Lyra Finance: Leading the Options Protocol Race

Lyra Finance is an on-chain options trading protocol that utilizes market maker vaults (MMVs), which are asset-specific pools provided by liquidity providers (LPs) in the form of sUSD or USDC in return for a portion of trading fees.

Lyra is deployed on Ethereum-based optimistic rollups (ORUs), Optimism and Arbitrum. At the time of writing, Lyra has 2 options markets for ETH and BTC on each chain. Lyra’s limited selection of assets trails their competitors, such as Dopex, which offers a wider variety of tradable assets.