LYRA
Lyra
$0.0₃1141
6.28%
Lyra
LYRA
$0.0₃1141
6.28%
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About Lyra
Lyra (LYRA) is the native governance token of the Lyra Protocol, a decentralised options trading platform built on the Ethereum rollup (Lyra Chain) using the OP Stack. The LYRA token enables decentralised governance, where holders can stake tokens to propose and vote on protocol changes. Beyond governance, LYRA is used for staking rewards, supporting the Security Module to manage protocol risk, and compensating service providers essential to the protocol's development and maintenance.
Lyra (LYRA) is the native governance token of the Lyra Protocol, a decentralised options exchange built on the Lyra Chain, an Ethereum rollup developed using the OP Stack. Initially launched in 2021, Lyra has facilitated over $1.5 billion in notional trading volume. The protocol allows trading of financial instruments like European options, perpetual futures, and spot assets. The LYRA token underpins the platform’s decentralised governance, enabling token holders to influence protocol decisions by staking their tokens to receive stkLYRA, a staked version of the LYRA token with governance rights.
The Lyra (LYRA) token serves multiple purposes within the Lyra Protocol ecosystem beyond governance:
By staking LYRA tokens to receive stkLYRA, holders gain governance rights, including:
- Proposal Right: The ability to create new proposals.
- Voting Right: The ability to vote on protocol changes.
- Delegation: Token holders can delegate their voting or proposal powers to more knowledgeable participants, enhancing decision-making efficiency without compromising decentralisation.
- LEAPs (Lyra Enhancement and Amendment Proposals): These proposals cover protocol upgrades, treasury management, and governance framework adjustments.
Staking LYRA not only grants governance rights but also allows participants to earn economic rewards. This incentivises long-term engagement and contributes to the protocol's security and stability.
LYRA tokens can be allocated to the Security Module, a reserve fund used to cover insolvent debt during liquidation events. If the module is depleted, a temporary withdrawal fee is applied to users, ensuring system solvency. The involvement of LYRA in the Security Module strengthens the protocol's risk management.
The Lyra DAO can use LYRA tokens from its treasury to compensate service providers, such as developers, auditors, and other contributors critical to the protocol's maintenance and growth.
These diverse utilities make LYRA integral to the operation, security, and growth of the Lyra Protocol, aligning stakeholder incentives with the platform's success.
Lyra was developed by a team of contributors including Sean Dawson, Dominic Romanowski, Anton Cheng, and Vladislav Abramov, with additional support from Joshua Kim, Jake Fitzgerald, Nick Forster, Timothy Gorham, and Ksett. The Lyra Protocol has evolved since its initial launch in 2021, with the most recent version (Lyra V2) released in July 2023, reflecting a comprehensive redesign aimed at improving capital efficiency, modularity, and scalability.
