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Lyra Announces Enhanced Protocol Version on Optimism for Upgraded Trading

source-logo  blockchainreporter.net 25 May 2023 09:51, UTC

Lyra, a prominent entity offering crypto-based virtual cards, has announced the launch of its upgraded services via Optimism. The platform took to Twitter to disclose that the exclusive services are now available on the protocol of Optimism. The company also published a blog post on its official web portal to provide more details about the latest features.

Lyra Offers Latest Protocol Version on Optimism to Provide Upgraded Trading

Lyra mentioned that the firm is releasing an enhanced version through Optimism. Following the effective performance witnessed in the initial three months on the protocol of Arbitrum, the platform has been modified for integration with Synthetix Preps V2. As per the company, this would pave the way to deploy the Optimism-based contracts’ cash-collateralized version. The chief target behind the integration with diverse perpetual futures entities is to improve the resilience of the protocol.

According to Lyra, Optimism possesses an active community related to decentralized finance (DeFi). Hence, it added, the deployment of a greatly capital-efficient version of the platform on Optimism would be focused on offering the most liquid and competitive option markets. While providing details about the latest version, the platform brought to the front that it is capable of harnessing the perpetual futures dealing with SNX V2.

The Upgrade Focuses on Decreasing Risks and Enhancing the Trading Experience

In addition to this, it also revealed that the current upgrade is a big development that offers a huge improvement in the case of the capital efficiency of the protocol. This elevates the extent of fees reimbursed to liquidity providers (LPs). Along with this, it also supports more assets for traders. Apart from that, the platform asserted that it is starting support for the stablecoin USDC. This would let the consumers trade as well as get yields with the use of the token.

In this respect, the consumers will reportedly not require holding sUSD tokens as was a compulsion in the former version. The company moved on to describe another significant upgrade and stated that the exclusive hedger has the responsibility to convert the USDC tokens into sUSD tokens.

Moreover, Lyra is also attempting to improve the trader experience as well as decrease the hazard linked to frontrunning attacks. For this purpose, the latest off-chain oracles offered by Pyth Network are going to be implemented through Synthetix. The respective oracles save off-chain prices which are provided by keepers to traders starting a trade with a delay of up to 8 seconds because of block times.