Why do I need sUSD and other Synths?
This page explains why users need sUSD and other Synths to interact with the Lyra Protocol

Why do I need sUSD?

Lyra uses sUSD as its "quote asset", which means that option prices are quoted in terms of sUSD. Whenever you see an option price displayed in the trade form, you will see it in units of sUSD. So, whenever you purchase an option, you need to pay in sUSD. This happens when you are either:
  1. 1.
    Opening a long position
  2. 2.
    Closing a short position
In both of these situations, you are buying options from Lyra and need to send sUSD as payment.

How do I acquire sUSD on Uniswap?

1. Head to the Uniswap interface

2. Connect to the "Optimism Mainnet" network

3. Swap from ETH to sUSD

Why do I need Synths to open a short call?

When you open a short call, you need to lock collateral. This is to ensure that, if the option expires in-the-money (ITM) then Lyra can exercise and receive the payout. All options are fully collateralised, which means for every option sold, you need to lock 1 unit of the base asset.

How do I acquire Synths on Kwenta?

1. Head to Kwenta exchange

2. Click on "Switch to L2"

3. Swap from sUSD to another Synth

Why do I need to approve Lyra to use my synths?

When you purchase options from Lyra, you need to pay the premium in sUSD. You need to approve the Lyra smart contracts to transfer the sUSD on your behalf.
Similarly, when you sell options to Lyra, you need to provide the collateral for the option. Calls requires either sBTC, sETH or sLINK and puts require sUSD. Lyra needs to be approved to transfer the collateral from your wallet.