Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnSquareMore
Lyra introduces LDX token, adds yield-bearing derivatives

Lyra introduces LDX token, adds yield-bearing derivatives

The BlockThe Block2024/05/08 12:40
By:The Block

Lyra Finance unveiled a new token, LDX. A snapshot of existing Lyra token holders was taken on May 8. The team plans to convert Lyra holders’ balances 1:1 to LDX. The token is expected to roll out in the third quarter.

Lyra introduces LDX token, adds yield-bearing derivatives image 0Decentralized options protocol Lyra Finance unveiled a token revamp plan.

It has introduced the LDX token, which will function as the native currency of the so-called Lyra Derivatives Network and is set to roll out in the third quarter of this year. The existing Lyra tokens will be migrated to the new one.

There is also an LDX airdrop planned that will reward traders and yield farmers, incentivizing them to add to the liquidity and adoption of Lyra products.

The airdrop employs a points system, distributing LDX pro-rata in four-week rounds, lasting for at least three rounds over a period of 12 weeks, according to the Lyra team. It took a snapshot of existing token holders on May 8, whose balances will convert 1:1 to LDX.

The platform has also introduced a product that tokenizes yield-bearing derivatives — initially focusing on basis trades — followed by covered call strategies for liquid restaking tokens on EigenLayer. This will allow users to deposit LRTs issued by protocols like EtherFi (eETH) and Swell (rswETH) to earn yields. The protocol will tokenize strategies across LRTs, packaging them in the form of ERC-20 tokens.

Lyra Finance was originally launched as an on-chain options trading protocol that employs market maker vaults — asset-specific pools funded by liquidity providers using stablecoins in exchange for a share of the trading fees.

The team also developed its own optimistic Layer 2 on Ethereum using the OP Stack — an open-source and modular software stack developed by OP Labs. It raised $3.3 million in a seed funding round led by venture capital firms Framework Ventures and ParaFi Capital.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Mars Morning News | Russia Plans to Ease Digital Asset Investment Thresholds, Expanding Legal Participation of Citizens in the Crypto Market

Russia plans to relax the investment threshold for digital assets, Texas allocates $5 million to Bitcoin ETF, an Ethereum whale sells 20,000 ETH, Arca's Chief Investment Officer says MSTR does not need to sell BTC, and the S&P 500 Index may rise by 12% next year. Summary generated by Mars AI. The accuracy and completeness of this summary produced by the Mars AI model are still being iteratively updated.

MarsBit2025/11/26 18:36
Mars Morning News | Russia Plans to Ease Digital Asset Investment Thresholds, Expanding Legal Participation of Citizens in the Crypto Market

x402 The most crucial piece of the puzzle? Switchboard aims to rebuild the "oracle layer" from scratch

Switchboard is an oracle project within the Solana ecosystem and proposes to provide a data service layer for the x402 protocol. It adopts a TEE technology architecture, is compatible with x402 protocol standards, supports a pay-per-call billing model, and removes the API Key mechanism, aiming to build a trusted data service layer. Summary generated by Mars AI. The accuracy and completeness of this content, generated by the Mars AI model, is still in an iterative update phase.

MarsBit2025/11/26 18:35
x402 The most crucial piece of the puzzle? Switchboard aims to rebuild the "oracle layer" from scratch

Who would be the most crypto-friendly Federal Reserve Chair? Analysis of the candidate list and key timeline

Global markets are closely watching the change of Federal Reserve Chair: Hassett leading the race could trigger a crypto Christmas rally, while the appointment of hawkish Waller may become the biggest bearish factor.

深潮2025/11/26 17:09
Who would be the most crypto-friendly Federal Reserve Chair? Analysis of the candidate list and key timeline