Security Module FAQs

Bridging

I have LYRA tokens on Optimism (Layer 2) do I need to move them to Ethereum Mainnet (Layer 1) in order to stake on the LYRA Security Module?
Yes. You can use Celer to bridge your LYRA tokens from Optimism (Layer 2) to Ethereum Mainnet (Layer 1).
Will I be able to stake my tokens on Optimism (Layer 2)?
No. Currently there are plans to launch staking on Layer 2 pending council approval, for the time being the LYRA and USDC Security Module will be on Ethereum Mainnet (Layer 1).

Deposits (Staking)

Will deposits require 2 transactions? One for Approving and one for Depositing?
Yes. If a user is depositing for the first time, they will need to approve the transaction first and then deposit.
What is the APY going to be?
There is no fixed APY. The APY (number of LYRA tokens accrued) is dependent on how much is staked in each Security Module. The higher number of tokens staked in each Security Module the lower number of rewards each staker will accrue. Conversely if fewer tokens are staked the APY will be higher for each staker.
How long will the Security Module be open?
For the current period:
  • USDC Security Module - January 7th 2022 00:00 UTC time to April 1st 2022 00:00 UTC.
  • LYRA Security Module - January 14th 2022 00:00 UTC time to April 1st 2022 00:00 UTC.
If I deposit now, will I be able to stake indefinitely? ie. past April 1st 2022 00:00 UTC?
You may stake LYRA or USDC until April 1st 2022 00:00 UTC. It will be up to governance to decide whether the Security Module will continue or change after this date.

Withdrawals (Unstaking)

Do I need to Request Withdrawal first before Withdrawing?
Yes. When you want to withdraw, you will need to signal your intent by clicking the Request Withdrawal button. This will start a cooldown timer of 10 days. After which you may withdraw any amount up to and including what you deposited.
What is the window of withdrawal?
2 days. Users will have a 2 day window to withdraw the tokens they have staked. After this 2 day window expires, users will need to click the Request Withdrawal again and trigger the Cooldown period to withdraw.
Do withdrawals continue to accrue during the Cooldown period?
Yes. After a user has requested to withdraw their staked token will continue to earn rewards. They will stop earning rewards after they withdraw those tokens from the Security Module.

Claims

Will staking rewards accrue on Ethereum Mainnet (Layer 1) or will we need to claim them on Optimism (Layer 2)?
For the current iterations of the Security Module, users will be claiming rewards on Ethereum Mainnet (Layer 1).
I have staked in both the USDC Security Module and the LYRA Security Module, do I claim the rewards from each Security Module separately?
Yes. The rewards for the USDC Security Module and LYRA Security Module will need to be claimed as two separate transactions.