Lyra (LYRA)
| Market Cap | Volume | Last Trade |
|---|---|---|
Lyra Details
| Built On | Launch Date | Proof Type | Max Supply | Circulating Supply | Website |
|---|---|---|---|---|---|
| 0 | 0 | NO | Platform | Block Reward | Block Time | Block Number | Net Hashes Per Sec | Lyra |
| 0 | 0 | Trade |
Lyra (LYRA) price today is $0.0000000 USD. Trading volume was 0.00 LYRA in the last 24 hours. Current market cap of Lyra is $0 USD. Lyra has a circulating supply of 0 LYRA coins out of a maximum supply of 0 LYRA coins.
What is Lyra (LYRA) | The Only Guide You Need
Lyra is a DeFi protocol using AMM technology to facilitate liquidity for decentralized options contracts. It essentially operates as an AMM designed for options. The protocol comprises three key components:
- Lyra Protocol: The backbone of the operation, it provides liquidity and sets the market for options.
- Lyra Interface: This is where users can connect their crypto wallets to trade options or provide liquidity.
- Lyra Governance: Holders of the LYRA token take part in the decision-making process of the network through this component.
Options trading, unlike traditional crypto trading, requires a much more complex market-making mechanism due to their derivative nature. Lyra achieves this by adapting the classic AMM model and making it work for options trading.
Lyra’s technology is open-source and built on Ethereum, enabling a broad scope of decentralized applications (dApps) to build upon it and interact with the protocol.
Who Created Lyra and What Problem Does It Solve?
Lyra was created by a team of developers dedicated to evolving the DeFi space and creating a robust platform for decentralized options trading.
Traditional options trading is typically done through centralized platforms that rely on order books and market makers to provide liquidity. However, DeFi has changed the game by introducing the concept of AMMs. By adapting the AMM model for options trading, Lyra provides a decentralized alternative to traditional options trading.
By connecting a self-custody crypto wallet to Lyra, users can either trade options or provide liquidity. This gives traders full control over their assets and allows them to participate directly in the options market, a feature not always possible in traditional finance.
How Can I Buy Lyra (LYRA)
As of August 2023, Lyra (LYRA) is not available for direct purchase on mainstream exchanges. However, it can be obtained on Uniswap, a decentralized exchange. Here is a simple guide:
- Purchase USDT on Binance
- Transfer your USDT to your wallet that is connected to Uniswap.
- On Uniswap, you can swap your USDT for LYRA.
Please be aware that all transactions on the Ethereum network (which Uniswap operates on) require gas fees, so make sure you have a little extra ETH in your wallet to cover these.
What are the Tokenomics
The maximum supply of LYRA is capped at 1 billion tokens. As of August 2023, the circulating supply stands at 415 million. As the network develops and more tokens are released into circulation, the tokenomics could evolve.
Initial Token Distribution of Lyra
The initial distribution of Lyra tokens is as follows:
Lyra Markets
Lyra Price Chart
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Best Wallets for Lyra
Since Lyra is an ERC-20 token, it can be stored in any wallet that supports ERC-20 tokens. Here are a few popular choices:
- MetaMask: This Ethereum wallet is browser-based, making it convenient for interacting with the Ethereum blockchain.
- Trust Wallet: A user-friendly mobile wallet that supports a wide range of tokens.
- Ledger: If security is your highest priority, hardware wallets like Ledger offer the most secure option.
Remember to always keep your private keys safe and do not share them with anyone.
How Can I Find More Lyra News
To stay up-to-date on the latest news and updates about Lyra, you can follow their official channels:
Coins Similar to Lyra
Lyra is a unique protocol in the DeFi space, but there are other projects exploring options trading on decentralized platforms. Here are a few:
- Hegic: An on-chain options trading protocol on the Ethereum network.
- Opyn: A DeFi platform that allows users to create, trade, and exercise options on ERC20 tokens.
- Primitive: A decentralized options market protocol built on Ethereum.
It’s always crucial to do your own research when considering investment in crypto assets. Remember, while the potential upside can be high, the risks in cryptocurrency investment are also significant.
Whether you’re a trader looking to explore options in the DeFi space, a developer intrigued by Lyra’s open-source technology, or a potential token holder, Lyra presents an interesting opportunity in the blockchain world.
