- LDX, a new token, was introduced by Lyra Finance.
- On May 8, a picture of the current Lyra token holders was taken.
- The group intends to transfer all balances held by Lyra holders 1:1 to LDX.
- The third quarter is when the token is anticipated to launch.
Protocol for decentralized alternatives Lyra Finance revealed their plan to redesign tokens.
It has unveiled the LDX token, which is scheduled to launch in the third quarter of this year and serve as the native currency of the so-called Lyra Derivatives Network. The transfer of current Lyra tokens to the new one will occur.
In order to encourage traders and yield farmers to increase the liquidity and uptake of Lyra products, an LDX airdrop is also scheduled.
According to the Lyra team, the airdrop uses a scoring system that distributes LDX pro rata in four-week rounds, with at least three rounds taking place over a 12-week period. On May 8, it took a snapshot of current token holders, whose balances will convert 1:1 to LDX.
A product that tokenizes yield-bearing derivatives has also been created by the platform; it first focuses on basis trades. Covered call methods for liquid restaking tokens on EigenLayer will follow. Users will be able to earn yields by depositing LRTs issued by protocols such as EtherFi (eETH) and Swell (rswETH). Tokenizing strategies across LRTs and encapsulating them in ERC-20 tokens is what the protocol will do.
Initially introduced as an on-chain options trading system, Lyra Finance makes use of market maker vaults, which are asset-specific pools financed by liquidity providers in exchange for a cut of trading costs.
The company also used the OP Stack, an open-source, modular software stack created by OP Labs, to create its own optimistic Layer 2 atop Ethereum. In a seed funding round headed by venture capital firms Framework Ventures and ParaFi Capital, it raised $3.3 million.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
