• Lyra, an automated market maker for crypto traders to buy and sell options, has successfully launched its Newport upgrade.
• The upgrade includes integration with GMX perpetuals, a derivative trading product without an expiration date, and expansion to Arbitrum, another layer 2 platform.
• This will allow users to benefit from improved capital efficiency and user experience.
Lyra Automated Market Maker Deploys to Arbitrum Network
Lyra, an automated market maker for crypto traders to buy and sell options, has successfully launched its Newport upgrade earlier this week. The upgrade includes integration with GMX perpetuals, a derivative trading product without an expiration date, as well as expansion to the Arbitrum network – another layer 2 platform. This will enable users to benefit from improved capital efficiency and user experience.
Benefits of the Upgrade
Before the upgrade was completed, Lyra’s market maker vaults (MMV) paid swapping fees for every collateralization and hedging trade that took place. Now that it is integrated with GMX perpetuals there are no longer any fees associated with these trades which leads to more efficient capital usage by traders. Additionally, this new setup allows users access both Optimism and Arbitrum networks which increases their options when looking for a suitable platform on which they can conduct their trades.
Increasing Crypto Options Trading Volume
The share of crypto options trading volume settled through OTC platform Paradigm has increased significantly recently due to hedge funds, family offices and high-net worth individuals sitting on the fence in regards to cryptocurrencies. It appears that this situation may persist for some time yet as these investors wait for further developments before making their decision about entering the space or not.
Securing Seat at Most Important Conversation in Crypto & Web3
CoinDesk is hosting “the most important conversation in crypto and Web3” taking place in Austin Texas from April 26th-28th this year. Anyone interested in participating should secure their seat now if they wish to take part in this conversation about emerging technologies and where the industry is heading next.
Sage D Young: Tech Protocol Reporter at CoinDesk
Sage D Young is a tech protocol reporter at CoinDesk who owns NFTs (Non Fungible Tokens), gold & silver as well as BTC (Bitcoin), ETH (Ethereum), LINK (Chainlink), AAVE (Aave), PEOPLE (PeopleCoin), DOGE (Dogecoin), OS (OmiseGo) & HTR (Helios Protocol). Follow @httpsageyd on Twitter if you are interested in staying up-to-date with his work!