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Source: https://www.lyra.finance

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content="Trade crypto options on ETH and BTC using Lyra&#x27;s decentralized options liquidity protocol"/><meta name="twitter:image" content="https://lyra.finance/images/v2-preview.png"/><link rel="icon" href="/favicon.ico" type="image/x-icon" sizes="16x16"/><link rel="stylesheet" href="https://rsms.me/inter/inter.css"/><link href="/fonts/styles.css" rel="stylesheet"/><script src="/_next/static/chunks/polyfills-c67a75d1b6f99dc8.js" noModule=""></script><style>._ovs-contain {overscroll-behavior:contain;}
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  35. :root .t_dark .t_green_Toast, :root .t_dark .t_light .t_dark .t_green_Toast, :root .t_light .t_dark .t_green_Toast, :root .t_light .t_dark .t_light .t_dark .t_green_Toast {--backgroundColor:#145C4B;--textColor:#25FAB0;--progressColor:#23E3A2;}
  36. :root .t_dark .t_amber_Toast, :root .t_dark .t_light .t_dark .t_amber_Toast, :root .t_light .t_dark .t_amber_Toast, :root .t_light .t_dark .t_light .t_dark .t_amber_Toast {--backgroundColor:#5D4B21;--textColor:#FFB224;--progressColor:#FFCB47;}
  37. :root ._display-flex{display:flex;}
  38. :root ._alignItems-stretch{align-items:stretch;}
  39. :root ._flexDirection-column{flex-direction:column;}
  40. :root ._flexBasis-auto{flex-basis:auto;}
  41. :root ._boxSizing-border-box{box-sizing:border-box;}
  42. :root ._position-fixed{position:fixed;}
  43. :root ._minHeight-0px{min-height:0px;}
  44. :root ._minWidth-0px{min-width:0px;}
  45. :root ._flexShrink-0{flex-shrink:0;}
  46. :root ._pointerEvents-box-none>*{pointer-events:auto !important;} :root ._pointerEvents-box-none{pointer-events:none !important;}
  47. :root ._top-0px{top:0px;}
  48. :root ._bottom-0px{bottom:0px;}
  49. :root ._left-0px{left:0px;}
  50. :root ._right-0px{right:0px;}
  51. :root ._maxWidth-10037{max-width:100%;}
  52. :root ._zIndex-100000{z-index:100000;}
  53. @media (max-width: 768px){:root:root:root ._top-_mobile_1481558369{top:var(--space-2);}}
  54. @media (max-width: 768px){:root:root:root ._right-_mobile_1481558369{right:var(--space-2);}}
  55. @media (max-width: 768px){:root:root:root ._left-_mobile_1481558369{left:var(--space-2);}}
  56. @media (min-width: 769px){:root:root:root:root:root ._top-_desktop_1481558307{top:var(--space-4);}}
  57. @media (min-width: 769px){:root:root:root:root:root ._right-_desktop_1481558307{right:var(--space-4);}}
  58. @media (max-width: 768px){:root:root:root ._paddingBottom-_mobile_471867601{padding-bottom:calc(env(safe-area-inset-bottom) + 52px);}}
  59. @media (max-width: 768px){:root:root:root ._paddingTop-_mobile_90px{padding-top:90px;}}
  60. @media (min-width: 769px){:root:root:root:root:root ._paddingTop-_desktop_90px{padding-top:90px;}}
  61. :root ._position-relative{position:relative;}
  62. :root ._height-10037{height:100%;}
  63. :root ._width-10037{width:100%;}
  64. :root ._maxWidth-100vw{max-width:100vw;}
  65. :root ._alignItems-center{align-items:center;}
  66. :root ._overflowX-hidden{overflow-x:hidden;}
  67. :root ._backgroundColor-370241845{background-color:var(--backgroundColor);}
  68. :root ._zIndex-10{z-index:10;}
  69. :root ._overflowY-hidden{overflow-y:hidden;}
  70. :root ._flexDirection-row{flex-direction:row;}
  71. :root ._borderBottomWidth-1px{border-bottom-width:1px;}
  72. :root ._borderTopColor-1701014030{border-top-color:var(--hairline);}
  73. :root ._borderRightColor-1701014030{border-right-color:var(--hairline);}
  74. :root ._borderBottomColor-1701014030{border-bottom-color:var(--hairline);}
  75. :root ._borderLeftColor-1701014030{border-left-color:var(--hairline);}
  76. :root ._height-28px{height:28px;}
  77. :root ._borderBottomStyle-solid{border-bottom-style:solid;}
  78. @media (max-width: 768px){:root:root:root ._display-_mobile_none{display:none;}}
  79. @media (hover) {:root  ._cursor-0hover-pointer:hover{cursor:pointer !important;}}
  80. :root ._borderLeftWidth-1px{border-left-width:1px;}
  81. :root ._alignSelf-center{align-self:center;}
  82. :root ._marginTop-auto{margin-top:auto;}
  83. :root ._marginBottom-auto{margin-bottom:auto;}
  84. :root ._justifyContent-center{justify-content:center;}
  85. :root ._gap-1481558338{gap:var(--space-3);}
  86. :root ._width-250px{width:250px;}
  87. :root ._borderLeftStyle-solid{border-left-style:solid;}
  88. :root ._display-inline{display:inline;}
  89. :root ._wordWrap-break-word{word-wrap:break-word;}
  90. :root ._marginTop-0px{margin-top:0px;}
  91. :root ._marginRight-0px{margin-right:0px;}
  92. :root ._marginBottom-0px{margin-bottom:0px;}
  93. :root ._marginLeft-0px{margin-left:0px;}
  94. :root ._fontFamily-299667014{font-family:var(--f-fa);}
  95. :root ._textTransform-uppercase{text-transform:uppercase;}
  96. :root ._color-1743955260{color:var(--greenPrimaryText);}
  97. :root ._letterSpacing-167743966{letter-spacing:var(--f-21-1);}
  98. :root ._fontSize-229441127{font-size:var(--f-si-1);}
  99. :root ._lineHeight-222976480{line-height:var(--f-li-1);}
  100. :root ._fontWeight-500{font-weight:500;}
  101. :root ._flexGrow-1{flex-grow:1;}
  102. :root ._flexShrink-1{flex-shrink:1;}
  103. :root ._flexBasis-0px{flex-basis:0px;}
  104. :root ._paddingRight-1481558307{padding-right:var(--space-4);}
  105. :root ._paddingLeft-1481558338{padding-left:var(--space-3);}
  106. :root ._cursor-pointer{cursor:pointer;}
  107. :root ._display-1685637459{display:inline-flex;}
  108. :root ._width-14px{width:14px;}
  109. :root ._height-14px{height:14px;}
  110. @media (min-width: 769px){:root:root:root:root:root ._display-_desktop_none{display:none;}}
  111. :root ._height-62px{height:62px;}
  112. :root ._paddingLeft-1481558307{padding-left:var(--space-4);}
  113. :root ._justifyContent-441309761{justify-content:space-between;}
  114. :root ._borderBottomWidth-0px{border-bottom-width:0px;}
  115. :root ._justifyContent-flex-end{justify-content:flex-end;}
  116. :root ._minHeight-1481558338{min-height:var(--space-3);}
  117. :root ._minWidth-1481558338{min-width:var(--space-3);}
  118. :root ._pointerEvents-none{pointer-events:none !important;}
  119. :root ._width-1481558338{width:var(--space-3);}
  120. :root ._height-1481558338{height:var(--space-3);}
  121. :root:root  ._backgroundColor-0active-1215825325:active{background-color:var(--bgPressed) !important;}
  122. @media (hover) {:root  ._borderTopColor-0hover-499333755:hover{border-top-color:var(--borderHovered) !important;}}
  123. @media (hover) {:root  ._borderRightColor-0hover-499333755:hover{border-right-color:var(--borderHovered) !important;}}
  124. @media (hover) {:root  ._borderBottomColor-0hover-499333755:hover{border-bottom-color:var(--borderHovered) !important;}}
  125. @media (hover) {:root  ._borderLeftColor-0hover-499333755:hover{border-left-color:var(--borderHovered) !important;}}
  126. :root ._minHeight-1481558214{min-height:var(--space-7);}
  127. :root ._minWidth-1481558214{min-width:var(--space-7);}
  128. :root ._borderTopWidth-1px{border-top-width:1px;}
  129. :root ._borderRightWidth-1px{border-right-width:1px;}
  130. :root ._borderTopLeftRadius-1307609905{border-top-left-radius:var(--radius-2);}
  131. :root ._borderTopRightRadius-1307609905{border-top-right-radius:var(--radius-2);}
  132. :root ._borderBottomRightRadius-1307609905{border-bottom-right-radius:var(--radius-2);}
  133. :root ._borderBottomLeftRadius-1307609905{border-bottom-left-radius:var(--radius-2);}
  134. :root ._backgroundColor-var--bg1281{background-color:var(--bg);}
  135. :root ._borderTopColor-1432066276{border-top-color:var(--border);}
  136. :root ._borderRightColor-1432066276{border-right-color:var(--border);}
  137. :root ._borderBottomColor-1432066276{border-bottom-color:var(--border);}
  138. :root ._borderLeftColor-1432066276{border-left-color:var(--border);}
  139. :root ._paddingRight-1316330269{padding-right:var(--space-15);}
  140. :root ._paddingLeft-1316330269{padding-left:var(--space-15);}
  141. :root ._paddingTop-1481558369{padding-top:var(--space-2);}
  142. :root ._paddingBottom-1481558369{padding-bottom:var(--space-2);}
  143. :root ._width-auto{width:auto;}
  144. :root ._borderTopStyle-solid{border-top-style:solid;}
  145. :root ._borderRightStyle-solid{border-right-style:solid;}
  146. :root ._textAlign-left{text-align:left;}
  147. :root ._color-401796952{color:var(--primary);}
  148. :root ._letterSpacing-167743997{letter-spacing:var(--f-21-2);}
  149. :root ._fontSize-229441158{font-size:var(--f-si-2);}
  150. :root ._lineHeight-222976511{line-height:var(--f-li-2);}
  151. :root ._minHeight-1481558369{min-height:var(--space-2);}
  152. :root ._minWidth-1481558369{min-width:var(--space-2);}
  153. :root ._width-1481558369{width:var(--space-2);}
  154. :root ._height-1481558369{height:var(--space-2);}
  155. :root ._minHeight-1481558183{min-height:var(--space-8);}
  156. :root ._minWidth-1481558183{min-width:var(--space-8);}
  157. :root ._paddingRight-0px{padding-right:0px;}
  158. :root ._paddingLeft-0px{padding-left:0px;}
  159. :root ._paddingTop-0px{padding-top:0px;}
  160. :root ._paddingBottom-0px{padding-bottom:0px;}
  161. :root ._height-90px{height:90px;}
  162. :root ._width-350px{width:350px;}
  163. :root ._color-24817929{color:var(--secondaryText);}
  164. :root ._textDecoration-none{text-decoration:none;}
  165. :root ._textUnderlineOffset-3px{text-underline-offset:3px;}
  166. :root ._textDecorationThickness-0px{text-decoration-thickness:0px;}
  167. :root ._color-inherit{color:inherit;}
  168. :root ._minHeight-1481558307{min-height:var(--space-4);}
  169. :root ._minWidth-1481558307{min-width:var(--space-4);}
  170. :root ._width-1481558307{width:var(--space-4);}
  171. :root ._height-1481558307{height:var(--space-4);}
  172. :root ._height-52px{height:52px;}
  173. :root ._borderTopLeftRadius-0px{border-top-left-radius:0px;}
  174. :root ._borderBottomLeftRadius-0px{border-bottom-left-radius:0px;}
  175. :root ._borderTopRightRadius-0px{border-top-right-radius:0px;}
  176. :root ._borderBottomRightRadius-0px{border-bottom-right-radius:0px;}
  177. :root ._paddingRight-1481558338{padding-right:var(--space-3);}
  178. :root ._textAlign-center{text-align:center;}
  179. :root ._letterSpacing-167744028{letter-spacing:var(--f-21-3);}
  180. :root ._fontSize-229441189{font-size:var(--f-si-3);}
  181. :root ._lineHeight-222976542{line-height:var(--f-li-3);}
  182. :root ._borderTopRightRadius-2px{border-top-right-radius:2px;}
  183. :root ._borderBottomRightRadius-2px{border-bottom-right-radius:2px;}
  184. :root ._width-52px{width:52px;}
  185. @media (max-width: 768px){:root:root:root ._flexGrow-_mobile_1{flex-grow:1;}}
  186. @media (max-width: 768px){:root:root:root ._height-_mobile_918645338{height:calc(100svh - 124px);}}
  187. :root ._fontWeight-700{font-weight:700;}
  188. :root ._fontWeight-400{font-weight:400;}
  189. :root ._letterSpacing-0px{letter-spacing:0px;}
  190. :root ._borderTopLeftRadius-2px{border-top-left-radius:2px;}
  191. :root ._borderBottomLeftRadius-2px{border-bottom-left-radius:2px;}
  192. @media (max-width: 768px){:root:root:root ._paddingTop-_mobile_62px{padding-top:62px;}}
  193. @media (min-width: 769px){:root:root:root:root:root ._paddingTop-_desktop_62px{padding-top:62px;}}
  194. :root:root  ._borderTopColor-0active-1252694029:active{border-top-color:var(--borderPressedSolid) !important;}
  195. :root:root  ._borderRightColor-0active-1252694029:active{border-right-color:var(--borderPressedSolid) !important;}
  196. :root:root  ._borderBottomColor-0active-1252694029:active{border-bottom-color:var(--borderPressedSolid) !important;}
  197. :root:root  ._borderLeftColor-0active-1252694029:active{border-left-color:var(--borderPressedSolid) !important;}
  198. @media (hover) {:root  ._borderTopColor-0hover-487556076:hover{border-top-color:var(--borderHoveredSolid) !important;}}
  199. @media (hover) {:root  ._borderRightColor-0hover-487556076:hover{border-right-color:var(--borderHoveredSolid) !important;}}
  200. @media (hover) {:root  ._borderBottomColor-0hover-487556076:hover{border-bottom-color:var(--borderHoveredSolid) !important;}}
  201. @media (hover) {:root  ._borderLeftColor-0hover-487556076:hover{border-left-color:var(--borderHoveredSolid) !important;}}
  202. :root ._backgroundColor-831619644{background-color:var(--bgSolid);}
  203. :root ._borderTopColor-1664740373{border-top-color:var(--borderSolid);}
  204. :root ._borderRightColor-1664740373{border-right-color:var(--borderSolid);}
  205. :root ._borderBottomColor-1664740373{border-bottom-color:var(--borderSolid);}
  206. :root ._borderLeftColor-1664740373{border-left-color:var(--borderSolid);}
  207. :root ._color-408757413{color:var(--darkText);}
  208. :root ._paddingTop-1316330269{padding-top:var(--space-15);}
  209. :root ._paddingBottom-1316330269{padding-bottom:var(--space-15);}
  210. :root ._borderTopWidth-0px{border-top-width:0px;}
  211. :root ._width-80px{width:80px;}
  212. :root ._height-80px{height:80px;}
  213. :root ._borderTopWidth-3px{border-top-width:3px;}
  214. :root ._borderRightWidth-3px{border-right-width:3px;}
  215. :root ._borderBottomWidth-3px{border-bottom-width:3px;}
  216. :root ._borderLeftWidth-3px{border-left-width:3px;}
  217. :root ._borderTopColor-1743955260{border-top-color:var(--greenPrimaryText);}
  218. :root ._borderRadius-5037{border-radius:50%;}
  219. :root ._animation-d0t1436878455{animation:spin 0.85s linear infinite;}
  220. :root ._color-1596625203{color:var(--primaryInverted);}
  221. :root ._right--20px{right:-20px;}
  222. :root ._bottom--50px{bottom:-50px;}
  223. :root ._aspectRatio-d0t785843939{aspect-ratio:0.746268656716418;}
  224. :root ._width-400px{width:400px;}
  225. :root ._width-860px{width:860px;}
  226. :root ._paddingTop-1481558214{padding-top:var(--space-7);}
  227. :root ._paddingBottom-1481558214{padding-bottom:var(--space-7);}
  228. :root ._width-8037{width:80%;}
  229. :root ._textDecoration-underline{text-decoration:underline;}
  230. :root ._textDecorationThickness-1d0t5px46{text-decoration-thickness:1.5px;}
  231. :root ._gap-1481558369{gap:var(--space-2);}
  232. :root ._backgroundColor-white{background-color:white;}
  233. :root ._paddingRight-1481558369{padding-right:var(--space-2);}
  234. :root ._paddingLeft-1481558369{padding-left:var(--space-2);}
  235. :root ._gap-1481558307{gap:var(--space-4);}
  236. :root ._letterSpacing-0d0t01em46{letter-spacing:0.01em;}
  237. :root ._minHeight-1316330269{min-height:var(--space-15);}
  238. :root ._minWidth-1316330269{min-width:var(--space-15);}
  239. :root ._width-1316330269{width:var(--space-15);}
  240. :root ._height-1316330269{height:var(--space-15);}
  241. :root ._letterSpacing-167744183{letter-spacing:var(--f-21-8);}
  242. :root ._fontSize-229441344{font-size:var(--f-si-8);}
  243. :root ._lineHeight-222976697{line-height:var(--f-li-8);}
  244. :root ._paddingTop-1481558276{padding-top:var(--space-5);}
  245. :root ._paddingBottom-1481558276{padding-bottom:var(--space-5);}
  246. :root ._letterSpacing-167744090{letter-spacing:var(--f-21-5);}
  247. :root ._fontSize-229441251{font-size:var(--f-si-5);}
  248. :root ._lineHeight-222976604{line-height:var(--f-li-5);}
  249. :root ._paddingBottom-1481558152{padding-bottom:var(--space-9);}
  250. @media (max-width: 768px){:root:root:root ._justifyContent-_mobile_center{justify-content:center;}}
  251. @media (max-width: 768px){:root:root:root ._paddingTop-_mobile_0px{padding-top:0px;}}
  252. :root ._gap-42px{gap:42px;}
  253. :root ._paddingTop-40px{padding-top:40px;}
  254. :root ._height-315118155{height:calc(100svh - 52px - 62px  - 52px);}
  255. :root ._minHeight-600px{min-height:600px;}
  256. @media (max-width: 768px){:root:root:root ._marginTop-_mobile_0px{margin-top:0px;}}
  257. :root ._marginTop-50px{margin-top:50px;}
  258. :root ._gap-1481558276{gap:var(--space-5);}
  259. @media (hover) {:root  ._borderTopColor-0hover-401796952:hover{border-top-color:var(--primary) !important;}}
  260. @media (hover) {:root  ._borderRightColor-0hover-401796952:hover{border-right-color:var(--primary) !important;}}
  261. @media (hover) {:root  ._borderBottomColor-0hover-401796952:hover{border-bottom-color:var(--primary) !important;}}
  262. @media (hover) {:root  ._borderLeftColor-0hover-401796952:hover{border-left-color:var(--primary) !important;}}
  263. :root ._minHeight-42px{min-height:42px;}
  264. :root ._minWidth-42px{min-width:42px;}
  265. :root ._cursor-text{cursor:text;}
  266. :root ._letterSpacing-0d0t7px46{letter-spacing:0.7px;}
  267. :root ._gap-48px{gap:48px;}
  268. :root ._width-797770429{width:fit-content;}
  269. @media (max-width: 768px){:root:root:root ._minWidth-_mobile_100px{min-width:100px;}}
  270. :root ._minWidth-110px{min-width:110px;}
  271. :root ._fontSize-24px{font-size:24px;}
  272. :root ._fontWeight-600{font-weight:600;}
  273. @media (max-width: 768px){:root:root:root ._marginRight-_mobile_1481558276{margin-right:var(--space-5);}}
  274. :root ._borderLeftWidth-0px{border-left-width:0px;}
  275. :root ._height-initial{height:initial;}
  276. :root ._maxHeight-initial{max-height:initial;}
  277. :root ._marginRight-1316330362{margin-right:var(--space-18);}
  278. :root ._marginLeft-1481558338{margin-left:var(--space-3);}
  279. :root ._width-0px{width:0px;}
  280. :root ._maxWidth-0px{max-width:0px;}
  281. :root ._transform-d0t1907327989{transform:translateY(0px) translateX(-0.5px);}
  282. @media (max-width: 768px){:root:root:root ._minWidth-_mobile_110px{min-width:110px;}}
  283. :root ._minWidth-130px{min-width:130px;}
  284. @media (max-width: 768px){:root:root:root ._height-_mobile_52px{height:52px;}}
  285. :root ._height-58px{height:58px;}
  286. :root ._paddingTop-42px{padding-top:42px;}
  287. :root ._scrollSnapType-1022793777{scroll-snap-type:x mandatory;}
  288. :root ._height-340px{height:340px;}
  289. :root ._width-270px{width:270px;}
  290. :root ._borderTopLeftRadius-12px{border-top-left-radius:12px;}
  291. :root ._borderTopRightRadius-12px{border-top-right-radius:12px;}
  292. :root ._aspectRatio-d0t381661411{aspect-ratio:0.5360501567398119;}
  293. :root ._borderBottomLeftRadius-12px{border-bottom-left-radius:12px;}
  294. :root ._borderBottomRightRadius-12px{border-bottom-right-radius:12px;}
  295. :root ._aspectRatio-d0t1989045827{aspect-ratio:1.2954545454545454;}
  296. :root ._aspectRatio-d0t2034212014{aspect-ratio:1.8963730569948187;}
  297. :root ._aspectRatio-d0t468126162{aspect-ratio:1.3079710144927537;}
  298. :root ._aspectRatio-d0t937652882{aspect-ratio:1.7596153846153846;}
  299. :root ._paddingRight-1481558276{padding-right:var(--space-5);}
  300. :root ._paddingTop-1481558307{padding-top:var(--space-4);}
  301. :root ._minHeight-9px{min-height:9px;}
  302. :root ._minWidth-9px{min-width:9px;}
  303. :root ._borderTopLeftRadius-100000px{border-top-left-radius:100000px;}
  304. :root ._borderTopRightRadius-100000px{border-top-right-radius:100000px;}
  305. :root ._borderBottomRightRadius-100000px{border-bottom-right-radius:100000px;}
  306. :root ._borderBottomLeftRadius-100000px{border-bottom-left-radius:100000px;}
  307. :root ._width-9px{width:9px;}
  308. :root ._height-9px{height:9px;}
  309. :root ._maxWidth-9px{max-width:9px;}
  310. :root ._maxHeight-9px{max-height:9px;}
  311. :root ._backgroundColor-401796952{background-color:var(--primary);}
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  599. .r-cpa5s6{scroll-snap-align:start;}
  600. .r-eqz5dr{flex-direction:column;}
  601. .r-gtdqiz{position:-webkit-sticky;position:sticky;}
  602. .r-ipm5af{top:0px;}
  603. .r-lltvgl{overflow-x:auto;}
  604. .r-mfh4gg{scroll-snap-type:x mandatory;}
  605. .r-mhe3cw{z-index:10;}
  606. .r-u8s1d{position:absolute;}
  607. .r-van48c{caret-color:transparent;}
  608. .r-zchlnj{right:0px;}</style></head><body><div tabindex="-1" role="region" aria-label="Notifications (F8)" class="is_ViewportWrapper _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-fixed _minHeight-0px _minWidth-0px _flexShrink-0 _pointerEvents-box-none _top-0px _bottom-0px _left-0px _right-0px _maxWidth-10037 _zIndex-100000"><div tabindex="-1" class="is_ToastViewport _top-_mobile_1481558369 _right-_mobile_1481558369 _left-_mobile_1481558369 _top-_desktop_1481558307 _right-_desktop_1481558307 _display-flex _alignItems-stretch _flexBasis-auto _boxSizing-border-box _position-fixed _minHeight-0px _minWidth-0px _flexShrink-0 _pointerEvents-box-none _maxWidth-10037 _flexDirection-column"></div></div><span class="t_sub_theme t_dark _dsp_contents is_Theme"><style>
  609.          html,
  610.          body {
  611.            color: #F5F7F7;
  612.            background: #0C1820;
  613.            ::-webkit-scrollbar {
  614.              width: 0px !important;
  615.              height: 4px;
  616.            }
  617.            ::-webkit-scrollbar-thumb {
  618.              border-radius: 4px;
  619.              background-color: #1F2D3F;
  620.            }
  621.          }  
  622.          @-moz-document url-prefix() {
  623.            body {
  624.              scrollbar-width: thin;
  625.              scrollbar-color: #1F2D3F transparent;
  626.            }
  627.          }
  628.          @media screen and (min-width: 769px) {
  629.            html, body {
  630.              height: 100% !important;
  631.              min-height: 100% !important;
  632.            }
  633.          }
  634.          @media screen and (max-width: 768px) {
  635.            min-height: 100dvh;
  636.            height: 100dvh;
  637.            width: 100%;
  638.            max-width: 100%;
  639.          }
  640.      </style><div id="root" class="_paddingBottom-_mobile_471867601 _paddingTop-_mobile_62px _paddingTop-_desktop_62px _display-flex _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-10037 _width-10037 _maxWidth-100vw _alignItems-center _overflowX-hidden"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-fixed _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _backgroundColor-370241845 _zIndex-10 _top-0px _left-0px _right-0px _overflowY-hidden"><div class="_display-_desktop_none _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _alignItems-center _width-10037 _height-62px _paddingRight-1481558307 _paddingLeft-1481558307 _justifyContent-441309761 _borderBottomWidth-1px _backgroundColor-370241845 _overflowY-hidden _borderBottomStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _alignItems-center"><a href="/"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0"><svg width="94" height="94" viewBox="0 0 94 24" xmlns="http://www.w3.org/2000/svg" color="var(--primary)"><path d="M45.1059 24H31.4555L31.4555 1.81958H35.0411V20.3981H45.1059V24Z" fill="currentcolor"></path><path d="M57.1763 1.81958H53.5902V9.80999L49.1873 14.2496L44.7844 9.80999V1.81958H41.1984V11.3016L47.3965 17.1254V24H50.9782V17.1254L57.1763 11.3016V1.81958Z" fill="currentcolor"></path><path d="M75.474 11.9284V5.01902L72.2985 1.81958H59.4961V24H63.0822V15.1278H64.1348L72.9406 24H75.474V21.4475L69.1973 15.1234H72.2941L75.4696 11.924L75.474 11.9284ZM71.8879 10.4409L70.7566 11.5807H63.0822V5.37109H70.7566L71.8879 6.51092V10.4409Z" fill="currentcolor"></path><path d="M94 24H89.9741V18.043H81.9222V24H77.8963V8.22022L84.2497 1.81958H87.6466L94 8.22022V24ZM89.9741 14.0505V9.89959L85.9482 5.84374L81.9222 9.89959V14.0505H89.9741Z" fill="currentcolor"></path><path d="M0 15.668H22.6914L26.4658 23.9425H3.70209L0 15.668Z" fill="currentcolor"></path><path d="M2.1726 13.577L15.7676 0L19.7871 9.05144L15.0585 13.577H2.1726Z" fill="currentcolor"></path></svg></div></a></div><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _justifyContent-flex-end"></div></div></div><div class="_display-_mobile_none _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-fixed _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _backgroundColor-370241845 _zIndex-10 _height-62px _top-0px _left-0px _right-0px _overflowY-hidden"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-1px _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _alignItems-center _width-10037 _height-62px _paddingRight-1481558307 _paddingLeft-1481558307 _backgroundColor-370241845 _overflowY-hidden _borderBottomStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-350px _alignItems-center"><a href="/"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0"><svg width="94" height="94" viewBox="0 0 94 24" xmlns="http://www.w3.org/2000/svg" color="var(--primary)"><path d="M45.1059 24H31.4555L31.4555 1.81958H35.0411V20.3981H45.1059V24Z" fill="currentcolor"></path><path d="M57.1763 1.81958H53.5902V9.80999L49.1873 14.2496L44.7844 9.80999V1.81958H41.1984V11.3016L47.3965 17.1254V24H50.9782V17.1254L57.1763 11.3016V1.81958Z" fill="currentcolor"></path><path d="M75.474 11.9284V5.01902L72.2985 1.81958H59.4961V24H63.0822V15.1278H64.1348L72.9406 24H75.474V21.4475L69.1973 15.1234H72.2941L75.4696 11.924L75.474 11.9284ZM71.8879 10.4409L70.7566 11.5807H63.0822V5.37109H70.7566L71.8879 6.51092V10.4409Z" fill="currentcolor"></path><path d="M94 24H89.9741V18.043H81.9222V24H77.8963V8.22022L84.2497 1.81958H87.6466L94 8.22022V24ZM89.9741 14.0505V9.89959L85.9482 5.84374L81.9222 9.89959V14.0505H89.9741Z" fill="currentcolor"></path><path d="M0 15.668H22.6914L26.4658 23.9425H3.70209L0 15.668Z" fill="currentcolor"></path><path d="M2.1726 13.577L15.7676 0L19.7871 9.05144L15.0585 13.577H2.1726Z" fill="currentcolor"></path></svg></div></a></div><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _flexGrow-1 _justifyContent-center _alignItems-center"><a role="link" data-disable-theme="true" href="/airdrop" class="is_Anchor font_body _color-24817929 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-none _textUnderlineOffset-3px _textDecorationThickness-0px"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _color-inherit _letterSpacing-167743997 _fontSize-229441158 _lineHeight-222976511 _fontWeight-500">Airdrop</span></a><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558307 _minWidth-1481558307 _flexShrink-0 _pointerEvents-none _width-1481558307 _height-1481558307"></span><a role="link" data-disable-theme="true" href="/perps/eth" class="is_Anchor font_body _color-24817929 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-none _textUnderlineOffset-3px _textDecorationThickness-0px"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _color-inherit _letterSpacing-167743997 _fontSize-229441158 _lineHeight-222976511 _fontWeight-500">Perps</span></a><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558307 _minWidth-1481558307 _flexShrink-0 _pointerEvents-none _width-1481558307 _height-1481558307"></span><a role="link" data-disable-theme="true" href="/options/eth" class="is_Anchor font_body _color-24817929 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-none _textUnderlineOffset-3px _textDecorationThickness-0px"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _color-inherit _letterSpacing-167743997 _fontSize-229441158 _lineHeight-222976511 _fontWeight-500">Options</span></a><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558307 _minWidth-1481558307 _flexShrink-0 _pointerEvents-none _width-1481558307 _height-1481558307"></span><a role="link" data-disable-theme="true" href="/rewards" class="is_Anchor font_body _color-24817929 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-none _textUnderlineOffset-3px _textDecorationThickness-0px"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _color-inherit _letterSpacing-167743997 _fontSize-229441158 _lineHeight-222976511 _fontWeight-500">Rewards</span></a></div><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _justifyContent-flex-end _width-350px"><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558338 _minWidth-1481558338 _flexShrink-0 _pointerEvents-none _width-1481558338 _height-1481558338"></span><span class="t_sub_theme t_green_Button _dsp_contents is_Theme"><button class="is_Button _backgroundColor-0active-1215825325 _borderTopColor-0hover-487556076 _borderRightColor-0hover-487556076 _borderBottomColor-0hover-487556076 _borderLeftColor-0hover-487556076 _borderTopColor-0active-1252694029 _borderRightColor-0active-1252694029 _borderBottomColor-0active-1252694029 _borderLeftColor-0active-1252694029 _display-flex _alignItems-center _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558214 _minWidth-1481558214 _flexShrink-0 _cursor-pointer _justifyContent-center _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _backgroundColor-831619644 _borderTopColor-1664740373 _borderRightColor-1664740373 _borderBottomColor-1664740373 _borderLeftColor-1664740373 _paddingRight-1316330269 _paddingLeft-1316330269 _paddingTop-1481558369 _paddingBottom-1481558369 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _alignItems-center _justifyContent-center"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _textAlign-center _flexGrow-1 _color-408757413 _letterSpacing-167743997 _fontSize-229441158 _lineHeight-222976511 _fontWeight-500">Sign In</span></div></button></span></div></div></div></div></div><div class="_display-_desktop_none _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-fixed _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _justifyContent-center _alignItems-center _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _backgroundColor-370241845 _borderTopWidth-1px _borderBottomWidth-1px _height-52px _zIndex-10 _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _bottom-0px _left-0px _right-0px _borderBottomStyle-solid _borderTopStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-column _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _height-52px _flexGrow-1 _flexShrink-1 _flexBasis-0px _borderTopLeftRadius-2px _borderBottomLeftRadius-2px _borderTopRightRadius-0px _borderBottomRightRadius-0px"><span class="t_sub_theme t_green_Button _dsp_contents is_Theme"><button class="is_Button _backgroundColor-0active-1215825325 _borderTopColor-0hover-499333755 _borderRightColor-0hover-499333755 _borderBottomColor-0hover-499333755 _borderLeftColor-0hover-499333755 _display-flex _alignItems-center _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558183 _minWidth-1481558183 _flexShrink-0 _cursor-pointer _justifyContent-center _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _backgroundColor-var--bg1281 _borderTopColor-1432066276 _borderRightColor-1432066276 _borderBottomColor-1432066276 _borderLeftColor-1432066276 _paddingRight-1481558338 _paddingLeft-1481558338 _paddingTop-1481558369 _paddingBottom-1481558369 _width-10037 _height-10037 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _alignItems-center _justifyContent-center"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _textAlign-center _flexGrow-1 _color-1743955260 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-500">Sign In</span></div></button></span></div><div class="_display-flex _alignItems-stretch _flexDirection-column _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _height-52px _flexGrow-1 _flexShrink-1 _flexBasis-0px _borderTopLeftRadius-0px _borderBottomLeftRadius-0px _borderTopRightRadius-0px _borderBottomRightRadius-0px"><span class="t_sub_theme t_primary_Button _dsp_contents is_Theme"><a href="/airdrop" class="is_Button _backgroundColor-0active-1215825325 _borderTopColor-0hover-499333755 _borderRightColor-0hover-499333755 _borderBottomColor-0hover-499333755 _borderLeftColor-0hover-499333755 _display-flex _alignItems-center _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558183 _minWidth-1481558183 _flexShrink-0 _cursor-pointer _justifyContent-center _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _backgroundColor-var--bg1281 _borderTopColor-1432066276 _borderRightColor-1432066276 _borderBottomColor-1432066276 _borderLeftColor-1432066276 _paddingRight-1481558338 _paddingLeft-1481558338 _paddingTop-1481558369 _paddingBottom-1481558369 _width-10037 _height-10037 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _alignItems-center _justifyContent-center"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _textAlign-center _flexGrow-1 _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-500">Airdrop</span></div></a></span></div><div aria-haspopup="dialog" aria-expanded="false" data-state="closed" class="_display-flex _alignItems-stretch _flexDirection-column _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexGrow-1 _flexShrink-1 _flexBasis-0px _height-52px _borderTopLeftRadius-0px _borderBottomLeftRadius-0px _borderTopRightRadius-2px _borderBottomRightRadius-2px"><span class="t_sub_theme t_primary_Button _dsp_contents is_Theme"><button class="is_Button _backgroundColor-0active-1215825325 _borderTopColor-0hover-499333755 _borderRightColor-0hover-499333755 _borderBottomColor-0hover-499333755 _borderLeftColor-0hover-499333755 _display-flex _alignItems-center _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558183 _minWidth-1481558183 _flexShrink-0 _cursor-pointer _justifyContent-center _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _backgroundColor-var--bg1281 _borderTopColor-1432066276 _borderRightColor-1432066276 _borderBottomColor-1432066276 _borderLeftColor-1432066276 _paddingRight-1481558338 _paddingLeft-1481558338 _paddingTop-1481558369 _paddingBottom-1481558369 _width-auto _height-10037 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _alignItems-center _justifyContent-center"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _textAlign-center _flexGrow-1 _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-500">Trade</span></div></button></span></div><div class="_display-flex _alignItems-stretch _flexDirection-column _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _height-52px _flexGrow-1 _flexShrink-1 _flexBasis-0px _borderTopLeftRadius-0px _borderBottomLeftRadius-0px _borderTopRightRadius-0px _borderBottomRightRadius-0px"><span class="t_sub_theme t_primary_Button _dsp_contents is_Theme"><a href="/rewards" class="is_Button _backgroundColor-0active-1215825325 _borderTopColor-0hover-499333755 _borderRightColor-0hover-499333755 _borderBottomColor-0hover-499333755 _borderLeftColor-0hover-499333755 _display-flex _alignItems-center _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558183 _minWidth-1481558183 _flexShrink-0 _cursor-pointer _justifyContent-center _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _backgroundColor-var--bg1281 _borderTopColor-1432066276 _borderRightColor-1432066276 _borderBottomColor-1432066276 _borderLeftColor-1432066276 _paddingRight-1481558338 _paddingLeft-1481558338 _paddingTop-1481558369 _paddingBottom-1481558369 _width-10037 _height-10037 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _alignItems-center _justifyContent-center"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _textAlign-center _flexGrow-1 _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-500">Rewards</span></div></a></span></div></div></div><!--$--><div class="_display-_desktop_none _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-10037 _width-10037"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _height-10037 _paddingBottom-1481558152"><div class="_justifyContent-_mobile_center _paddingTop-_mobile_0px _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minWidth-0px _flexShrink-0 _gap-42px _paddingTop-40px _paddingRight-1481558338 _paddingLeft-1481558338 _height-315118155 _minHeight-600px _overflowX-hidden _overflowY-hidden"><div class="_marginTop-_mobile_0px _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338 _marginTop-50px"><h2 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-700">The Leading DeFi Options Exchange</h2><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Trade cryptocurrency options, perpetuals and spot on the most powerful derivatives exchange in DeFi.</span></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558369"><div class="_display-flex _alignItems-stretch _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _flexDirection-row"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _flexGrow-1"><div class="is_InputContainer _borderTopColor-0hover-401796952 _borderRightColor-0hover-401796952 _borderBottomColor-0hover-401796952 _borderLeftColor-0hover-401796952 _display-flex _alignItems-center _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-42px _minWidth-42px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _cursor-text _paddingRight-1481558338 _paddingLeft-1481558338 _width-10037 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><span class="_dsp_contents"><span class="_dsp_contents"><input placeholder="Enter your email" autoCapitalize="sentences" autoComplete="on" autoCorrect="on" dir="auto" inputMode="email" rows="1" spellCheck="true" type="email" class="css-11aywtz r-6taxm2 is_Input font_special true  _fontFamily-299667014 _letterSpacing-0d0t7px46 _flexGrow-1 _minWidth-0px _minHeight-42px _fontSize-229441189 _textAlign-left" style="--placeholderTextColor:var(--secondary)" value=""/></span></span></div></div><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558369 _minWidth-1481558369 _flexShrink-0 _pointerEvents-none _width-1481558369 _height-1481558369"></span><span class="t_sub_theme t_green_Button _dsp_contents is_Theme"><button class="is_Button _backgroundColor-0active-1215825325 _borderTopColor-0hover-487556076 _borderRightColor-0hover-487556076 _borderBottomColor-0hover-487556076 _borderLeftColor-0hover-487556076 _borderTopColor-0active-1252694029 _borderRightColor-0active-1252694029 _borderBottomColor-0active-1252694029 _borderLeftColor-0active-1252694029 _display-flex _alignItems-center _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558183 _minWidth-1481558183 _flexShrink-0 _cursor-pointer _justifyContent-center _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 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IN</span></div></button></span></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-48px"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441127 _lineHeight-222976480 _fontWeight-500 _letterSpacing-0d0t01em46">Sign in with</span><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box 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_borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _alignItems-center _justifyContent-center"><svg version="1.1" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 48 48" xmlns:xlink="http://www.w3.org/1999/xlink" color="var(--text)" height="18" width="18"><path fill="var(--text)" d="M24 9.5c3.54 0 6.71 1.22 9.21 3.6l6.85-6.85C35.9 2.38 30.47 0 24 0 14.62 0 6.51 5.38 2.56 13.22l7.98 6.19C12.43 13.72 17.74 9.5 24 9.5z"></path><path fill="var(--text)" d="M46.98 24.55c0-1.57-.15-3.09-.38-4.55H24v9.02h12.94c-.58 2.96-2.26 5.48-4.78 7.18l7.73 6c4.51-4.18 7.09-10.36 7.09-17.65z"></path><path fill="var(--text)" d="M10.53 28.59c-.48-1.45-.76-2.99-.76-4.59s.27-3.14.76-4.59l-7.98-6.19C.92 16.46 0 20.12 0 24c0 3.88.92 7.54 2.56 10.78l7.97-6.19z"></path><path fill="var(--text)" d="M24 48c6.48 0 11.93-2.13 15.89-5.81l-7.73-6c-2.15 1.45-4.92 2.3-8.16 2.3-6.26 0-11.57-4.22-13.47-9.91l-7.98 6.19C6.51 42.62 14.62 48 24 48z"></path><path fill="none" d="M0 0h48v48H0z"></path></svg></div></button></span></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441127 _lineHeight-222976480 _fontWeight-500 _letterSpacing-0d0t01em46">Or continue with a wallet</span><span class="t_sub_theme t_green_Button _dsp_contents is_Theme"><button class="is_Button _backgroundColor-0active-1215825325 _borderTopColor-0hover-487556076 _borderRightColor-0hover-487556076 _borderBottomColor-0hover-487556076 _borderLeftColor-0hover-487556076 _borderTopColor-0active-1252694029 _borderRightColor-0active-1252694029 _borderBottomColor-0active-1252694029 _borderLeftColor-0active-1252694029 _display-flex _alignItems-center _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558183 _minWidth-1481558183 _flexShrink-1 _cursor-pointer _justifyContent-center _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _backgroundColor-831619644 _borderTopColor-1664740373 _borderRightColor-1664740373 _borderBottomColor-1664740373 _borderLeftColor-1664740373 _paddingRight-1481558338 _paddingLeft-1481558338 _paddingTop-1481558369 _paddingBottom-1481558369 _flexGrow-1 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _alignItems-center _justifyContent-center"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _textAlign-center _flexGrow-1 _color-408757413 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-500">Connect Wallet</span></div></button></span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0"><div class="_minWidth-_mobile_100px _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _flexShrink-1 _flexGrow-1 _minWidth-110px _gap-1481558276"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441127 _lineHeight-222976480 _fontWeight-500 _letterSpacing-0d0t01em46">Notional Volume</span><h3 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743997 _fontSize-24px _lineHeight-222976511 _fontWeight-600">...</h3></div><div class="is_Separator _marginRight-_mobile_1481558276 _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _borderTopWidth-0px _borderRightWidth-1px _borderBottomWidth-0px _borderLeftWidth-0px _flexGrow-1 _height-initial _maxHeight-initial _marginRight-1316330362 _marginLeft-1481558338 _width-0px _maxWidth-0px _borderBottomStyle-solid _borderRightStyle-solid _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopStyle-solid _borderLeftStyle-solid _transform-d0t1907327989"></div><div class="_minWidth-_mobile_110px _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _flexShrink-1 _flexGrow-1 _minWidth-130px _gap-1481558276"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441127 _lineHeight-222976480 _fontWeight-500 _letterSpacing-0d0t01em46">Deposited</span><h3 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743997 _fontSize-24px _lineHeight-222976511 _fontWeight-600">...</h3></div><div class="is_Separator _marginRight-_mobile_1481558276 _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _borderTopWidth-0px _borderRightWidth-1px _borderBottomWidth-0px _borderLeftWidth-0px _flexGrow-1 _height-initial _maxHeight-initial _marginRight-1316330362 _marginLeft-1481558338 _width-0px _maxWidth-0px _borderBottomStyle-solid _borderRightStyle-solid _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopStyle-solid _borderLeftStyle-solid _transform-d0t1907327989"></div><div class="_minWidth-_mobile_100px _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _flexShrink-1 _flexGrow-1 _minWidth-110px _gap-1481558276"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441127 _lineHeight-222976480 _fontWeight-500 _letterSpacing-0d0t01em46">Trades</span><h3 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743997 _fontSize-24px _lineHeight-222976511 _fontWeight-600">...</h3></div></div></div><div class="_height-_mobile_52px _display-flex _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-1px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _width-10037 _alignItems-center _height-58px _cursor-pointer _backgroundColor-370241845"><div class="_display-flex _alignItems-stretch _flexDirection-row _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexGrow-1 _flexShrink-1 _flexBasis-0px"></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-42px _paddingTop-42px"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558338 _paddingLeft-1481558338"><div class="_display-flex _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _alignItems-center"><h2 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textAlign-center _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-700">Trade with <s>style</s> power</h2><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textAlign-center _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">The Lyra Exchange is the leader in on-chain options trading. Access more tools and features with low fees and high security. From powerful margin tools to advanced order types, trade with the confidence of self-custody and the ultimate security of Ethereum.</span></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-42px"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingBottom-1481558369 _overflowY-hidden _scrollSnapType-1022793777"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0"><div style="scroll-snap-align:center"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _height-340px _width-270px"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><h4 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743966 _fontSize-229441127 _lineHeight-222976480 _fontWeight-700">The Everything DEX</h4><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Trade options, perpetuals and spot all at once in the most capital efficient on-chain DEX.</span></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopLeftRadius-12px _borderTopRightRadius-12px _overflowX-hidden _overflowY-hidden _aspectRatio-d0t381661411"><img alt="Options Page Screenshot" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="/images/landing/features/trade.gif"/></div></div></div><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558307 _minWidth-1481558307 _flexShrink-0 _pointerEvents-none _width-1481558307 _height-1481558307"></span><div style="scroll-snap-align:center"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _height-340px _width-270px"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _flexGrow-1"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomLeftRadius-12px _borderBottomRightRadius-12px _aspectRatio-d0t1989045827 _overflowX-hidden _overflowY-hidden"><img alt="Trade Form Screenshot" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="/images/landing/features/submit.gif"/></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _gap-1481558338 _flexGrow-1"><h4 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743966 _fontSize-229441127 _lineHeight-222976480 _fontWeight-700">Low Fees, Zero Gas</h4><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Once you deposit to Lyra Chain, you no longer pay gas fees for each transaction.</span></div></div></div><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558307 _minWidth-1481558307 _flexShrink-0 _pointerEvents-none _width-1481558307 _height-1481558307"></span><div style="scroll-snap-align:center"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _height-340px _width-270px"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopLeftRadius-12px _borderBottomLeftRadius-12px _overflowX-hidden _overflowY-hidden _aspectRatio-d0t2034212014"><img alt="Margin Health Screenshot" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="/images/landing/features/margin.gif"/></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><h4 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743966 _fontSize-229441127 _lineHeight-222976480 _fontWeight-700">Buying Power</h4><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Maximize your buying power with portfolio margin and cross-asset collateral.</span></div></div></div><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558307 _minWidth-1481558307 _flexShrink-0 _pointerEvents-none _width-1481558307 _height-1481558307"></span><div style="scroll-snap-align:center"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _height-340px _width-270px"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><h4 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743966 _fontSize-229441127 _lineHeight-222976480 _fontWeight-700">Deep Liquidity</h4><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Instant access to deep liquidity on Lyra&#x27;s orderbook.</span></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopLeftRadius-12px _borderTopRightRadius-12px _aspectRatio-d0t468126162 _overflowX-hidden _overflowY-hidden"><img alt="Orderbook Screenshot" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="/images/landing/features/orderbook.gif"/></div></div></div><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558307 _minWidth-1481558307 _flexShrink-0 _pointerEvents-none _width-1481558307 _height-1481558307"></span><div style="scroll-snap-align:center"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _height-340px _width-270px"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopLeftRadius-12px _borderBottomLeftRadius-12px _overflowX-hidden _overflowY-hidden _width-10037 _aspectRatio-d0t937652882"><img alt="Payoff Chart Screenshot" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="/images/landing/features/payoff.gif"/></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338 _paddingRight-1481558276"><h4 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743966 _fontSize-229441127 _lineHeight-222976480 _fontWeight-700">Unlimited Strategies</h4><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Build any payoff to execute any trading strategy.</span></div></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _justifyContent-center _paddingTop-1481558307"><div class="is_Circle _display-flex _alignItems-center _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-9px _minWidth-9px _flexShrink-0 _justifyContent-center _borderTopLeftRadius-100000px _borderTopRightRadius-100000px _borderBottomRightRadius-100000px _borderBottomLeftRadius-100000px _paddingTop-0px _paddingRight-0px _paddingBottom-0px _paddingLeft-0px _width-9px _height-9px _maxWidth-9px _maxHeight-9px _backgroundColor-401796952"></div><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558338 _minWidth-1481558338 _flexShrink-0 _pointerEvents-none _width-1481558338 _height-1481558338"></span><div class="is_Circle _display-flex _alignItems-center _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-9px _minWidth-9px _flexShrink-0 _justifyContent-center _borderTopLeftRadius-100000px _borderTopRightRadius-100000px _borderBottomRightRadius-100000px _borderBottomLeftRadius-100000px _paddingTop-0px _paddingRight-0px _paddingBottom-0px _paddingLeft-0px _width-9px _height-9px _maxWidth-9px _maxHeight-9px _backgroundColor-1701014030"></div><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558338 _minWidth-1481558338 _flexShrink-0 _pointerEvents-none _width-1481558338 _height-1481558338"></span><div class="is_Circle _display-flex _alignItems-center _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-9px _minWidth-9px _flexShrink-0 _justifyContent-center _borderTopLeftRadius-100000px _borderTopRightRadius-100000px _borderBottomRightRadius-100000px _borderBottomLeftRadius-100000px _paddingTop-0px _paddingRight-0px _paddingBottom-0px _paddingLeft-0px _width-9px _height-9px _maxWidth-9px _maxHeight-9px _backgroundColor-1701014030"></div><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558338 _minWidth-1481558338 _flexShrink-0 _pointerEvents-none _width-1481558338 _height-1481558338"></span><div class="is_Circle _display-flex _alignItems-center _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-9px _minWidth-9px _flexShrink-0 _justifyContent-center _borderTopLeftRadius-100000px _borderTopRightRadius-100000px _borderBottomRightRadius-100000px _borderBottomLeftRadius-100000px _paddingTop-0px _paddingRight-0px _paddingBottom-0px _paddingLeft-0px _width-9px _height-9px _maxWidth-9px _maxHeight-9px _backgroundColor-1701014030"></div><span class="is_Spacer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558338 _minWidth-1481558338 _flexShrink-0 _pointerEvents-none _width-1481558338 _height-1481558338"></span><div class="is_Circle _display-flex _alignItems-center _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-9px _minWidth-9px _flexShrink-0 _justifyContent-center _borderTopLeftRadius-100000px _borderTopRightRadius-100000px _borderBottomRightRadius-100000px _borderBottomLeftRadius-100000px _paddingTop-0px _paddingRight-0px _paddingBottom-0px _paddingLeft-0px _width-9px _height-9px _maxWidth-9px _maxHeight-9px _backgroundColor-1701014030"></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558338 _paddingLeft-1481558338"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276"><h2 class="is_SizableText font_heading _textAlign-_mobile_center _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-700">Your keys, your crypto</h2><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><span class="is_SizableText font_body _textAlign-_mobile_center _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">When you trade on Lyra, your account’s private key gives you complete control over your funds and positions. The Lyra Exchange can never steal from you and its activity is completely open and transparent.</span><span class="is_SizableText font_body _textAlign-_mobile_center _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">All trades on Lyra settle to the Lyra Protocol, a decentralized protocol for settling and liquidating derivatives. The protocol lives on an Optimistic Rollup that settles to Ethereum. The protocol is battle-tested and audited by leading security experts.</span></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _aspectRatio-d0t1062218047"><img alt="Your keys, your crypto" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" sizes="100vw" srcSet="/_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=640&amp;q=75 640w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=750&amp;q=75 750w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=828&amp;q=75 828w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=1080&amp;q=75 1080w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=1200&amp;q=75 1200w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=1920&amp;q=75 1920w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=2048&amp;q=75 2048w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=3840&amp;q=75 3840w" src="/_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=3840&amp;q=75"/></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558214 _paddingRight-1481558338 _paddingLeft-1481558338"><h2 class="is_SizableText font_heading _textAlign-_mobile_center _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-700">Frequently Asked Questions</h2><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558307"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">What is crypto?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Cryptocurrencies are decentralized digital currencies that operate on blockchain technology. Their key features include transparency, borderless transactions and immutability. You can trade popular cryprocurrencies like ETH and BTC on Lyra.</span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">What is DeFi?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">DeFi, or decentralized finance, refers to an ecosystem of financial applications built directly on top of blockchain technology. A DEX, or decentralized exchange, is a peer-to-peer marketplace where transactions occur directly between traders. DEXs foster financial transactions that aren’t officiated by banks, brokers, or any other intermediary. Their key features include self-custody, transparency, borderless transactions and immutability. As a user of a DEX, you control your private key and no centralized entity can access your funds or make trades on your behalf.</span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">What products does the Lyra Exchange provide?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">With a variety of products, such as spot, futures, margin and options trading, users on Lyra have plenty to choose from when trading BTC, ETH and other cryptocurrencies. Lyra also offers powerful trading tools like cross-margin, portfolio margin, cross-asset collateral.</span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">What is the LYRA token?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">The LYRA token is the native governance token of the Lyra Protocol. It enables governance of the Lyra DAO and aligns interests between various stakeholders. <a role="link" data-disable-theme="true" href="https://docs.lyra.finance/docs/token" class="is_Anchor font_body _color-24817929 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-underline _textUnderlineOffset-3px _textDecorationThickness-1d0t5px46"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-inherit _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Learn more</span></a></span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">What is the Lyra Protocol?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">The Lyra Protocol is a permissionless protocol that settles perpetuals, options and spot trades. The protocol is deployed to Lyra Chain, an Optimistic Rollup that settles to the Ethereum blockchain. The protocol is governed by the Lyra DAO and LYRA token holders. <a role="link" data-disable-theme="true" href="https://docs.lyra.finance/docs/overview-2" class="is_Anchor font_body _color-24817929 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-underline _textUnderlineOffset-3px _textDecorationThickness-1d0t5px46"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-inherit _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Learn more</span></a></span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">Can US citizens use the Lyra Exchange?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269 _gap-1481558338"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">No, Lyra Exchange and its products are not available to customers in the United States.</span><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Our platform is unavailable in the following regions: Australia, the United States of America, Canada, Panama, Iran, Iraq, Libya, Mali, Nicaragua, Cuba, Democratic People’s Republic of Korea (North Korea), Russia, Somalia, Sudan, Syria, Yemen, Zimbabwe, Myanmar (Burma), Cote D’Ivoire (Ivory Coast), Democratic Republic of Congo, the regions of Crimea, Donetsk, or Luhansk</span><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Read our  <a role="link" data-disable-theme="true" href="https://www.lyra.finance/terms-of-use" class="is_Anchor font_body _color-24817929 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-underline _textUnderlineOffset-3px _textDecorationThickness-1d0t5px46"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-inherit _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Terms of Use</span></a>  for more details.</span></div></div></div></div></div><h2 class="is_SizableText font_heading _textAlign-_mobile_center _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-700">Latest Posts</h2><div class="_display-grid _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-12px _gridTemplateColumns-1690619418"><div class="_cursor-0hover-pointer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingTop-1481558338 _paddingRight-1481558338 _paddingBottom-1481558338 _paddingLeft-1481558338 _flexGrow-1 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><img alt="https://blog.lyra.finance/content/images/2024/04/ldx_farming_program.png" loading="lazy" width="300" height="150" decoding="async" data-nimg="1" style="color:transparent" src="https://blog.lyra.finance/content/images/2024/04/ldx_farming_program.png"/><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginTop-1481558369 _marginRight-1481558369 _marginBottom-1481558369 _marginLeft-1481558369"></div><a role="link" data-disable-theme="true" href="https://blog.lyra.finance/ldx-farming-program/" target="_blank" class="is_Anchor font_body _color-401796952 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-none _textUnderlineOffset-3px _textDecorationThickness-0px"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _width-300px _color-inherit _letterSpacing-167743997 _fontSize-229441158 _lineHeight-222976511 _fontWeight-500">LDX Farming Program</span></a></div><div class="_cursor-0hover-pointer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingTop-1481558338 _paddingRight-1481558338 _paddingBottom-1481558338 _paddingLeft-1481558338 _flexGrow-1 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><img alt="https://blog.lyra.finance/content/images/2024/04/Group-190.png" loading="lazy" width="300" height="150" decoding="async" data-nimg="1" style="color:transparent" src="https://blog.lyra.finance/content/images/2024/04/Group-190.png"/><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginTop-1481558369 _marginRight-1481558369 _marginBottom-1481558369 _marginLeft-1481558369"></div><a role="link" data-disable-theme="true" href="https://blog.lyra.finance/0dte-options-the-most-powerful-tool-in-finance/" target="_blank" class="is_Anchor font_body _color-401796952 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-none _textUnderlineOffset-3px _textDecorationThickness-0px"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _width-300px _color-inherit _letterSpacing-167743997 _fontSize-229441158 _lineHeight-222976511 _fontWeight-500">0DTE Options: The Most Powerful Tool in Finance</span></a></div><div class="_cursor-0hover-pointer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingTop-1481558338 _paddingRight-1481558338 _paddingBottom-1481558338 _paddingLeft-1481558338 _flexGrow-1 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><img 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_color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Trade cryptocurrency options, perpetuals and spot on the most powerful derivatives exchange in DeFi.</span></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558369"><div class="_display-flex _alignItems-stretch _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _flexDirection-row"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _flexGrow-1"><div class="is_InputContainer _borderTopColor-0hover-401796952 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_boxSizing-border-box _position-relative _minHeight-1481558183 _minWidth-1481558183 _flexShrink-0 _cursor-pointer _justifyContent-center _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _backgroundColor-831619644 _borderTopColor-1664740373 _borderRightColor-1664740373 _borderBottomColor-1664740373 _borderLeftColor-1664740373 _paddingRight-1481558338 _paddingLeft-1481558338 _paddingTop-1481558369 _paddingBottom-1481558369 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _alignItems-center _justifyContent-center"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word 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_borderBottomLeftRadius-1307609905 _backgroundColor-var--bg1281 _borderTopColor-1432066276 _borderRightColor-1432066276 _borderBottomColor-1432066276 _borderLeftColor-1432066276 _paddingRight-0px _paddingLeft-0px _paddingTop-0px _paddingBottom-0px _width-797770429 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _alignItems-center _justifyContent-center"><svg version="1.1" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 48 48" xmlns:xlink="http://www.w3.org/1999/xlink" color="var(--text)" height="18" width="18"><path fill="var(--text)" d="M24 9.5c3.54 0 6.71 1.22 9.21 3.6l6.85-6.85C35.9 2.38 30.47 0 24 0 14.62 0 6.51 5.38 2.56 13.22l7.98 6.19C12.43 13.72 17.74 9.5 24 9.5z"></path><path fill="var(--text)" d="M46.98 24.55c0-1.57-.15-3.09-.38-4.55H24v9.02h12.94c-.58 2.96-2.26 5.48-4.78 7.18l7.73 6c4.51-4.18 7.09-10.36 7.09-17.65z"></path><path fill="var(--text)" d="M10.53 28.59c-.48-1.45-.76-2.99-.76-4.59s.27-3.14.76-4.59l-7.98-6.19C.92 16.46 0 20.12 0 24c0 3.88.92 7.54 2.56 10.78l7.97-6.19z"></path><path fill="var(--text)" d="M24 48c6.48 0 11.93-2.13 15.89-5.81l-7.73-6c-2.15 1.45-4.92 2.3-8.16 2.3-6.26 0-11.57-4.22-13.47-9.91l-7.98 6.19C6.51 42.62 14.62 48 24 48z"></path><path fill="none" d="M0 0h48v48H0z"></path></svg></div></button></span></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441127 _lineHeight-222976480 _fontWeight-500 _letterSpacing-0d0t01em46">Or continue with a wallet</span><span class="t_sub_theme t_green_Button _dsp_contents is_Theme"><button class="is_Button _backgroundColor-0active-1215825325 _borderTopColor-0hover-487556076 _borderRightColor-0hover-487556076 _borderBottomColor-0hover-487556076 _borderLeftColor-0hover-487556076 _borderTopColor-0active-1252694029 _borderRightColor-0active-1252694029 _borderBottomColor-0active-1252694029 _borderLeftColor-0active-1252694029 _display-flex _alignItems-center _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-1481558183 _minWidth-1481558183 _flexShrink-1 _cursor-pointer _justifyContent-center _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _backgroundColor-831619644 _borderTopColor-1664740373 _borderRightColor-1664740373 _borderBottomColor-1664740373 _borderLeftColor-1664740373 _paddingRight-1481558338 _paddingLeft-1481558338 _paddingTop-1481558369 _paddingBottom-1481558369 _flexGrow-1 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _alignItems-center _justifyContent-center"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _textAlign-center _flexGrow-1 _color-408757413 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-500">Connect Wallet</span></div></button></span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0"><div class="_minWidth-_mobile_100px _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _flexShrink-1 _flexGrow-1 _minWidth-110px _gap-1481558276"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441127 _lineHeight-222976480 _fontWeight-500 _letterSpacing-0d0t01em46">Notional Volume</span><h3 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743997 _fontSize-24px _lineHeight-222976511 _fontWeight-600">...</h3></div><div class="is_Separator _marginRight-_mobile_1481558276 _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _borderTopWidth-0px _borderRightWidth-1px _borderBottomWidth-0px _borderLeftWidth-0px _flexGrow-1 _height-initial _maxHeight-initial _marginRight-1316330362 _marginLeft-1481558338 _width-0px _maxWidth-0px _borderBottomStyle-solid _borderRightStyle-solid _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopStyle-solid _borderLeftStyle-solid _transform-d0t1907327989"></div><div class="_minWidth-_mobile_110px _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _flexShrink-1 _flexGrow-1 _minWidth-130px _gap-1481558276"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441127 _lineHeight-222976480 _fontWeight-500 _letterSpacing-0d0t01em46">Deposited</span><h3 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743997 _fontSize-24px _lineHeight-222976511 _fontWeight-600">...</h3></div><div class="is_Separator _marginRight-_mobile_1481558276 _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _borderTopWidth-0px _borderRightWidth-1px _borderBottomWidth-0px _borderLeftWidth-0px _flexGrow-1 _height-initial _maxHeight-initial _marginRight-1316330362 _marginLeft-1481558338 _width-0px _maxWidth-0px _borderBottomStyle-solid _borderRightStyle-solid _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopStyle-solid _borderLeftStyle-solid _transform-d0t1907327989"></div><div class="_minWidth-_mobile_100px _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _flexShrink-1 _flexGrow-1 _minWidth-110px _gap-1481558276"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441127 _lineHeight-222976480 _fontWeight-500 _letterSpacing-0d0t01em46">Trades</span><h3 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743997 _fontSize-24px _lineHeight-222976511 _fontWeight-600">...</h3></div></div></div></div><div class="_display-flex _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginTop--58px _justifyContent-center _alignItems-center _height-10037 _width-5037 _paddingTop-56px _paddingBottom-56px"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minWidth-0px _flexShrink-0 _height-5537 _minHeight-600px _width-797770429 _aspectRatio-d0t1721761949 _overflowX-hidden _overflowY-hidden"><img alt="Trade on Lyra" fetchPriority="high" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" sizes="100vw" srcSet="/_next/image?url=%2Fimages%2Flanding%2Fhero-mobile-trading.png&amp;w=640&amp;q=75 640w, /_next/image?url=%2Fimages%2Flanding%2Fhero-mobile-trading.png&amp;w=750&amp;q=75 750w, /_next/image?url=%2Fimages%2Flanding%2Fhero-mobile-trading.png&amp;w=828&amp;q=75 828w, /_next/image?url=%2Fimages%2Flanding%2Fhero-mobile-trading.png&amp;w=1080&amp;q=75 1080w, /_next/image?url=%2Fimages%2Flanding%2Fhero-mobile-trading.png&amp;w=1200&amp;q=75 1200w, /_next/image?url=%2Fimages%2Flanding%2Fhero-mobile-trading.png&amp;w=1920&amp;q=75 1920w, /_next/image?url=%2Fimages%2Flanding%2Fhero-mobile-trading.png&amp;w=2048&amp;q=75 2048w, /_next/image?url=%2Fimages%2Flanding%2Fhero-mobile-trading.png&amp;w=3840&amp;q=75 3840w" src="/_next/image?url=%2Fimages%2Flanding%2Fhero-mobile-trading.png&amp;w=3840&amp;q=75"/></div></div></div><div class="_height-_mobile_52px _display-flex _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-1px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _width-10037 _alignItems-center _height-58px _cursor-pointer _backgroundColor-370241845"><div class="_display-flex _alignItems-stretch _flexDirection-row _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexGrow-1 _flexShrink-1 _flexBasis-0px"></div></div><div class="_display-flex _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _paddingTop-60px _paddingBottom-40px _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _width-10037 _alignItems-center _paddingRight-1481558307 _paddingLeft-1481558307 _borderTopWidth-0px _borderTopStyle-solid"><div class="_display-flex _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558152 _width-726px _alignItems-center"><div class="_display-flex _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _alignItems-center"><h2 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textAlign-center _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-700">Trade with <s>style</s> power</h2><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textAlign-center _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">The Lyra Exchange is the leader in on-chain options trading. Access more tools and features with low fees and high security. From powerful margin tools to advanced order types, trade with the confidence of self-custody and the ultimate security of Ethereum.</span></div><div class="_display-grid _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gridTemplateColumns-1716844197 _gridAutoRows-1fr _rowGap-42px _columnGap-36px"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _gridRow-1347 _gridColumn-1 _overflow-hidden"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><h4 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743966 _fontSize-229441127 _lineHeight-222976480 _fontWeight-700">The Everything DEX</h4><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Trade options, perpetuals and spot all at once in the most capital efficient on-chain DEX.</span></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopLeftRadius-12px _borderTopRightRadius-12px _overflowX-hidden _overflowY-hidden _aspectRatio-d0t381661411"><img alt="Options Page Screenshot" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="/images/landing/features/trade.gif"/></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _gridRow-3 _gridColumn-1"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><h4 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743966 _fontSize-229441127 _lineHeight-222976480 _fontWeight-700">Deep Liquidity</h4><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Instant access to deep liquidity on Lyra&#x27;s orderbook.</span></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopLeftRadius-12px _borderTopRightRadius-12px _aspectRatio-d0t468126162 _overflowX-hidden _overflowY-hidden"><img alt="Orderbook Screenshot" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="/images/landing/features/orderbook.gif"/></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _gridRow-1 _gridColumn-2"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _flexGrow-1"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomLeftRadius-12px _borderBottomRightRadius-12px _aspectRatio-d0t1989045827 _overflowX-hidden _overflowY-hidden"><img alt="Trade Form Screenshot" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="/images/landing/features/submit.gif"/></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _gap-1481558338 _flexGrow-1"><h4 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743966 _fontSize-229441127 _lineHeight-222976480 _fontWeight-700">Low Fees, Zero Gas</h4><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Once you deposit to Lyra Chain, you no longer pay gas fees for each transaction.</span></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _justifyContent-center _gridRow-2 _gridColumn-2"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopLeftRadius-12px _borderBottomLeftRadius-12px _overflowX-hidden _overflowY-hidden _aspectRatio-d0t2034212014"><img alt="Margin Health Screenshot" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="/images/landing/features/margin.gif"/></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><h4 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743966 _fontSize-229441127 _lineHeight-222976480 _fontWeight-700">Buying Power</h4><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Maximize your buying power with portfolio margin and cross-asset collateral.</span></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558276 _gridRow-3 _gridColumn-2"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopLeftRadius-12px _borderBottomLeftRadius-12px _overflowX-hidden _overflowY-hidden _width-10037 _aspectRatio-d0t937652882"><img alt="Payoff Chart Screenshot" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" src="/images/landing/features/payoff.gif"/></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338 _paddingRight-1481558276"><h4 class="is_SizableText font_heading _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167743966 _fontSize-229441127 _lineHeight-222976480 _fontWeight-700">Unlimited Strategies</h4><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Build any payoff to execute any trading strategy.</span></div></div></div></div><div class="_display-flex _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-1080px _alignItems-center"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-42px _width-420px"><h2 class="is_SizableText font_heading _textAlign-_mobile_center _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-700">Your keys, your crypto</h2><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558338"><span class="is_SizableText font_body _textAlign-_mobile_center _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">When you trade on Lyra, your account’s private key gives you complete control over your funds and positions. The Lyra Exchange can never steal from you and its activity is completely open and transparent.</span><span class="is_SizableText font_body _textAlign-_mobile_center _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-24817929 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">All trades on Lyra settle to the Lyra Protocol, a decentralized protocol for settling and liquidating derivatives. The protocol lives on an Optimistic Rollup that settles to Ethereum. The protocol is battle-tested and audited by leading security experts.</span></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-1 _flexGrow-1"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-505px"><img alt="Your keys, your crypto" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent" sizes="100vw" srcSet="/_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=640&amp;q=75 640w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=750&amp;q=75 750w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=828&amp;q=75 828w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=1080&amp;q=75 1080w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=1200&amp;q=75 1200w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=1920&amp;q=75 1920w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=2048&amp;q=75 2048w, /_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=3840&amp;q=75 3840w" src="/_next/image?url=%2Fimages%2Flanding%2Fhands_green.png&amp;w=3840&amp;q=75"/></div></div></div></div><div class="_display-flex _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _paddingTop-1316330269 _paddingBottom-54px _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _width-1080px _borderTopWidth-0px _borderTopStyle-solid _alignItems-center _gap-1481558214 _paddingRight-1481558307 _paddingLeft-1481558307"><h2 class="is_SizableText font_heading _textAlign-_mobile_center _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-700">Frequently Asked Questions</h2><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-1481558307"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">What is crypto?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Cryptocurrencies are decentralized digital currencies that operate on blockchain technology. Their key features include transparency, borderless transactions and immutability. You can trade popular cryprocurrencies like ETH and BTC on Lyra.</span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">What is DeFi?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">DeFi, or decentralized finance, refers to an ecosystem of financial applications built directly on top of blockchain technology. A DEX, or decentralized exchange, is a peer-to-peer marketplace where transactions occur directly between traders. DEXs foster financial transactions that aren’t officiated by banks, brokers, or any other intermediary. Their key features include self-custody, transparency, borderless transactions and immutability. As a user of a DEX, you control your private key and no centralized entity can access your funds or make trades on your behalf.</span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">What products does the Lyra Exchange provide?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">With a variety of products, such as spot, futures, margin and options trading, users on Lyra have plenty to choose from when trading BTC, ETH and other cryptocurrencies. Lyra also offers powerful trading tools like cross-margin, portfolio margin, cross-asset collateral.</span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">What is the LYRA token?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">The LYRA token is the native governance token of the Lyra Protocol. It enables governance of the Lyra DAO and aligns interests between various stakeholders. <a role="link" data-disable-theme="true" href="https://docs.lyra.finance/docs/token" class="is_Anchor font_body _color-24817929 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-underline _textUnderlineOffset-3px _textDecorationThickness-1d0t5px46"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-inherit _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Learn more</span></a></span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">What is the Lyra Protocol?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">The Lyra Protocol is a permissionless protocol that settles perpetuals, options and spot trades. The protocol is deployed to Lyra Chain, an Optimistic Rollup that settles to the Ethereum blockchain. The protocol is governed by the Lyra DAO and LYRA token holders. <a role="link" data-disable-theme="true" href="https://docs.lyra.finance/docs/overview-2" class="is_Anchor font_body _color-24817929 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-underline _textUnderlineOffset-3px _textDecorationThickness-1d0t5px46"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-inherit _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Learn more</span></a></span></div></div></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _overflowX-hidden _overflowY-hidden _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><div class="_display-flex _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _width-10037 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1481558307 _paddingBottom-1481558307 _cursor-pointer"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441220 _lineHeight-222976573 _fontWeight-400 _letterSpacing-0px">Can US citizens use the Lyra Exchange?</span><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginLeft-auto"><svg width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="var(--primary)" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="font_unset " style="height:20px;width:20px;color:var(--primary)"><path d="M5 12h14" stroke="var(--primary)"></path><path d="M12 5v14" stroke="var(--primary)"></path></svg></div></div><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _height-0px" style="transition:all 150ms cubic-bezier(0.4, 0, 0.2, 1) 0ms"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _borderBottomWidth-0px _borderBottomStyle-solid _borderTopWidth-1px _borderTopStyle-solid _paddingTop-1316330269 _paddingBottom-1316330269 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030"><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingRight-1481558307 _paddingLeft-1481558307 _paddingTop-1316330269 _paddingBottom-1316330269 _gap-1481558338"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">No, Lyra Exchange and its products are not available to customers in the United States.</span><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Our platform is unavailable in the following regions: Australia, the United States of America, Canada, Panama, Iran, Iraq, Libya, Mali, Nicaragua, Cuba, Democratic People’s Republic of Korea (North Korea), Russia, Somalia, Sudan, Syria, Yemen, Zimbabwe, Myanmar (Burma), Cote D’Ivoire (Ivory Coast), Democratic Republic of Congo, the regions of Crimea, Donetsk, or Luhansk</span><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Read our  <a role="link" data-disable-theme="true" href="https://www.lyra.finance/terms-of-use" class="is_Anchor font_body _color-24817929 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-underline _textUnderlineOffset-3px _textDecorationThickness-1d0t5px46"><span class="is_SizableText font_body _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-inherit _fontSize-229441189 _lineHeight-222976542 _fontWeight-400 _letterSpacing-0px">Terms of Use</span></a>  for more details.</span></div></div></div></div></div><h2 class="is_SizableText font_heading _textAlign-_mobile_center _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _color-401796952 _letterSpacing-167744028 _fontSize-229441189 _lineHeight-222976542 _fontWeight-700">Latest Posts</h2><div class="_display-grid _alignItems-stretch _flexDirection-row _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _gap-12px _gridTemplateColumns-1690619418"><div class="_cursor-0hover-pointer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingTop-1481558338 _paddingRight-1481558338 _paddingBottom-1481558338 _paddingLeft-1481558338 _flexGrow-1 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><img alt="https://blog.lyra.finance/content/images/2024/04/ldx_farming_program.png" loading="lazy" width="300" height="150" decoding="async" data-nimg="1" style="color:transparent" src="https://blog.lyra.finance/content/images/2024/04/ldx_farming_program.png"/><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginTop-1481558369 _marginRight-1481558369 _marginBottom-1481558369 _marginLeft-1481558369"></div><a role="link" data-disable-theme="true" href="https://blog.lyra.finance/ldx-farming-program/" target="_blank" class="is_Anchor font_body _color-401796952 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-none _textUnderlineOffset-3px _textDecorationThickness-0px"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _width-300px _color-inherit _letterSpacing-167743997 _fontSize-229441158 _lineHeight-222976511 _fontWeight-500">LDX Farming Program</span></a></div><div class="_cursor-0hover-pointer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingTop-1481558338 _paddingRight-1481558338 _paddingBottom-1481558338 _paddingLeft-1481558338 _flexGrow-1 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><img alt="https://blog.lyra.finance/content/images/2024/04/Group-190.png" loading="lazy" width="300" height="150" decoding="async" data-nimg="1" style="color:transparent" src="https://blog.lyra.finance/content/images/2024/04/Group-190.png"/><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginTop-1481558369 _marginRight-1481558369 _marginBottom-1481558369 _marginLeft-1481558369"></div><a role="link" data-disable-theme="true" href="https://blog.lyra.finance/0dte-options-the-most-powerful-tool-in-finance/" target="_blank" class="is_Anchor font_body _color-401796952 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-none _textUnderlineOffset-3px _textDecorationThickness-0px"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _width-300px _color-inherit _letterSpacing-167743997 _fontSize-229441158 _lineHeight-222976511 _fontWeight-500">0DTE Options: The Most Powerful Tool in Finance</span></a></div><div class="_cursor-0hover-pointer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingTop-1481558338 _paddingRight-1481558338 _paddingBottom-1481558338 _paddingLeft-1481558338 _flexGrow-1 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><img alt="https://blog.lyra.finance/content/images/2024/03/Group-184--1-.png" loading="lazy" width="300" height="150" decoding="async" data-nimg="1" style="color:transparent" src="https://blog.lyra.finance/content/images/2024/03/Group-184--1-.png"/><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginTop-1481558369 _marginRight-1481558369 _marginBottom-1481558369 _marginLeft-1481558369"></div><a role="link" data-disable-theme="true" href="https://blog.lyra.finance/stocks-vs-crypto-options/" target="_blank" class="is_Anchor font_body _color-401796952 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-none _textUnderlineOffset-3px _textDecorationThickness-0px"><span class="is_SizableText font_special _display-inline _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _fontFamily-299667014 _textTransform-uppercase _width-300px _color-inherit _letterSpacing-167743997 _fontSize-229441158 _lineHeight-222976511 _fontWeight-500">0DTEs: Stocks vs Crypto options</span></a></div><div class="_cursor-0hover-pointer _display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _paddingTop-1481558338 _paddingRight-1481558338 _paddingBottom-1481558338 _paddingLeft-1481558338 _flexGrow-1 _borderTopColor-1701014030 _borderRightColor-1701014030 _borderBottomColor-1701014030 _borderLeftColor-1701014030 _borderTopWidth-1px _borderRightWidth-1px _borderBottomWidth-1px _borderLeftWidth-1px _borderTopLeftRadius-1307609905 _borderTopRightRadius-1307609905 _borderBottomRightRadius-1307609905 _borderBottomLeftRadius-1307609905 _borderBottomStyle-solid _borderTopStyle-solid _borderLeftStyle-solid _borderRightStyle-solid"><img alt="https://blog.lyra.finance/content/images/2024/03/Group-177--2-.png" loading="lazy" width="300" height="150" decoding="async" data-nimg="1" style="color:transparent" src="https://blog.lyra.finance/content/images/2024/03/Group-177--2-.png"/><div class="_display-flex _alignItems-stretch _flexDirection-column _flexBasis-auto _boxSizing-border-box _position-relative _minHeight-0px _minWidth-0px _flexShrink-0 _marginTop-1481558369 _marginRight-1481558369 _marginBottom-1481558369 _marginLeft-1481558369"></div><a role="link" data-disable-theme="true" href="https://blog.lyra.finance/informative/" target="_blank" class="is_Anchor font_body _color-401796952 _fontFamily-299667014 _boxSizing-border-box _wordWrap-break-word _marginTop-0px _marginRight-0px _marginBottom-0px _marginLeft-0px _cursor-pointer _alignItems-center _display-1685637459 _textDecoration-none _textUnderlineOffset-3px _textDecorationThickness-0px"><span 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id=\"tldr\"\u003e\u003cbr\u003eTLDR\u003c/h2\u003e\u003cul\u003e\u003cli\u003eLDX is the new utility token for the Lyra Derivatives Network; an ecosystem including a Chain, Protocol, Exchange and Wallet\u003c/li\u003e\u003cli\u003eThe LDX Farming Program allows LYRA holders to farm LDX, starting today\u003c/li\u003e\u003cli\u003eLYRA balances will be snapshotted on May 8 and migrated 1:1 to LDX — LDX has the same total supply as LYRA\u003c/li\u003e\u003cli\u003eLDX will be airdropped in Q3 2024\u003c/li\u003e\u003c/ul\u003e\u003chr\u003e\u003ch2 id=\"what-is-ldx\"\u003eWhat is LDX?\u003c/h2\u003e\u003cp\u003eOver the last 3 years the Lyra ecosystem has expanded from an options AMM to include a Chain, Protocol, Exchange and Wallet, becoming the first capital efficient and composable primitive for perps and options trading on any ERC-20.\u003c/p\u003e\u003cp\u003eThis new scope demands a token native to the network.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eEnter LDX\u003c/strong\u003e, the utility token for the \u003cstrong\u003eLyra Derivatives Network\u003c/strong\u003e.\u003c/p\u003e\u003chr\u003e\u003ch2 id=\"how-can-i-earn-ldx\"\u003eHow Can I Earn LDX?\u003c/h2\u003e\u003cp\u003eYou can earn LDX in two ways:\u003c/p\u003e\u003cul\u003e\u003cli\u003eFarming: Hold LYRA to farm LDX, starting today\u003c/li\u003e\u003cli\u003eTrading: Trade perps and options to earn LDX, starting May 8 — there will be multiple airdrops for traders\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eLDX will be airdropped to farmers and traders in Q3 2024. Additionally, existing LYRA holders will be migrated 1:1 to LDX with the \u003cstrong\u003esame total supply\u003c/strong\u003e.\u003c/p\u003e\u003chr\u003e\u003ch2 id=\"ldx-farming-program\"\u003eLDX Farming Program\u003c/h2\u003e\u003cp\u003eLYRA holders can farm LDX by staking and locking LYRA at \u003ca href=\"http://lyra.finance/airdrop?ref=blog.lyra.finance\"\u003elyra.finance/airdrop\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eLYRA holders earn 1 Holder Point per LYRA per hour. \u003cstrong\u003eThe more Holder Points you earn, the larger your LDX airdrop will be\u003c/strong\u003e. The last day to stake and lock LYRA is May 8 when balances are snapshotted.\u003c/p\u003e\u003cp\u003eThere are three ways to farm LDX:\u003c/p\u003e\u003cul\u003e\u003cli\u003eIf you are holding stkLYRA on Ethereum mainnet via \u003ca href=\"http://gov.lyra.finance/?ref=blog.lyra.finance\"\u003egov.lyra.finance\u003c/a\u003e you are automatically earning Holder Points\u003c/li\u003e\u003cli\u003eLYRA holders can stake using a new, cheaper sink contract on Ethereum, Optimism, and Arbitrum via \u003ca href=\"http://lyra.finance/airdrop?ref=blog.lyra.finance\"\u003elyra.finance/airdrop\u003c/a\u003e to earn Holder Points\u003c/li\u003e\u003cli\u003eTraders earning LYRA trading rewards over the last 3 months can “commit” their rewards to be staked and start earning Holder Points immediately — all pending and future LYRA trading rewards until the May 8 snapshot will be automatically staked and not claimable.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eHolder Points will be forfeited by LYRA holders that:\u003c/p\u003e\u003cul\u003e\u003cli\u003eUnstake via \u003ca href=\"http://gov.lyra.finance/?ref=blog.lyra.finance\"\u003egov.lyra.finance\u003c/a\u003e or contracts after April 19\u003c/li\u003e\u003cli\u003eClaim rewards via contracts after committing them to be staked\u003c/li\u003e\u003c/ul\u003e\u003chr\u003e\u003ch2 id=\"lyra-to-ldx-migration\"\u003eLYRA to LDX Migration\u003c/h2\u003e\u003cp\u003eOn May 8 12:00 AM UTC, all LYRA and stkLYRA balances on Ethereum, Optimism and Arbitrum will be snapshotted:\u003c/p\u003e\u003cul\u003e\u003cli\u003eLYRA will be migrated 1:1 to LDX\u003c/li\u003e\u003cli\u003eThe total supply of LDX will be the same as the total supply of LYRA\u003c/li\u003e\u003cli\u003eLYRA will migrate 1:1 to LDX regardless of whether it is staked and locked — farmers and traders will be airdropped additional LDX\u003c/li\u003e\u003cli\u003eMigrated LDX will be claimable in Q3 2024\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eBefore the snapshot on May 8, it is essential that LYRA Uniswap LPs withdraw their LP positions. LPs are encouraged to withdraw by May 1 when incentives end for Arrakis on Ethereum mainnet, Camelot on Arbitrum and Velodrome on Optimism. Uniswap LPs can refer to \u003ca href=\"https://www.notion.so/23220d4ab263431faf7f8c3c47e4bdf9?pvs=21\u0026ref=blog.lyra.finance\"\u003ethis guide\u003c/a\u003e for instructions on how to withdraw.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eThe timeline for the LYRA to LDX migration is as follows\u003c/strong\u003e:\u003c/p\u003e\u003cul\u003e\u003cli\u003eApril 19: \u003ca href=\"https://snapshot.org/?ref=blog.lyra.finance#/lyra.eth/proposal/0xbf1b42931f34c6365864f15f7097a56d9e7e59d082fadd8fd81de31b948cc0c7\"\u003eProposal approved\u003c/a\u003e, LDX farming starts\u003c/li\u003e\u003cli\u003eApril 24: LYRA trading rewards are claimable\u003c/li\u003e\u003cli\u003eMay 1: Uniswap LP incentives end\u003c/li\u003e\u003cli\u003eMay 8: LYRA balances are snapshotted\u003c/li\u003e\u003cli\u003eQ3 2024: LDX is claimable 1:1 for LYRA, and additional LDX is airdropped to farmers and traders\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cstrong\u003e\u003cem\u003eThe storm provides ⚡️⛈️🌪️\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e"])</script><script>self.__next_f.push([1,"e:T461a,"])</script><script>self.__next_f.push([1,"\u003ch2 id=\"tldr\"\u003eTLDR\u003c/h2\u003e\u003cul\u003e\u003cli\u003eZero days to expiration \u003cstrong\u003e(0DTE) options have taken markets by storm\u003c/strong\u003e\u003c/li\u003e\u003cli\u003e0DTE crypto options offer a \u003cstrong\u003euniquely attractive value proposition\u003c/strong\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003eLow-cost\u003c/strong\u003e and minimal max loss\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eHigher volatility than TradFi 0DTE options\u003c/strong\u003e on high beta tech stocks\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eNo liquidation risk\u003c/strong\u003e despite having \u003cstrong\u003ehigher leverage than perps\u003c/strong\u003e\u003c/li\u003e\u003cli\u003eTransparency, self-custody, and \u003cstrong\u003e24/7 market access\u003c/strong\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003e0DTE options have the \u003cstrong\u003ehighest profit potential to cost ratio of any financial instrument\u003c/strong\u003e\u003c/li\u003e\u003c/ul\u003e\u003chr\u003e\u003ch2 id=\"examining-the-wsj-0dte-options-piece\"\u003eExamining the WSJ 0DTE Options Piece\u003c/h2\u003e\u003cblockquote\u003e“Traders are piling into 0DTE options—a cheap, fast, but risky way to bet on the market that offers the chance of explosive returns if those bets are correct. We’ll explain their rise and their effect on the stock market.” - WSJ\u003c/blockquote\u003e\u003cp\u003eIn a recent \u003ca href=\"https://www.wsj.com/video/series/in-depth-features/how-0dte-options-took-over-the-market/968B34CF-4F40-4CD8-9F14-103C5DE09CA9?ref=blog.lyra.finance\"\u003eWall Street Journal video\u003c/a\u003e, reputed WSJ Markets reporter \u003ca href=\"https://x.com/GunjanJS?s=20\u0026ref=blog.lyra.finance\"\u003eGunjan Banerji\u003c/a\u003e stated that the stock market’s shift to 0DTE options is one of the biggest pivots she has seen in markets in the past decade. As the video highlighted, 0DTE options have exploded in popularity in the past year. They’re the cheapest form of leverage in the financial universe, and their popularity is increasing at a rapid rate.\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/04/Screenshot-2024-04-04-at-10.09.24-AM.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1882\" height=\"522\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/04/Screenshot-2024-04-04-at-10.09.24-AM.png 600w, https://blog.lyra.finance/content/images/size/w1000/2024/04/Screenshot-2024-04-04-at-10.09.24-AM.png 1000w, https://blog.lyra.finance/content/images/size/w1600/2024/04/Screenshot-2024-04-04-at-10.09.24-AM.png 1600w, https://blog.lyra.finance/content/images/2024/04/Screenshot-2024-04-04-at-10.09.24-AM.png 1882w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003esource: Wall Street Journal\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003cp\u003eGrayson, the trader referenced in the video, has been trading options for about a year and \u003cstrong\u003efound his niche with 0DTE options after being attracted to their massive upside potential.\u003c/strong\u003e Despite being relegated to a rigid trading schedule dictated by TradFi options market hours, he has managed to do extremely well for himself, systematizing his processes and refining the craft of trading 0DTE options into a successful career. He was initially magnetized by the infinite profit potential of 0DTE options\u003c/p\u003e\u003cp\u003eGrayson kicks off his pre-sunrise trading session by checking the news. Why? Well, \u003cstrong\u003e0DTE options are extremely sensitive to the most subtle price fluctuations, so staying abreast of the latest news can be the difference between losing a few thousand dollars or winning tens of thousands of dollars.\u003c/strong\u003e With approximately 5x more tradable hours in crypto due to 24/7 markets, you get approximately 5x more event-based trading opportunities. They say the market never sleeps, but in reality, TradFi markets are asleep more than they’re awake, in addition to being less volatile than crypto markets. 0DTE crypto options are like TradFi 0DTE options on nitrous.\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/04/wsj_0dte.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1352\" height=\"760\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/04/wsj_0dte.png 600w, https://blog.lyra.finance/content/images/size/w1000/2024/04/wsj_0dte.png 1000w, https://blog.lyra.finance/content/images/2024/04/wsj_0dte.png 1352w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003esource: Wall Street Journal\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003cblockquote\u003e💡 Crypto options markets are open for 168hrs/week, whereas TradFi options markets are open for 32.5hrs/week. When peeling back the onion, what we see is that crypto options markets are more accessible, more volatile, more transparent, and subject to far less credit risk due to their self-custodial nature.\u003c/blockquote\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003eTradFi Market Hours\u003c/strong\u003e\u003cul\u003e\u003cli\u003eDaily Operating Hours: 9:30 AM to 4:00 PM = 6.5 hours per day\u003c/li\u003e\u003cli\u003eWeekly Operating Days: Monday through Friday (5 days)\u003c/li\u003e\u003cli\u003eWeekly Total Hours: ****6.5\u0026nbsp;hours/day ×5\u0026nbsp;days/week = \u003cstrong\u003e32.5\u0026nbsp;hours/week\u003c/strong\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eCrypto Market Hours\u003c/strong\u003e\u003cul\u003e\u003cli\u003eDaily Operating Hours: 24 hours\u003c/li\u003e\u003cli\u003eWeekly Operating Days: 7 days a week\u003c/li\u003e\u003cli\u003eWeekly Total Hours: 24\u0026nbsp;hours/day ×7\u0026nbsp;days/week = \u003cstrong\u003e168\u0026nbsp;hours\u003c/strong\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eGunjan notes that the financial freedom 0DTE options gave Grayson allowed him to significantly upgrade his automobile and enjoy more family time. It’s fair to assume that once he discovers the unmatched flexibility of 0DTE crypto options, he’ll be able to do everything he’s done in TradFi options markets, but with greater flexibility, with the end result \u003cem\u003ehopefully\u003c/em\u003e being financial freedom. \u003cstrong\u003eWhen it comes to maximizing value for options traders, Lyra tries harder.\u003c/strong\u003e\u003c/p\u003e\u003chr\u003e\u003ch2 id=\"the-proliferation-of-0tde-options\"\u003eThe Proliferation of 0TDE Options\u003c/h2\u003e\u003cblockquote\u003e“Retail participation in options market trading rose sharply during the pandemic, peaking at 48% in July 2022. While it has bounced around since then, it hit 45% in July 2023. This data suggests that substantial retail options trading is here for the foreseeable future.” - NYSE\u003c/blockquote\u003e\u003cp\u003eWhen exchange-traded equity options launched on the Chicago Board Options Exchange (CBOE) in 1973, the only expiry offerings were quarterlies — options expiring on a quarterly basis. After quarterlies, longer-dated options (LEAPS) entered the fold. Longer-dated options, such as monthlies, quarterlies, and LEAPS offer traders the ability to trade macroeconomic events, earnings, fundamentals and more, all without the risk of liquidation. Selling options spreads is a popular strategy traders use to generate passive income and monthlies, for example, are often utilized to that end. \u003cstrong\u003eGiven the clear benefit and myriad use cases of longer-dated options, why have ODTE options been ripping?\u003c/strong\u003e Will retail traders ever be satiated? Probably not, and for good reason.\u003c/p\u003e\u003cp\u003eShort-dated options volumes have increased precipitously in recent years, now accounting for the vast majority of options market volumes. Based on recent CBOE data, \u003cstrong\u003eoptions with less than five days to expiration currently account for approximately half of all stock market options volumes.\u003c/strong\u003e There are a number of causative factors behind this trend. One natural cause is, of course, related to high amounts of trading activity for longer-dated options on their final day of trading, however, a myriad of other more intrinsic factors have catalyzed their market takeover.\u003c/p\u003e\u003ch3 id=\"0dte-options-under-the-hood\"\u003e0DTE Options: Under the Hood\u003c/h3\u003e\u003cp\u003e0DTE options offer traders \u003cstrong\u003echeap access to leverage and are extremely sensitive to subtle moves in their underlying assets.\u003c/strong\u003e In options terms, the two fundamental properties that make 0DTEs so attractive to both options buyers and sellers are their \u003cstrong\u003elow time value and high price sensitivity\u003c/strong\u003e (i.e. theta and gamma).\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/04/Screenshot-2024-04-04-at-10.11.32-AM.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1894\" height=\"530\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/04/Screenshot-2024-04-04-at-10.11.32-AM.png 600w, https://blog.lyra.finance/content/images/size/w1000/2024/04/Screenshot-2024-04-04-at-10.11.32-AM.png 1000w, https://blog.lyra.finance/content/images/size/w1600/2024/04/Screenshot-2024-04-04-at-10.11.32-AM.png 1600w, https://blog.lyra.finance/content/images/2024/04/Screenshot-2024-04-04-at-10.11.32-AM.png 1894w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003esource: Wall Street Journal\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003cp\u003eThe cost of an option, referred to as its \u003cem\u003epremium\u003c/em\u003e, is comprised of intrinsic and extrinsic value. Intrinsic value is simply the difference between the price of the option’s underlying and its strike price, whereas extrinsic value is comprised of an option’s time value and its implied volatility. Generally speaking, \u003cstrong\u003e0DTE options premiums tend to either decay quickly, resulting in a profit for the seller, or they explode to the upside, resulting in outsized premiums for the buyer.\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eOptions buyers are attracted to 0DTE and other short-dated options because they offer traders \u003cstrong\u003egreater leverage than highly levered perp positions at a fraction of the cost, without liquidation risk.\u003c/strong\u003e The premiums at which 0DTE options trade are reflective of their short distance to expiry. In the case of event-based trading, where traders foresee substantial price action on a short time horizon, 0DTEs offer traders cheap and highly leveraged exposure. \u003cstrong\u003eThis makes 0DTE options the optimal instrument for trading both macroeconomic and asset-specific events such as partnerships and product launches.\u003c/strong\u003e\u003c/li\u003e\u003cli\u003eOn the other side of the trade, \u003cstrong\u003eoptions sellers can collect premiums by consistently selling options and option spreads on 0DTE options\u003c/strong\u003e, taking advantage of their high rate of time decay. By selling spreads on 0DTEs, traders can strictly define their max loss thresholds and use the premiums harvested to fund other strategies. \u003cstrong\u003eMinimal waiting time is required to realize profits, making selling spreads an attractive strategy to repeat on a recurring basis\u003c/strong\u003e. Passive income generation (e.g. selling options spreads, particularly in high volatility environments can be extremely lucrative).\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eAnother attractive aspect of 0DTE options is their suitability for hedging spot positions in advance of volatility-inducing market events. \u003cstrong\u003eNot protecting your crypto portfolio with options is like not having flood insurance whilst living in a flood-zone.\u003c/strong\u003e Options with low-cost premiums give you cheap portfolio insurance to protect your downside if the market blows up.\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003eStrategies like \u003c/strong\u003e\u003ca href=\"https://www.nasdaq.com/glossary/h/hedge-wrapper?ref=blog.lyra.finance\"\u003e\u003cstrong\u003eHedge Wrappers\u003c/strong\u003e\u003c/a\u003e\u003cstrong\u003e can yield outsized payouts and are a popular 0DTE option trading strategy, executed by selling a call and using the premium collected to buy a protective put.\u003c/strong\u003e An example of this strategy on Lyra would, using ETH would entail depositing 1 ETH, selling 1 ETH call, and buying 1 ETH put.\u003c/li\u003e\u003cli\u003eUsing perps to hedge has its benefits, but the risk of liquidation exposes traders to potentially losing their hedge mid-trade, and the variable funding rates associated with perps add an additional element of uncertainty. \u003cstrong\u003eConversely, utilizing short-dated options to hedge event-based market and asset risks gives traders downside protection with a minimized capital outlay and zero liquidation risk.\u003c/strong\u003e\u003c/li\u003e\u003c/ul\u003e\u003chr\u003e\u003ch2 id=\"what-makes-0dte-options-so-explosive\"\u003eWhat Makes 0DTE Options So Explosive?\u003c/h2\u003e\u003ch3 id=\"gamma\"\u003eGamma\u003c/h3\u003e\u003cp\u003eGamma is what gives options their \u003cem\u003eacceleration effect,\u003c/em\u003e and options approaching expiry, particularly those with 0-1 DTE, have the highest gamma sensitivity. This is because the deltas of soon-to-expire options are rapidly converging on either zero or one; zero if expiring out of the money and one if expiring in the money. While delta measures the sensitivity of an option to underlying asset price fluctuations, gamma measures the rate of change of an option’s delta. \u003cstrong\u003eAcceleration is to speed as gamma is to delta\u003c/strong\u003e, \u003cstrong\u003ehence why the same person that likes going from 0-60mph in a fast car might also enjoy holding a 0DTE option as it increases in price by orders of magnitude in a matter of minutes — or even seconds.\u003c/strong\u003e\u003c/p\u003e\u003ch3 id=\"convexity\"\u003eConvexity\u003c/h3\u003e\u003cp\u003e\u003cstrong\u003eJust as a lever amplifies force, allowing a small push to lift heavy weights, convexity magnifies the impact of directionally favorable price swings, increasing the upside with each subsequent positive movement.\u003c/strong\u003e Similarly, when directionally unfavorable price action occurs, the magnitude of your losses is lessened with each subsequent unfavorable move.\u003c/p\u003e\u003cp\u003eWhen an option ventures into the money (ITM), moving with a momentum that outstrips theta decay, its premium appreciates in a nonlinear manner. \u003cstrong\u003eThis phenomenon is akin to a snowball rolling downhill, gaining size and speed\u003c/strong\u003e; the initial push — the option moving ITM or closer to ITM — results in dramatic price increase as the associated option’s extrinsic value expands. This principle is foundational to options trading and explains why so many options traders enjoy being long gamma, or in other words, positioning themself to profit dramatically in the event that volatility exceeds expectations. The maximum loss associated with long option is your upfront premium paid, while \u003cstrong\u003emuch like the potential energy of a well-placed lever, the upside potential of long options knows few bounds.\u003c/strong\u003e\u003c/p\u003e\u003chr\u003e\u003ch2 id=\"how-to-trade-0dte-options-on-lyra\"\u003eHow to Trade 0DTE Options on Lyra\u003c/h2\u003e\u003ch3 id=\"example-long-apr-3-eth-3325-call\"\u003eExample: Long APR 3 ETH $3325 Call\u003c/h3\u003e\u003col\u003e\u003cli\u003eSelect the nearest possible expiration date from the expiries row atop the UI.\u003c/li\u003e\u003c/ol\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/04/expiries.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1410\" height=\"152\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/04/expiries.png 600w, https://blog.lyra.finance/content/images/size/w1000/2024/04/expiries.png 1000w, https://blog.lyra.finance/content/images/2024/04/expiries.png 1410w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003esource: https://lyra.finance\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003col start=\"2\"\u003e\u003cli\u003eLocate the current price of ETH in the center of the options board.\u003c/li\u003e\u003c/ol\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/04/spot_price_market.png\" class=\"kg-image\" alt=\"Untitled\" loading=\"lazy\" width=\"378\" height=\"92\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003esource: https://lyra.finance\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003col\u003e\u003cli\u003eOn the \u003cem\u003eCalls\u003c/em\u003e side of the UI, select a call option with a strike price you think ETH will breach in advance of the selected expiry.\u003c/li\u003e\u003c/ol\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/04/option_board.png\" class=\"kg-image\" alt=\"Untitled\" loading=\"lazy\" width=\"2000\" height=\"757\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/04/option_board.png 600w, https://blog.lyra.finance/content/images/size/w1000/2024/04/option_board.png 1000w, https://blog.lyra.finance/content/images/size/w1600/2024/04/option_board.png 1600w, https://blog.lyra.finance/content/images/size/w2400/2024/04/option_board.png 2400w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003esource: https://lyra.finance\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003col\u003e\u003cli\u003eAdjust your \u003cem\u003eSize\u003c/em\u003e and \u003cem\u003eLimit Price\u003c/em\u003e ($25.23) **in the trade form, then review and submit your order.\u003c/li\u003e\u003c/ol\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/04/trade_form.png\" class=\"kg-image\" alt=\"Untitled\" loading=\"lazy\" width=\"674\" height=\"1146\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/04/trade_form.png 600w, https://blog.lyra.finance/content/images/2024/04/trade_form.png 674w\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003esource: https://lyra.finance\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003cp\u003e\u003cstrong\u003eClose your position whenever you feel most comfortable with your level of risk-tolerance.\u003c/strong\u003e\u003c/p\u003e\u003chr\u003e\u003ch2 id=\"conclusion-the-convex-world-order\"\u003eConclusion: The Convex World Order\u003c/h2\u003e\u003cp\u003e\u003cstrong\u003eThe rapid growth of 0DTE options has catalyzed a step change in TradFi market dynamics and the fervor is now making its way to the most volatile, accessible, and transparent market on earth — the crypto options market.\u003c/strong\u003e Crypto 0DTE options offer an enticingly cheaply and thrillingly volatile experience that exceeds even the most turbulent assets in traditional finance, such as high beta tech stocks and hard commodities.\u003c/p\u003e\u003cp\u003eIn addition to being cheap and offering high leverage, \u003cstrong\u003e0DTE options, like all options, allow you to achieve levered exposures without liquidation risk or needing to worry about funding rate variance — two problems associated with relying on perps to trade short time horizons.\u003c/strong\u003e And unlike in TradFi, Lyra offers 0DTE options on a transparent, self-custodial platform that is open 24/7. Zero days to expiration \u003cstrong\u003e(0DTE) options have taken markets by storm by offering an unmatched value proposition.\u003c/strong\u003e They’re low-cost and have strictly defined max loss thresholds, higher leverage than perps, and confer the highest profit potential to cost ratio of any financial instrument.\u003c/p\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cem\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e"])</script><script>self.__next_f.push([1,"f:T192e,"])</script><script>self.__next_f.push([1,"\u003cp\u003e\u003cstrong\u003e\u003cem\u003e\"Options provide the cheapest access to leverage.\"\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eAfter almost two years of down-only price action, the skies are clearing and the bulls are charging through the streets. Crypto options are so back.\u003c/p\u003e\u003cp\u003eSince the last bull-cycle, 0 Days to Expiration (0DTE) options have rocketed in popularity.\u003c/p\u003e\u003cp\u003eThis blog will examine the differences between cryptocurrency options and those in traditional finance, through the lens of 0DTEs.\u003c/p\u003e\u003ch3 id=\"crypto-options-vs-tradfi-a-high-level-comparison-of-0dtes\"\u003eCrypto Options vs TradFi; a high-level comparison of 0DTEs.\u003c/h3\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-27-at-3.05.43-PM.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1670\" height=\"1110\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/03/Screenshot-2024-03-27-at-3.05.43-PM.png 600w, https://blog.lyra.finance/content/images/size/w1000/2024/03/Screenshot-2024-03-27-at-3.05.43-PM.png 1000w, https://blog.lyra.finance/content/images/size/w1600/2024/03/Screenshot-2024-03-27-at-3.05.43-PM.png 1600w, https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-27-at-3.05.43-PM.png 1670w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003esource: https://lyra.finance\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003chr\u003e\u003ch2 id=\"why-is-option-pricing-in-crypto-so-different-to-tradfi\"\u003eWhy is option pricing in Crypto so different to Tradfi?\u003c/h2\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cem\u003e\"Volatility, leverage, and dynamic costs are the perfect storm for 0DTEs.\"\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\u003ch3 id=\"unpredictable-volatility\"\u003e\u003cstrong\u003eUnpredictable volatility\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eBoth traditional finance (TradFi) and cryptocurrency markets experience significant volatility, making options attractive for their payoff structures. In TradFi, events like economic reports influence volatility, while the inherently volatile crypto market results in options with high implied volatility (IV) and theta, affecting premiums.\u003c/p\u003e\u003ch3 id=\"more-leverage\"\u003e\u003cstrong\u003eMore leverage\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eWhen it comes to leverage, TradFi faces regulatory caps that limit potential gains, typically offering 25-100x leverage, whereas crypto markets, known for higher leverage, can offer 100x for 0DTE on at-the-money options, increasing both potential returns and risks.\u003c/p\u003e\u003ch3 id=\"onchain-costs\"\u003e\u003cstrong\u003eOnchain costs\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eTradFi trading costs are more predictable but can accumulate, especially for active traders. Crypto trading costs vary with network congestion and exchange fees, with option costs influenced by underlying asset volatility.\u003c/p\u003e\u003chr\u003e\u003ch2 id=\"how-is-market-timing-different-between-crypto-and-tradfi\"\u003eHow is market timing different between Crypto and Tradfi?\u003c/h2\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cem\u003e\"Users want an instrument that reacts instantly and settles rapidly.\"\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\u003ch3 id=\"crypto-is-247\"\u003eCrypto is 24/7\u003c/h3\u003e\u003cp\u003eTradFi operates within set trading hours, restricting real-time global event reactions and increasing the reliance on options for hedging. Conversely, the crypto market's 24/7 nature enables immediate responses to market changes at any time.\u003c/p\u003e\u003ch3 id=\"tradfi-events-are-predictable\"\u003eTradfi events are predictable\u003c/h3\u003e\u003cp\u003eIn TradFi, scheduled events like earnings reports and economic releases allow for advanced trading preparation. Crypto, lacking structured events like earnings reports, relies on developments like network upgrades and regulatory news, requiring swift trader reactions.\u003c/p\u003e\u003ch3 id=\"crypto-markets-fluctuate-more\"\u003eCrypto markets fluctuate more\u003c/h3\u003e\u003cp\u003eTradFi's comparatively slower pace allows more time for market analysis and response. Crypto's rapid market movements demand quick decision-making and constant vigilance from traders.\u003c/p\u003e\u003ch3 id=\"crypto-markets-settle-faster\"\u003eCrypto markets settle faster\u003c/h3\u003e\u003cp\u003eThe funding and settlement processes in TradFi can be slow due to banking constraints. Crypto's use of blockchain enables almost instant funding and trading, facilitating rapid capital deployment.\u003c/p\u003e\u003chr\u003e\u003ch2 id=\"how-does-market-access-effect-crypto-vs-tradfi\"\u003eHow does market access effect Crypto vs Tradfi?\u003c/h2\u003e\u003cp\u003e\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cem\u003e\"Tired of gated access, users are researching independently and trading globally.\"\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\u003ch3 id=\"global-vs-region-specific\"\u003eGlobal vs. Region Specific\u003c/h3\u003e\u003cp\u003eTradFi options are often region-specific, with some international exposure through multinational corporations. Crypto's global nature introduces more variables but also a wider range of trading opportunities.\u003c/p\u003e\u003ch3 id=\"crypto-offers-more-edge\"\u003eCrypto offers more edge\u003c/h3\u003e\u003cp\u003eTradFi benefits from centralized, regulated information channels, offering structured and reliable news. Crypto's decentralized information landscape presents more opportunities to gain an \"edge\" but requires diligence in verifying news credibility.\u003c/p\u003e\u003ch3 id=\"mature-vs-fresh-markets\"\u003eMature vs Fresh markets\u003c/h3\u003e\u003cp\u003eTradFi markets are mature with established patterns, offering stability but lower growth potential. The evolving crypto market presents significant growth opportunities alongside higher risks.\u003c/p\u003e\u003chr\u003e\u003ch2 id=\"so-how-does-this-translate-to-0dtes\"\u003eSo, how does this translate to 0DTEs?\u003c/h2\u003e\u003cp\u003eWe think crypto options come out on top for retail; buyers \u003cstrong\u003e\u003cem\u003eand\u003c/em\u003e\u003c/strong\u003e sellers.\u003c/p\u003e\u003cp\u003eFor buyers, unlike traditional markets where options often need to be purchased towards the market's close, the non-stop nature of crypto allows traders to engage at any time, reducing end-of-day volatility—a factor preferred by many in crypto. This convenience, coupled with the \"free edge\" any retail user can derive from their own research solidifies their choice for 0DTEs.\u003c/p\u003e\u003cp\u003eFor sellers, the historical volatility in the crypto markets leads to increased prices for 0DTE options. This \u003cem\u003evol\u003c/em\u003e attracts many who profit from time decay (\u003cem\u003etheta\u003c/em\u003e). In traditional finance these retail traders are known as \"ThetaGang\" and this behavior is beginning to emerge in crypto markets.\u003c/p\u003e\u003cp\u003eConsidering the potential for wealth generation through options, crypto 0DTEs continue to grow as a more favorable arena for buyers and sellers. We are at the precipice one of the greatest shifts in financial freedom not seen in decades and users are leading the charge with crypto 0DTEs.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003e\u003cem\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e"])</script><script>self.__next_f.push([1,"10:T1277,"])</script><script>self.__next_f.push([1,"\u003cp\u003eFor those venturing into the world of options trading, the journey may initially appear overwhelming. Fortunately, the digital landscape is rich with educational content designed to unravel the complexities of this intricate field. Through a careful examination of numerous online tutorials, we have curated a list of the top five resources to embark on your options trading journey.\u003c/p\u003e\u003chr\u003e\u003cfigure class=\"kg-card kg-embed-card\"\u003e\u003ciframe width=\"200\" height=\"113\" src=\"https://www.youtube.com/embed/7PM4rNDr4oI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\" title=\"Options Trading for Beginners (The ULTIMATE In-Depth Guide)\"\u003e\u003c/iframe\u003e\u003c/figure\u003e\u003cp\u003e\u003cstrong\u003eOptions Trading for Beginners (The ULTIMATE In-Depth Guide)\u003c/strong\u003e: This tutorial stands out for its depth and clarity, making complex concepts accessible to novices. Its methodical approach, combined with real-world examples, ensures that beginners are not only introduced to the basics but also understand the application of strategies in various market scenarios.\u003c/p\u003e\u003chr\u003e\u003cfigure class=\"kg-card kg-embed-card\"\u003e\u003ciframe width=\"200\" height=\"113\" src=\"https://www.youtube.com/embed/eCEHzyCTDd8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\" title=\"Options Trading For Beginners | Step By Step\"\u003e\u003c/iframe\u003e\u003c/figure\u003e\u003cp\u003e\u003cstrong\u003eOptions Trading Explained - COMPLETE BEGINNERS GUIDE (Part 1)\u003c/strong\u003e: With its structured presentation and clear explanations, this video serves as an excellent starting point for those new to options trading. It breaks down fundamental concepts into easily digestible segments, making the learning process smooth and engaging.\u003c/p\u003e\u003chr\u003e\u003cfigure class=\"kg-card kg-embed-card\"\u003e\u003ciframe width=\"200\" height=\"113\" src=\"https://www.youtube.com/embed/TyZsemV_0YA?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\" title=\"Options Trading for Beginners (WITH DETAILED EXAMPLES)\"\u003e\u003c/iframe\u003e\u003c/figure\u003e\u003cp\u003e\u003cstrong\u003eOptions Trading for Beginners (WITH DETAILED EXAMPLES)\u003c/strong\u003e: This tutorial excels in providing detailed examples that illuminate the practical aspects of options trading. The use of detailed examples helps demystify the often complex nature of trading options, making it a valuable resource for beginners seeking to apply theoretical knowledge.\u003c/p\u003e\u003chr\u003e\u003cfigure class=\"kg-card kg-embed-card\"\u003e\u003ciframe width=\"200\" height=\"113\" src=\"https://www.youtube.com/embed/4HMm6mBvGKE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\" title=\"Options Trading Explained - COMPLETE BEGINNERS GUIDE (Part 1)\"\u003e\u003c/iframe\u003e\u003c/figure\u003e\u003cp\u003e\u003cstrong\u003eOptions Trading Explained - COMPLETE BEGINNERS GUIDE (Part 1)\u003c/strong\u003e: With its structured presentation and clear explanations, this video serves as an excellent starting point for those new to options trading. It breaks down fundamental concepts into easily digestible segments, making the learning process smooth and engaging.\u003c/p\u003e\u003chr\u003e\u003cfigure class=\"kg-card kg-embed-card\"\u003e\u003ciframe width=\"200\" height=\"113\" src=\"https://www.youtube.com/embed/C7ncFyKFzA4?start=11\u0026amp;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen=\"\" title=\"Teaching My Friend How To Trade Options\"\u003e\u003c/iframe\u003e\u003c/figure\u003e\u003cp\u003e\u003cstrong\u003eTeaching My Friend How To Trade Options\u003c/strong\u003e: This tutorial adopts a unique peer-to-peer teaching style, which can be highly engaging for some learners. However, it might lack the structured approach and depth of content provided by the more formal tutorials, placing it last in this ranking.\u003c/p\u003e\u003chr\u003e\u003cp\u003eThese guides provide an in-depth walk through of how to trade options in traditional finance, however there are some key differentiations to recognize when trading crypto.\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003eMarket Hours\u003c/strong\u003e: Crypto markets operate 24/7, offering constant trading opportunities, while traditional options markets have set trading hours.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eVolatility\u003c/strong\u003e: Cryptocurrencies typically exhibit higher volatility than most traditional financial instruments, leading to potentially higher gains or losses.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eAccessibility\u003c/strong\u003e: Crypto trading platforms are generally more accessible to the average person worldwide, with fewer barriers to entry compared to traditional finance markets.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"11:T1fc5,"])</script><script>self.__next_f.push([1,"\u003ch3 id=\"tldr\"\u003eTLDR\u003c/h3\u003e\u003cp\u003eSavvy traders are \u003cstrong\u003eearning superhuman yields basis trading\u003c/strong\u003e during \u003ca href=\"https://lyra.finance/rewards?ref=blog.lyra.finance\"\u003eLyra Launch Season\u003c/a\u003e:\u003c/p\u003e\u003cul\u003e\u003cli\u003eThe basis trade is the godfather of non-directional, interest-bearing crypto trading strategies\u003c/li\u003e\u003cli\u003eBasis trading yields are the \u003cstrong\u003emost bountiful in bull markets\u003c/strong\u003e\u003c/li\u003e\u003cli\u003eTraders are currently earning \u003cstrong\u003e~$5 in LYRA rewards per $1 in fees paid\u003c/strong\u003e\u003c/li\u003e\u003cli\u003eYou can \u003cstrong\u003efarm basis yield and earn rewards\u003c/strong\u003e on Lyra right now by depositing wstETH and shorting an equivalent quantity of ETH perps\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"what-is-basis-trading\"\u003eWhat is Basis Trading?\u003c/h3\u003e\u003cp\u003eThe term \u003cem\u003ebasis\u003c/em\u003e refers to the difference between the price of a derivative and its underlying asset. In traditional financial markets, this trade is commonly known as a cash-and-carry trade. It entails buying a commodity and shorting its futures contract when the futures contract is trading at a premium. \u003cstrong\u003eIn cryptocurrency markets, the \u003cem\u003ebasis\u003c/em\u003e is the difference between the price of a perp and its underlying asset (spot price)\u003c/strong\u003e, and establishing a basis trade entails holding a long position in a spot asset and shorting an equivalent quantity of perps for the same asset.\u003c/p\u003e\u003cp\u003eIn dated futures markets, price convergence between spot and the futures contract is mediated by time. As the expiration date of the futures contract approaches, its price converges on the spot price. Perpetual futures, as their name suggests, never expire, so an alternative convergence mechanism is needed. Enter funding rates. \u003cstrong\u003eFunding rates are the mechanism that keeps perp prices closely bound to spot prices\u003c/strong\u003e, serving to reduce demand imbalances between longs and shorts.\u003c/p\u003e\u003ch3 id=\"positive-funding-rates\"\u003ePositive Funding Rates\u003c/h3\u003e\u003cp\u003eA positive funding rate environment refers to the market condition in which \u003cstrong\u003edemand for long perp exposure exceeds the demand for short perp exposure\u003c/strong\u003e, causing the price of the perp to trade higher than the spot price. When funding rates are positive, perps are trading at a premium relative to spot. In this case, long perp holders pay funding payments to short perp holders.\u003c/p\u003e\u003cp\u003eHow much basis traders earn is directly correlated with how high funding rates are. \u003cstrong\u003eFunding rates tend to remain high during bull markets\u003c/strong\u003e, as no one wants to throw themselves in front of a freight train by nakedly shorting perps into all-time highs. \u003cstrong\u003eThis is what makes basis trading so special\u003c/strong\u003e — you get to profit from shorting perps without shorting the market.\u003c/p\u003e\u003ch3 id=\"negative-funding-rates\"\u003eNegative Funding Rates\u003c/h3\u003e\u003cp\u003eA negative funding rate environment refers to the market condition in which demand for short perp exposure exceeds the demand for long perp exposure, causing the price of the perp to trade below spot price. When funding rates are negative, perps are trading at a discount relative to spot. In this case, short perp holders pay funding payments to long perp holders, reducing, if not eliminating, the viability of basis trading.\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/03/funding_rate_explanation.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1910\" height=\"1910\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/03/funding_rate_explanation.png 600w, https://blog.lyra.finance/content/images/size/w1000/2024/03/funding_rate_explanation.png 1000w, https://blog.lyra.finance/content/images/size/w1600/2024/03/funding_rate_explanation.png 1600w, https://blog.lyra.finance/content/images/2024/03/funding_rate_explanation.png 1910w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003esource: https://lyra.finance\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003ch3 id=\"juiced-basis-trading-simultaneously-collect-funding-payments-and-earn-rewards\"\u003eJuiced Basis Trading: Simultaneously Collect Funding Payments and Earn Rewards\u003c/h3\u003e\u003cp\u003eBarry Bonds hit 73 home runs in 2001, breaking the single-season home run record. How did he do it? Steroids and hand-eye coordination — but mostly steroids. There’s a lesson in there. You can’t hit 73 home runs in a single season without taking steroids, in the same way, you can’t generate the yield available basis trading on Lyra right now in the absence of a juiced \u003ca href=\"https://lyra.finance/rewards?ref=blog.lyra.finance\"\u003epublic rewards program\u003c/a\u003e and exceedingly positive funding rates catalyzed by BTC and ETH trading around all-time highs.\u003c/p\u003e\u003cp\u003eEvery day your basis trade remains open, you collect funding fees from the short perp leg because longs pay shorts in positive funding rate environments. You will earn LYRA on top of your basis trade yield. Since perps don’t expire, you’ll earn LYRA again when you close that position.\u003c/p\u003e\u003ch3 id=\"basis-trading-on-lyra-guide\"\u003eBasis Trading on Lyra Guide\u003c/h3\u003e\u003cp\u003eBasis trading on Lyra is particularly smooth, thanks to Lyra supporting \u003ca href=\"https://blog.lyra.finance/introducing-cross-asset-collateral-portfolio-margin/\" rel=\"noreferrer\"\u003enon-USD collateral support\u003c/a\u003e. Most DeFi perps exchanges explicitly support USD collateral and would, therefore, preclude you from being able to execute basis trades on one platform. On Lyra, basis trading is high-yield and low-effort. \u003cstrong\u003eYou can seamlessly execute a basis trade on Lyra in three simple steps\u003c/strong\u003e. We’ll use an ETH basis trade as an example:\u003c/p\u003e\u003cul\u003e\u003cli\u003eStep 1: Head to the \u003ca href=\"https://lyra.finance/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003elyra.finance\u003c/a\u003e to \u003cstrong\u003edeposit 1 wstETH\u003c/strong\u003e\u003cul\u003e\u003cli\u003eHowever much wstETH you deposit here, you will need to short an equivalent quantity of perps in the next step\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003eStep 2: Navigate to the perps tab and \u003cstrong\u003eshort 1 ETH perp\u003c/strong\u003e\u003cul\u003e\u003cli\u003eIt’s critical to verify that you short the precise quantity of ETH perps you deposited in Step 1\u003c/li\u003e\u003cli\u003eAfter completing this step, you are delta-neutral and no longer exposed to the price of ETH\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003eStep 3: When you’re ready to take profit, or you anticipate funding rates flipping negative, \u003cstrong\u003eexit the trade by closing your short ETH perp and converting your deposited ETH to USDC\u003c/strong\u003e\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eIt is also worth noting that \u003cstrong\u003eyou can execute a BTC basis trade on Lyra right now\u003c/strong\u003e by depositing BTC and shorting an equivalent quantity of perps, following the same order of operations outlined in the above example. Whilst the wstETH basis trade is currently the most popular among Lyra users, users will ultimately be able to basis trade any asset on Lyra that has a perps market and is eligible to be used as collateral.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eStrategy Considerations\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eIt is important to remember that funding rates are not constant; they can flip positive or negative in response to fluctuations in demand for long and short-perp exposure. The position becomes less profitable as positive funding rates become less positive, and the strategy is not viable amid negative funding rates.\u003c/p\u003e\u003cp\u003eAt the time of writing, \u003cstrong\u003ebasis trading on Lyra is yielding ~10-70% APY before factoring in LYRA rewards\u003c/strong\u003e you would earn opening and closing the short perp leg, which are currently approximated at $5 in rewards per $1 in fees paid.\u003c/p\u003e\u003ch3 id=\"closing-thoughts\"\u003eClosing Thoughts\u003c/h3\u003e\u003cp\u003eThe basis trade is the most liquid and fashionable trade in crypto for good reason — its robustness is derived from its simplicity, lack of directional exposure, and relatively predictable yield. At its core, it is a delta-neutral arbitrage strategy that takes advantage of the differential between spot and perp prices; short perp holders collect funding payments from long perp holders. If there were ever an optimal time to try out a basis trade, it would be right now — during \u003ca href=\"https://lyra.finance/rewards?ref=blog.lyra.finance\"\u003eLyra Launch Season\u003c/a\u003e in a markedly positive funding rate environment.\u003c/p\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"12:Tbd5,"])</script><script>self.__next_f.push([1,"\u003ch3 id=\"tldr\"\u003e\u003cstrong\u003eTLDR\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eLyra Finance V2 introduces a focused trading incentives program:\u003c/p\u003e\u003cul\u003e\u003cli\u003eDistribute 150,000,000 LYRA to drive user engagement and protocol adoption.\u003c/li\u003e\u003cli\u003eRewards based on trading volume and fees, structured over 96 epochs.\u003c/li\u003e\u003cli\u003eDistribution and claiming will be on Lyra chain.\u003c/li\u003e\u003cli\u003e15% of taker rewards will be allocated to growth experiments (e.g. Trading competitions).\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"incentives-program-schedule\"\u003e\u003cstrong\u003eIncentives Program Schedule\u003c/strong\u003e\u003c/h3\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FNQfvrPmh3w3q20l91TSRk.jpeg\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"2048\" height=\"1151\"\u003e\u003c/figure\u003e\u003cp\u003eRewards are finalized at the end of each 7-day epoch, with the total 150,000,000 LYRA distributed across the 24-month period. The distribution begins with 1,250,000 LYRA for each of the first four epochs, increasing incrementally in subsequent epochs. The peak distribution reaches 2,500,000 LYRA per epoch from the 9th to the 24th epoch, after which it gradually decreases.\u003c/p\u003e\u003ch3 id=\"incentives-program-calculation\"\u003e\u003cstrong\u003eIncentives Program Calculation\u003c/strong\u003e\u003c/h3\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2F6QxJv7Jp4l89EwogB5L0X.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"538\" height=\"313\"\u003e\u003c/figure\u003e\u003cp\u003eHow Do I Maximize Rewards? It’s simple.\u003c/p\u003e\u003cul\u003e\u003cli\u003eTrade more options\u003c/li\u003e\u003cli\u003eTrade more perps\u003c/li\u003e\u003cli\u003eGenerate more fees\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"incentives-program-distribution-and-claiming\"\u003e\u003cstrong\u003eIncentives Program\u003c/strong\u003e\u0026nbsp;\u003cstrong\u003eDistribution and Claiming\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eParticipants can claim their rewards on the Lyra chain, either through smart contracts or directly via the user interface (UI). Earned LYRA rewards are disbursed at each epoch's conclusion, with a special provision during the \"launch season\" where all rewards are distributed at the end of the 12th epoch.\u003c/p\u003e\u003ch3 id=\"growth-experiments\"\u003e\u003cstrong\u003eGrowth Experiments\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eGrowth Experiments in the Lyra Finance V2 ecosystem are allocated 15% of each epoch's taker rewards. These tokens support specific initiatives aimed at increasing platform engagement and attracting new users:\u003c/p\u003e\u003cul\u003e\u003cli\u003eTrading competitions\u003c/li\u003e\u003cli\u003eReferral programs\u003c/li\u003e\u003cli\u003eRetroactive Airdrops\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThis allocation directly contributes to the execution of these growth-focused activities.\u003c/p\u003e\u003ch3 id=\"incentives-rules-criteria-and-disclaimer\"\u003e\u003cstrong\u003eIncentives Rules Criteria and Disclaimer\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eEligibility is restricted to individuals residing in jurisdictions where trading on Lyra is permitted under our terms of use. It's important to note that individuals from jurisdictions identified as restricted in our terms of use are not eligible to participate in this program.\u003c/p\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"13:T28fe,"])</script><script>self.__next_f.push([1,"\u003ch3 id=\"tldr\"\u003eTLDR\u003c/h3\u003e\u003cul\u003e\u003cli\u003eLyra V2 has officially democratized capital efficiency —\u0026nbsp;\u003cstrong\u003eportfolio margin, cross-asset collateral, and multiple accounts are live on Lyra V2\u003c/strong\u003e\u0026nbsp;for\u0026nbsp;\u003cem\u003eall traders\u003c/em\u003e\u003cul\u003e\u003cli\u003eThis is novel for options and perps — a first-of-its-kind feature offering in DeFi\u003c/li\u003e\u003cli\u003eUsers can now create up to\u0026nbsp;\u003cstrong\u003e32 subaccounts\u003c/strong\u003e\u0026nbsp;to compartmentalize risk\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003ePortfolio margined subaccounts on Lyra V2 facilitate extreme capital efficiency by netting positions and considering the overall risk in your portfolio, affording you:\u003cul\u003e\u003cli\u003eUp to\u0026nbsp;\u003cstrong\u003e5x more buying power\u003c/strong\u003e\u0026nbsp;and leverage\u003c/li\u003e\u003cli\u003eMore strategies and\u0026nbsp;\u003cstrong\u003eenhanced risk-management\u003c/strong\u003e\u0026nbsp;\u003cstrong\u003ecapabilities\u003c/strong\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003eAlongside portfolio margin, the introduction of cross-asset collateral puts Lyra V2 in a league of its own when it comes to feature-richness. It gives you the ability to:\u003cul\u003e\u003cli\u003eStart trading without converting your base assets into stablecoins\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eMonetize your assets\u003c/strong\u003e\u0026nbsp;by using them as collateral\u003c/li\u003e\u003cli\u003eStreamlined\u0026nbsp;\u003cstrong\u003etrading of pairs and cross-asset volatility\u003c/strong\u003e\u003c/li\u003e\u003cli\u003eDiversified collateral pooling\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"lyra-v2-portfolio-margin-risk-engine\"\u003eLyra V2 Portfolio Margin Risk Engine\u003c/h3\u003e\u003cp\u003ePortfolio margin on Lyra V2 offers you unparalleled capital efficiency by assessing the risk of your positions\u0026nbsp;\u003cem\u003eholistically\u003c/em\u003e\u0026nbsp;rather than in isolation. This translates to\u0026nbsp;\u003cstrong\u003emore buying power and leverage\u003c/strong\u003e, lower margin requirements, and ultimately —\u0026nbsp;\u003cstrong\u003emore optionality.\u003c/strong\u003e\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FxijEtjKFMf5vcPSXDPPWF.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"Creating a Subaccount on Lyra V2 \" loading=\"lazy\" width=\"2000\" height=\"1038\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003eCreating a Subaccount on Lyra V2\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003cp\u003ePortfolio-margined subaccounts on Lyra V2 allow you to characterize the health of your portfolio with an exactness previously reserved for institutional TradFi players. With turbocharged risk-management capabilities, you can\u0026nbsp;\u003cstrong\u003ecraft complex payoffs with multi-leg option structures\u003c/strong\u003e, dynamically hedge risk, and hand-craft your exposures with the control and precision of an Amish woodworker. Some noteworthy strategy unlocks include:\u003c/p\u003e\u003cul\u003e\u003cli\u003eMulti-leg strategies like butterfly spreads and iron condors can be deployed on Lyra V2 with\u0026nbsp;\u003cstrong\u003e50% of the margin required\u003c/strong\u003e\u0026nbsp;on a standard margin exchange, as the Portfolio Margin Risk Manager (PMRM) recognizes that losses can only be realized on one of the strategy’s two wings\u003c/li\u003e\u003cli\u003eSimilarly, short straddles and strangles can also only lose in one direction and as such, can be traded with drastically reduced margin requirements\u003c/li\u003e\u003cli\u003eHorizontal spreads like calendar and diagonal spreads can be established for much cheaper than they could be on an exchange with standard margin, as the V2 PMRM acknowledges the relationship between options with different strikes and expiries\u003c/li\u003e\u003cli\u003eDeploying hedging strategies such as protective puts results in increased buying power as the V2 PMRM recognizes the resulting decrease in your theoretical max loss\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eIn a previous\u0026nbsp;\u003ca href=\"https://mirror.xyz/lyra.eth/AmkKdjIgKVHsrLLzZbmjA_cxhdopMV3gJFUD_aKYAog?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eblog\u003c/a\u003e, we likened Lyra V1 to the\u0026nbsp;\u003ca href=\"https://www.britannica.com/topic/Wright-flyer-of-1903?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eWright Flyer\u003c/a\u003e, a pioneering innovation in the world of aviation, while analogizing Lyra V2 to the\u0026nbsp;\u003ca href=\"https://en.wikipedia.org/wiki/Lockheed_Martin_F-35_Lightning_II?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eF-35\u003c/a\u003e, alluding to its feature-rich sophistication. We weren’t kidding:\u003c/p\u003e\u003cul\u003e\u003cli\u003eCompared to Lyra V1, a Standard Margin (cross-margin) subaccount on Lyra V2 offers up to 15x more capital efficiency\u003c/li\u003e\u003cli\u003eA trader utilizing cross-asset collateral and a Portfolio Margined subaccount on Lyra V2 will realize up 5x more capital efficiency gains than a Standard Margin subaccount would offer\u003c/li\u003e\u003cli\u003eAll in all, the combination of portfolio margin and cross-asset collateral on Lyra V2 allows users to trade with up to a\u0026nbsp;\u003cstrong\u003e75x increase in capital efficiency\u003c/strong\u003e\u0026nbsp;relative to Lyra V1\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"subaccounts\"\u003eSubaccounts\u003c/h3\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FYrMal5iP7Xb6Jnx-hLuat.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"Lyra V2 Subaccounts Page\" loading=\"lazy\" width=\"2000\" height=\"1035\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003eLyra V2 Subaccounts Page\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003cp\u003eMost DEXes tell you that if you want multiple subaccounts, you can achieve them by creating new wallets. Is that a real solution? We don’t think so. On Lyra V2, you can\u0026nbsp;\u003cstrong\u003ecreate and label up to 32 subaccounts\u003c/strong\u003e. Subaccounts enable you to compartmentalize your risk and\u0026nbsp;\u003cstrong\u003etailor strategies based on your trading objectives\u003c/strong\u003e, offering utility to traders and market makers alike. Creating a new subaccount is easy and can be completed in the following steps:\u003c/p\u003e\u003col\u003e\u003cli\u003eCreate Subaccount\u003c/li\u003e\u003cli\u003eSelect Your Margining Style\u003col\u003e\u003cli\u003eStandard Margin (simple risk management, multi-market, basic strategies)\u003c/li\u003e\u003cli\u003ePortfolio Margin (advanced risk management, single-market, complex option strategies)\u003c/li\u003e\u003c/ol\u003e\u003c/li\u003e\u003cli\u003eSelect Market (if opening a portfolio margined subaccount)\u003col\u003e\u003cli\u003eBTC\u003c/li\u003e\u003cli\u003eETH\u003c/li\u003e\u003c/ol\u003e\u003c/li\u003e\u003c/ol\u003e\u003ch3 id=\"lyra-v2-cross-asset-collateral\"\u003eLyra V2 Cross-Asset Collateral\u003c/h3\u003e\u003cp\u003eThe implementation of cross-asset collateral on Lyra V2 enables you to collateralize your options and perpetual positions with a multitude of base assets. This is\u0026nbsp;\u003cstrong\u003enovel for options and perps in DeFi — a first-of-its-kind feature offering\u003c/strong\u003e\u0026nbsp;and the lynchpin of a robust trading experience. With cross-asset collateral live on V2, you can begin trading and\u0026nbsp;\u003cstrong\u003epreserve the productivity of your spot holdings\u003c/strong\u003e\u0026nbsp;without converting them into USDC. Diversified collateral pooling allows traders to increase the durability of their portfolios.\u003c/p\u003e\u003cp\u003eCarefully calibrated asset margin discounts ensure the sanity and accuracy of collateral values, providing the foundation for a\u0026nbsp;\u003cstrong\u003esecure and reliable trading environment\u003c/strong\u003e. The asset margin discounts employed on V2 are as follows:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003ccode\u003eInitial Margin\u003c/code\u003e\u003cul\u003e\u003cli\u003e\u003ccode\u003eETH: 80% of fair market price\u003c/code\u003e\u003c/li\u003e\u003cli\u003e\u003ccode\u003eBTC: 75%\u003c/code\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003e\u003ccode\u003eMaintenance Margin\u003c/code\u003e\u003cul\u003e\u003cli\u003e\u003ccode\u003eETH: 75% of fair market price\u003c/code\u003e\u003c/li\u003e\u003cli\u003e\u003ccode\u003eBTC: 70%\u003c/code\u003e\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eAnother key benefit of cross-asset collateral is the ability to trade asset correlations such as perp pairs and the volatility profiles of different options and options structures. The shipment of cross-asset collateral to Lyra V2\u0026nbsp;\u003cstrong\u003eunlocks a\u003c/strong\u003e\u0026nbsp;\u003cstrong\u003elaundry list of strategies that were not previously possible\u003c/strong\u003e, some of which include:\u003c/p\u003e\u003cul\u003e\u003cli\u003eLonging ETH perps with spot BTC as collateral\u003c/li\u003e\u003cli\u003eSelling BTC calls with spot ETH as collateral\u003c/li\u003e\u003cli\u003eBuying an ETH call spread and selling a delta-matched BTC call spread to trade asset-vol correlations\u003c/li\u003e\u003cli\u003eBuying BTC puts to hedge your spot ETH holdings (cross-hedging)\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"v2-portfolio-margin-risk-manager-under-the-hood\"\u003eV2 Portfolio Margin Risk Manager: Under the Hood\u003c/h3\u003e\u003cp\u003eIn Lyra V2 portfolio-margined accounts, collateral is adjusted according to the spot price shocks used in the PMRM’s\u0026nbsp;\u003ccode\u003emaxLoss\u003c/code\u003e\u0026nbsp;calcs, with the aforementioned asset margin discounts applied to ensure security and reliability.\u003c/p\u003e\u003cp\u003eThe PMRM calculates margin requirements by performing a comprehensive risk assessment to determine the\u0026nbsp;\u003ccode\u003emaxLoss\u003c/code\u003e\u0026nbsp;a portfolio might incur under a myriad of spot and volatility shock scenarios. This\u0026nbsp;\u003ccode\u003emaxLoss\u003c/code\u003e\u0026nbsp;is augmented with an additional margin buffer to cover risk factors extraneous to the primary calculation.\u003c/p\u003e\u003cp\u003eThe margin equation is thus defined as:\u0026nbsp;\u003ccode\u003eMargin = mfactor × (contingencies + maxLoss)\u003c/code\u003e, where the\u0026nbsp;\u003ccode\u003emfactor\u003c/code\u003e\u0026nbsp;is typically set at\u0026nbsp;\u003ccode\u003e1.0\u003c/code\u003e\u0026nbsp;for maintenance margin calculations and is increased for initial margin to reinforce the risk buffer. The contingencies integrated into this calculation include:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003ccode\u003eBase Asset Contingency:\u003c/code\u003e\u0026nbsp;a modest percentage of the spot price for each base asset held.\u003c/li\u003e\u003cli\u003e\u003ccode\u003ePerpetual Asset Contingency:\u003c/code\u003e\u0026nbsp;a minor percentage of the spot price for every perpetual contract in possession.\u003c/li\u003e\u003cli\u003e\u003ccode\u003eOption Contingency:\u003c/code\u003e\u0026nbsp;for each option's strike, the net quantity of short options is identified. A percentage of the spot price is then allocated to the margin requirement for each net short option.\u003c/li\u003e\u003cli\u003e\u003ccode\u003eOracle Contingency:\u003c/code\u003e\u0026nbsp;a substantial percentage of the spot price is appended to the initial margin requirements for each base, option, and perpetual position if the data feeds exhibit low confidence scores.\u003c/li\u003e\u003cli\u003e\u003ccode\u003eBasis Contingency:\u003c/code\u003e\u0026nbsp;the basis contingency is an estimation based on the max-loss scenario your portfolio could incur if the forward basis moves against you across all expiries. If greater than the maxLoss, the basis contingency replaces maxLoss in the margin formula.\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"conclusion\"\u003eConclusion\u003c/h3\u003e\u003cp\u003eThese features cater to the sophisticated needs of smart money without sacrificing trust assurances, as the Lyra V2 risk engine is fully on-chain. This aligns with our vision of bolstering DeFi as a whole by\u0026nbsp;\u003cstrong\u003eincreasing the breadth and complexity of payoff functions traders can employ to grow and preserve their holdings without sacrificing self-custody.\u003c/strong\u003e\u0026nbsp;The introduction of cross-asset collateral, portfolio margin, and multiple subaccounts on Lyra V2 marks a critical milestone on our path to scaling crypto options by 100x.\u003c/p\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"14:T1da4,"])</script><script>self.__next_f.push([1,"\u003ch2 id=\"tldr\"\u003e\u003cstrong\u003eTLDR\u003c/strong\u003e\u003c/h2\u003e\u003cul\u003e\u003cli\u003eThe BTC ETF PVP trading competition marks the first phase of the Lyra V2 rollout, with the final phase slated for early January. It aims to:\u003cul\u003e\u003cli\u003eConcentrate liquidity on a single asset (BTC) and expiry (Jan. 12th)\u003c/li\u003e\u003cli\u003eCreate the highest-ever BTC options OI expiry in DeFi\u003c/li\u003e\u003cli\u003eMake V2 the most liquid venue to trade the BTC Spot ETF news and witching event\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003eThe competition starts at 2:00 AM UTC on December 15th, 2023\u003cul\u003e\u003cli\u003eThis coincides with the volatility-inducing Quadruple Witching event\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003eThe competition ends at 8:00 AM UTC on January 12th, 2024\u003cul\u003e\u003cli\u003eThis is on the heels of the long-awaited BTC Spot ETF approval decision,\u0026nbsp;\u003cem\u003eprojected\u003c/em\u003e\u0026nbsp;to occur between January 5th and 10th\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003eTrade the BTC ETF PVP on\u0026nbsp;\u003ca href=\"http:\" rel=\"noreferrer\"\u003eLyra V2 Mainnet\u003c/a\u003e\u0026nbsp;—\u0026nbsp;full details below\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"backdrop\"\u003e\u003cstrong\u003eBackdrop\u003c/strong\u003e\u003c/h2\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FOgfSFvwcaK3IuiL8B1722.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"V2 UI\" loading=\"lazy\" width=\"1300\" height=\"743\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003eV2 UI\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003cp\u003eThe BTC ETF PVP competition is the red carpet on which Lyra V2 will roll out. V2 just veered onto the freeway, and it’s making aggressive lane changes. Buckle up. Crypto assets move fast, but crypto options move even faster. V2 is here and ready for prime time. The BTC ETF PVP coincides with the platform's inauguration, setting the stage for an influx of liquidity and a flurry of volatility. The campaign focuses on one asset, one instrument, and one expiry — the Jan. 12th BTC options market. Stay tuned for a flurry of market alpha. We will be producing high-signal educational content that breaks down Jan. 12th expiry flows, giving you nuanced insights into one of the biggest trading events of the year. We are committed to delivering distinguished educational content that illuminates the circuitry of this year's most significant trading event. Lyra V1 took crypto options from 0-1. V2 will take them from 1-100.\u003c/p\u003e\u003ch2 id=\"the-calm-before-the-storm\"\u003e\u003cstrong\u003eThe Calm Before the Storm\u003c/strong\u003e\u003c/h2\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FAnJJ8x3HMcUrSAWJ4rBQ7.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1300\" height=\"731\"\u003e\u003c/figure\u003e\u003cp\u003eThe BTC ETF PVP couldn't be more timely, coinciding with the Quadruple Witching on December 15th. This rare event, marked by the simultaneous expiration of stock index futures, stock index options, stock options, and single stock futures, is known to amplify volatility in options markets.\u003c/p\u003e\u003cp\u003eIt's this environment of heightened activity, amplified by the impending BTC ETF approval decision, that the BTC ETF PVP seeks to capitalize on — offering traders a unique window of opportunity. Those who can’t take the heat will be forced out of the kitchen, but amid the volatility, one hardened trader will emerge victorious. Earn PVPoints, win LYRA. There may be four witches, but there can only be one king.\u003c/p\u003e\u003ch2 id=\"the-btc-spot-etf-approval-decision\"\u003e\u003cstrong\u003eThe BTC Spot ETF Approval Decision\u003c/strong\u003e\u003c/h2\u003e\u003cp\u003eIn the backdrop of the BTC ETF PVP, the crypto market is eagerly awaiting the approval decision on the nine Bitcoin ETF applications, each vying for regulatory approval. The approval of any of these ETFs will likely make a huge splash, ushering in a wave of institutional inflows. Blackrock and the other applicants are ready. Are you ready?\u003c/p\u003e\u003cp\u003eThe entry of institutional funds into the Bitcoin market through ETFs is anticipated to bring a new level of maturity and stability to the crypto options space. Along with improved liquidity, the influx of smart money would anchor the market, facilitating broader acceptance of Bitcoin as a mainstream financial asset.\u003c/p\u003e\u003ch2 id=\"the-btc-etf-pvp-a-launchpad-for-lyra-v2\"\u003e\u003cstrong\u003eThe BTC ETF PVP: A Launchpad for Lyra V2\u003c/strong\u003e\u003c/h2\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FVA6ORwY0Vomzko9C6VO7f.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1300\" height=\"731\"\u003e\u003c/figure\u003e\u003cp\u003eThe BTC ETF PVP is not your average trading competition; it's a tactical campaign designed as a booster stage to support launch liquidity in the first phase of Lyra V2’s rollout. You can think of the BTC ETF PVP as a housewarming party, leading you into 2024 — the year we embark on our mission to scale crypto options by 100x. Options CEXes will face a new contender with a unique\u0026nbsp;\u003ca href=\"https://mirror.xyz/lyra.eth/V98wz0UDVXUcTs39HPjg8AoQfHfh195bwxFX2UD1a60?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003etechnical architecture\u003c/a\u003e, a full suite of\u0026nbsp;\u003ca href=\"https://mirror.xyz/lyra.eth/AmkKdjIgKVHsrLLzZbmjA_cxhdopMV3gJFUD_aKYAog?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eadvanced features\u003c/a\u003e, and an imposing value proposition. And V2 is ready to deliver the storm — because V2 is the storm.\u0026nbsp;\u003cstrong\u003e\u003cem\u003eTHE STORM PROVIDES\u003c/em\u003e\u003c/strong\u003e\u0026nbsp;⚡️⛈️🌪️\u003c/p\u003e\u003ch2 id=\"competition-details\"\u003eCompetition Details\u003c/h2\u003e\u003ch3 id=\"start-date\"\u003e\u003cstrong\u003eStart Date\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eThe competition starts at 2:00 AM UTC on December 15th, 2023 — coinciding with the Quadruple Witching, an event that is historically associated with heightened market volatility.\u003c/p\u003e\u003ch3 id=\"end-date\"\u003eEnd Date\u003c/h3\u003e\u003cp\u003eThe competition ends at 8:00 AM UTC on January 12th, 2024 — on the heels of the long-awaited BTC Spot ETF approval decision,\u0026nbsp;\u003cem\u003eprojected\u003c/em\u003e\u0026nbsp;to occur between January 5th and 10th.\u003c/p\u003e\u003ch3 id=\"leaderboard\"\u003eLeaderboard\u003c/h3\u003e\u003cp\u003eYour positioning on the leaderboard is determined by your PVPoints. PVPoints are awarded in proportion to your fees paid across our options and perpetuals markets. A 1.2x boost to your points will apply if your realized PNL is in the green (positive) at the end of the competition (i.e. post-expiry).\u003c/p\u003e\u003cul\u003e\u003cli\u003ePVPoints = 1000 x Fees Paid\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"how-to-win\"\u003eHow to Win\u003c/h3\u003e\u003cp\u003eTrade wisely, earn PVPoints, and win LYRA. There are three ways to win:\u003c/p\u003e\u003cul\u003e\u003cli\u003e800,000 LYRA distributed\u0026nbsp;\u003cstrong\u003epro-rata to traders by PVPoints points earned\u003c/strong\u003e\u003c/li\u003e\u003cli\u003e150,000 LYRA distributed to the\u0026nbsp;\u003cstrong\u003etop 3 traders by PVPoints\u003c/strong\u003e\u003cul\u003e\u003cli\u003e1st place — 80,000 LYRA\u003c/li\u003e\u003cli\u003e2nd place — 50,000 LYRA\u003c/li\u003e\u003cli\u003e3rd place — 20,000 LYRA\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003e50,000 LYRA distributed evenly between\u0026nbsp;\u003cstrong\u003e5 traders based on\u0026nbsp;\u003cem\u003emystery mechanics\u003c/em\u003e\u0026nbsp;(hint: trade option structures)\u003c/strong\u003e\u003cul\u003e\u003cli\u003e10,000 LYRA awarded to 5 traders, based on trading metrics that will be revealed at the end of the competition (to avoid gaming of the system or inorganic trading activity).\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"competition-rules-criteria-and-disclaimer\"\u003e\u003cstrong\u003eCompetition Rules Criteria and Disclaimer\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eTrading is allowed anytime within the competition window. The competition is open exclusively to participants residing in jurisdictions where they are permitted to engage in trading activities on Lyra, in accordance with our terms of use. Participants from restricted jurisdictions, as defined in our terms of use, are not eligible to enter this competition.\u003c/p\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"15:T4977,"])</script><script>self.__next_f.push([1,"\u003cp\u003ePartial liquidations are an essential aspect of the V2 overhaul - they swiftly remove risk from the system and ensure a maximally beneficial user experience for traders. The market impact of liquidations is reduced by closing over-extended positions incrementally, decreasing the likelihood of insolvency and cascading liquidations.\u003c/p\u003e\u003cp\u003eLiquidating positions incrementally allows traders to maintain a portion of their exposure. Staggering liquidations across price levels can reduce the risks of incurring costs as a result of depressed liquidity at any one particular price level.\u003c/p\u003e\u003cp\u003eThe beauty of Lyra’s liquidation system is that anyone can act as a liquidator. This promotes decentralization of the protocol and adds even more security to the system. The process to become a liquidator is straightforward and outlined\u0026nbsp;\u003ca href=\"https://hackmd.io/5hMWWuLmRIeiCiwwO-xbUQ?ref=blog.lyra.finance#Bidding-script\" rel=\"noreferrer\"\u003ehere\u003c/a\u003e.\u003c/p\u003e\u003ch2 id=\"tldr\"\u003eTLDR\u003c/h2\u003e\u003cp\u003e\u003cstrong\u003eLiquidation Overview\u003c/strong\u003e:\u0026nbsp;Liquidations are transparent, can be executed by\u0026nbsp;anyone and occur at the protocol layer.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003ePartial Liquidations\u003c/strong\u003e:\u0026nbsp;Partial liquidations help preserve user positions by exchanging risk-bearing assets for USDC, promoting risk management.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eBuffer Margin\u003c/strong\u003e:\u0026nbsp;Buffer margin provides a safety cushion over maintenance margin, thereby allowing users the opportunity to further de-risk or add more collateral in order to prevent being liquidated again if price moves against them.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eFlagged Accounts\u003c/strong\u003e:\u0026nbsp;When a user falls below maintenance margin requirements, anyone can initiate the liquidation process, with the account owner restricted from further transactions.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eAuction Process\u003c/strong\u003e:\u0026nbsp;Lyra V2 employs a two-phase auction process, starting with a solvent auction where liquidators can take a percentage of the subaccount at a discount, and if necessary, an insolvent auction where liquidators are paid to take on the portfolio.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eLiquidator Cash Requirements\u003c/strong\u003e:\u0026nbsp;Liquidators in the auction process must have sufficient USDC in their wallet to cover the liquidated portfolio, collateral for their positions, and the buffer margin.\u003c/p\u003e\u003ch2 id=\"liquidation-overview\"\u003eLiquidation Overview\u003c/h2\u003e\u003cp\u003eIn V2 liquidations and the associated logic are transparent and fully on-chain. The process of flagging a subaccount for liquidation is straightforward. Any user can check the risk of a subaccount in the system, and if it falls below its maintenance margin requirements, it becomes subject to partial liquidation.\u003c/p\u003e\u003cp\u003eDuring the liquidation process, the goal is to quickly reduce risk in the system while providing a good experience for the trader being liquidated. Here's how it works:\u003c/p\u003e\u003cul\u003e\u003cli\u003eA percentage of all assets in the subaccount is put up for auction.\u003c/li\u003e\u003cli\u003eA fee, which is a small percentage of the portfolio's value, is charged to the user and goes to the security module.\u003c/li\u003e\u003cli\u003eInitially, the assets are offered for sale at a slightly lower price (95% of their current value).\u003c/li\u003e\u003cli\u003eThis discount on the sale price increases rapidly, reaching a threshold of 30% within 15 minutes. Afterwards, it continues to increase gradually over 12 hours.\u003c/li\u003e\u003cli\u003eDuring this time, anyone can purchase a portion of the assets being sold, but there is a limit on how much they can buy. This limit is smaller when the account is close to meeting its margin requirements (e.g. may be 20%) and larger when the account is nearly insolvent (e.g. 100%).\u003c/li\u003e\u003cli\u003eIf the mark-to-market value of the portfolio ever becomes negative, a special auction occurs where the security module pays a liquidator to take on the subaccount of a portfolio.\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"partial-liquidations\"\u003ePartial Liquidations\u003c/h2\u003e\u003cp\u003ePartial liquidations are advantageous in this context because they preserve a portion of the user's assets, preventing complete loss and promoting portfolio sustainability. Additionally, they encourage users to actively engage in risk management without the fear of losing all their holdings.\u003c/p\u003e\u003cp\u003eDuring a liquidation, a percentage of\u0026nbsp;all\u0026nbsp;(cash, base, perpetual, option) assets held by the subaccount are on offer for liquidators. By exchanging risk-bearing assets (short options, perpetuals) for USDC, the liquidated user is de-risked.\u003c/p\u003e\u003cp\u003eThis process can be seen in the diagram below, portfolio assets start in white, and then once a liquidation event is triggered they are exchanged into green \"reserved cash\".\u003c/p\u003e\u003cp\u003eSubsequent liquidators get blue and orange assets. The liquidation stops when the portfolio is considered safe, defined by the \"buffer margin\" reaching zero.\u003c/p\u003e\u003ch2 id=\"the-buffer-margin\"\u003eThe Buffer Margin\u003c/h2\u003e\u003cp\u003eThe Maintenance Margin for a solvent portfolio is the mark to market price of the portfolio plus a\u0026nbsp;buffer margin.\u0026nbsp;Partial liquidation requires a condition to cap the amount of the portfolio that can be liquidated. This means that the liquidated user has some buffer (hence the name), so that even if prices continue to move against them, they still have a chance to de-risk or add more collateral.\u003c/p\u003e\u003cp\u003eWe recall that the maintenance margin (\u003ccode\u003eMM\u003c/code\u003e) is the mark-to-market (\u003ccode\u003emtm\u003c/code\u003e) value plus some buffer, ie.\u003c/p\u003e\u003cp\u003eMM=mtm+buffer\u003c/p\u003e\u003cp\u003eWe define the buffer margin\u0026nbsp;(\u003ccode\u003eBM\u003c/code\u003e)\u0026nbsp;as follows:\u003c/p\u003e\u003cp\u003eBuffer\u0026nbsp;Margin=MM+0.15×buffer\u003c/p\u003e\u003cp\u003eWhen a user is liquidated during the solvent auction, they are liquidated so that\u0026nbsp;\u003ccode\u003eBM=0\u003c/code\u003e.\u003c/p\u003e\u003ch2 id=\"the-partial-liquidation-formula\"\u003eThe Partial Liquidation Formula\u003c/h2\u003e\u003cp\u003eWhen a liquidator wishes to liquidate a subaccount, they are able to take on any percentage of the subaccount up to the following cap:\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.24.22-AM.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"700\" height=\"192\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/03/Screenshot-2024-03-08-at-11.24.22-AM.png 600w, https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.24.22-AM.png 700w\"\u003e\u003c/figure\u003e\u003cp\u003eWhere:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003ccode\u003ed\u003c/code\u003e\u0026nbsp;is the current percentage discount to the mark-to-market value.\u003c/li\u003e\u003cli\u003e\u003ccode\u003emtm\u003c/code\u003e\u0026nbsp;is the mark-to-market value of the entire portfolio defined above.\u003c/li\u003e\u003cli\u003e\u003ccode\u003eR\u003c/code\u003e\u0026nbsp;is the reserved funds: the amount of cash received by the portfolio from all previous liquidations during the auction. It is necessary to ensure liquidators liquidating at the same price/discount pay the same price.\u003c/li\u003e\u003cli\u003e\u003ccode\u003eBM\u003c/code\u003e\u0026nbsp;is the buffer margin of the current subaccount (including reserved funds)\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"flagged-accounts\"\u003eFlagged accounts\u003c/h2\u003e\u003cp\u003eWhen a user falls beneath their maintenance margin requirements (i.e. maintenance margin becomes negative), anyone can call a function to liquidate the account on-chain. The auction process then begins; the account owner is prohibited from conducting any transactions using the flagged account.\u003c/p\u003e\u003cp\u003eWhen flagged, an account is charged a fee given by\u003c/p\u003e\u003cp\u003eLiquidation\u0026nbsp;Fee=0.10×mtm×BMBM−mtm\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eA note on portfolio margined accounts\u003c/strong\u003e: To avoid excess computation done on chain, when a portfolio margined subaccount is flagged for liquidation, the flagger will also submit what they believe to be the worst case scenario (say, spot up 15%, IV static). This scenario, along with the static vol/spot and basis contingency scenarios, will be used to compute the margin requirements of the portfolio, as well as the buffer margin.\u003c/p\u003e\u003ch2 id=\"the-auction-process\"\u003eThe Auction Process\u003c/h2\u003e\u003ch3 id=\"liquidating-a-solvent-portfolio\"\u003eLiquidating a solvent portfolio\u003c/h3\u003e\u003cp\u003eAfter the liquidation fee is charged, the account is put up for a solvent auction. Liquidators can take on a percentage of the entire subaccount at discount to the mark-to-market value. This discount starts at 5%, increasing linearly\u0026nbsp;to 30%\u0026nbsp;over a period of 15 minutes. When a liquidator wishes to liquidate the subaccount, they are able to take on any percentage of the subaccount up to the cap derived above.\u003c/p\u003e\u003cp\u003eIf a liquidator requests more than the cap, they are capped at\u0026nbsp;the percentage shown above\u0026nbsp;and the liquidation terminates.\u003c/p\u003e\u003cp\u003eOtherwise, the liquidator receives their requested percentage of the current portfolio and pays\u003c/p\u003e\u003cp\u003eLiquidator\u0026nbsp;Cost=Percentage\u0026nbsp;Received\u0026nbsp;by\u0026nbsp;Liquidator×(mtm−R)×(1−d)\u003c/p\u003e\u003cp\u003eUSDC to take on their chunk of the portfolio. The liquidation then continues. If the discount reaches\u0026nbsp;30% (or the liquidation has been going on for 15 minutes), then the auction continues with the discount decreasing to 100% over the next 12 hours. In order to execute a trade in the auction, the liquidator must have enough USDC in their wallet to cover the liquidated portfolio, the required collateral for their positions and the buffer margin.\u003c/p\u003e\u003cp\u003eThe solvent auction does not execute if any of the following conditions are met:\u003c/p\u003e\u003cul\u003e\u003cli\u003eThe\u0026nbsp;\u003ccode\u003eBuffer Margin\u003c/code\u003e\u0026nbsp;is greater than 0 meaning the market has moved sufficiently in the trader's favour.\u003c/li\u003e\u003cli\u003eThe discount hits 100% or the trader’s portfolio is insolvent. This triggers the start of the insolvent auction (see below)\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"cash-requirement-for-solvent-auctions\"\u003eCash requirement for solvent auctions\u003c/h2\u003e\u003cp\u003eDuring the solvent auction, liquidators are required to hold (in the liquidating cash account) at least the following amount of cash:\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.25.27-AM.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"902\" height=\"144\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/03/Screenshot-2024-03-08-at-11.25.27-AM.png 600w, https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.25.27-AM.png 902w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003c/figure\u003e\u003cp\u003ewhere:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003ccode\u003ef\u003c/code\u003e\u0026nbsp;is the percentage of the current portfolio the liquidator is taking on (say, 20%)\u003c/li\u003e\u003cli\u003e\u003ccode\u003ed\u003c/code\u003e\u0026nbsp;is the current discount to the mtm (say, the bid price is 90% of the mtm)\u003c/li\u003e\u003cli\u003e\u003ccode\u003emtm\u003c/code\u003e\u0026nbsp;is the current mark-to-market value of the portfolio\u003c/li\u003e\u003cli\u003e\u003ccode\u003eR\u003c/code\u003e\u0026nbsp;is the total reserved funds\u003c/li\u003e\u003cli\u003e\u003ccode\u003eBM\u003c/code\u003e\u0026nbsp;is the buffer margin of the account.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThe first term represents the cash the liquidator pays to take on the account (they have to have enough cash to buy it) while the second term represents the amount of extra USDC that must remain in the liquidator’s cash account to ensure the resulting portfolio has\u0026nbsp;\u003ccode\u003eBM = 0\u003c/code\u003e.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eI.e. it is required that the liquidator’s final cash + liquidated portfolio account to have\u003c/strong\u003e\u0026nbsp;\u003ccode\u003eBM = 0\u003c/code\u003e\u003cstrong\u003e.\u003c/strong\u003e\u003c/p\u003e\u003ch2 id=\"example\"\u003eExample\u003c/h2\u003e\u003cp\u003eConsider Alice’s account which consists of:\u003c/p\u003e\u003cul\u003e\u003cli\u003e100 SHORT $1500 ETH calls\u003c/li\u003e\u003cli\u003e20 LONG BTC perps\u003c/li\u003e\u003cli\u003e$50,000 USDC\u003c/li\u003e\u003cli\u003e2 ETH\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eSuppose also that her portfolio has\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003ccode\u003eMark to Market = $40,000\u003c/code\u003e\u003c/li\u003e\u003cli\u003e\u003ccode\u003eBuffer Margin = -$30,000\u003c/code\u003e\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThe liquidation fee is first calculated. This is given by\u003c/p\u003e\u003cp\u003eLiquidation\u0026nbsp;Fee=0.10×−30,000−30,000−40,000×40,000=$1714.29\u003c/p\u003e\u003cp\u003eAlice’s cash balance is the updated to\u0026nbsp;\u003ccode\u003e50,000-1714.29=$48285.7\u003c/code\u003e\u003c/p\u003e\u003cp\u003eNote that:\u003c/p\u003e\u003cul\u003e\u003cli\u003ethe\u0026nbsp;\u003ccode\u003eMark to Market\u003c/code\u003e\u0026nbsp;value of her account decreases to $40,000-1,714.29=$38,285.7$.\u003c/li\u003e\u003cli\u003eThe\u0026nbsp;\u003ccode\u003eBuffer Margin\u003c/code\u003e\u0026nbsp;of her account decreases to $-30,000-1,714.29=-31,714.29$.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eAt t=0, the discount begins at 5%. Let’s say Bob wants to liquidate 10% of Alice’s current portfolio at this discount. We compute the liquidation cap, given by (note there are no reserved funds so R=0)\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.26.36-AM.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1132\" height=\"166\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/03/Screenshot-2024-03-08-at-11.26.36-AM.png 600w, https://blog.lyra.finance/content/images/size/w1000/2024/03/Screenshot-2024-03-08-at-11.26.36-AM.png 1000w, https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.26.36-AM.png 1132w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003c/figure\u003e\u003cp\u003eI.e. Bob can liquidate up to 46.5799% of Alice’s current portfolio.\u003c/p\u003e\u003cp\u003eBob’s desired percentage (10%) is less than the cap, so he is permitted to take on this amount. Bob pays\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.26.54-AM.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1428\" height=\"170\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/03/Screenshot-2024-03-08-at-11.26.54-AM.png 600w, https://blog.lyra.finance/content/images/size/w1000/2024/03/Screenshot-2024-03-08-at-11.26.54-AM.png 1000w, https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.26.54-AM.png 1428w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003c/figure\u003e\u003cp\u003eto purchase 10% of Alice’s portfolio.\u003c/p\u003e\u003cp\u003eIn return, he receives:\u003c/p\u003e\u003cul\u003e\u003cli\u003e10 SHORT $1500 ETH calls\u003c/li\u003e\u003cli\u003e2 LONG BTC perps\u003c/li\u003e\u003cli\u003e$4828.57 USDC\u003c/li\u003e\u003cli\u003e0.2 ETH\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eConsequently, Alice’s portfolio is updated to\u003c/p\u003e\u003cul\u003e\u003cli\u003e90 SHORT $1500 ETH calls\u003c/li\u003e\u003cli\u003e18 LONG BTC perps\u003c/li\u003e\u003cli\u003e$48285.7 x 0.9+3637.14=$ 47,094.3 USDC\u003c/li\u003e\u003cli\u003e1.8 ETH\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eAlice’s buffer margin is still not 0, so the liquidation continues.\u003c/p\u003e\u003cp\u003eBob also has a cash requirement, namely\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.27.20-AM.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"902\" height=\"186\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/03/Screenshot-2024-03-08-at-11.27.20-AM.png 600w, https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.27.20-AM.png 902w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003c/figure\u003e\u003cp\u003eIn particular, we have\u003c/p\u003e\u003cp\u003ecashRequired=3637.14+3171.43=6808.57\u003c/p\u003e\u003cp\u003eIn other words, Bob requires at least $6808.57 USDC in his account to liquidate Alice.\u003c/p\u003e\u003cp\u003eNote that if Bob had liquidated 46.5799% of Alice’s current portfolio then Alice’s final Buffer Margin would be 0 and the liquidation would terminate.\u003c/p\u003e\u003ch2 id=\"liquidating-an-insolvent-portfolio\"\u003eLiquidating an insolvent portfolio\u003c/h2\u003e\u003cp\u003eAt the insolvent auction, offers start at the mark-to-market value of the portfolio and increase over\u0026nbsp;the next hour\u0026nbsp;to the current maintenance margin\u0026nbsp;of the liquidated portfolio. Specifically, the offer at a given time t is given by\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.27.46-AM.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"1428\" height=\"150\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/03/Screenshot-2024-03-08-at-11.27.46-AM.png 600w, https://blog.lyra.finance/content/images/size/w1000/2024/03/Screenshot-2024-03-08-at-11.27.46-AM.png 1000w, https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.27.46-AM.png 1428w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003c/figure\u003e\u003cp\u003ewhere\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003ccode\u003eINSOLVENT_DURATION\u003c/code\u003e\u0026nbsp;= 60 minutes.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eAll offers at the insolvent auction will also be negative indicating that the liquidator will be paid by the security module (SM) to take on the portfolio. Liquidators in an insolvent auction also have cash requirements to be able to cover the maintenance margin of the account less the cash received for liquidating the portfolio.\u003c/p\u003e\u003cp\u003eThe percentage that can be taken on by the liquidator during the insolvent auction is always set to 100%. Offers which reach the maintenance score stay there indefinitely (note the price liquidators receive will continuously vary with the dynamic maintenance score of the portfolio).\u003c/p\u003e\u003cp\u003eThe insolvent auction ends when either of the following conditions are met:\u003c/p\u003e\u003cul\u003e\u003cli\u003eAll of the portfolio has been liquidated\u003c/li\u003e\u003cli\u003eThe portfolio regains value above the maintenance margin\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"cash-requirement-for-insolvent-auctions\"\u003eCash requirement for insolvent auctions\u003c/h2\u003e\u003cp\u003eFor the insolvent auction, similar logic yields as in the solvent example:\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.28.02-AM.png\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"774\" height=\"130\" srcset=\"https://blog.lyra.finance/content/images/size/w600/2024/03/Screenshot-2024-03-08-at-11.28.02-AM.png 600w, https://blog.lyra.finance/content/images/2024/03/Screenshot-2024-03-08-at-11.28.02-AM.png 774w\" sizes=\"(min-width: 720px) 720px\"\u003e\u003c/figure\u003e\u003cp\u003ewhere\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003ccode\u003eMM\u003c/code\u003e\u0026nbsp;is the maintenance margin of the account (we are less stringent during the insolvent auction) and\u003c/li\u003e\u003cli\u003e\u003ccode\u003eCash Received\u003c/code\u003e\u0026nbsp;is given by\u0026nbsp;\u003ccode\u003eCurrent Offer\u003c/code\u003e\u0026nbsp;above (scaled by the percent received by the liquidator), i.e.\u0026nbsp;\u003ccode\u003eCash Received = f * |Current Offer|\u003c/code\u003e\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"insolvent-auction-example\"\u003eInsolvent Auction Example\u003c/h2\u003e\u003cp\u003eAlice’s portfolio becomes insolvent and the insolvent auction begins.\u003c/p\u003e\u003cp\u003eSuppose that t = 10 minutes into the insolvent auction process, Bob wants to liquidate Alice. At this point in time, her portfolio has\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003ccode\u003eMark to Market\u0026nbsp;= -$4000\u003c/code\u003e\u003c/li\u003e\u003cli\u003e\u003ccode\u003eMaintenance Margin\u0026nbsp;= -$15,000\u003c/code\u003e\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eUsing the formula from the insolvent auction process, we have\u003c/p\u003e\u003cp\u003eCurrent\u0026nbsp;Offer=−$5,833.33\u003c/p\u003e\u003cp\u003eIn other words, Bob can take on 100% of the portfolio and receive an additional payout of $5833.33 from the Security Module. If Bob wants only 40%, then he receives 40% of the entire portfolio and is paid out\u003c/p\u003e\u003cp\u003eSM\u0026nbsp;Payout=0.4×5833.33=$2333.33\u003c/p\u003e\u003cp\u003efrom the SM. He is required to have\u003c/p\u003e\u003cp\u003eCash\u0026nbsp;Required=f×∣MM∣−Cash\u0026nbsp;Received=0.4×∣−15,000∣−2333.33=$3666.67\u003c/p\u003e\u003cp\u003eUSDC in his account in order to liquidate the account.\u003c/p\u003e\u003ch2 id=\"summary\"\u003eSummary\u003c/h2\u003e\u003cp\u003eIn conclusion, partial liquidations were a crucial part of the V2 overhaul, swiftly mitigating risk, enhancing the user experience, and preserving PnL by reducing market impact and optimizing capital deployment. We’re proud that anyone can participate in V2 Liquidation auctions and no compromises were made in terms of transparency and decentralization to achieve this.\u003c/p\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"16:T4db6,"])</script><script>self.__next_f.push([1,"\u003cp\u003e\u003cstrong\u003eThe Lyra V2 Matcher is going open-source!\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eThere is much duplicate work being done on orderbooks in crypto, and much more to be done still, as the crypto techstack rapidly evolves. We felt it would only benefit the DeFi ecosystem, and ultimately our users, to open up the first all-in-one self-custodial orderbook.\u003c/p\u003e\u003cp\u003eOrderbooks have existed in crypto for years, but with speed and better UX came centralization. That changes now. With the Lyra V2 Matcher users retain control of their funds and the security of on-chain liquidations, while enjoying the throughput and feature-set of CEX alternatives.\u003c/p\u003e\u003cp\u003eFeatures you get out-of-the-box:\u003c/p\u003e\u003cul\u003e\u003cli\u003eHigh-throughput REST / WS APIs for account management, streaming market data, and advanced orders\u003c/li\u003e\u003cli\u003eMatching and risk engines\u003c/li\u003e\u003cli\u003eMarket-maker protections\u003c/li\u003e\u003cli\u003eSettlement and event-listening on EVM chain\u003c/li\u003e\u003cli\u003eAdvanced authentication and rate limits\u003c/li\u003e\u003cli\u003eDeploy cluster to any cloud-provider via Kubernetes\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"why-can%E2%80%99t-it-all-be-on-chain\"\u003eWhy can’t it all be on-chain?\u003c/h2\u003e\u003cp\u003eA feature-complete, high throughput orderbook is a significant amount of work, so it’s worth briefly going over one of the technical reasons for why we built one at Lyra.\u003c/p\u003e\u003cp\u003eSimilar to\u0026nbsp;\u003ca href=\"https://youtu.be/HiU-g8XHi5s?si=hxirnNSPKvBpfHH9\u0026t=429\u0026ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eOptimism\u003c/a\u003e, the past two years at Lyra was a journey from monolithic to modular. The V1 AMM was the smart contract equivalent of a mullet - a sleek, industry leading options venue in the front with maybe a bit too much stuffed in the backend. All four stages of an options trade (clearing, risk, matching and pricing) were packed into a single smart-contract AMM.\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2F6vZwFw5U9dPJlmlgNid-U.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"2000\" height=\"963\"\u003e\u003c/figure\u003e\u003cp\u003eDespite pushing on-chain options to the next level, we began to (a) run out of gas and (b) experience slowing development speed with every release. How did this happen?\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003ePricing\u003c/strong\u003e: the V1 AMM performed gas-heavy computations to algorithmically determine price as a solution to the high cost of posting limit orders on-chain (similar to Uniswap).\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eMatching\u003c/strong\u003e: as a knock-on effect, the AMM became the counterparty to every trade. In addition to computing price, the AMM had to hedge itself on-chain against SNX / GMX - more gas used.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eRisk \u0026amp; Clearing\u003c/strong\u003e: every trade still required a risk check and balance adjustment\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eOur ambitions for V2 were two pronged; settle \u0026gt;10x volume and offer advanced portfolio margin. Both require more block space. Our approach needed to change.\u003c/p\u003e\u003cp\u003e\u003ca href=\"https://dashboard.tenderly.co/tx/arbitrum/0x6f7116b6a91e7da99a8baec147b0c8256d8118ee83d6facd597b1447404441da/gas-usage?ref=blog.lyra.finance\" rel=\"noreferrer noopener\"\u003eTenderly DashboardTenderly is an Ethereum monitoring, debugging and analytics platform. It empowers blockchain teams and individuals by providing …dashboard.tenderly.co\u003c/a\u003e\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FzwTAgrfL9tUamN4elUfDq.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"2000\" height=\"660\"\u003e\u003c/figure\u003e\u003cp\u003eFinding a way to trustlessly move\u0026nbsp;\u003cstrong\u003eA-C\u003c/strong\u003e\u0026nbsp;off-chain would save us 70% of block space!\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eA\u003c/strong\u003e. ~1mln gas: recalculating the price of the AMM surface [”Pricing”]\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eB\u003c/strong\u003e. ~200k gas: AMM hedging risk via GMX [”Matching”]\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eC\u003c/strong\u003e. ~100k gas: AMM safety features [”Matching”]\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eD\u003c/strong\u003e. ~200k gas: AMM and trader margin checks [”Risk”]\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eE\u003c/strong\u003e. ~350k gas: saving new balance values [”Clearing”]\u003c/p\u003e\u003cp\u003eIn V2, all four stages were split out, with “Pricing \u0026amp; Matching” going off-chain. We got more block space for more volumes and advanced portfolio margin, the team could parallelize the work, and self-custody / on-chain risk was retained.\u003c/p\u003e\u003ch2 id=\"a-public-good\"\u003eA public good\u003c/h2\u003e\u003cp\u003eWe could not find any open-source orderbooks that could be forked and run at scale. Of the few repos, most are just matching engines. To make an ETH parallel, it’s similar to releasing an ETH execution client but leaving out validator clients, RPC nodes, archive nodes, a JSON-RPC spec, block explorers, indexers and etc.\u003c/p\u003e\u003cp\u003eNo CEX has opened up their work, and probably for good reason. In a custodial orderbook, a security event means market manipulation and maybe even complete loss of customer funds. The more “black box” you keep it, the safer.\u003c/p\u003e\u003cp\u003eThis is no longer the case thanks to self-custodial orderbooks!\u0026nbsp;\u003cstrong\u003eSecurity\u003c/strong\u003e\u0026nbsp;\u003cstrong\u003eis contained\u003c/strong\u003e\u0026nbsp;within the smart contracts. In the case of a hack on the orderbook:\u003c/p\u003e\u003cul\u003e\u003cli\u003eCustomer funds simply cannot be touched as the orderbook never had access to them to begin with\u003c/li\u003e\u003cli\u003eOutstanding orders can’t be manipulated as each order has a limit price signed by user private keys\u003c/li\u003e\u003cli\u003eTrading is not blocked as each user can withdraw their account (assets and cash) directly on-chain and find counterparties on-chain\u003c/li\u003e\u003cli\u003eAll counterparty margin and risk remains collateralized as liquidations are fully on-chain\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eBeyond security, we deliberately chose a Kubernetes-based architecture so that any fork can\u0026nbsp;\u003cstrong\u003echoose their own cloud provider\u003c/strong\u003e. AWS, Azure, GCP all have great Kubernetes hosting services. You can even launch your own tiny booklet from your orderbook!\u003c/p\u003e\u003cp\u003eLastly, the Lyra V2 Protocol contracts are completely un-opinionated to what pricing and matching stack you use - whether it’s an AMM or an off-chain orderbook. There is no DAO “designated” matcher, as multiple orderbook forks\u0026nbsp;\u003cstrong\u003ecan settle to the V2 clearing, liquidations, oracle smart-contracts\u003c/strong\u003e\u0026nbsp;at the same time.\u003c/p\u003e\u003cp\u003eThough it was painful to “reinvent the wheel”, and we still have much to learn, we hope others can benefit from and contribute to our initial work in self-custodial orderbooks.\u003c/p\u003e\u003ch2 id=\"reinventing-a-very-complex-wheel\"\u003eReinventing a very complex wheel\u003c/h2\u003e\u003cp\u003eIf you think about building an orderbook as a personal project, the first thing you probably think about is crafting the most efficient matching engine. Ironically, the core of the orderbook is the least time consuming. As with most things, the dozens of critical little micro-services is what takes a giant amount of work.\u003c/p\u003e\u003cp\u003eDEXs don’t have this issue as the hard work is handed off to existing ETH infrastructure:\u003c/p\u003e\u003cul\u003e\u003cli\u003eRisk checks / balance updates are computed by ETH Execution Nodes\u003c/li\u003e\u003cli\u003eLatest market data can be scraped from Dune, GraphQL, RPC Nodes (e.g. Infura)\u003c/li\u003e\u003cli\u003eAsset / account notifications can be subscribed to via RPC Nodes\u003c/li\u003e\u003cli\u003eAPIs don’t need to be hosted as\u0026nbsp;\u003ccode\u003epublic\u003c/code\u003e\u0026nbsp;functions in Solidity are directly callable\u003c/li\u003e\u003cli\u003eNo need for Postgres / MongoDB / etc as data availability is guaranteed by ETH Validator Nodes\u003c/li\u003e\u003cli\u003eRate limiting is automatically handled via EIP1559\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eNo wonder we’ve seen hundreds of DeFi protocols deployed in a span of several years!\u003c/p\u003e\u003cp\u003eAn orderbook must build much of the above from scratch AND handle 1000x more throughput. For us, the first step was to absorb as much as we can from the best CEX architectures:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003ca href=\"https://www.youtube.com/watch?v=b1e4t2k2KJY\u0026ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eJaneStreet: What is an exchange\u003c/a\u003e\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://www.coinbase.com/blog/rearchitecting-apps-for-scale?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eCoinbase: Rearchitecting Apps For Scale\u003c/a\u003e\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://www.coinbase.com/blog/container-technologies-at-coinbase?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eCoinbase: Container Technologies at Coinbase\u003c/a\u003e\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://www.coinbase.com/blog/scaling-container-technologies-at-coinbase-with-kubernetes?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eCoinbase: Scaling Container Technologies with Kubernetes\u003c/a\u003e\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://robinhood.engineering/how-we-scaled-robinhoods-brokerage-system-for-greater-reliability-cfa6542bacef?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eRobinhood: How We Scaled Robinhood’s Brokerage System for Greater Reliability\u003c/a\u003e\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://robinhood.engineering/part-i-scaling-robinhood-clearing-accounting-432ff8ee5049?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eRobinhood: Part I Scaling Robinhood Clearing Accounting\u003c/a\u003e\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://www.gemini.com/blog/geminis-devops-transformation-building-a-culture-of-full-automation?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eGemini: Develops Transformation Building A Culture of Full Automation\u003c/a\u003e\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://blog.kraken.com/post/17936/performance-at-kraken/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eKraken: Performance at Kraken\u003c/a\u003e\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://blog.kraken.com/post/7964/oxidizing-kraken-improving-kraken-infrastructure-using-rust/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eKraken: Improving Kraken Infrastructure using Rust\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eAnd some great tech companies:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003ca href=\"https://engineering.atspotify.com/2023/05/fleet-management-at-spotify-part-2-the-path-to-declarative-infrastructure/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eSpotify: Fleet Management\u003c/a\u003e\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://stripe.com/blog/operating-kubernetes?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eStripe: Operating Kubernetes\u003c/a\u003e\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://medium.com/intuit-engineering/turbotax-moves-to-kubernetes-an-intuit-journey-part-1-aa861c061a11?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eIntuit: TurboTax moves to Kubernetes\u003c/a\u003e\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"the-design\"\u003eThe design\u003c/h2\u003e\u003cp\u003eThe four things we prioritized:\u003c/p\u003e\u003col\u003e\u003cli\u003eScale horizontally\u003c/li\u003e\u003cli\u003eKeep it simple\u003c/li\u003e\u003cli\u003eJust use Kubernetes\u003c/li\u003e\u003cli\u003e“Why can’t it run on my laptop?” (or if it passes on my laptop it will pass in prod)\u003c/li\u003e\u003c/ol\u003e\u003ch3 id=\"1-scale-horizontally\"\u003e1: Scale horizontally\u003c/h3\u003e\u003cp\u003eIt’s tempting to deploy the whole thing in one gigantic machine, all written in C++ or Rust - fully synchronous and blazing fast, maybe sprinkle in some custom hardware. But think about a high pressure situation, your user base doubles one day and your server is crashing. It’s midnight, you’re not exactly sure what’s making it sluggish, but you\u0026nbsp;\u003cem\u003ethink\u003c/em\u003e\u0026nbsp;you can gain some speed by caching certain variables in your risk checker. You buckle in to start implementing the improvement, traders are complaining all over twitter, and every minute you spend refactoring / testing your code is a minute that your users can’t trade. We want to avoid these nightmares.\u003c/p\u003e\u003cp\u003eThe solution is a system where you can “throw CPUs” at as many problems as possible, giving you time to calmly work on business logic optimizations in parallel.\u003c/p\u003e\u003cp\u003eIn our distributed system, we split out our APIs, Queues, DBs and Microservices into many standalone workers. If another 10,000 users flood our WebSocket servers, we just add 50 more pods. If our RabbitMQ queue is struggling to cope with the order flow, we increase CPU limit for that pod. If our risk checkers are struggling to keep up with surging order flow, we add another 50 pods. Kubernetes makes it even easier to respond to such events by scaling CPUs, RAM, or number of pods with a one-liner .yaml change.\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FG_oHN3yKirKeb4sCZQB8-.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"A diagram of our major components along with an example order flow.\" loading=\"lazy\" width=\"2000\" height=\"1068\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003eA diagram of our major components along with an example order flow.\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003cp\u003eAn additional benefit of horizontally scaling is modularization. When each service runs on a separate worker and communicates with other services in a predictable manner, the language / framework is swappable. Converting our WebSocket server from Node.js to Rust can be done with zero downtime and no changes to any other services.\u003c/p\u003e\u003ch3 id=\"2-keep-it-simple\"\u003e2: Keep it simple\u003c/h3\u003e\u003cp\u003eThere are some processes that must be strictly atomic - e.g. the matching engine. You cannot simply have 10 separate engines settling trades for the same instrument - how would you know which open order is filled and which isn't?\u003c/p\u003e\u003cp\u003eHorizontally scaling this component took more thought. An engine has many tasks, and we slowly resected anything parallelize-able:\u003c/p\u003e\u003col\u003e\u003cli\u003e\u003cstrong\u003eMust serve ~500 instrument types per currency\u003c/strong\u003e\u0026nbsp;- parallelize our engines to service one instrument each. Adding 500 more strikes of FileCoin would not require re-architecting the whole system.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eCheck margin of each counterparty\u003c/strong\u003e\u0026nbsp;- create pool of risk pods that can be scaled independently of engines. So a trade with 1 vs 10 counterparties is near constant time.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eQuery / modify / edit orders and balances in DB\u003c/strong\u003e\u0026nbsp;- see below\u003c/li\u003e\u003cli\u003e\u003cstrong\u003ePublish tx on-chain and verify settlement\u003c/strong\u003e\u0026nbsp;- on-chain settlement to the Conduit-powered rollup is handled asynchronously via a separate worker. In the case of intermittent RPC Node failures, the engine would move on to the next order and let the settler handle reversions.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003ePublish results to all subscribers (e.g. owners waiting for confirmation, users listening to trade events, etc)\u003c/strong\u003e\u0026nbsp;- leverage Redis and RMQ to broadcast events\u003c/li\u003e\u003c/ol\u003e\u003cp\u003eAnd still… there was one final bottleneck, the Postgres Database. At the limit (imagine 10,000 live instruments all running on performant Rust engines), Postgres must handle balance and order updates serially for each parallelized pod (engines, risk workers, etc).\u003c/p\u003e\u003cp\u003eSo do you take a 2 month long pilgrimage down Postgres sharding, or shove it under the rug? Robinhood has a\u0026nbsp;\u003ca href=\"https://newsroom.aboutrobinhood.com/how-we-scaled-robinhoods-brokerage-system-for-greater-reliability/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003egreat blog\u003c/a\u003e\u0026nbsp;describing their long term solution.\u003c/p\u003e\u003cp\u003e\u003ccode\u003e💡 It was time to take a step back. Our goal was not to land an orderbook on Mars, but to exceed CEX throughput by some margin. We set tangible metrics → Product-Market-Fit * SomeSafetyMultiple (leaving out specific metrics for brevity). From the same Robinhood blog, we learned that their brokerage system used a single giant Postgres instance up until June 2020, serving 750k req/sec! 2020 Robinhood definitely sounds like a good enough ceiling for PMF. Almost too much PMF 😆.\u003c/code\u003e\u003c/p\u003e\u003cp\u003eClear product requirements kept our architecture as simple as possible. The huge added benefit is the reduction in cost to maintain the system.\u003c/p\u003e\u003ch3 id=\"3-just-use-kubernetes\"\u003e3: Just use Kubernetes\u003c/h3\u003e\u003cp\u003eWhen beginning work on a large distributed system, it’s tough to embrace a seemingly complex framework like Kubernetes, especially when cloud providers are trying to convince you to use their easy-to-use / auto-managed / lock-in services.\u003c/p\u003e\u003cp\u003eIn the past 5 years, most of the best tech companies have migrated their services onto Kubernetes. In addition to greatly simplifying infrastructure management, the open source software has been flexible enough to onboard their legacy systems and even allow them to build\u0026nbsp;\u003ca href=\"https://shopify.engineering/kubectl-plugin-kubernetes-ingress-controller-ingress-nginx?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003etools\u003c/a\u003e\u0026nbsp;on top of it. Here is a brief\u0026nbsp;\u003ca href=\"https://stripe.com/blog/operating-kubernetes?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eprimer\u003c/a\u003e\u0026nbsp;on Kubernetes and why you should use it (from Stripe), or\u0026nbsp;\u003ca href=\"https://shopify.engineering/running-apache-kafka-on-kubernetes-at-shopify?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eanother one\u003c/a\u003e\u0026nbsp;with a pointed example (from Shopify).\u003c/p\u003e\u003cp\u003eFor a small team like ours, beyond the advanced features, an open-source framework with a huge developer community that is still growing was key. Using relatively niche cloud-provider services meant relying on how quickly they respond to your slack messages. DeFi never sleeps, what happens when your cluster starts throwing errors 3am cloud provider time?\u003c/p\u003e\u003cp\u003eSearch any k8s question on StackOverflow, ask ChatGPT to create a ConfigMap using Bitnami Secrets, or ask a devops friend about k8s liveliness checks and you’ll see how large the community is.\u003c/p\u003e\u003ch3 id=\"4-%E2%80%9Cwhy-cant-it-run-on-my-laptop%E2%80%9D\"\u003e4: “Why can't it run on my laptop?”\u003c/h3\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FnzM0nusGrV48xIC7b_-m8.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"2000\" height=\"1039\"\u003e\u003c/figure\u003e\u003cblockquote\u003e\u003cem\u003eStep one is to get tests that you trust before you make changes to the codebase.\u003cbr\u003e\u003cbr\u003e\u0026lt;…\u0026gt;\u003cbr\u003e\u003cbr\u003eSo Twitter had some stuff that looked kind of like this, but it wasn't offline, it was only online. \u0026lt;…\u0026gt;\u003cbr\u003e\u003cbr\u003eSo you can't run all of Twitter offline to test something. Well then this was another problem. You can't run all of Twitter. Period. No, this is bullshit. Why can't it run on my laptop?\u003c/em\u003e\u003c/blockquote\u003e\u003cp\u003e—\u0026nbsp;\u003ca href=\"https://youtu.be/dNrTrx42DGQ?si=53txa-7ZIeh5CNRd\u0026t=8040\u0026ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eGeorge Hotz on Lex Friedman\u003c/a\u003e\u003c/p\u003e\u003cp\u003eWe’ve got much to learn from George, but we took this tidbit especially to heart. From the first few commits, we realized abstracting away Kubernetes complexity from the rest of our team was crucial to our cadence.\u003c/p\u003e\u003cp\u003eProvisioning compute resources / networking / security / version roll-out on multiple clusters is a full time job. Requiring each dev to understand this slows down their day-to-day productivity.\u003c/p\u003e\u003cp\u003eThis is why we leveraged Docker-Compose so you can run our fully featured V2 Lyra orderbook (including a Foundry Anvil blockchain) on your laptop! All of our end-to-end integration tests can run locally, giving our devs the critical confidence that -\u0026nbsp;\u003cstrong\u003e“if it passes on my laptop it will pass in the cluster”\u003c/strong\u003e\u0026nbsp;with ZERO knowledge of how Kubernetes works.\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2F4F6qhcIOSij9WT5WNPOEK.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"2000\" height=\"1081\"\u003e\u003c/figure\u003e\u003cp\u003eHaving an end-to-end stack on a laptop means our CICD benefits too. Each PR cicd pipeline:\u003c/p\u003e\u003cul\u003e\u003cli\u003eUnit-tests\u003c/li\u003e\u003cli\u003eExports API docs\u003c/li\u003e\u003cli\u003eBuilds all new Docker images\u003c/li\u003e\u003cli\u003eSpins up a mini orderbook cluster (using Docker-Compose)\u003c/li\u003e\u003cli\u003eRuns end-to-end integration tests inside a Github Action\u003c/li\u003e\u003cli\u003eSettles all transactions to a local Foundry Anvil blockchain\u003c/li\u003e\u003cli\u003eHas downloadable debug logs for all workers in the orderbook\u003c/li\u003e\u003cli\u003eComplete on-demand ETH transaction debug trace (using Foundry Cast) for local, testnet and mainnet transactions\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThe repos will go public shortly after the public Lyra V2 launch. This is just an initial work on a quickly evolving product, but we hope it’s useful to all the DeFi devs!If you’re interested, sign up for the\u0026nbsp;\u003ca href=\"https://www.lyra.finance/v2?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eLyra V2 waitlist.\u003c/a\u003e\u003c/p\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"17:T2f2a,"])</script><script>self.__next_f.push([1,"\u003cp\u003eWe know Lyra V2 is\u0026nbsp;\u003ca href=\"https://mirror.xyz/lyra.eth/JRj-8JInwtW8jp5y6QzyUHq0suTcH_B1iGO7V5LYwVQ?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003ecoming\u003c/a\u003e. We know it’s made for pro\u0026nbsp;\u003ca href=\"https://mirror.xyz/lyra.eth/AmkKdjIgKVHsrLLzZbmjA_cxhdopMV3gJFUD_aKYAog?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003etraders\u003c/a\u003e. And we know it’s the most scalable derivatives\u0026nbsp;\u003ca href=\"https://mirror.xyz/lyra.eth/V98wz0UDVXUcTs39HPjg8AoQfHfh195bwxFX2UD1a60?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eprotocol\u003c/a\u003e\u0026nbsp;yet. But how did we build it all onchain? It’s time to find out how we leveraged the\u0026nbsp;\u003ca href=\"https://stack.optimism.io/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eOP Stack\u003c/a\u003e\u0026nbsp;to build Lyra Chain and make us\u003c/p\u003e\u003cul\u003e\u003cli\u003eHarder\u003c/li\u003e\u003cli\u003eBetter\u003c/li\u003e\u003cli\u003eFaster\u003c/li\u003e\u003cli\u003eStronger\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eLyra chain has increased the scope of our project by 100x, but before we can join the Superchain, let’s go back to basics.\u003c/p\u003e\u003ch3 id=\"harder\"\u003eHarder\u003c/h3\u003e\u003cblockquote\u003eDefine harder:\u003c/blockquote\u003e\u003col\u003e\u003cli\u003eAdjective: Solid, firm, and rigid: not easily broken, bent or pierced.\u003c/li\u003e\u003cli\u003eAdverb: With a great deal of effort\u003c/li\u003e\u003c/ol\u003e\u003cp\u003eI wish we could have the former without the latter, but the definition has two parts for a reason. So how did we make Lyra both harder (adjective: resilient) and also harder (adverb: more work)?\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eWhat’s a rollup?\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eFirst, we need to understand what a rollup is. I know there are a lot of great explainers out there and I don’t plan on bastardizing them… much. If you want to actually learn about rollups, there are plenty of people who do a better job than me and who all seem to name their articles the same:\u003c/p\u003e\u003col\u003e\u003cli\u003e\u003ca href=\"https://vitalik.ca/general/2021/01/05/rollup.html?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eAn Incomplete Guide to Rollups\u003c/a\u003e\u0026nbsp;by Vitalik\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://members.delphidigital.io/reports/the-complete-guide-to-rollups/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eThe Complete Guide to Rollups\u003c/a\u003e\u0026nbsp;by Jon Charbonneau\u003c/li\u003e\u003cli\u003e\u003ca href=\"https://www.paradigm.xyz/2021/01/almost-everything-you-need-to-know-about-optimistic-rollup?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003e(Almost) Everything you need to know about Optimistic Rollup\u003c/a\u003e\u0026nbsp;by Georgios Konstantopoulos\u003c/li\u003e\u003c/ol\u003e\u003cp\u003eHere is my 1-paragraph TLDR - A rollup or “layer 2” is a system that scales the performance of a blockchain (i.e. makes transactions cheaper and faster) without sacrificing its magical trust properties. This is done by moving computation off the blockchain to a centralised operator and using a proof mechanism to hold them accountable. Proofs can be optimistic in that they assume correct operation unless challenged, or they can be cryptographic (zk), in that a proof of correct computation is provided when the state is updated.\u003c/p\u003e\u003cp\u003eThe important part is that rollups are the\u0026nbsp;\u003cem\u003eonly way\u003c/em\u003e\u0026nbsp;we know how to scale Ethereum without compromising its values (i.e. trust, decentralisation \u0026amp; self-custody).\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eWhen did Lyra find the time to build one?\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eUnless you’ve been living under a rock, you’ve been hearing about rollups for quite literally years. You know they’re technical marvels and you probably know they’re very hard to build. So how did we find time to build one all on our own?\u003c/p\u003e\u003cp\u003eWell, we didn't. Enter the OP Stack.\u003c/p\u003e\u003cp\u003eThe Optimism team has been working on scaling Ethereum for over five years. First with plasma, then with OP mainnet and most recently the introduction of the\u0026nbsp;\u003ca href=\"https://stack.optimism.io/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eOP Stack\u003c/a\u003e\u0026nbsp;and the vision for the Superchain. So what’s the OP Stack? In Optimism’s words, it’s “an open-source, shared and standardized framework” for building Ethereum rollups. From our perspective, it is three things:\u003c/p\u003e\u003col\u003e\u003cli\u003e\u003cem\u003eTime Saver\u003c/em\u003e: 99% reduction in development time (it may actually be infinity% because I doubt it’s possible for most teams to build a rollup on their own)\u003c/li\u003e\u003cli\u003e\u003cem\u003eBattle Tested\u003c/em\u003e: This is the same codebase that has been powering OP Mainnet for years and securing billions in TVL without incident.\u003c/li\u003e\u003cli\u003e\u003cem\u003eEthereum Aligned\u003c/em\u003e: Optimism is the most Ethereum-aligned team I’ve ever seen, perhaps to their own detriment at times. But if you can be sure of one thing, it’s that Optimism will continue to embed the core ethos of Ethereum into the OP Stack.\u003c/li\u003e\u003c/ol\u003e\u003cp\u003eWe’re not the only ones who think this way, with the likes of Base, Zora and Gitcoin all launching OP Stack Chains recently. Going from impossibly hard to definitely doable is pretty great, but let’s not stop there. We want launching our own rollup to be easy, an afterthought. That’s where\u0026nbsp;\u003ca href=\"https://conduit.xyz/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eConduit\u003c/a\u003e\u0026nbsp;comes in. Even when you have the whole stack designed, built and tested, securely operating the infrastructure for a sequencer is a huge task, and not one that protocol teams are set up for. With Conduit, that issue is eliminated, and the Lyra DAO can focus almost exclusively on building the protocol.\u003c/p\u003e\u003ch3 id=\"better\"\u003eBetter\u003c/h3\u003e\u003cp\u003eOk so the OP Stack is great and all, enabling rapid deployment of fully functional Ethereum rollups, but we were already live on Optimism and Arbitrum, why not just build Lyra V2 there? What makes Lyra Chain better than the status quo? It’s part quantitative (performance) and part qualitative (new features). Let’s tackle the new stuff first.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eSustainability\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eJust like any rollup, Lyra Chain has an economic structure that fundamentally involves selling blockspace to its users (Lyra traders) and purchasing it from Ethereum to ensure that there is sufficient data available on L1. This activity accrues fees to the owner of the rollup, Lyra DAO, who incurs costs when posting the data to L1. If Lyra V2 is successful and the Lyra DAO can govern the rollup effectively, it will be able to capture a sustainable margin of ETH-denominated transaction fees. This structure is visualised below.\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FQQQjAaLPRsIUnD4sjkCL2.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"Lyra Chain Economic Model\" loading=\"lazy\" width=\"1600\" height=\"900\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003eLyra Chain Economic Model\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003cp\u003e\u003cstrong\u003eUsability\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eWith different paradigms and standards for accounts on EVM, it’s hard for users to find the right setup for the right app. But a new chain is a blank canvas; when users bridge to Lyra Chain, we can give them an account setup tailored for trading.\u003c/p\u003e\u003cp\u003eUsers deposit from an EOA on Ethereum mainnet to a\u0026nbsp;\u003cem\u003esmart contract account\u003c/em\u003e\u0026nbsp;on the rollup. By leveraging the latest and greatest in account abstraction, we unlock the bleeding edge of transaction UX, blurring the line between protocols and accounts:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cem\u003eTrade without gas\u003c/em\u003e: You only ever need USDC on Lyra Chain. Using bundlers and paymasters from\u0026nbsp;\u003ca href=\"https://eips.ethereum.org/EIPS/eip-4337?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eEIP-4337\u003c/a\u003e\u0026nbsp;we unlock native gasless transactions.\u003c/li\u003e\u003cli\u003e\u003cem\u003eTrade everywhere\u003c/em\u003e: You can easily authorize all of your devices to trade on one account using session keys. Session keys are a smart contract module that give a device authority to make a limited amount of trades over a limited amount of time. One-click, no MetaMask popups, with maximum security and control from your signer.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eWe can also proactively integrate chain-level features and do things like running the ERC-4337 bundler alongside the sequencer, which helps devs who want to build AA-native dapps.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eThe Superchain\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eThe further out we look, the more excited we get. The Superchain is coming. A network of OP Stack Chains that share security and a communication layer. It’s designed to bring internet-level scale to Ethereum. Why is this great for Lyra? Well for one, all chains in the Superchain will have atomic composability with each other. This means composability with Base, Zora and Gitcoin, just to name a few. If Base can bring a billion people onchain (or even a million), Lyra’s universe of potential traders has increased by several orders of magnitude. These users could access Lyra without even needing to bridge. The opportunity for Lyra is to become the foundational derivatives liquidity for the Superchain.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eMore than just an App-chain\u003c/strong\u003e\u003c/p\u003e\u003cp\u003eAt launch, Lyra Chain will only house one protocol - Lyra V2- meaning it will be an “app-chain”. This is a similar situation to what we see with DyDx and most of the OP Stack Chains launched to date (excluding Base). However, there is no constraint here. We know derivatives liquidity is a foundational component of the financial system and if Lyra V2 can succeed, it’s only natural to imagine dozens of protocols built on Lyra Chain that directly integrate with that liquidity. We’ve already seen this on a small scale with Lyra V1 - Polynomial, Brahma, dHedge, Strands. Who will be the first to integrate and build on top of Lyra V2? I for one am very excited to see what else gets built on Lyra Chain.\u003c/p\u003e\u003ch3 id=\"faster\"\u003eFaster\u003c/h3\u003e\u003cp\u003eIf you’re still reading you may actually care about the performance of Lyra V2 and why we built our own chain instead of using OP mainnet or (god forbid) Ethereum L1. Being transparent and decentralized come at a cost. In contrast to many other projects, in Lyra V2 all the margin calculation logic is onchain, even while supporting advanced features like portfolio and cross margin. This makes Lyra v2 very gas intensive, for example, an account with 32 positions will take roughly 1~2 million gas to trade; and this number goes up to 5 million for 64 positions. While it’s obviously impossible to do on L1 (5m gas will take 180 USD to trade given gas price of 20gwei), with the help of rollups like Optimism, this number can be under 1 USD. But using a shared rollup like Optimism would mean sharing the throughput with other protocols too; on average, Optimism\u0026nbsp;\u003ca href=\"https://optimistic.grafana.net/public-dashboards/c84a5a9924fe4e14b270a42a8651ceb8?orgId=1\u0026refresh=5m\u0026ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eprocess 3m gas of computation every block\u003c/a\u003e, which jumps up to 20m when the network is busy. With the 30m gas cap and 2 second-block time, this leaves very limited resources to maximise usability for traders, we will likely need to cap the max positions size at a number under 30. Using a custom rollup makes it easy for us to double the performance by setting the block time to 1 second and lower the tx cost during peak hours by having a higher target block gas. With these parameters, we can settle up to 10 trades between huge accounts per second, around 30 trades per second with average traders, and up to 80 trades for perp traders, while allowing up to 100 positions per account.\u003c/p\u003e\u003ch3 id=\"stronger\"\u003eStronger\u003c/h3\u003e\u003cp\u003eLyra Chain has made us harder, better and faster and as a result, we will become stronger. But with great strength comes great responsibility. The DAO must take on the role of governing Lyra Chain, fostering its growth and ensuring its reliability and security. This task will not be shouldered alone, we expect to work closely with Optimism, Conduit and all teams building OP Stack Chains to bring the Superchain to life. This effort has already begun with the\u0026nbsp;\u003ca href=\"https://gov.optimism.io/t/law-of-chains-v0-1-section-by-section-overview/6515?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003elaw of chains\u003c/a\u003e, which lays out a vision for a unified collective of chains committed to open and decentralised blockspace. As we move forward, the DAO will need to contribute to the Law of Chains to ensure that we build the best possible future.\u003c/p\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"18:T2553,"])</script><script>self.__next_f.push([1,"\u003cp\u003e\u003cbr\u003eThe Lyra V2 protocol is the culmination of 12 months of rigorous research and development. In this blog post, we deep dive into the key features of the protocol’s design, including its modular architecture, subaccount and asset management innovations, permissionless onchain risk checks and liquidations, and strategic trade-offs that contribute to its journey toward complete decentralization.\u003c/p\u003e\u003ch3 id=\"modularity\"\u003eModularity\u003c/h3\u003e\u003cp\u003eLyra V1 pioneered the options AMM space, but its major limitation has been its monolithic design. Developers’ ability to add new features was hamstrung, since any change would require major refactoring to the core smart contracts and subsequent audits. In order to introduce the features traders needed, we had to change rethink our design principles.\u003c/p\u003e\u003cp\u003eEnter Lyra V2. The new protocol employs a modular framework that prioritizes flexibility, adaptability and performance. This modular approach allows for fast, cheap upgrades that enable developers to add new features on top of the protocol to meet the rapidly evolving crypto market dynamics.\u003c/p\u003e\u003cp\u003eThere are three main components to the protocol:\u003c/p\u003e\u003cul\u003e\u003cli\u003eSubaccounts: a trading account, represented as an NFT, that hold assets and defines margin rules for those assets,\u003c/li\u003e\u003cli\u003eAssets: the instruments and collateral that can be traded,\u003c/li\u003e\u003cli\u003eManagers: a manager defines the margining rules for a subaccount and its assets.\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"subaccounts\"\u003eSubaccounts\u003c/h3\u003e\u003cp\u003eThe fundamental unit of the protocol is a subaccount. Subaccounts are a new standard for grouping assets and encoding rules surrounding interactions between subaccounts. Each subaccount is an ERC-721 NFT that owns a collection of\u0026nbsp;\u003cstrong\u003eAssets\u003c/strong\u003e\u0026nbsp;that are managed by a subaccount\u0026nbsp;\u003cstrong\u003eManager.\u003c/strong\u003e\u0026nbsp;Note that this means that a single account can hold multiple subaccounts.\u003c/p\u003e\u003cp\u003eThese rules are controlled through the use of newly introduced\u0026nbsp;\u003cstrong\u003ehooks\u003c/strong\u003e; external function calls to relevant contracts that occur during and after any transfer. There are two such hooks: the\u0026nbsp;\u003cstrong\u003emanager hooks\u003c/strong\u003e\u0026nbsp;and\u0026nbsp;\u003cstrong\u003easset hooks.\u003c/strong\u003e\u0026nbsp;The former ensures the final state of the subaccount is valid (i.e. the transfer does not make the subaccount liquidatable) whereas the latter determines the final balance of the relevant assets (such as by applying interest).\u003c/p\u003e\u003ch3 id=\"assets\"\u003eAssets\u003c/h3\u003e\u003cp\u003eAssets define the rules of what balances represent, and how these balances change when users interact. Assets can be collateral (e.g. USDC, ETH) or instruments (e.g. a perpetual or option). Each asset has access to a uint96 subId which can be used to encode any information. In essence, each asset is an ERC1155 with a more limited id space (uint96 instead of uint256), and supports both positive and negative balances (int256 instead of uint256). Each asset can then constrain the id space and possible final balance that can be held. Assets can be categorized as:\u003c/p\u003e\u003cul\u003e\u003cli\u003eA traditional ERC721 (subId can be anything, balance can only be 1 or 0)\u003c/li\u003e\u003cli\u003eA traditional ERC20 (subId must be 0, balance can only be positive)\u003c/li\u003e\u003cli\u003eA borrowable ERC20 (subId must be 0, balance can be both positive or negative)\u003c/li\u003e\u003cli\u003eAn instrument, such as a perpetual or option, stored in state (subId can be anything, balance can be both positive or negative)\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"managers\"\u003eManagers\u003c/h3\u003e\u003cp\u003eManagers are contracts which govern the rules of interaction between different subaccounts. These managers are responsible for:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003eRisk management\u003c/strong\u003e: Managers mandate the margin requirement for all supported subaccounts. For example, in the standard margin manager, perpetuals and short options require margin, while USDC and credit balances of the base asset(s) provide collateral. Managers maintain the solvency of the system by preventing users from opening dangerously leveraged positions.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eLiquidations\u003c/strong\u003e: Users who fall beneath their margin requirements will be subject to liquidation, removing risk from the system and further decreasing the likelihood of insolvencies.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eSettlement\u003c/strong\u003e: Managers are responsible for settling all trades conducted by their supported subaccounts. For example, the managers are responsible for settling all options at expiration.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eAs market conditions evolve, new managers can rapidly be deployed to facilitate any assets or purposes.\u003c/p\u003e\u003ch3 id=\"v20\"\u003eV2.0\u003c/h3\u003e\u003cp\u003eThe first version of the protocol supports four asset types:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003eCashAsset:\u003c/strong\u003e\u0026nbsp;A designated quote asset (such as USDC) that acts as the primary method of collateralizing a subaccount. Users can have either credit or debit balances of this asset, and so an inbuilt lending market is obtained for free.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eWrappedERC20Asset:\u003c/strong\u003e\u0026nbsp;As the name suggests, these are simply the wrapped underlying assets. These will be primarily used to hedge and collateralize subaccounts. Users can also borrow against these assets.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eOptionAsset:\u003c/strong\u003e\u0026nbsp;European call or put options that settle to a TWAP of the index price.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003ePerpAsset:\u003c/strong\u003e\u0026nbsp;Perpetual futures.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eAnd two risk managers:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003ePortfolio Margin Risk Manager (PMRM):\u003c/strong\u003e\u0026nbsp;The PMRM uses portfolio margin to compute a user’s margin requirement. The manager evaluates the entire portfolio holistically under a variety of spot and volatility shocks and sets the margin to be the worst possible loss. This manager is intended for use by market makers and sophisticated takers that want to manage complex portfolios and minimize their margin requirements.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eStandard Margin Risk Manager (SMRM):\u003c/strong\u003e\u0026nbsp;The SMRM, by contrast, evaluates the margin of each position in isolation, with offsetting logic for spreads for improved capital efficiency. A special feature of this manager is that it allows for multi-asset collateral - traders will be able to use various base assets to collateralize their perpetuals and options. For instance, a user will be able to collateralize a short BTC perpetual with ETH. This manager is intended for use by retail traders managing less complex portfolios that want access to features like capital efficient spreads and multi-asset collateral.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eA key feature to stress about these managers is that all risk checks will be performed trustlessly and transparently on chain. This means that traders can rest assured that a malicious actor cannot trigger an unjustified liquidation of their subaccount.\u003c/p\u003e\u003ch3 id=\"decentralization\"\u003eDecentralization\u003c/h3\u003e\u003cp\u003eWhile decentralization is a core principle of V2, certain trade-offs were made to ensure the final product is efficient and safe. We can summarize these as follows:\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003eParameters\u003c/strong\u003e: At launch, all parameters will be controlled within immutable ranges by token holders; specifically, parameters will be governed by the short term executor - see\u0026nbsp;\u003ca href=\"https://leaps.lyra.finance/leaps/leap-51?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003ethis LEAP\u003c/a\u003e\u0026nbsp;for more detail. This means that parameter updates (including adding new markets) will take up to a week to implement, meaning traders always have a week to consider important parameter changes that could impact their portfolios. Notably, immutable parameter ranges set at contract deployment time substantially limit the risk of a governance attack.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eVerified Integrations:\u003c/strong\u003e\u0026nbsp;Portfolio margin computations for opening and closing trades are gas intensive, requiring a search for the max loss scenario from 27 vol and spot shock scenarios, all onchain. Verified integrations are contracts approved by governance that can perform this search offchain and then post the required margin with the transaction, during which one onchain risk check is performed to ensure portfolio solvency instead of the regular 27. This is crucial for, say, an orderbook model, where market makers using portfolio margin accounts are the counterparty in almost every trade. This requires more developer effort from the verified integrator to ensure offchain risk checks are reliable, but substantially reduces gas cost and preserves self-custody by guaranteeing a subaccount cannot be liquidated unjustly.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eOracles\u003c/strong\u003e: At launch, all relevant data needed to compute a user’s margin (spot + forward + perpetual prices, implied volatility, etc) is obtained as a feed from the firm\u0026nbsp;\u003ca href=\"https://www.blockscholes.com/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eBlock Scholes\u003c/a\u003e. Further efforts will be needed to decentralize the data being used in the protocol.\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"learn-more\"\u003eLearn More\u003c/h3\u003e\u003cp\u003eLyra V2's protocol is the foundation for a fair, efficient and decentralized settlement layer for crypto derivatives trading.\u003c/p\u003e\u003cul\u003e\u003cli\u003eIf you want a deeper dive into the protocol’s design, read our\u0026nbsp;\u003ca href=\"https://www.lyra.finance/files/v2-whitepaper.pdf?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003ewhitepaper\u003c/a\u003e.\u003c/li\u003e\u003cli\u003eIf you’re interested in building an integration for Lyra V2, join our\u0026nbsp;\u003ca href=\"https://discord.gg/lyra?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eDiscord\u003c/a\u003e\u0026nbsp;and reach out the core team.\u003c/li\u003e\u003cli\u003eIf you want an opportunity to test out V2, join the\u0026nbsp;\u003ca href=\"https://www.lyra.finance/v2?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003ewaitlist\u003c/a\u003e.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"19:T1ea1,"])</script><script>self.__next_f.push([1,"\u003cp\u003eDespite comprising the vast majority of the decentralized crypto options market, trading over $1.5bn in notional volume, more than all other options DEXes combined, Lyra V1 was not fine-tuned for the discerning demands of smart money. The time is ripe for that to change.\u003c/p\u003e\u003cp\u003eEnter Lyra V2, a fully redesigned, feature-complete, self-custodial, highly capital-efficient, on-chain options, perpetuals, and spot exchange with a CEX-like user experience. The melding of self-custody with advanced features is a distinguished achievement, setting V2 apart in a product category marred by compromises.\u003c/p\u003e\u003cp\u003eIn the coming months, Lyra V2 will be turbocharging the derivatives trading experience with a series of upgrades, including:\u003c/p\u003e\u003cul\u003e\u003cli\u003ePortfolio margin\u003c/li\u003e\u003cli\u003eCapital efficient spreads\u003c/li\u003e\u003cli\u003eMulti-asset collateral\u003c/li\u003e\u003cli\u003eLoss-minimizing partial liquidations\u003c/li\u003e\u003cli\u003eA frictionless user experience — snappy execution, gasless transactions, deep liquidity, and advanced order types\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eLyra V1 echoes the spirit of the\u0026nbsp;\u003ca href=\"https://www.britannica.com/topic/Wright-flyer-of-1903?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eWright Flyer\u003c/a\u003e\u0026nbsp;— a pioneering innovation, remarkable but foundational in nature. Lyra V2, in turn, symbolizes the transition to high performance and feature-rich sophistication, much like the\u0026nbsp;\u003ca href=\"https://www.f35.com/f35/about/5th-gen-capabilities.html?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eF-35\u003c/a\u003e\u0026nbsp;in modern aviation. Similar to how the F-35 is designed to give pilots air superiority, Lyra V2 is designed to give pro traders market superiority.\u003c/p\u003e\u003ch2 id=\"portfolio-margin\"\u003ePortfolio Margin\u003c/h2\u003e\u003cp\u003ePortfolio margin offers unparalleled capital efficiency by assessing the risk of your positions holistically rather than in isolation. This translates to:\u003c/p\u003e\u003cul\u003e\u003cli\u003eIncreased buying power and leverage resulting from the netting of positions and consideration of the overall risk in your portfolio\u003c/li\u003e\u003cli\u003eMore dynamic and responsive risk management; the risk-engine recognizes when traders mitigate risk through strategic hedging, reducing their margin requirements\u003c/li\u003e\u003cli\u003eEnhanced risk-analysis capabilities; a more nuanced approach to calculating risk enables traders to better understand overall portfolio health and fine-tune trading strategies with more precision\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"capital-efficient-spreads\"\u003eCapital Efficient Spreads\u003c/h2\u003e\u003cp\u003eUnlike the bi-directional, linear payoff functions conferred by perps, options offer traders:\u003c/p\u003e\u003cul\u003e\u003cli\u003eConvex payoff functions\u003c/li\u003e\u003cli\u003ePassive-income opportunities\u003c/li\u003e\u003cli\u003eThe ability to trade volatility\u003c/li\u003e\u003cli\u003eImplicit leverage\u003c/li\u003e\u003cli\u003eA litany of strategies that can be employed to profit in any market context\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eTrading options strategies without capital efficient spreads results in painfully exorbitant capital outlays, as each leg of your trade is margined in isolation.\u003c/p\u003e\u003cp\u003eAlternately, with Lyra V2’s capital efficient options spreads, you never post a penny of excess collateral or pay excess premiums upfront, as the margining system recognizes maximum loss thresholds and partially offsetting premiums.\u003c/p\u003e\u003cp\u003eFor spreads with an even ratio of expiry-aligned long and short options, collateral requirements are $0 for long spreads and equal to the width of the spread for short spreads. Examples:\u003c/p\u003e\u003cul\u003e\u003cli\u003eA $1800/$2000 ETH long call spread would require you to post $0 in collateral, and the strategy’s upfront cost would be partially funded by the sale of its short leg\u003c/li\u003e\u003cli\u003eA $1800/$2000 ETH short call spread would require you to post $200 in collateral with some of this collateral coming from the premiums received.\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"multi-asset-collateral\"\u003eMulti-Asset Collateral\u003c/h2\u003e\u003cp\u003eMulti-collateral will be supported in V2 to increase flexibility and reduce friction for traders. You will be able to collateralize your perpetual and options positions with a multitude of base assets, marking a departure from the industry standard practice of borrowing USDC against various assets in a separate lending protocol.\u003c/p\u003e\u003cp\u003eThis is novel for options and perps in DeFi — a first-of-its-kind feature offering. You could, for example:\u003c/p\u003e\u003cul\u003e\u003cli\u003eLong a BTC perp with ETH as collateral\u003c/li\u003e\u003cli\u003eShort an ETH call with BTC as collateral\u003c/li\u003e\u003cli\u003eBorrow against stETH to sell ETH covered calls\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eMulti-collateral is the lynchpin of a robust trading experience. Advantages include:\u003c/p\u003e\u003cul\u003e\u003cli\u003eEnables traders to begin trading without converting their holding into a specific quote asset, such as USDC\u003c/li\u003e\u003cli\u003eIncreased asset utilization; spot exposures can be maintained and used as collateral, offering traders increased buying power\u003c/li\u003e\u003cli\u003eStreamlined pair trading; traders can establish market-neutral positions that speculate on the relationship between two assets\u003c/li\u003e\u003cli\u003eDiversified collateral pooling allows traders to increase the durability of their portfolios\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"loss-minimizing-partial-liquidations\"\u003eLoss-Minimizing Partial Liquidations\u003c/h2\u003e\u003cp\u003ePartial liquidations were an essential aspect of the V2 overhaul. They swiftly remove risk from the system and ensure a maximally beneficial user experience for traders. Other advantages include:\u003c/p\u003e\u003cul\u003e\u003cli\u003eThe market impact of liquidations is reduced by closing over-extended positions incrementally, decreasing the likelihood of insolvency\u003c/li\u003e\u003cli\u003ePnL preservation; liquidating positions incrementally allows traders to maintain a portion of their exposures and redeploy released capital\u003c/li\u003e\u003cli\u003eStaggering liquidations across price levels can reduce the risks of incurring costs as a result of depressed liquidity at any one particular price level\u003c/li\u003e\u003c/ul\u003e\u003ch2 id=\"frictionless-cex-ux\"\u003eFrictionless CEX UX\u003c/h2\u003e\u003cp\u003eLyra V2 will run in a performant, dedicated execution environment (the OP stack) with an institutional-grade order matching engine. It will feel so much like a CEX that we’ll have to remind users that it’s a DEX. Standout features include:\u003c/p\u003e\u003cul\u003e\u003cli\u003eSnappy, low-cost execution, instant confirmations, gasless transactions, and a seamless deposit/withdrawal flow with Ethereum-inherited security\u003c/li\u003e\u003cli\u003eDeep liquidity, fostered by bespoke trading rewards and liquidity programs with targeted incentives\u003c/li\u003e\u003cli\u003eAdvanced order types, including market, limit, TIF (e.g., good-till-time orders: gtc/fill, kill/immediate, cancel limit), post only, reduce only, stop-loss, and take-profit orders, with more in the pipeline\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eScalability is imperative when building with professional and institutional traders in mind. V2 will support up to 15x more volume per dollar of TVL than V1. This will spur liquidity and result in tighter spreads and two-sided depth.\u003c/p\u003e\u003ch2 id=\"scaling-crypto-options-by-100x\"\u003eScaling Crypto Options by 100x\u003c/h2\u003e\u003cp\u003ePerpetual trading volumes typically overshadow spot trading volumes by 400% or more, while options trading volumes lag behind spot trading volumes by multiple orders of magnitude. This is in stark contrast to traditional financial markets, where options volumes regularly eclipse spot volumes. To date, crypto exchanges have been hamstrung by glaring deficiencies:\u003c/p\u003e\u003cul\u003e\u003cli\u003ePedestrian user-experiences\u003c/li\u003e\u003cli\u003eParched liquidity and wide spreads\u003c/li\u003e\u003cli\u003ePrecambrian margining systems\u003c/li\u003e\u003cli\u003eSingle-instrument-focused approaches (they promised us flying cars, and we got 280 perpetual exchanges)\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eOptions are the most versatile and potent instrument in finance and we don’t see their lack of adoption as an indictment of their utility. Instead, we see it as a call to action.\u003c/p\u003e\u003cp\u003eTo be a professional, you have to take every advantage. Lyra V2 ensures that pro traders can do just that. Trade on \u003ca href=\"https://lyra.finance/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eLyra\u003c/a\u003e.\u003c/p\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"1a:T4c87,"])</script><script>self.__next_f.push([1,"\u003ch3 id=\"tldr\"\u003eTLDR\u003c/h3\u003e\u003cp\u003eLyra V2 is a spot, perpetuals and options trading platform designed to be secure, performant and easy to use:\u003c/p\u003e\u003cul\u003e\u003cli\u003eLyra Protocol, a decentralized settlement protocol for spot, perpetuals and options trading.\u003c/li\u003e\u003cli\u003eLyra Chain, an OP stack rollup providing high throughput, low cost settlement of transactions to Ethereum mainnet.\u003c/li\u003e\u003cli\u003eSupport for portfolio margin, cross-margin and multi-asset collateral.\u003c/li\u003e\u003cli\u003eThe Lyra DAO earns trading fees from the Lyra Protocol and gas fees from the Lyra Chain, governed by LYRA token holders.\u003c/li\u003e\u003cli\u003eTrading fees accrue to an insurance fund to foster robustness of the protocol and rollup.\u003c/li\u003e\u003cli\u003eA high performance off-chain matching service which matches traders and market makers and settles orders to the Lyra Chain.\u003c/li\u003e\u003cli\u003eA trading experience that matches the UX of centralized exchanges.\u003c/li\u003e\u003cli\u003eSmart contract wallets leveraging account abstraction to improve onboarding and private key management.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eV2 makes it extraordinarily easy for\u0026nbsp;\u003cstrong\u003eany\u003c/strong\u003e\u0026nbsp;developer to generate and build financial products that harness the power of derivatives:\u003c/p\u003e\u003cul\u003e\u003cli\u003eAutomated covered call selling vault on stETH with 1.25x margin\u003c/li\u003e\u003cli\u003eCapital-efficient AMMs built atop the risk engine, to 2-3x output per dollar of TVL relative to the current version\u003c/li\u003e\u003cli\u003eDelta-neutral perp yield harvesting strategy vaults\u003c/li\u003e\u003cli\u003eA licensed options orderbook catering to a specific region and industry\u003c/li\u003e\u003cli\u003e… many many more\u003c/li\u003e\u003c/ul\u003e\u003cp\u003e\u003cem\u003eNote: all details mentioned in this blog are proposed, and are subject to community vote, feedback, and alteration.\u003c/em\u003e\u003c/p\u003e\u003cp\u003eAlongside this blog, you can view:\u003c/p\u003e\u003cul\u003e\u003cli\u003eThe\u0026nbsp;\u003ca href=\"https://www.lyra.finance/files/v2-whitepaper.pdf?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003etechnical whitepaper\u003c/a\u003e\u003c/li\u003e\u003cli\u003eA\u0026nbsp;\u003ca href=\"https://forums.lyra.finance/t/lrfc-introduce-lyra-v2-and-establish-lyra-foundation/108?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eproposal\u003c/a\u003e\u0026nbsp;to the DAO regarding the implementation of V2\u003c/li\u003e\u003cli\u003eA\u0026nbsp;\u003ca href=\"https://www.lyra.finance/v2?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003ewaitlist\u003c/a\u003e\u0026nbsp;for the proposed platform\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"introduction\"\u003eIntroduction\u003c/h3\u003e\u003cp\u003eThere’s never been a better time to be building in DeFi. We are witnessing the convergence of a number of technological, political and monetary factors to create the most favourable set of conditions that a burgeoning alternative financial system could hope for. We have:\u003c/p\u003e\u003cul\u003e\u003cli\u003eThe proliferation of L2s and appchains that can support high performance, low cost financial products while retaining composability, self-custody and decentralization.\u003c/li\u003e\u003cli\u003eA growing realization that the traditional monetary/political/financial system thrives on opacity:\u003cul\u003e\u003cli\u003eBank profits derived from risky bets with\u0026nbsp;\u003ca href=\"https://en.wikipedia.org/wiki/Silicon_Valley_Bank?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003ecustomer’s\u003c/a\u003e\u0026nbsp;savings\u003c/li\u003e\u003cli\u003eGovernment revenues derived by taxing debt holders and salary workers by printing money and\u0026nbsp;\u003ca href=\"https://www.linkedin.com/pulse/changing-value-money-ray-dalio/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003edebasing their currencies\u003c/a\u003e.\u003c/li\u003e\u003cli\u003eRent-seekers exploiting inefficiencies in old market structures and regulations at the expense of victims who lack the power and coordination to enact change\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003eAn increasingly fractured global economy, leading to a need for a credibly neutral, global settlement layer.\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"lyra%E2%80%99s-mission\"\u003eLyra’s Mission\u003c/h3\u003e\u003cp\u003eOptions are the Swiss-Army knives of the financial world. Powerful and flexible, there is almost no case (hedging or speculative) for which a basket of options cannot be tailored to achieve the desired payoff structure. They are payoff complete in the same way that a programming language is Turing complete. It’s the dizzying variety of use-cases that make options a foundational instrument in a financial system that is programmable, interoperable, and open source.\u003c/p\u003e\u003cp\u003eIt was this insight that formed the genesis of Lyra. The aim? To build the largest generator of options in this new paradigm for finance: a volatility engine with which entrepreneurs across the world can tap into, to build powerful, automated, and customized financial products.\u003c/p\u003e\u003ch3 id=\"taking-stock\"\u003eTaking stock\u003c/h3\u003e\u003cp\u003eSo, after two and a half years, how are we doing?\u003c/p\u003e\u003cul\u003e\u003cli\u003eLyra pioneered the options AMM: a new primitive that has been responsible for 60% of the on-chain\u0026nbsp;\u003ca href=\"https://defillama.com/options?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eoptions volumes\u003c/a\u003e\u0026nbsp;amongst ETH-based DEXes since launch.\u003c/li\u003e\u003cli\u003eThe protocol has become a liquidity layer which has attracted 6 different teams to build products on top of.\u003c/li\u003e\u003cli\u003eThe protocol has been\u0026nbsp;\u003cstrong\u003ehistorically profitable\u003c/strong\u003e\u0026nbsp;for LPs - with the flagship ETH pools averaging 6-8% in real yield over 1.5 years and difficult market conditions. Given the complexity of quoting options across many expires and strikes, this is an incredible achievement. It also demonstrates product-market fit for the traders and integrators who use the AMM organically (and not just as an arbitrage venue for centralized exchanges).\u003c/li\u003e\u003cli\u003eThe protocol has generated, priced, and settled\u0026nbsp;\u003cstrong\u003eover $1.5 billion in notional volume\u003c/strong\u003e\u0026nbsp;since launch.\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"room-to-grow\"\u003eRoom to grow\u003c/h3\u003e\u003cp\u003eHowever, we’ve barely scratched the surface of what is possible. To date, the protocol’s ability to scale has been bottlenecked by capital inefficiency (the AMM chews up a lot of collateral per option sold), a monolithic architecture (making upgrades cumbersome), and the general on-chain UX (wallets, gas, bridging).\u003c/p\u003e\u003cp\u003eDespite this, Lyra has averaged around $3 million in\u0026nbsp;\u003ca href=\"https://stats.lyra.finance/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003enotional volume per day\u003c/a\u003e\u0026nbsp;over the past 3 months. It's difficult to estimate the exact volume of DeFi options, but if we exclude protocols that merely settle on-chain (with pricing, collateralization, etc. being manually agreed off-chain), this accounts for at least\u0026nbsp;\u003cstrong\u003ehalf\u003c/strong\u003e\u0026nbsp;of the\u0026nbsp;\u003ca href=\"https://defillama.com/options?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003evolume\u003c/a\u003e\u0026nbsp;(and up to 70-80% on any given day/week).\u003c/p\u003e\u003cp\u003eTherefore, the on-chain option market is currently trading around $10 million in notional volume per day. According to a recent\u0026nbsp;\u003ca href=\"https://www.gsr.io/reports/crypto-derivatives-an-ecosystem-primer/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eGSR report\u003c/a\u003e, this is only around\u0026nbsp;\u003cstrong\u003e1%\u003c/strong\u003e\u0026nbsp;of the total options volume in crypto. Centralized exchanges currently facilitate 99% of the volume (and 98% in perps trading).\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card kg-card-hascaption\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FVjfTD-JKmfxDoyYd1hD8L.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"Source: GSR\" loading=\"lazy\" width=\"1412\" height=\"1048\"\u003e\u003cfigcaption\u003e\u003cspan style=\"white-space: pre-wrap;\"\u003eSource: GSR\u003c/span\u003e\u003c/figcaption\u003e\u003c/figure\u003e\u003cp\u003eIn addition to all of this, the options-specific sector of the crypto market is much smaller than spot and futures. According to the same GSR report, spot volumes are approximately 30 times larger than options, and perpetuals are a staggering 68 times larger (in traditional finance, options volumes are higher than spot).\u003c/p\u003e\u003cp\u003eHowever, this is not due to a lack of demand. The protocol has frequently turned away users and firms who want to trade ETH options in quantities of 1,000-10,000, as the current automated market maker is incapable of handling orders of such magnitude gracefully. The total notional value of global options traded in 2021 was estimated to be\u0026nbsp;\u003ca href=\"https://www.bis.org/publ/otc_hy2205.htm?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003e\u003cstrong\u003e$1.2 quadrillion\u003c/strong\u003e\u003c/a\u003e\u003ca href=\"https://www.bis.org/publ/otc_hy2205.htm?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003e.\u003c/a\u003e\u0026nbsp;I mention this figure not to make facile total addressable market comparisons, but to emphasize just how small DeFi derivatives really are. Lyra currently generates $1 billion in notional value annually, which represents just 0.0000833333% of this market. We must acknowledge this reality, question conventional wisdom, and think from first principles when carving a path forward.\u003c/p\u003e\u003cp\u003eIn an industry where infrastructure and picks \u0026amp; shovels plays dominate the headlines, there is a lack of products with a strong focus on user experience and customer acquisition. I strongly believe that DAOs like Lyra have a responsibility to do the unglamorous work of finding and onboarding new users to DeFi rails. The only way we can accomplish this is by building products that can compete with their centralized counterparts based on\u0026nbsp;\u003cstrong\u003emerit alone\u003c/strong\u003e.\u003c/p\u003e\u003cp\u003eA good place to start is by asking: what do options traders actually want? We spoke with dozens of professional options traders and community members to find out. Here’s what they cared about:\u003c/p\u003e\u003cul\u003e\u003cli\u003eA self-custodial exchange without the credit risk of a centralized counterparty that doesn’t compromise on performance\u003c/li\u003e\u003cli\u003eA straightforward onboarding process that abstracts away painful onchain UX.\u003c/li\u003e\u003cli\u003eA secure, transparent and user-friendly product and brand they can trust.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eWithout further ado…\u003c/p\u003e\u003ch3 id=\"introducing-lyra-v2\"\u003eIntroducing Lyra v2\u003c/h3\u003e\u003cp\u003eLyra V2 is the final form of the volatility engine. It combines the best of on-chain, with a CEX-like experience to deliver a product that will usher in a new era of volatility trading.\u003c/p\u003e\u003cul\u003e\u003cli\u003e\u003cstrong\u003ePower\u003c/strong\u003e: supporting industry-grade capital efficiency in order to offer the deepest liquidity.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eFlexibility:\u003c/strong\u003e\u0026nbsp;the protocol gracefully adapts to new use-cases and market paradigms, making for a foundational piece of infrastructure.\u003c/li\u003e\u003cli\u003e\u003cstrong\u003eIndustry ready:\u003c/strong\u003e\u0026nbsp;an architecture ready to scale to all of finance.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThe new version of Lyra is designed to:\u003c/p\u003e\u003cul\u003e\u003cli\u003eSupport trustless, state-of-the-art margining capabilities:\u003cul\u003e\u003cli\u003ePortfolio margin for options\u003c/li\u003e\u003cli\u003eCross-margin between options and perpetuals\u003c/li\u003e\u003cli\u003eMulti-asset collateral, e.g. borrow against wstETH to sell ETH covered calls\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003eFacilitate institutional grade order matching\u003cul\u003e\u003cli\u003eAMMs to be redesigned and built back into the fabric of the Lyra Chain\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003cli\u003eRe-introduce options to the crypto market:\u003cul\u003e\u003cli\u003eBeautiful, intuitive UX\u003c/li\u003e\u003cli\u003eNew and advanced native strategies and structured products\u003c/li\u003e\u003c/ul\u003e\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eCrucially, the product cuts no corners. We designed V2 to be the modular, permissionless bedrock for DeFi derivatives. For that reason, we’re committing to open sourcing the protocol, matcher and interface repositories for the community to build on.\u0026nbsp;\u003cem\u003eAll\u003c/em\u003e\u0026nbsp;of the critical components for trustlessness and composability reside on-chain, from initial margin requirements to liquidations. Let’s dig in…\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FfbI35oBX39DCLvudE6UEI.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"2048\" height=\"1152\"\u003e\u003c/figure\u003e\u003ch3 id=\"lyra-chain\"\u003eLyra Chain\u003c/h3\u003e\u003cp\u003eA revolutionary protocol needs a state-of-the-art foundation. We are proud to announce that Lyra V2 will be built on top of the\u0026nbsp;\u003cstrong\u003eOP Stack\u003c/strong\u003e. A performant, battle-tested layer-2 that is pushing the boundaries of what decentralized systems are capable of. We share in the\u0026nbsp;\u003ca href=\"https://stack.optimism.io/docs/understand/explainer/?ref=blog.lyra.finance\" rel=\"noreferrer\"\u003eOptimism Collective’s vision\u003c/a\u003e\u0026nbsp;of a scalable, trustless internet running on blockchain backends.\u003c/p\u003e\u003cp\u003eLyra v1 was launched in August 2021 as the first\u0026nbsp;\u003cstrong\u003eever\u003c/strong\u003e\u0026nbsp;L2 native protocol, and we will continue to push the boundaries of user experience using the latest technology. The Lyra Chain unlocks:\u003c/p\u003e\u003cul\u003e\u003cli\u003eA high throughput, low latency and low-cost execution environment for the Lyra Protocol.\u003c/li\u003e\u003cli\u003eSeamless deposits and withdrawals from Ethereum mainnet and eventually other Ethereum L2s.\u003c/li\u003e\u003cli\u003eThe inherited security of Ethereum with a reliable escape hatch in case of sequencer downtime or misbehaviour.\u003c/li\u003e\u003cli\u003eImproved user experience with smart contract wallets, gasless transactions and more.\u003c/li\u003e\u003cli\u003eAn EVM environment to build and deploy smart contracts.\u003c/li\u003e\u003c/ul\u003e\u003ch3 id=\"lyra-protocol\"\u003eLyra Protocol\u003c/h3\u003e\u003cp\u003eA trustless, permissionless, scalable backend for the next generation of finance, the risk engine is the result of nearly 12 months of research and development. Margin, clearing, liquidations, and settlement for both options and perpetuals are all natively supported, trustlessly and on-chain. This architecture will allow the protocol to support the volumes that the AMM currently supports using $15m in TVL,\u0026nbsp;\u003cstrong\u003ewith as little as $1m in TVL\u003c/strong\u003e.\u003c/p\u003e\u003cp\u003eThe protocol has been engineered with\u0026nbsp;\u003cstrong\u003emodularity as the top priority.\u003c/strong\u003e\u0026nbsp;Instead of requiring a new re-write for a different form of margin, you can simply add another lego block to the stack by spinning up a new, custom risk manager. Markets for riskier assets can be seamlessly launched without interfering with the risk profiles of more established assets (like ETH and BTC). V2 brings less migrations, faster upgrades, and more certainty for users and integrators alike. Developers can permissionlessly tap into the protocol to create custom payoff structures and margin modules, with a world of possible applications and products to choose from.\u003c/p\u003e\u003cp\u003eThe engine is all backstopped by the new security module, which functions as a trustless, on-chain insurance fund in case of an insolvency in the risk engine. More on this later.\u003c/p\u003e\u003ch3 id=\"matchers\"\u003eMatchers\u003c/h3\u003e\u003cp\u003eSitting atop the protocol, the Lyra Matcher will facilitate order matching at an institutional scale.\u003c/p\u003e\u003cp\u003eAt launch, the matching service will support all essential order types, as well as REST and WebSocket APIs for developers.\u003c/p\u003e\u003cp\u003eWe designed the offchain matcher to be as modular and reusable as the onchain protocol. The matcher can run on a Mac, AWS or GCP (no vendor lock-in) and is horizontally scalable using low-latency k8s architecture. Over time, we envision many matchers run by different teams, all settling to the same protocol and chain. Matchers allows the DAO to diversify its sources of volume, building liquidity and orderflow moats that will further increase the attractiveness of the Lyra Chain as a liquidity destination.\u003c/p\u003e\u003cp\u003e\"But,\" I hear you say, \"what will happen to the AMM?\" Make no mistake, AMMs will play a key role in Lyra’s future, but that alpha is better saved for another day (and an even lengthier blog post).\u003c/p\u003e\u003ch3 id=\"lyra-dao\"\u003eLyra DAO\u003c/h3\u003e\u003cp\u003eThe Lyra DAO’s role in this new architecture will be to support and grease the volatility engine to foster network effects within the ecosystem, by:\u003c/p\u003e\u003cul\u003e\u003cli\u003eDeveloping a robust and well-funded security module\u003c/li\u003e\u003cli\u003eFostering liquidity on the rollup by making it an attractive liquidity destination\u003c/li\u003e\u003cli\u003eBusiness development with the wider crypto community, DAOs, and institutions\u003c/li\u003e\u003cli\u003eDeveloping new, efficient AMMs built atop custom risk modules\u003c/li\u003e\u003cli\u003eFlexible and minimised governance\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eCrucially, the security module grows in proportion to the volume generated on the rollup and in the protocol. Concretely, these are from:\u003c/p\u003e\u003cul\u003e\u003cli\u003eTrading fees: all transactions which increase the open interest of the protocol will be charged a fee.\u003c/li\u003e\u003cli\u003eLiquidation fees: users who are liquidated will be charged a small fee that scales with the risk and market value of their position.\u003c/li\u003e\u003cli\u003eInterest rate spreads: A percentage of all interest paid by quote asset borrowers is taken as a fee.\u003c/li\u003e\u003cli\u003eRollup gas fees: 50% of all L2 gas fees generated on the rollup will accrue to the security module (with the remainder to infrastructure providers).\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eThe robust governance framework that has been established over the last two years has led to a point where the treasury and protocol are fully under tokenholder control. An active, robust community will play a critical role in building a competitive moat around the V2 ecosystem.\u003c/p\u003e\u003ch3 id=\"lyra-foundation\"\u003eLyra Foundation\u003c/h3\u003e\u003cp\u003eV2 is an enormous step forward for Lyra, and it deserves a steward that can accentuate the adoption and drive volume through the protocol. The foundation will be able to perform functions to assist the DAO in bootstrapping the success of V2. More concretely, it will be responsible for progressing the protocol and rollup through the remaining 4 phases of the roadmap, listed below.\u003c/p\u003e\u003cfigure class=\"kg-card kg-image-card\"\u003e\u003cimg src=\"https://mirror.xyz/_next/image?url=https%3A%2F%2Fimages.mirror-media.xyz%2Fpublication-images%2FWL4RvPJD7m4h6liTfZZ-u.png\u0026amp;w=3840\u0026amp;q=75\" class=\"kg-image\" alt=\"\" loading=\"lazy\" width=\"3332\" height=\"1296\"\u003e\u003c/figure\u003e\u003cp\u003eOver time, the foundation’s functions are expected to be replaced by service providers who can interface with the DAO. At this point, the foundation will be decommissioned. Check out the full foundation proposal here.\u003c/p\u003e\u003ch3 id=\"conclusion\"\u003eConclusion\u003c/h3\u003e\u003cp\u003eLyra V2 has been architected and built to last. The DAO should be vigilant in ensuring that its standards remain high, and laser focused on building products that reach users and facilitate financial flows. DeFi is a better financial system, one which is poised to begin the ascent of the exponential curve. But, the mass migration of users and financial flows that is needed to fulfil its potential will not occur by osmosis. It is incumbent on DAOs like Lyra to build products and pipelines which effectuate this transition.\u003c/p\u003e\u003cp\u003eAt the time of writing, we are about 1.5 years into a crypto bear market. ‘Where are all the users?’ is a common refrain in the industry. Despite this, people seem shocked when new models and narratives are created to evolve and even revolutionise the space. Bear markets are best for questioning longheld assumptions, building products with long term ambition, and doing things that don’t scale. We should aim high, really high, and refuse to adopt limiting beliefs just because they are the twitter consensus du jour. This means:\u003c/p\u003e\u003cul\u003e\u003cli\u003eDoing the difficult, manual work of business development and relationship building with institutions and individuals.\u003c/li\u003e\u003cli\u003eOnboarding traditional financial flows and real world assets, doing the legal and regulatory work required to do so.\u003c/li\u003e\u003cli\u003eSparing no expense with respect to protocol engineering and user safety best practices.\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eIf we succeed, we can lay down a cornerstone of a 10x financial system that is:\u003c/p\u003e\u003cul\u003e\u003cli\u003eRadically transparent\u003c/li\u003e\u003cli\u003eUniversally accessible\u003c/li\u003e\u003cli\u003eInteroperable\u003c/li\u003e\u003cli\u003eEfficient\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eWe should expect to manually scrap and grind for the next year while we build a liquidity base. Network effects are hard to build precisely because in their earliest stages, they are often uneconomical for participants. Onboarding requires an investment of time, resources, and a leap of faith from new users. Let’s do V2 and the Lyra DAO justice by embracing the challenge.\u003c/p\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"1b:T130f,"])</script><script>self.__next_f.push([1,"\u003cp\u003ePart of Lyra's mission is to establish an engaged and value-driven council of delegates responsible for governing the Lyra Protocol. In pursuit of this objective, we are thrilled to share two significant announcements with the community:\u003c/p\u003e\u003col\u003e\u003cli\u003eThe Lyra Delegate Portal is now live at \u003ca href=\"https://vote.lyra.finance/?ref=blog.lyra.finance\"\u003e\u003cstrong\u003ehttps://vote.lyra.finance\u003c/strong\u003e\u003c/a\u003e! Introducing Lyra Agora, a unified and dedicated platform meticulously designed to elevate the Lyra governance experience. Delegates now have the ability to curate personalized profiles that showcase their unique ideas, emphasize their priorities in Lyra governance, and illustrate the communities they represent. Community members will benefit from seamless identification of delegates based on these criteria, enabling them to easily re-delegate voting power, track proposals, and engage in various other interactive features.\u003c/li\u003e\u003cli\u003eTo celebrate the launch of delegation, we are hosting the inaugural Lyra Delegate Race. This remarkable event aims to address a common challenge faced by Lyra delegates, especially those who are new to the role. This challenge revolves around initiating their initial delegation from stkLYRA holders. By establishing a designated timeframe within the year, we, as a community, strive to overcome this hurdle by encouraging delegators to refresh their delegation commitments.\u003c/li\u003e\u003c/ol\u003e\u003ch1 id=\"lyra-delegate-race\"\u003eLyra Delegate Race\u003c/h1\u003e\u003cp\u003eTo bootstrap initial delegation from stkLYRA holders, we have set aside a period of time for The Delegate Race. Over the next four weeks (as outlined in the detailed timeline below), both aspiring and existing delegates are expected to construct comprehensive Agora profiles, while delegators evaluate and assess these profiles on Agora. While delegate application and token delegation will be open This provides a dedicated time where aspiring delegates can receive maximum visibility on their applications, and delegators can interact and examine potential applicants.\u003c/p\u003e\u003ch3 id=\"delegate-profile-requirements\"\u003e\u003cstrong\u003eDelegate Profile Requirements\u003c/strong\u003e\u003c/h3\u003e\u003cp\u003eTo participate in the race and stand a chance to receive re-delegation from our esteemed partners, interested individuals must fulfill the following requirements:\u003c/p\u003e\u003cp\u003eClick the wallet dropdown, select 'Create delegate statement,' and complete an official delegate statement on Agora. Your response should address the following questions in the prescribed format:\u003c/p\u003e\u003cul\u003e\u003cli\u003eWhat is your platform or who do you represent in one sentence?\u003c/li\u003e\u003cli\u003eWhat are your expectations for Lyra governance in the coming year?\u003c/li\u003e\u003cli\u003eWhat motivates you to assume the role of a delegate?\u003c/li\u003e\u003cli\u003ePlease highlight your relevant skills and areas of expertise.\u003c/li\u003e\u003cli\u003eProvide details of your past contributions to the Lyra ecosystem and/or demonstrate your knowledge of the protocol (if applicable).\u003c/li\u003e\u003c/ul\u003e\u003cblockquote\u003eNote: It is highly recommended to apply as a delegate with a recognizable ENS name and profile picture. Instructions on updating your profile picture can be found \u003ca href=\"https://medium.com/@brantly.eth/step-by-step-guide-to-setting-an-nft-as-your-ens-profile-avatar-3562d39567fc?ref=blog.lyra.finance\"\u003e\u003cstrong\u003ehere\u003c/strong\u003e\u003c/a\u003e.\u003c/blockquote\u003e\u003cp\u003eIf desired, delegates may include additional information about their platform within the delegate statement.\u003c/p\u003e\u003cp\u003eSelect up to three Lyra governance issues that are of utmost importance to you and provide your perspective on each issue.\u003c/p\u003e\u003cp\u003eChoose the stakeholder group that best aligns with your voting approach. Ideally, this selection should correspond to your stakeholder type. If any mismatch exists, you may elaborate on your voting approach within your platform statement.\u003c/p\u003e\u003cp\u003ePlease refer to the timeline below for the upcoming events:\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eProfile Creation Period\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eMonday, July 10 — Monday, July 24\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eInterested participants have until Monday, July 24th, to create their profiles in accordance with the aforementioned requirements.\u003c/p\u003e\u003cp\u003e\u003cstrong\u003eDelegation Period\u003c/strong\u003e\u003c/p\u003e\u003cul\u003e\u003cli\u003eMonday, July 24 — Friday, August 4\u003c/li\u003e\u003c/ul\u003e\u003cp\u003eDuring this period, delegators have the opportunity to reassess and update their delegation based on the delegate profiles created on Agora.\u003c/p\u003e\u003cp\u003eIn conclusion, we are optimistic that the Lyra Delegate Portal and the Delegate Race will facilitate and streamline the engagement of new and existing delegates in Lyra governance. Simultaneously, delegators can ensure that their Lyra holdings genuinely represent their interests and aspirations. Based on community feedback and requirements, we may organize future iterations of the Delegate Race. We eagerly invite you to share your thoughts and provide feedback regarding potential future developments.\u003c/p\u003e\u003cp\u003eThe storm provides ⚡ ⛈️ 🌪️\u003c/p\u003e"])</script><script>self.__next_f.push([1,"5:[\"$\",\"$Lc\",null,{\"blogPosts\":[{\"id\":\"66223286709933000144bb25\",\"uuid\":\"01ae0569-ac42-4abf-9a70-30b1bf668b96\",\"title\":\"LDX Farming Program\",\"slug\":\"ldx-farming-program\",\"html\":\"$d\",\"comment_id\":\"66223286709933000144bb25\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/04/ldx_farming_program.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-04-19T18:59:50.000+10:00\",\"updated_at\":\"2024-04-19T19:05:23.000+10:00\",\"published_at\":\"2024-04-19T19:05:23.000+10:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/ldx-farming-program/\",\"excerpt\":\"\\nTLDR\\n\\n * LDX is the new utility token for the Lyra Derivatives Network; an ecosystem including a Chain, Protocol, Exchange and Wallet\\n * The LDX Farming Program allows LYRA holders to farm LDX, starting today\\n * LYRA balances will be snapshotted on May 8 and migrated 1:1 to LDX — LDX has the same total supply as LYRA\\n * LDX will be airdropped in Q3 2024\\n\\n\\nWhat is LDX?\\n\\nOver the last 3 years the Lyra ecosystem has expanded from an options AMM to include a Chain, Protocol, Exchange and Wallet, be\",\"reading_time\":2,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":null},{\"id\":\"660de0493adeeb0001714b66\",\"uuid\":\"aaf2b758-a8ef-4428-8155-3a2f003d6b4e\",\"title\":\"0DTE Options: The Most Powerful Tool in Finance\",\"slug\":\"0dte-options-the-most-powerful-tool-in-finance\",\"html\":\"$e\",\"comment_id\":\"660de0493adeeb0001714b66\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/04/Group-190.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-04-04T10:03:37.000+11:00\",\"updated_at\":\"2024-04-04T10:26:08.000+11:00\",\"published_at\":\"2024-04-04T10:26:08.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/0dte-options-the-most-powerful-tool-in-finance/\",\"excerpt\":\"TLDR\\n\\n * Zero days to expiration (0DTE) options have taken markets by storm\\n * 0DTE crypto options offer a uniquely attractive value proposition\\n   * Low-cost and minimal max loss\\n   * Higher volatility than TradFi 0DTE options on high beta tech stocks\\n   * No liquidation risk despite having higher leverage than perps\\n   * Transparency, self-custody, and 24/7 market access\\n * 0DTE options have the highest profit potential to cost ratio of any financial instrument\\n\\n\\nExamining the WSJ 0DTE Options\",\"reading_time\":8,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":\"source: https://lyra.finance\",\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: https://lyra.finance\u003c/span\u003e\"},{\"id\":\"66039a589b84770001d66087\",\"uuid\":\"a77b1363-4548-482d-987f-7c424dc0bb43\",\"title\":\"0DTEs: Stocks vs Crypto options\",\"slug\":\"stocks-vs-crypto-options\",\"html\":\"$f\",\"comment_id\":\"66039a589b84770001d66087\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/Group-184--1-.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-27T15:02:32.000+11:00\",\"updated_at\":\"2024-03-30T18:30:23.000+11:00\",\"published_at\":\"2024-03-27T15:30:40.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/stocks-vs-crypto-options/\",\"excerpt\":\"\\\"Options provide the cheapest access to leverage.\\\"\\n\\nAfter almost two years of down-only price action, the skies are clearing and the bulls are charging through the streets. Crypto options are so back.\\n\\nSince the last bull-cycle, 0 Days to Expiration (0DTE) options have rocketed in popularity.\\n\\nThis blog will examine the differences between cryptocurrency options and those in traditional finance, through the lens of 0DTEs.\\n\\n\\nCrypto Options vs TradFi; a high-level comparison of 0DTEs.\\n\\n\\nWhy is opt\",\"reading_time\":3,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":\"source: https://lyra.finance\",\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: https://lyra.finance\u003c/span\u003e\"},{\"id\":\"65fcb6bc3b2fb200018c01dc\",\"uuid\":\"cbb2deef-8fd2-4483-8171-c61f0604209d\",\"title\":\"Best Options Trading Tutorials\",\"slug\":\"informative\",\"html\":\"$10\",\"comment_id\":\"65fcb6bc3b2fb200018c01dc\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/Group-177--2-.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-22T09:37:48.000+11:00\",\"updated_at\":\"2024-03-22T10:14:29.000+11:00\",\"published_at\":\"2024-03-22T10:14:29.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/informative/\",\"excerpt\":\"For those venturing into the world of options trading, the journey may initially appear overwhelming. Fortunately, the digital landscape is rich with educational content designed to unravel the complexities of this intricate field. Through a careful examination of numerous online tutorials, we have curated a list of the top five resources to embark on your options trading journey.\\n\\nOptions Trading for Beginners (The ULTIMATE In-Depth Guide): This tutorial stands out for its depth and clarity, ma\",\"reading_time\":2,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: https://lyra.finance\u003c/span\u003e\"},{\"id\":\"65f2152fb3e7ac000100ea0b\",\"uuid\":\"fe73b61d-ea35-449d-863e-2d15293f12e2\",\"title\":\"Anabolic Basis Trading on Lyra\",\"slug\":\"anabolic-basis-trading-on-lyra\",\"html\":\"$11\",\"comment_id\":\"65f2152fb3e7ac000100ea0b\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/Group-157--1-.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-14T08:05:51.000+11:00\",\"updated_at\":\"2024-03-14T23:44:56.000+11:00\",\"published_at\":\"2024-03-14T08:11:52.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/anabolic-basis-trading-on-lyra/\",\"excerpt\":\"TLDR\\n\\nSavvy traders are earning superhuman yields basis trading during Lyra Launch Season:\\n\\n * The basis trade is the godfather of non-directional, interest-bearing crypto trading strategies\\n * Basis trading yields are the most bountiful in bull markets\\n * Traders are currently earning ~$5 in LYRA rewards per $1 in fees paid\\n * You can farm basis yield and earn rewards on Lyra right now by depositing wstETH and shorting an equivalent quantity of ETH perps\\n\\n\\nWhat is Basis Trading?\\n\\nThe term basis\",\"reading_time\":4,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: https://lyra.finance\u003c/span\u003e\"},{\"id\":\"65ea5c783b0885000153d3ee\",\"uuid\":\"c9cc5ce2-f1f5-4edf-a215-6792427c7e50\",\"title\":\"Trading Incentives: Lyra V2's Ignition\",\"slug\":\"trading-incentives-lyra-v2s-ignition\",\"html\":\"$12\",\"comment_id\":\"65ea5c783b0885000153d3ee\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/C9mnX_Hu7qYH6Hu9LrBIf.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-08T11:31:52.000+11:00\",\"updated_at\":\"2024-03-14T23:45:21.000+11:00\",\"published_at\":\"2024-03-08T11:32:26.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/trading-incentives-lyra-v2s-ignition/\",\"excerpt\":\"TLDR\\n\\nLyra Finance V2 introduces a focused trading incentives program:\\n\\n * Distribute 150,000,000 LYRA to drive user engagement and protocol adoption.\\n * Rewards based on trading volume and fees, structured over 96 epochs.\\n * Distribution and claiming will be on Lyra chain.\\n * 15% of taker rewards will be allocated to growth experiments (e.g. Trading competitions).\\n\\n\\nIncentives Program Schedule\\n\\nRewards are finalized at the end of each 7-day epoch, with the total 150,000,000 LYRA distributed acr\",\"reading_time\":2,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: \u003c/span\u003e\u003ca href=\\\"https://lyra.finance\\\" rel=\\\"noreferrer\\\"\u003e\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003ehttps://lyra.finance\u003c/span\u003e\u003c/a\u003e\"},{\"id\":\"65ea5c2c3b0885000153d3df\",\"uuid\":\"c9e61d92-898e-42ea-bf02-9203b5268aff\",\"title\":\"Introducing Cross-Asset Collateral \u0026 Portfolio Margin\",\"slug\":\"introducing-cross-asset-collateral-portfolio-margin\",\"html\":\"$13\",\"comment_id\":\"65ea5c2c3b0885000153d3df\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/dKINrMWhfseYzZUYg7CsJ.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-08T11:30:36.000+11:00\",\"updated_at\":\"2024-03-14T23:45:31.000+11:00\",\"published_at\":\"2024-03-08T11:31:28.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/introducing-cross-asset-collateral-portfolio-margin/\",\"excerpt\":\"TLDR\\n\\n * Lyra V2 has officially democratized capital efficiency — portfolio margin, cross-asset collateral, and multiple accounts are live on Lyra V2 for all traders\\n   * This is novel for options and perps — a first-of-its-kind feature offering in DeFi\\n   * Users can now create up to 32 subaccounts to compartmentalize risk\\n * Portfolio margined subaccounts on Lyra V2 facilitate extreme capital efficiency by netting positions and considering the overall risk in your portfolio, affording you:\\n   \",\"reading_time\":5,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: \u003c/span\u003e\u003ca href=\\\"https://lyra.finance\\\" rel=\\\"noreferrer\\\"\u003e\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003ehttps://lyra.finance\u003c/span\u003e\u003c/a\u003e\"},{\"id\":\"65ea5bf03b0885000153d3d2\",\"uuid\":\"b42e60b5-5fdc-4fab-a93d-e8787c922f75\",\"title\":\"BTC ETF PVP: Lyra V2’s Booster Stage\",\"slug\":\"btc-etf-pvp-lyra-v2s-booster-stage\",\"html\":\"$14\",\"comment_id\":\"65ea5bf03b0885000153d3d2\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/Z1c1MWo76Vj8VHyBoTqp5.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-08T11:29:36.000+11:00\",\"updated_at\":\"2024-03-14T23:45:45.000+11:00\",\"published_at\":\"2024-03-08T11:30:13.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/btc-etf-pvp-lyra-v2s-booster-stage/\",\"excerpt\":\"TLDR\\n\\n * The BTC ETF PVP trading competition marks the first phase of the Lyra V2 rollout, with the final phase slated for early January. It aims to:\\n   * Concentrate liquidity on a single asset (BTC) and expiry (Jan. 12th)\\n   * Create the highest-ever BTC options OI expiry in DeFi\\n   * Make V2 the most liquid venue to trade the BTC Spot ETF news and witching event\\n * The competition starts at 2:00 AM UTC on December 15th, 2023\\n   * This coincides with the volatility-inducing Quadruple Witching \",\"reading_time\":4,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: \u003c/span\u003e\u003ca href=\\\"https://lyra.finance\\\" rel=\\\"noreferrer\\\"\u003e\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003ehttps://lyra.finance\u003c/span\u003e\u003c/a\u003e\"},{\"id\":\"65ea5a323b0885000153d3bb\",\"uuid\":\"84710d64-bde5-471e-9d0b-361a23316e88\",\"title\":\"V2 Liquidation Engine\",\"slug\":\"v2-liquidation-engine\",\"html\":\"$15\",\"comment_id\":\"65ea5a323b0885000153d3bb\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/pKsoFL8PbVOPf2ywJBY47.jpeg\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-08T11:22:10.000+11:00\",\"updated_at\":\"2024-03-14T23:45:58.000+11:00\",\"published_at\":\"2024-03-08T11:28:48.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/v2-liquidation-engine/\",\"excerpt\":\"Partial liquidations are an essential aspect of the V2 overhaul - they swiftly remove risk from the system and ensure a maximally beneficial user experience for traders. The market impact of liquidations is reduced by closing over-extended positions incrementally, decreasing the likelihood of insolvency and cascading liquidations.\\n\\nLiquidating positions incrementally allows traders to maintain a portion of their exposure. Staggering liquidations across price levels can reduce the risks of incurr\",\"reading_time\":9,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: \u003c/span\u003e\u003ca href=\\\"https://lyra.finance\\\" rel=\\\"noreferrer\\\"\u003e\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003ehttps://lyra.finance\u003c/span\u003e\u003c/a\u003e\"},{\"id\":\"65ea59be3b0885000153d3af\",\"uuid\":\"f73306b5-d39d-468e-b32a-efa848ad9f8e\",\"title\":\"Can an orderbook be a public good?\",\"slug\":\"can-an-orderbook-be-a-public-good\",\"html\":\"$16\",\"comment_id\":\"65ea59be3b0885000153d3af\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/b12o-wpOJdNDrowamoTho.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-08T11:20:14.000+11:00\",\"updated_at\":\"2024-03-14T23:46:09.000+11:00\",\"published_at\":\"2024-03-08T11:21:03.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/can-an-orderbook-be-a-public-good/\",\"excerpt\":\"The Lyra V2 Matcher is going open-source!\\n\\nThere is much duplicate work being done on orderbooks in crypto, and much more to be done still, as the crypto techstack rapidly evolves. We felt it would only benefit the DeFi ecosystem, and ultimately our users, to open up the first all-in-one self-custodial orderbook.\\n\\nOrderbooks have existed in crypto for years, but with speed and better UX came centralization. That changes now. With the Lyra V2 Matcher users retain control of their funds and the se\",\"reading_time\":10,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: \u003c/span\u003e\u003ca href=\\\"https://lyra.finance\\\" rel=\\\"noreferrer\\\"\u003e\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003ehttps://lyra.finance\u003c/span\u003e\u003c/a\u003e\"},{\"id\":\"65ea59803b0885000153d3a2\",\"uuid\":\"a6bfec13-1966-4bd3-b372-acb9b6c4c115\",\"title\":\"Lyra Chain: Harder, Better, Faster, Stronger\",\"slug\":\"lyra-chain-harder-better-faster-stronger\",\"html\":\"$17\",\"comment_id\":\"65ea59803b0885000153d3a2\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/U_ha0KAQ5NLVJi30IQreG.jpeg\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-08T11:19:12.000+11:00\",\"updated_at\":\"2024-03-14T23:46:18.000+11:00\",\"published_at\":\"2024-03-08T11:19:55.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/lyra-chain-harder-better-faster-stronger/\",\"excerpt\":\"We know Lyra V2 is coming. We know it’s made for pro traders. And we know it’s the most scalable derivatives protocol yet. But how did we build it all onchain? It’s time to find out how we leveraged the OP Stack to build Lyra Chain and make us\\n\\n * Harder\\n * Better\\n * Faster\\n * Stronger\\n\\nLyra chain has increased the scope of our project by 100x, but before we can join the Superchain, let’s go back to basics.\\n\\n\\nHarder\\n\\nDefine harder:\\n\\n 1. Adjective: Solid, firm, and rigid: not easily broken, bent \",\"reading_time\":7,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: \u003c/span\u003e\u003ca href=\\\"https://lyra.finance\\\" rel=\\\"noreferrer\\\"\u003e\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003ehttps://lyra.finance\u003c/span\u003e\u003c/a\u003e\"},{\"id\":\"65ea592d3b0885000153d396\",\"uuid\":\"775c6fd5-e280-4b6d-a1f4-c48eb9698ce0\",\"title\":\"A Technical Overview of Lyra V2\",\"slug\":\"a-technical-overview-of-lyra-v2\",\"html\":\"$18\",\"comment_id\":\"65ea592d3b0885000153d396\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/-b02z8CR2zeK50Moc74bl.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-08T11:17:49.000+11:00\",\"updated_at\":\"2024-03-14T23:46:31.000+11:00\",\"published_at\":\"2024-03-08T11:18:46.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/a-technical-overview-of-lyra-v2/\",\"excerpt\":\"\\nThe Lyra V2 protocol is the culmination of 12 months of rigorous research and development. In this blog post, we deep dive into the key features of the protocol’s design, including its modular architecture, subaccount and asset management innovations, permissionless onchain risk checks and liquidations, and strategic trade-offs that contribute to its journey toward complete decentralization.\\n\\n\\nModularity\\n\\nLyra V1 pioneered the options AMM space, but its major limitation has been its monolithic \",\"reading_time\":5,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: \u003c/span\u003e\u003ca href=\\\"https://lyra.finance\\\" rel=\\\"noreferrer\\\"\u003e\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003ehttps://lyra.finance\u003c/span\u003e\u003c/a\u003e\"},{\"id\":\"65ea58683b0885000153d389\",\"uuid\":\"5808270e-b73d-408a-84e5-5b7a314e354a\",\"title\":\"Lyra V2: The DEX For Pro Traders\",\"slug\":\"lyra-v2-the-dex-for-pro-traders\",\"html\":\"$19\",\"comment_id\":\"65ea58683b0885000153d389\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/YIHNdhn9H2VOnj7BqANaY.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-08T11:14:32.000+11:00\",\"updated_at\":\"2024-03-14T23:46:42.000+11:00\",\"published_at\":\"2024-03-08T11:16:22.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/lyra-v2-the-dex-for-pro-traders/\",\"excerpt\":\"Despite comprising the vast majority of the decentralized crypto options market, trading over $1.5bn in notional volume, more than all other options DEXes combined, Lyra V1 was not fine-tuned for the discerning demands of smart money. The time is ripe for that to change.\\n\\nEnter Lyra V2, a fully redesigned, feature-complete, self-custodial, highly capital-efficient, on-chain options, perpetuals, and spot exchange with a CEX-like user experience. The melding of self-custody with advanced features \",\"reading_time\":4,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: \u003c/span\u003e\u003ca href=\\\"https://lyra.finance\\\" rel=\\\"noreferrer\\\"\u003e\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003ehttps://lyra.finance\u003c/span\u003e\u003c/a\u003e\"},{\"id\":\"65ea56c13b0885000153d36d\",\"uuid\":\"adcfccd2-d1b6-4cb1-8272-f0d834f72f40\",\"title\":\"Announcing Lyra V2\",\"slug\":\"announcing-lyra-v2\",\"html\":\"$1a\",\"comment_id\":\"65ea56c13b0885000153d36d\",\"feature_image\":\"https://blog.lyra.finance/content/images/2024/03/bfolWpDMh7_BxhepXMgjT.jpeg\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2024-03-08T11:07:29.000+11:00\",\"updated_at\":\"2024-03-14T23:46:52.000+11:00\",\"published_at\":\"2024-03-08T11:11:55.000+11:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/announcing-lyra-v2/\",\"excerpt\":\"TLDR\\n\\nLyra V2 is a spot, perpetuals and options trading platform designed to be secure, performant and easy to use:\\n\\n * Lyra Protocol, a decentralized settlement protocol for spot, perpetuals and options trading.\\n * Lyra Chain, an OP stack rollup providing high throughput, low cost settlement of transactions to Ethereum mainnet.\\n * Support for portfolio margin, cross-margin and multi-asset collateral.\\n * The Lyra DAO earns trading fees from the Lyra Protocol and gas fees from the Lyra Chain, gov\",\"reading_time\":10,\"access\":true,\"comments\":false,\"og_image\":null,\"og_title\":null,\"og_description\":null,\"twitter_image\":null,\"twitter_title\":null,\"twitter_description\":null,\"meta_title\":null,\"meta_description\":null,\"email_subject\":null,\"frontmatter\":null,\"feature_image_alt\":null,\"feature_image_caption\":\"\u003cspan style=\\\"white-space: pre-wrap;\\\"\u003esource: https://lyra.finance\u003c/span\u003e\"},{\"id\":\"64acc4f90b5ffc0001a6742d\",\"uuid\":\"14e8bd18-77c5-4a70-9ed5-20fabef8fd3f\",\"title\":\"Call For Lyra Delegates\",\"slug\":\"call-for-lyra-delegates\",\"html\":\"$1b\",\"comment_id\":\"64acc4f90b5ffc0001a6742d\",\"feature_image\":\"https://blog.lyra.finance/content/images/2023/07/Trading-Rewards-Live-Now---2023-07-11T125952.526.png\",\"featured\":false,\"visibility\":\"public\",\"created_at\":\"2023-07-11T12:56:57.000+10:00\",\"updated_at\":\"2024-03-14T23:47:02.000+11:00\",\"published_at\":\"2023-07-11T13:02:56.000+10:00\",\"custom_excerpt\":null,\"codeinjection_head\":null,\"codeinjection_foot\":null,\"custom_template\":null,\"canonical_url\":null,\"url\":\"https://blog.lyra.finance/call-for-lyra-delegates/\",\"excerpt\":\"Part of Lyra's mission is to establish an engaged and value-driven council of delegates responsible for governing the Lyra Protocol. In pursuit of this objective, we are thrilled to share two significant announcements with the community:\\n\\n 1. The Lyra Delegate Portal is now live at https://vote.lyra.finance! Introducing Lyra Agora, a unified and dedicated platform meticulously designed to elevate the Lyra governance experience. Delegates now have the ability to curate personalized profiles that 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  656. :root .t_dark .t_light .t_Button, :root .t_dark .t_light .t_dark .t_light .t_Button, :root .t_dark .t_light .t_dark .t_light .t_primary_Button, :root .t_dark .t_light .t_primary_Button, :root .t_light .t_Button, :root .t_light .t_dark .t_light .t_Button, :root .t_light .t_dark .t_light .t_primary_Button, :root .t_light .t_primary_Button {--text:#071D2A;--textPressed:#F4F6F8;--textSolid:#071D2A;--bg:#FFFFFF;--bgSolid:#071D2A;--bgPressed:#071D2A;--bgDisabled:#F4F6F8;--border:#e5e8ea;--borderHovered:#071D2A;--borderPressed:#071D2A;}
  657. :root .t_dark .t_Button, :root .t_dark .t_light .t_dark .t_Button, :root .t_dark .t_light .t_dark .t_primary_Button, :root .t_dark .t_primary_Button, :root .t_light .t_dark .t_Button, :root .t_light .t_dark .t_light .t_dark .t_Button, :root .t_light .t_dark .t_light .t_dark .t_primary_Button, :root .t_light .t_dark .t_primary_Button {--text:#F5F7F7;--textSolid:#F5F7F7;--textPressed:#071C29;--bg:#071C29;--bgSolid:#F5F7F7;--bgPressed:#F5F7F7;--bgDisabled:#1F2D3F;--border:#1F2D3F;--borderHovered:#F5F7F7;--borderPressed:#F5F7F7;}
  658. :root .t_dark .t_light .t_dark .t_light .t_green_Button, :root .t_dark .t_light .t_green_Button, :root .t_light .t_dark .t_light .t_green_Button, :root .t_light .t_green_Button {--text:#20CD93;--textPressed:#071D2A;--border:#e5e8ea;--borderHovered:#20CD93;--borderPressed:#20CD93;--bg:#FFFFFF;--bgPressed:#20CD93;--bgDisabled:#F4F6F8;--textSolid:#071D2A;--borderSolid:#25FAB0;--borderHoveredSolid:#20CD93;--borderPressedSolid:#20CD93;--bgSolid:#25FAB0;--bgPressedSolid:#20CD93;}
  659. :root .t_dark .t_green_Button, :root .t_dark .t_light .t_dark .t_green_Button, :root .t_light .t_dark .t_green_Button, :root .t_light .t_dark .t_light .t_dark .t_green_Button {--text:#25FAB0;--textPressed:#071C29;--border:#1F2D3F;--borderHovered:#25FAB0;--borderPressed:#25FAB0;--bg:#071C29;--bgDisabled:#1F2D3F;--bgPressed:#25FAB0;--textSolid:#071C29;--borderSolid:#25FAB0;--borderHoveredSolid:#23E3A2;--borderPressedSolid:#23E3A2;--bgSolid:#25FAB0;--bgPressedSolid:#23E3A2;}
  660. :root .t_dark .t_light .t_amber_Button, :root .t_dark .t_light .t_dark .t_light .t_amber_Button, :root .t_light .t_amber_Button, :root .t_light .t_dark .t_light .t_amber_Button {--text:#C28C23;--textPressed:#071D2A;--border:#e5e8ea;--borderHovered:#C28C23;--borderPressed:#C28C23;--bg:#FFFFFF;--bgPressed:#C28C23;--bgDisabled:#F4F6F8;--textSolid:#071D2A;--borderSolid:#FFB224;--borderHoveredSolid:#C28C23;--borderPressedSolid:#C28C23;--bgSolid:#FFB224;--bgPressedSolid:#C28C23;}
  661. :root .t_dark .t_amber_Button, :root .t_dark .t_light .t_dark .t_amber_Button, :root .t_light .t_dark .t_amber_Button, :root .t_light .t_dark .t_light .t_dark .t_amber_Button {--text:#FFCB47;--textPressed:#071C29;--border:#1F2D3F;--borderPressed:#1F2D3F;--borderHovered:#FFCB47;--bg:#071C29;--bgDisabled:#1F2D3F;--bgPressed:#FFCB47;--textSolid:#071C29;--borderSolid:#FFCB47;--borderHoveredSolid:#FFB224;--borderPressedSolid:#FFB224;--bgSolid:#FFCB47;--bgPressedSolid:#FFB224;}
  662. :root .t_dark .t_light .t_dark .t_light .t_red_Button, :root .t_dark .t_light .t_red_Button, :root .t_light .t_dark .t_light .t_red_Button, :root .t_light .t_red_Button {--text:#E4437A;--textPressed:#071D2A;--border:#e5e8ea;--borderHovered:#E4437A;--borderPressed:#E4437A;--bg:#FFFFFF;--bgPressed:#E4437A;--bgDisabled:#F4F6F8;--textSolid:#071D2A;--borderSolid:#FD4D8D;--borderHoveredSolid:#E4437A;--borderPressedSolid:#E4437A;--bgSolid:#FD4D8D;--bgPressedSolid:#E4437A;}
  663. :root .t_dark .t_light .t_dark .t_red_Button, :root .t_dark .t_red_Button, :root .t_light .t_dark .t_light .t_dark .t_red_Button, :root .t_light .t_dark .t_red_Button {--text:#FD4D8D;--textPressed:#071C29;--border:#1F2D3F;--borderHovered:#FD4D8D;--borderPressed:#FD4D8D;--bg:#071C29;--bgDisabled:#1F2D3F;--bgPressed:#FD4D8D;--textSolid:#071C29;--borderSolid:#FD4D8D;--borderHoveredSolid:#E4437A;--borderPressedSolid:#E4437A;--bgSolid:#FD4D8D;--bgPressedSolid:#E4437A;}
  664. :root .t_dark .t_light .t_dark .t_light .t_Dropdown, :root .t_dark .t_light .t_Dropdown, :root .t_light .t_dark .t_light .t_Dropdown, :root .t_light .t_Dropdown {--bakgroundColor:#F4F6F8;}
  665. :root .t_dark .t_Dropdown, :root .t_dark .t_light .t_dark .t_Dropdown, :root .t_light .t_dark .t_Dropdown, :root .t_light .t_dark .t_light .t_dark .t_Dropdown {--backgroundColor:#071C29;--hoverBackgroundColor:#1F2D3F;}
  666. :root .t_dark .t_Checkbox, :root .t_dark .t_light .t_dark .t_Checkbox, :root .t_light .t_dark .t_Checkbox, :root .t_light .t_dark .t_light .t_dark .t_Checkbox {--backgroundColor:#071C29;--disabledBackgroundColor:#4F6A78;--selectedColor:#23E3A2;}
  667. :root .t_dark .t_light .t_Checkbox, :root .t_dark .t_light .t_dark .t_light .t_Checkbox, :root .t_light .t_Checkbox, :root .t_light .t_dark .t_light .t_Checkbox {--backgroundColor:#FFFFFF;--disabledBackgroundColor:#B3BBC0;--selectedColor:#25FAB0;}
  668. :root .t_dark .t_light .t_dark .t_light .t_Toast, :root .t_dark .t_light .t_Toast, :root .t_light .t_dark .t_light .t_Toast, :root .t_light .t_Toast {--backgroundColor:#F4F6F8;--textColor:#071D2A;--progressColor:#071D2A;}
  669. :root .t_dark .t_light .t_dark .t_light .t_red_Toast, :root .t_dark .t_light .t_red_Toast, :root .t_light .t_dark .t_light .t_red_Toast, :root .t_light .t_red_Toast {--backgroundColor:#FFEAF1;--textColor:#E4437A;--progressColor:#E4437A;}
  670. :root .t_dark .t_light .t_dark .t_light .t_green_Toast, :root .t_dark .t_light .t_green_Toast, :root .t_light .t_dark .t_light .t_green_Toast, :root .t_light .t_green_Toast {--backgroundColor:#E4FCF4;--textColor:#20CD93;--progressColor:#25FAB0;}
  671. :root .t_dark .t_light .t_amber_Toast, :root .t_dark .t_light .t_dark .t_light .t_amber_Toast, :root .t_light .t_amber_Toast, :root .t_light .t_dark .t_light .t_amber_Toast {--backgroundColor:#FFF6E5;--textColor:#C28C23;--progressColor:#C28C23;}
  672. :root .t_dark .t_light .t_dark .t_Toast, :root .t_dark .t_Toast, :root .t_light .t_dark .t_light .t_dark .t_Toast, :root .t_light .t_dark .t_Toast {--backgroundColor:#204153;--textColor:#F5F7F7;--progressColor:#F5F7F7;}
  673. :root .t_dark .t_light .t_dark .t_red_Toast, :root .t_dark .t_red_Toast, :root .t_light .t_dark .t_light .t_dark .t_red_Toast, :root .t_light .t_dark .t_red_Toast {--backgroundColor:#54263E;--textColor:#FD4D8D;--progressColor:#FD4D8D;}
  674. :root .t_dark .t_green_Toast, :root .t_dark .t_light .t_dark .t_green_Toast, :root .t_light .t_dark .t_green_Toast, :root .t_light .t_dark .t_light .t_dark .t_green_Toast {--backgroundColor:#145C4B;--textColor:#25FAB0;--progressColor:#23E3A2;}
  675. :root .t_dark .t_amber_Toast, :root .t_dark .t_light .t_dark .t_amber_Toast, :root .t_light .t_dark .t_amber_Toast, :root .t_light .t_dark .t_light .t_dark .t_amber_Toast {--backgroundColor:#5D4B21;--textColor:#FFB224;--progressColor:#FFCB47;}
  676. :root ._display-flex{display:flex;}
  677. :root ._alignItems-stretch{align-items:stretch;}
  678. :root ._flexDirection-column{flex-direction:column;}
  679. :root ._flexBasis-auto{flex-basis:auto;}
  680. :root ._boxSizing-border-box{box-sizing:border-box;}
  681. :root ._position-fixed{position:fixed;}
  682. :root ._minHeight-0px{min-height:0px;}
  683. :root ._minWidth-0px{min-width:0px;}
  684. :root ._flexShrink-0{flex-shrink:0;}
  685. :root ._pointerEvents-box-none>*{pointer-events:auto !important;} :root ._pointerEvents-box-none{pointer-events:none !important;}
  686. :root ._top-0px{top:0px;}
  687. :root ._bottom-0px{bottom:0px;}
  688. :root ._left-0px{left:0px;}
  689. :root ._right-0px{right:0px;}
  690. :root ._maxWidth-10037{max-width:100%;}
  691. :root ._zIndex-100000{z-index:100000;}
  692. @media (max-width: 768px){:root:root:root ._top-_mobile_1481558369{top:var(--space-2);}}
  693. @media (max-width: 768px){:root:root:root ._right-_mobile_1481558369{right:var(--space-2);}}
  694. @media (max-width: 768px){:root:root:root ._left-_mobile_1481558369{left:var(--space-2);}}
  695. @media (min-width: 769px){:root:root:root:root:root ._top-_desktop_1481558307{top:var(--space-4);}}
  696. @media (min-width: 769px){:root:root:root:root:root ._right-_desktop_1481558307{right:var(--space-4);}}
  697. @media (max-width: 768px){:root:root:root ._paddingBottom-_mobile_471867601{padding-bottom:calc(env(safe-area-inset-bottom) + 52px);}}
  698. @media (max-width: 768px){:root:root:root ._paddingTop-_mobile_90px{padding-top:90px;}}
  699. @media (min-width: 769px){:root:root:root:root:root ._paddingTop-_desktop_90px{padding-top:90px;}}
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  702. :root ._width-10037{width:100%;}
  703. :root ._maxWidth-100vw{max-width:100vw;}
  704. :root ._alignItems-center{align-items:center;}
  705. :root ._overflowX-hidden{overflow-x:hidden;}
  706. :root ._backgroundColor-370241845{background-color:var(--backgroundColor);}
  707. :root ._zIndex-10{z-index:10;}
  708. :root ._overflowY-hidden{overflow-y:hidden;}
  709. :root ._flexDirection-row{flex-direction:row;}
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  711. :root ._borderTopColor-1701014030{border-top-color:var(--hairline);}
  712. :root ._borderRightColor-1701014030{border-right-color:var(--hairline);}
  713. :root ._borderBottomColor-1701014030{border-bottom-color:var(--hairline);}
  714. :root ._borderLeftColor-1701014030{border-left-color:var(--hairline);}
  715. :root ._height-28px{height:28px;}
  716. :root ._borderBottomStyle-solid{border-bottom-style:solid;}
  717. @media (max-width: 768px){:root:root:root ._display-_mobile_none{display:none;}}
  718. @media (hover) {:root  ._cursor-0hover-pointer:hover{cursor:pointer !important;}}
  719. :root ._borderLeftWidth-1px{border-left-width:1px;}
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  722. :root ._marginBottom-auto{margin-bottom:auto;}
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  725. :root ._width-250px{width:250px;}
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  729. :root ._marginTop-0px{margin-top:0px;}
  730. :root ._marginRight-0px{margin-right:0px;}
  731. :root ._marginBottom-0px{margin-bottom:0px;}
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  734. :root ._textTransform-uppercase{text-transform:uppercase;}
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  736. :root ._letterSpacing-167743966{letter-spacing:var(--f-21-1);}
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  744. :root ._paddingLeft-1481558338{padding-left:var(--space-3);}
  745. :root ._cursor-pointer{cursor:pointer;}
  746. :root ._display-1685637459{display:inline-flex;}
  747. :root ._width-14px{width:14px;}
  748. :root ._height-14px{height:14px;}
  749. @media (min-width: 769px){:root:root:root:root:root ._display-_desktop_none{display:none;}}
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  759. :root ._height-1481558338{height:var(--space-3);}
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  761. @media (hover) {:root  ._borderTopColor-0hover-499333755:hover{border-top-color:var(--borderHovered) !important;}}
  762. @media (hover) {:root  ._borderRightColor-0hover-499333755:hover{border-right-color:var(--borderHovered) !important;}}
  763. @media (hover) {:root  ._borderBottomColor-0hover-499333755:hover{border-bottom-color:var(--borderHovered) !important;}}
  764. @media (hover) {:root  ._borderLeftColor-0hover-499333755:hover{border-left-color:var(--borderHovered) !important;}}
  765. :root ._minHeight-1481558214{min-height:var(--space-7);}
  766. :root ._minWidth-1481558214{min-width:var(--space-7);}
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  769. :root ._borderTopLeftRadius-1307609905{border-top-left-radius:var(--radius-2);}
  770. :root ._borderTopRightRadius-1307609905{border-top-right-radius:var(--radius-2);}
  771. :root ._borderBottomRightRadius-1307609905{border-bottom-right-radius:var(--radius-2);}
  772. :root ._borderBottomLeftRadius-1307609905{border-bottom-left-radius:var(--radius-2);}
  773. :root ._backgroundColor-var--bg1281{background-color:var(--bg);}
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  775. :root ._borderRightColor-1432066276{border-right-color:var(--border);}
  776. :root ._borderBottomColor-1432066276{border-bottom-color:var(--border);}
  777. :root ._borderLeftColor-1432066276{border-left-color:var(--border);}
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  781. :root ._paddingBottom-1481558369{padding-bottom:var(--space-2);}
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  784. :root ._borderRightStyle-solid{border-right-style:solid;}
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  786. :root ._color-401796952{color:var(--primary);}
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  791. :root ._minWidth-1481558369{min-width:var(--space-2);}
  792. :root ._width-1481558369{width:var(--space-2);}
  793. :root ._height-1481558369{height:var(--space-2);}
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  795. :root ._minWidth-1481558183{min-width:var(--space-8);}
  796. :root ._paddingRight-0px{padding-right:0px;}
  797. :root ._paddingLeft-0px{padding-left:0px;}
  798. :root ._paddingTop-0px{padding-top:0px;}
  799. :root ._paddingBottom-0px{padding-bottom:0px;}
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  802. :root ._color-24817929{color:var(--secondaryText);}
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  808. :root ._minWidth-1481558307{min-width:var(--space-4);}
  809. :root ._width-1481558307{width:var(--space-4);}
  810. :root ._height-1481558307{height:var(--space-4);}
  811. :root ._height-52px{height:52px;}
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  813. :root ._borderBottomLeftRadius-0px{border-bottom-left-radius:0px;}
  814. :root ._borderTopRightRadius-0px{border-top-right-radius:0px;}
  815. :root ._borderBottomRightRadius-0px{border-bottom-right-radius:0px;}
  816. :root ._paddingRight-1481558338{padding-right:var(--space-3);}
  817. :root ._textAlign-center{text-align:center;}
  818. :root ._letterSpacing-167744028{letter-spacing:var(--f-21-3);}
  819. :root ._fontSize-229441189{font-size:var(--f-si-3);}
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  822. :root ._borderBottomRightRadius-2px{border-bottom-right-radius:2px;}
  823. :root ._width-52px{width:52px;}
  824. @media (max-width: 768px){:root:root:root ._flexGrow-_mobile_1{flex-grow:1;}}
  825. @media (max-width: 768px){:root:root:root ._height-_mobile_918645338{height:calc(100svh - 124px);}}
  826. :root ._fontWeight-700{font-weight:700;}
  827. :root ._fontWeight-400{font-weight:400;}
  828. :root ._letterSpacing-0px{letter-spacing:0px;}
  829. :root ._borderTopLeftRadius-2px{border-top-left-radius:2px;}
  830. :root ._borderBottomLeftRadius-2px{border-bottom-left-radius:2px;}
  831. @media (max-width: 768px){:root:root:root ._paddingTop-_mobile_62px{padding-top:62px;}}
  832. @media (min-width: 769px){:root:root:root:root:root ._paddingTop-_desktop_62px{padding-top:62px;}}
  833. :root:root  ._borderTopColor-0active-1252694029:active{border-top-color:var(--borderPressedSolid) !important;}
  834. :root:root  ._borderRightColor-0active-1252694029:active{border-right-color:var(--borderPressedSolid) !important;}
  835. :root:root  ._borderBottomColor-0active-1252694029:active{border-bottom-color:var(--borderPressedSolid) !important;}
  836. :root:root  ._borderLeftColor-0active-1252694029:active{border-left-color:var(--borderPressedSolid) !important;}
  837. @media (hover) {:root  ._borderTopColor-0hover-487556076:hover{border-top-color:var(--borderHoveredSolid) !important;}}
  838. @media (hover) {:root  ._borderRightColor-0hover-487556076:hover{border-right-color:var(--borderHoveredSolid) !important;}}
  839. @media (hover) {:root  ._borderBottomColor-0hover-487556076:hover{border-bottom-color:var(--borderHoveredSolid) !important;}}
  840. @media (hover) {:root  ._borderLeftColor-0hover-487556076:hover{border-left-color:var(--borderHoveredSolid) !important;}}
  841. :root ._backgroundColor-831619644{background-color:var(--bgSolid);}
  842. :root ._borderTopColor-1664740373{border-top-color:var(--borderSolid);}
  843. :root ._borderRightColor-1664740373{border-right-color:var(--borderSolid);}
  844. :root ._borderBottomColor-1664740373{border-bottom-color:var(--borderSolid);}
  845. :root ._borderLeftColor-1664740373{border-left-color:var(--borderSolid);}
  846. :root ._color-408757413{color:var(--darkText);}
  847. :root ._paddingTop-1316330269{padding-top:var(--space-15);}
  848. :root ._paddingBottom-1316330269{padding-bottom:var(--space-15);}
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  1145. @media (min-width: 769px){:root:root:root:root:root ._flexShrink-_desktop_1{flex-shrink:1;}}
  1146. @media (min-width: 769px){:root:root:root:root:root ._minHeight-_desktop_70px{min-height:70px;}}
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  1148. :root ._zIndex-2{z-index:2;}
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  1153. :root ._width-1316330238{width:var(--space-14);}
  1154. :root ._height-1316330238{height:var(--space-14);}
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  1156. :root ._height-1481558214{height:var(--space-7);}
  1157. :root ._height-500px{height:500px;}
  1158. :root ._maxHeight-653724990{max-height:min(calc(100% - 74px), 500px);}
  1159. :root ._marginBottom-1481558338{margin-bottom:var(--space-3);}
  1160. :root ._width-115px{width:115px;}
  1161. :root ._width-1481558276{width:var(--space-5);}
  1162. :root ._height-1481558276{height:var(--space-5);}
  1163. :root ._height-1367331700{height:calc(100% - 45px);}
  1164. :root ._borderRightWidth-0px{border-right-width:0px;}
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  1171. :root ._minWidth-75px{min-width:75px;}
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  1178. @media (min-width: 769px){:root:root:root:root:root ._paddingRight-_desktop_12px{padding-right:12px;}}
  1179. @media (min-width: 769px){:root:root:root:root:root ._marginRight-_desktop_0px{margin-right:0px;}}
  1180. @media (min-width: 769px){:root:root:root:root:root ._minWidth-_desktop_177px{min-width:177px;}}
  1181. @media (max-width: 768px){:root:root:root ._paddingRight-_mobile_18px{padding-right:18px;}}
  1182. @media (max-width: 768px){:root:root:root ._paddingLeft-_mobile_18px{padding-left:18px;}}
  1183. @media (max-width: 768px){:root:root:root ._minWidth-_mobile_237px{min-width:237px;}}
  1184. :root ._height-797770429{height:fit-content;}
  1185. :root ._paddingTop-12px{padding-top:12px;}
  1186. :root ._paddingBottom-12px{padding-bottom:12px;}
  1187. @media (min-width: 769px){:root:root:root:root:root ._paddingLeft-_desktop_12px{padding-left:12px;}}
  1188. @media (min-width: 769px){:root:root:root:root:root ._marginLeft-_desktop_0px{margin-left:0px;}}
  1189. @media (min-width: 769px){:root:root:root:root:root ._minWidth-_desktop_99px{min-width:99px;}}
  1190. @media (max-width: 768px){:root:root:root ._minWidth-_mobile_147px{min-width:147px;}}
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  1192. @media (max-width: 768px){:root:root:root ._minWidth-_mobile_157px{min-width:157px;}}
  1193. @media (min-width: 769px){:root:root:root:root:root ._minWidth-_desktop_79px{min-width:79px;}}
  1194. @media (min-width: 769px){:root:root:root:root:root ._maxWidth-_desktop_79px{max-width:79px;}}
  1195. @media (max-width: 768px){:root:root:root ._minWidth-_mobile_127px{min-width:127px;}}
  1196. @media (max-width: 768px){:root:root:root ._maxWidth-_mobile_127px{max-width:127px;}}
  1197. @media (min-width: 769px){:root:root:root:root:root ._paddingRight-_desktop_0px{padding-right:0px;}}
  1198. @media (min-width: 769px){:root:root:root:root:root ._marginRight-_desktop_18px{margin-right:18px;}}
  1199. @media (min-width: 769px){:root:root:root:root:root ._minWidth-_desktop_67px{min-width:67px;}}
  1200. @media (min-width: 769px){:root:root:root:root:root ._maxWidth-_desktop_67px{max-width:67px;}}
  1201. @media (min-width: 769px){:root:root:root:root:root ._paddingLeft-_desktop_18px{padding-left:18px;}}
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  1209. .css-175oi2r{align-items:stretch;background-color:rgba(0,0,0,0.00);border:0 solid black;box-sizing:border-box;display:flex;flex-basis:auto;flex-direction:column;flex-shrink:0;list-style:none;margin:0px;min-height:0px;min-width:0px;padding:0px;position:relative;text-decoration:none;z-index:0;}
  1210. [stylesheet-group="2"]{}
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  1212. [stylesheet-group="3"]{}
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  1221. .r-19z077z{touch-action:none;}
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  1224. .r-1p0dtai{bottom:0px;}
  1225. .r-1rnoaur{overflow-y:auto;}
  1226. .r-1wbh5a2{flex-shrink:1;}
  1227. .r-2eszeu::-webkit-scrollbar{display:none}
  1228. .r-2eszeu{scrollbar-width:none;}
  1229. .r-633pao{pointer-events:none!important;}
  1230. .r-6taxm2:-ms-input-placeholder{color:var(--placeholderTextColor);opacity:1;}
  1231. .r-6taxm2::-moz-placeholder{color:var(--placeholderTextColor);opacity:1;}
  1232. .r-6taxm2::-webkit-input-placeholder{color:var(--placeholderTextColor);opacity:1;}
  1233. .r-6taxm2::placeholder{color:var(--placeholderTextColor);opacity:1;}
  1234. .r-agouwx{transform:translateZ(0);}
  1235. .r-ah5dr5>*{pointer-events:none;}
  1236. .r-ah5dr5{pointer-events:auto!important;}
  1237. .r-buy8e9{overflow-y:hidden;}
  1238. .r-cpa5s6{scroll-snap-align:start;}
  1239. .r-eqz5dr{flex-direction:column;}
  1240. .r-gtdqiz{position:-webkit-sticky;position:sticky;}
  1241. .r-ipm5af{top:0px;}
  1242. .r-lltvgl{overflow-x:auto;}
  1243. .r-mfh4gg{scroll-snap-type:x mandatory;}
  1244. .r-mhe3cw{z-index:10;}
  1245. .r-u8s1d{position:absolute;}
  1246. .r-van48c{caret-color:transparent;}
  1247. .r-zchlnj{right:0px;}</style>

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