Lyra Launches Exciting Product to Boost Crypto-Economic Security Markets
Staff Writer • 2024-05-11
Partnership with EtherFi and Swell Network Unlocks New Yield Generation Potential Lyra, a leading composable derivatives network and the world's largest decentralized crypto options platform, has launched a groundbreaking product aimed at bootstrapping networks and sustaining the expansion of crypto-economic security markets. The new product, developed in partnership with EtherFi and Swell Network, allows restakers to earn between 10-50% APY on their liquid restaking tokens (LRTs) of rswETH and eETH. By tokenizing basis trade and covered call strategies, Lyra is setting a new standard for yield generation in decentralized finance (DeFi). Nick Forster, Founder of Lyra, expressed enthusiasm about the innovative solution, stating, “We believe that tokenized derivatives yield is a game-changing primitive that will underpin the bootstrapping of networks and the expansion of sustainable cryptoeconomic markets.” A Growing Ecosystem The launch comes at a time when the EigenLayer ecosystem, which currently holds over $15 billion in total value locked (TVL), has received a significant boost with $100 million in Series B funding from A16z for Eigen Labs, its creator. This substantial investment highlights the growing interest and confidence in the potential of decentralized finance and restaking. “We expect restaking will double to $30 billion in the next 12 months, while there are currently no other products available to service this market,” Forster added. “There’s a huge market opportunity. We believe there will be a gold rush and a land grab to build products that service these restakers that will grow and mature the ecosystem.” Commitment to Innovation Lyra remains dedicated to advancing its ecosystem and providing users with cutting-edge tools and incentives for crypto derivatives trading. Forster emphasized Lyra's commitment to its users, including the introduction of $LDX rewards for early depositors, with more details to be announced soon. “As we continue to expand our ecosystem and enhance our offerings, Lyra remains committed to providing users with the most advanced tools and incentives for crypto derivatives trading,” Forster said. About Lyra Lyra is a pioneering composable derivatives network and the world's foremost decentralized crypto options platform. It leads the way in innovation within the crypto derivatives market, offering traders a comprehensive ecosystem for advanced options trading. Backed by cutting-edge technology and unparalleled expertise, Lyra is on a mission to redefine the future of decentralized finance.
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