 10 has changed multiple times!
Hats off to our winner in the trading competition: @bioledad
Avalon update
Mark your calendar — in the latest Community Call it was leaked Avalon Soft Launch is May 18th, and full Mainnet Launch is May 31st barring no setbacks!
Lyra Enhancement Action Proposal (LEAP) updates
LEAP-23 proposes Lyra DAO creates and funds liquidity in a LYRA pool on Bancor. The Lyra DAO will purchase BNT to bootstrap the pool initially and then add LYRA tokens to the pool to seed its liquidity.
Bancor provides an excellent solution for protocol owned, L1 liquidity with zero additional emissions or incentives required. Once the initial liquidity is bootstrapped, Lyra DAO can add liquidity in LYRA up to the approved trading limit. Bancor allows for single-sided liquidity with 100% protection from Impermanent Loss after 100 days of liquidity providing. This pool gives LYRA holders the confidence that they can always efficiently buy and sell their LYRA on Bancor at any time on Mainnet.
Read more at:
LEAP-23: Add Lyra Liquidity on Bancor
The volatility engine is growing every day!
It’s time to share another protocol building on top of Lyra. Brahma will be launching their ETH maxi DegenVault next week.
What is it? This vault allows you to deposit ETH on L1 which earns yield in your favorite yield aggregators: Yearn, Curve, Convex etc. This weekly yield is then used to open an options position using Lyra on L2 to enhance returns.
Lyra is creating a new design space and it’s exciting to watch teams like Brahma harness it’s power.
Council Nominations are Live
Council Nominations are Live
Have your say in the DAO, and make sure you vote !
This is a big step forward for the community as Lyra moves toward a truly democratic governance process!
Liquidity Incentives
Synthetix and Lyra have launched liquidity incentives on Optimism!
12K $SNX and 50K $LYRA per week have been allocated towards bribes to veCRV voters to incentivize voting for the sUSD Curve pool! That’s right — It is currently the highest Bribe on bribe.crv.finance ! Now READ IT AGAIN!
Polynomial Update
Both vaults expired “out of the money”. Each vault capacity has increased from $1Million to $1.5Million. Checkout the vault performance overview below:
Lyra Catch Up
Lyra has seen enormous success in 2021 with strong trading volumes, market-leading options spreads and recently, the launch of the LYRA token. These successes would not have been possible without the thriving community that has developed!
If you have not read it yet check out the 2022 Roadmap!
It’s a cliche, but Lyra really is just getting started with on-chain options. L2 2022 will usher in an explosion in DeFi usage and experimentation, and the Lyra volatility engine will be at the center of it all.
Liquidity providers can currently earn between 20% and 40% providing sUSD as collateral to delta hedge the options being sold:
ETH-sUSD pool APY: 26.67% LINK-sUSD pool APY: 26.74% BTC-sUSD pool APY: 21.84% SOL-sUSD pool APY: 32.76%
7d Notional Volume: $14,297,912 7d Notional Premium Volume: $232,895
Fee generation continues to climb for Lyra (Future xLyra holders should be excited).
In April Total Unique Daily Users climbed to 1,154, compared to 314 in March! Lyra continues to gain traction and show organic growth.
Users DGAF about a drop in emissions — Open Interest almost doubled from March to April!
For more stats check out Muir’s Dune dashboard:
meme credit — @JonasH _/
For our chain sleuths If you’re new to trading options it always helps to see how the big boys do it. Our top trader currently this month is:
0xfa923aa6b4df5bea456df37fa044b37f0fddcdb4
Lyra Grants
In March of 2022, the first Lyra GrantsDAO was elected by token holders to serve as a body for incentivizing community contributions and encouraging community members to build peripherally to the Lyra Protocol. The exact responsibilities of the Lyra GrantsDAO are outlined in LEAP-17.
Lyra will also release bounties for tasks that we think are a priority for Lyra protocol and encourage anyone looking to build on Lyra to comb through them for some reference, they can be found here: Request for Proposals
Currently, the Grants DAO is looking for Japanese, Russian, and Vietnamese translation teams.
*Cover image meme credit via @JonasH _/
