The Lyra Short Put #20
- 📊 Lyra Stats
- ⚙️ Lyra Learn
- 🥕 Optimism Bedrock Upgrade
- 🗳️ LYRA Governance
- ☎️ Spartan Space with Lyra
- 🦘 Ecosystem News
- ⚔️Trading Corner
- 🧵 Notable Lyra Tweets
📊 Lyra Stats
Lyra’s growth on Arbitrum and Optimism paints an intriguing picture of contrasts and comparisons.
Arbitrum saw a 6.6% decrease in total trading volume, from $88,013,857 to $82,195,886. In contrast, Optimism demonstrated a substantial growth, with the total trading volume multiplying 8.6 times from last month’s $2,599,285 to a significant $25,149,827. This sharp rise signals a dynamic shift of trading activities towards Optimism, growing significantly from the previous month.
Turning our attention to the Total Value Locked (TVL), Arbitrum’s figures showed a 7.7% contraction, from $15,415,006 to $14,226,725. Despite the decrease, Arbitrum continues to command a significant lead over Optimism, which marked an 8.1% growth in its TVL from $6,026,774 to $6,515,924. Even though Optimism’s figures are modest in comparison, the growth suggests an increasing trend of traders migrating to Optimism as their go-to trading network.
User base dynamics also offer compelling insights. Arbitrum experienced an 18.9% reduction, moving from 808 to 655 unique users. In contrast, the user base on Optimism witnessed a significant growth of 132%, expanding from 138 to 321 unique users. This increase underlines Optimism’s growing appeal and engagement among traders.
Finally, the open interest on both chains reveals notable developments. Arbitrum saw a drop from $26,012,675 to $12,753,824. Optimism, on the other hand, reported an increase from $2,180,206 to a record-breaking $4,941,496. This record high on Optimism indicates not only heightened trading activity but also a rising confidence among traders to maintain their positions, fostering a vibrant trading ecosystem.
While Arbitrum remains a strong player, the rapid growth and momentum on Optimism signals a potential shift in the landscape of Lyra’s ecosystem. These trends provide valuable insights for traders, indicating exciting times ahead in the Lyra ecosystem. 👀
⚙️ Lyra Learn
Launching in June is the Lyra Learn Wiki content call! Lyra Grants DAO is inviting option traders, educators, content creators to share their insights and help build a comprehensive knowledge base owned by the Lyra community. Their goal? To demystify options for everyone!
Contributors are encouraged to write content on the topics outlined in the bounty board and receive OP in return.
Content should be easily understandable to a beginner trader, but also be useful enough for more advanced traders as a convenient knowledge base.
How to submit and receive a grant :
- Write open content from from the bounty in Notion
- View the desired content, length and difficulty and start writing 📝
- Once complete reach out to cody#9788 or any of the mods in Lyra’s Discord
Grants will be given retroactively once the content is reviewed and approved to be ready to be merged into the Lyra Learn wiki.
🥕 Optimism Bedrock Upgrade
The bedrock upgrade is now complete, and was successful! Traders can expect a nice reduction in gas fees while trading on Optimism!
The Bedrock release boasts multiple improvements, including lowered transaction fees through optimized batch compression and utilizing Ethereum as a data availability layer.
It also introduces more efficient handling of Layer 1 reorganizations, shortening the delay for Layer 1 transactions in rollups.
You can read more about the upgrade here:
🗳️ LYRA Governance
Two votes and a new LRFC (Lyra Request For Comment) occurred in June:
- A new LRFC was submitted and voted on:
Simple Summary:
Deploy a ListingManager contract on all option markets to fully automate the process of listing boards and strikes.
Abstract:
The Lyra Automated Market Maker (AMM) has successfully provided trustless competitive option pricing on-chain. However, the current process of listing new strikes and expiries on the AMM is unpredictable and often causes inconvenience to traders and integrators.
This proposal aims to elucidate the process of listing strikes and expiries on the Lyra Newport deploys on Optimism and Arbitrum. The proposed ListingManager contract allows for the trustless and permissionless listing of strikes and expiries. It utilizes a queue-execute model where strikes are executed after a minimum required queue time. This will allow anyone to queue the creation of new boards and strikes, allowing for more systematic and predictable listings of boards.
Discussions can be found here:
2. The vote for a partnership between Lyra and Libra occurred, and passed:
Libra Exchange will first support $LYRA liquidity on Arbitrum, and subsequent chains that Lyra Protocol has presence in, once omnichain fungible $LIBRA and $veLIBRA has been implemented. Under this arrangement, 2% of $LIBRA initial token supply will be allocated to Lyra treasury (locked for 4 years as $veLIBRA) for Lyra team to vote for $LIBRA emissions to be directed towards $LYRA liquidity pools. Details of this partnership proposal can be found below:
3. “Incentives for next epoch”
Simple Summary
Deciding new emissions rate transitioning Lyra Finance Lp incentives to Lyra after the end of the epoch and Arbitrum incentives.
Abstract
Lyra Finance has successfully implemented LP incentives, including ARB incentives, to drive liquidity provision on the most recent Lyra version, Newport. As Arbitrum token incentives come to an end, we will need to continue to incentivize LPs using Lyra.
Discussions for this LRFC can be found here:
☎️ Spartan Space with Lyra
In June there was a Spartan Space (Twitter Spaces) between Synthetix Ambassadors and Lyra where they discussed the Newport release on Optimism, integration with Synthetix Perps, and future releases coming to Lyra!
Catch the recording here:
🦘 Ecosystem News
TastyTrade: TastyTrade is a leading online financial media network that offers educational content and resources for traders and investors. It focuses on options trading and provides tools, strategies, and a trading platform. TastyTrade has over 1m registered users.
DeFi options going mainstream? Probably something.
Checkout this awesome blog post by TastyTrade, reply with your thoughts and share this around crypto twitter!
dHEDGE: Checkout the below tweet to see the latest with dHEDGE!
DeDeLend: The Options Aggregator DeDeLend now makes it easy with “single click” Option Strategies. They now have the Iron Butterfly, Iron Condors, and Straddles!
⚔️Trading Corner
With Lyra incentivizing trading, now is the BEST time to trade DEFI options with Lyra! With everything being on-chain now is a great time to see what the whales are doing:
Don’t forget Lyra traders earn rewards for each trade they make, earning their share of a pool of rewards every 2 weeks for opening and holding positions. Traders earn more rewards when they:
- 💸 Pay more fees
- 💱 Trade shorter dated expiries
- ⌛️ Hold positions until expiry
