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

Lyra introduces LDX token, adds yield-bearing derivatives

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

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

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

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

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

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

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

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

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

0

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

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

You may also like

What major moves have mainstream Perp DEXs been making recently?

Perp DEXs are all unveiling major new features.

BlockBeats2025/11/22 18:13
What major moves have mainstream Perp DEXs been making recently?

After a 1460% surge, re-examining the value foundation of ZEC

History has repeatedly shown that extremely short payback periods (super high ROI) are often precursors to mining disasters and sharp declines in coin prices.

BlockBeats2025/11/22 18:12
After a 1460% surge, re-examining the value foundation of ZEC

Tom Lee reveals: The crash was caused by the 1011 liquidity crunch, with market makers selling off to fill a "financial black hole"

Lee stated directly: Market makers are essentially like the central banks of crypto. When their balance sheets are damaged, liquidity tightens and the market becomes fragile.

BlockBeats2025/11/22 18:11
Tom Lee reveals: The crash was caused by the 1011 liquidity crunch, with market makers selling off to fill a "financial black hole"

Boxing champion Andrew Tate's "Going to Zero": How did he lose $720,000 on Hyperliquid?

Andrew Tate hardly engages in risk management and tends to re-enter losing trades with higher leverage.

ForesightNews 速递2025/11/22 17:53
Boxing champion Andrew Tate's "Going to Zero": How did he lose $720,000 on Hyperliquid?