Implementation
Onboarding
⭐
LYRA
- Mainnet token address: 0x01ba67aac7f75f647d94220cc98fb30fcc5105bf
- Optimism-Mainnet token address: 0x50c5725949A6F0c72E6C4a641F24049A917DB0Cb
Launch
The LYRA token is launching on December 14 at 00:00 UTC. There will be 67m LYRA circulating, which is 6.7% of the total supply. As per LEAP-12, the vast majority of tokens are being distributed on Optimism, providing a fast and cheap way to claim. Users who staked USDC in the Security Module will claim their tokens on L1. For users who wish to move their LYRA between Optimism and L1, there is a fast bridge available on Celer.
With the launch of the LYRA token, there is a one-month liquidity mining program designed to minimise slippage for traders while the market develops. The LYRA Security Module will also be launching in early January (pending governance approval), providing an additional form of collateral to help ensure the safety of the protocol.
Utility
The LYRA token has three main functions.
1. Governance
LYRA is first and foremost a governance token that enables token holders to control the protocol. Holders of LYRA elect a representative body known as the Lyra Council, which is responsible for the LEAP framework. A LEAP describes a proposed change to the protocol and can be proposed by anyone in the community.
- The election process for the Lyra Council will be ratified in an upcoming LEAP.
2. Incentives
LYRA is used to incentivise actors in the protocol to produce the best environment for options trading. The first phase of incentives is known as Ignition and is targeted at several types of users:
3. V2
The vision for Lyra is to become a composable volatility engine, which facilitates efficient risk transfers throughout DeFi. Partial collateralization and capital efficiency are integral to this vision. In V2, there are many opportunities for LYRA to integrate into the protocol as a means of enabling partial collateralization, should governance vote it in:
- Significant quantities of LYRA could be staked in the new system to access certain, valuable roles within the permissionless partial-collateralization and liquidations system that is being designed. The more volume that flows through the system, the more value such a role would accrue.
- Token holders will control governance, who will have full control of the protocol. Nothing is off-limits, no foundation or entity is attached to the protocol. Other value-accrual mechanisms may be voted in by governance.
- Staked LYRA can be used as collateral within the Security Module itself, alongside other governance-approved forms of collateral.
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