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HomeCrypto NewsLyra Finance Raises $3.3M for Layer 2 Ethereum Options

Lyra Finance Raises $3.3M for Layer 2 Ethereum Options


The newest decentralized finance (DeFi) protocol to attract within the massive enterprise capital traders is Lyra, which plans to launch layer 2 choices buying and selling on Ethereum.

Lyra announced the funding spherical success on its weblog on July 26. The spherical which netted $3.3 million was co-led by the most important enterprise capital corporations in DeFi, Framework Ventures, and ParaFi Capital.

Different contributors included the DeFi Alliance, Divergence, Orthogonal, Robotic Ventures, Apollo Capital, and Magnet Capital. Various distinguished people additionally contributed together with the founders and co-founders of Aave, 1inch, Synthetix, along with Ryan Sean Adams from Bankless and The Day by day Gwei’s Anthony Sassano.

Lyra claims to be the primary choices protocol to handle threat for its liquidity suppliers, allows it to supply aggressive pricing and liquidity for merchants.

Choices are a little bit like futures in that merchants can purchase contracts that give them the “choice” to purchase or promote an underlying asset for a sure value, known as a strike value, and at a sure time.

DeFi Choices on L2

The protocol will deploy on Ethereum layer 2 scaling platform Optimism which makes use of optimistic rollups to scale throughput. The transfer allows Lyra to be the primary protocol to actively handle threat which is hedged with automated buying and selling on derivatives trading platform Synthetix.

Co-founder of Framework Ventures, Michael Anderson, praised the innovation of the undertaking stating that it raises the trade’s bar to new heights.

“By leveraging layer 2 scalability with Synthetix composability, Lyra allows a very permissionless risk-managed choices market for DeFi merchants and liquidity suppliers.”

Santiago Roel Santos, Companion at ParaFi Capital, added that choices have been a core lacking piece within the DeFi stack. Michael Spain, Lyra’s co-founder, defined that choices protocols have struggled to supply aggressive pricing and liquidity as a result of it’s too costly to handle threat on layer 1.

Lyra is presently reside on the Optimism Kovan testnet and customers can join through MetaMask to discover the platform. There was no official date specified for the mainnet launch.

Synthetix plans to launch its personal Optimism-based layer 2 platform this week.

Thales to launch L2 binary choices

Lyra isn’t the one platform delving into the layer 2 choices scene. On July 13, binary choices platform Thales completed a $2.5 million DAO-first funding spherical. Framework Ventures additionally co-led this funding spherical together with a raft of others.

Thales additionally intends to leverage the Synthetix protocol upon which it was constructed to assist markets for greater than 60 completely different belongings. These will embody cryptocurrencies, commodities, equities, and index merchandise earlier than it expands into sports activities markets.

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