Nick
@itseneff
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cofounder @lyrafinance , former equity options trader
Joined June 2015
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Just dropped my 2024 roadmap post for Lyra, Harvest Moon. The Lyra community has been planting seeds for 2 long years, it's time to reap what has been sowed.
The future of DeFi options has never been brighter👇
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It’s time to share our vision for Lyra V2. ❇️
A self-custodial, modular, performant stack for on-chain derivatives trading.
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Decided to exclusively use modular systems in all aspects of my life, on and off chain
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Been just over 2 months and Lyra has generated over $600,000 in fees.
$15k a day added to the onchain insurance fund - just 10 weeks ago we were stoked with $1k a day.
No longer an experimental protocol in the corner of a nascent L2 - Lyra is now a heavy hitter. But so far…
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🥲 An absolute joy to share Lyra v2 with the world after an 18 month marathon.
V2 will deliver on the promise of onchain options, and within 6 months Lyra will be synonymous with crypto options, mark my words.
The BTC ETF PVP marks the beginning of the rollout. We'll be…
Summon ye traders, the V2 rollout begins.
𝘽𝙏𝘾 𝙀𝙏𝙁 𝙋𝙑𝙋 now LIVE!
Start trading:
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New ATH for Lyra - $30m volume traded over the last 24 hours. Was averaging $5m just 3 weeks ago, now consistently posting $20m+ days.
I see no reason why volumes can't 6x again over the next 3 weeks.
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Now seems like a good time to ease back onto CT after 1.5 years of head down grinding 🫡
Going forward, you can expect more from me on:
- Options (ETFs will catalyze a 50x in the sector and boy does CT need some accessible options content)
- Lyra (ofc)
- Trading/mkt making
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genuinely feels like ETH to $5,000 in the next 4 weeks is max pain for many on the timeline (in memecoins, rotated to SOL, taking profits)
it's my third cycle and i have zero evidence to back it up, but I can feel a rapid ATH break in my bones
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Highest weekly fees for Lyra since launch, there’s something special brewing here after a difficult 3 year grind.
Great traction, but no time to rest. Let’s heap more fuel on the fire:
- Options markets++
- Perps markets++
- New products stop a brand new DeFi primitive
🔜
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Lyra has built the most powerful risk engine for onchain derivs (options and perps), already you can:
- Deposit from: Arbitrum, Base, Optimism, Mainnet
- Deposit: USDC, ETH, wstETH, WBTC, USDT collateral
but this only hints at where we're going...
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Who could have seen this coming?
Year of options
Just dropped my 2024 roadmap post for Lyra, Harvest Moon. The Lyra community has been planting seeds for 2 long years, it's time to reap what has been sowed.
The future of DeFi options has never been brighter👇
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Lyra is the most powerful trading arsenal available on-chain.
Best part? You earn $3.50 in rewards for every $1 in fees right now.
Even better? You earn real tokens, not points. It's not difficult to treat users well and yet so many fail.
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Lyra is making a concentrated, all in bet that onchain options will 100x by the end of 2025.
The two catalysts? ETFs and cryptoeconomic security
Study commodities markets.
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There's a lot of outdated information being spread about Lyra v2.
One claim that seems to be making the rounds is that v2 has so much horsepower packed under the hood, the DEX will rumble upon wallet connection.
That is actually true.
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This information is very old and out of date - community can expect an update on Lyra V2 at the end of this week, and I think they are going to like what they see.
1/
I'm going to have to issue a mea culpa to my friends about the aforementioned positive $LYRA news. I’ve learned more information about what the team is planning to do with the new appchain and CEX. Long story short, it’s NOT bullish for the $LYRA token. Read on below🧵⤵️
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Secret's out, the former head of design for Robinhood options has been taking the Lyra V2 experience to a place no dapp has ever gone before.
Mark my words: it will melt souls.
A little help never hurts...
The Lyra V2 UX just caught a tailwind.
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$7.11m in volume over the last 24 hours in Bitcoin alone
@lyrafinance
remains the best place to trade BTC ahead of the ETF
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Dropping a (long overdue) 2024 roadmap for Lyra this week
Nigh time for a community rollcall ahead of a pivotal year
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Lyra v2 is pushing the boundaries of what’s possible with web3 UX. Will melt souls.
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Best spreads *anywhere* in crypto options for ETH
<1% implied vols wide
The power of Lyra v2
ETH options and perps are now LIVE on Lyra v2 ⚡️⛈️🌪️
Come check out the tightest spreads and biggest rewards in DeFi options.
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Options in crypto have been shackled by low liquidity, limited products, and most crucially, limited imagination.
@lyrafinance
is changing all of that, it’s simple mathematics
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$1 billion notional traded
$912,000 in the insurance fund
Phase 1: ▓▓▓▓▓▓▓▓▓▓▓▓▓░ 98% complete
Phase 2: [loading]
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Do Kwon, Daniele Sesta, Su Zhu all positioned themselves as ‘men of the people’.
They dealt with FUD by stirring up hate and armies of tokenholders to attack industry veterans calling for sanity as ‘out of touch elites’.
Seeds of that brewing again. We must do better.
The same ppl who simped for 3ac and ftx/sbf are shilling you the “eth roadmap is too complex” narrative
Lesson there
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Swapping: Uniswap
Lending: Aave
Options: Lyra
Lyra is focused on one thing, and one thing only: being the clear category leader in DeFi options.
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There is a 100% chance Robinhood launches its own chain using Arbitrum Orbit, given the success of Base / Optimism.
RemindMe! 3 months
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$22.75m today.
It's not too late to be early.
1,500,000 $LYRA per week to traders using the most powerful financial arsenal available in DeFi - options AND perps.
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Options markets now showing 70% IV for Jan 12th expiry. That means there's an expected daily move of ~3.66% for BTC until then.
A 6 month IV high ahead of the ETF decision and renewed uponly PA - buckle up.
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0 day options vs perps
- Trading 0 or 1 day options allows you to get up to 200x leverage with no liquidation risk
- They are a powerful tool to play reversions on cascades
- The tradeoff? If the market doesn't move, you lose your premiums
Let's walk through an example 🧵
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$15m yesterday, $20m today
2024 is the year of options
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excited for
@lyrafinance
to facilitate price discovery on $OP and $ARB options with some liquid two-way trading !!!
Upgraded trading on
@optimismFND
is now live!
We’ve relaunched our OP deploy with a new AMM that:
📊 Increases the portion fees directed to LPs
💱 Can access 40+ new markets on
@synthetix_io
🪙 Uses USDC to trade and LP
Learn more:
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Lyra liquidity consistently improving. Spreads are 60% tighter over the last month and sizes on / behind the BBO continue to get bigger.
If you haven't checked out v2 yet - this week might just be a good time to do so.
Gonna be a big week.
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The world is about to find out what a composable derivatives network looks like
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Is there any other protocol or exchange in the world that allows you to trade w/ portfolio margin + cross asset using staked ETH as collateral?
Serious question, because this is powerful as fuck
Lyra is pioneering the expansion of wstETH.
We’re working on a proposal for the
@LidoFinance
DAO to define the appchain standard.
BETA live now - deposit wstETH 👉
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The scope of Lyra is 100x bigger than when it all kicked off 3 years ago.
Ethereum’s scaling roadmap will create a whole new category of users who need products that hedge and generate yield.
The Lyra Derivatives Network will be facilitating that expansion with novel, powerful…
LDX airdrop farming is now LIVE ⚡️
LDX is the new utility token for the Lyra Derivatives Network.
LYRA holders can stake and lock to start earning their LDX airdrop 👉
What is LDX? Let’s unpack ↓
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Add another $30m to that today.
But we're not even close to scale.
The vision for Lyra is so, so much bigger than a trading platform - there's a reason that multiple trillion dollar industries are built atop/using options in TradFi.
More 🔜
⛈️
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Flash crash overnight is a good reminder that
@lyrafinance
is the best place to trade Bitcoin this week.
Top ranked trader currently in line for 150,000 LYRA on ~2m notional volume traded (~$800 in fees), with 8 days to go...
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Can't get scam-wick liquidated when you use options for leverage
Possibly their most underrated feature in a market like this
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Couple more tweaks needed and it'll be 100m+ per day
Do not fade this community
Another record week for Lyra v2:
- Weekly volume: 124 M $ [New ATH!] 🟢🟢
- Weekly fees: 83,920 $ [New ATH!] 🟢🟢
- New daily ATH: Wed. 29,9M $ and 20,194 $
- Accumulated trading volume: 631 M $
- Accumulated fees into SM: 415,229 $
- TVL in Lyra L2: 14,4 M [+48% / +4,7 M $]👀
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Some exceptionally tight spreads on offer during this selloff in the Jan26 weekly on Lyra.
1.75% IVs wide in the at the money puts - best in market ANYWHERE
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$13m day across all markets on Lyra v2 - traders figuring out that there's no more powerful way to trade the breakout than with options.
$150,000 in weekly rewards for market TAKERS only (across options and perps) - program launched yesterday.
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Translation: ETH’s price, should it reach 2475, could accelerate extremely quickly
ETH price at 2410 now
From 2475 we enter negative gamma territory
Are we about to see a GAMMA SQUEEZE?
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- Best spreads in the game
- Liquidationless leverage
- Full self-custody
- Earn tokens not points
Simple as
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<$1 ETH perp spreads on ETH (even better for options) AND Lyra's largest ever trading rewards program begins today.
The scale-up commences.
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I have it on good authority that this early listing was a direct result of Lyra's BTCETFPVP comp.
Looking forward to continue to push boundaries for crypto options in 2024 together🫡
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$100 in fees netting 9,000 $LYRA for the next trading epoch (rolling off in 24 hours)
No better place to trade the bull market (options + perps)
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Astonishing & heartening the difference between the state of DeFi now versus 2 years ago (peak clown):
- New, exciting products launching weekly with clear use cases / great UX
- Most unsound mechanisms blown up/flushed out
- Tech (L2s, AA) has come a LONG way in the interim
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Hard to see the Superchain (because of Base) as anything else but a Schelling point for dApps and protocols.
Seamless interoperability with Base was a large factor in the decision to launch Lyra as a Superchain rollup.
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If you are a founder who is chatting with market makers offering you token option deals, DM me.
Happy to chat no strings attached - many common pitfalls I can help you avoid.
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4x $30m days (and 1 $40m day) in the last 10 alone. I remember when we were chuffed with a $10m day.
Interestingly, options continue to be most popular when the market is in motion (versus perps on Lyra which tend to dominate in flatter markets).
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Seems like
@saylor
should come trade some Jan12 56k on Lyra's BTC ETF PVP
$600 in capital can get you $42,000 of exposure if BTC pops beyond $50k after an ETF approval. NFA.
Michael Saylor, executive chairman of MicroStrategy, said that the market should not underestimate the importance of the upcoming Bitcoin spot ETF, this may be the biggest development on Wall Street in 30 years, this new investment tool will trigger a demand shock for Bitcoin and…
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Options provide more leverage than perps, with no liquidation risk if you're long. Ideal if you have short term views in volatile markets.
The tradeoff? If spot doesn't move - you can lose all your capital if you buy options.
Different tools for different opinions.
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Open social media means you don’t have to wait for Reddit admins to build cool campaigns
An homage to r/TheButton
Cc
@dwr
@farcaster_xyz
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Aug 2021: First project to launch natively to an L2
Dec 2023: We remain at the forefront of Ethereum scaling with the OP-stack compatible Lyra Chain
@lyrafinance
will always operate at the cutting edge of the tech, to give our users an unparalleled experience
𝙏𝙝𝙚 𝙗𝙧𝙞𝙙𝙜𝙚 𝙞𝙨 𝙡𝙤𝙬𝙚𝙧𝙞𝙣𝙜, 𝙇𝙮𝙧𝙖 𝘾𝙝𝙖𝙞𝙣 𝙖𝙬𝙖𝙠𝙚𝙨.
𝘼𝙣 𝙚𝙭𝙥𝙡𝙤𝙧𝙚𝙧 𝙨𝙩𝙖𝙣𝙙𝙨 𝙧𝙚𝙖𝙙𝙮, 𝙖 𝙟𝙤𝙪𝙧𝙣𝙚𝙮 𝙖𝙬𝙖𝙞𝙩𝙨. 🧙
→
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“It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things.
Because the innovator has for enemies all those who have done well…
Today
@Uniswap
Labs received a Wells notice from the SEC.
I’m not surprised. Just annoyed, disappointed, and ready to fight.
I am confident that the products we offer are legal and that our work is on the right side of history. But it’s been clear for a while that rather than…
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$50m in OI - options are useful in bull, bear, or chop.
And we've barely started.
Next week, our biggest release since launch should throw some fuel onto this smouldering fire.
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Extremely cool build on top of v2, excited to watch the D2 team cook with Lyra++
Introducing D2 Finance’s Lyra++ market
Lyra++ introduces a revolutionary approach to options trading, leveraging relative value volatility trading strategies to optimize returns and mitigate risks effectively for ALL D2 Finance vaults
@lyrafinance
🧵
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If options aren't in your trading arsenal in 2024, I'm afraid that you may not make it.
Every options board tells a story, you just need to learn the language.
Join us
@lyrafinance
, as we unravel the secrets of options flows in an accessible way, with the BTC ETF approval as…
Summon ye traders, the storm cloud brings;
A month-long quest, to return a king.
What is the BTC ETF PVP? 🧵👇
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Thrilled to be working closely Felipe and the Theia team in bringing crypto options mainstream in 2024 🫡
We are excited to announce an investment into
@lyrafinance
Thesis: Options are coming to the Internet Financial System and Lyra is going to lead the way
Prediction: Lyra V2 will be able to take ~10% market share from Deribit over the next ~3 years
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Seriously impressive lift from one of the Lyra community’s finest
🚀Announcing the Launch of Optionly! 🎉
1/ Excited to introduce Optionly, a new app that brings real-time options trades data right to your fingertips, sourced straight from the Lyra app.
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What has happened so far isn't even the culmination of phase 1, more like phase 0.25
Been just over 2 months and Lyra has generated over $600,000 in fees.
$15k a day added to the onchain insurance fund - just 10 weeks ago we were stoked with $1k a day.
No longer an experimental protocol in the corner of a nascent L2 - Lyra is now a heavy hitter. But so far…
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Dubai for the week (e/maar)
Would love to see as many friends, partners, Lyra community + builders as possible, reach out if you're here 🇦🇪
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Considering growing a mullet until $100m ADV
Introducing Lyra Wallet, powered by
@CoinbaseCloud
.
Lyra now supports creating a wallet with email, Google and Apple accounts.
Under the hood we use a new embedded wallet feature by
@CoinbaseCloud
’s Wallet as a Service.
Just like your favorite CEX, but 100% self-custodial.
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@DeFi_Made_Here
Not if you look at premiums - they're only 40% higher than Lyra so far in March.
Unfortunately, they are 142,000% higher in notional volume.
Why? Because you can generate $3,800 in notional volume with $0.10 in premiums. If you check the chain, it's clear that's happening,…
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LRTs need optionality to be safely plugged into DeFi.
E.g. ETH/LRT pegs restored by auto-exercising options on the ratio.
The Lyra Derivatives Network will deliver custom, capital-efficient products to facilitate the Ethereum's roadmap.
Pilot in the works, more soon.
1/🧵
• 50% of Gearbox ezETH TVL wiped out + debt
• 150 liquidations on Morpho
• Millions were lost during 78% ezEth depeg
Yesterday was just a rehearsal before a major depeg event once EL points are over
At
@0xfluid
we protect lenders and borrowers and had 0 liquidations
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Whew things are really firing on all cylinders - no better feeling than heaping fuel onto the fire of a live, scalable product
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Blockchain rails are going to zero any business model that relies on friction, i.e.
- Opacity
- Complexity
- High barriers to entry (red tape)
Most TradFi / 10's-fintech business models are bandaids.
DeFi is a cure.
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a glimpse into the future of onchain finance
Lyra is pioneering the expansion of wstETH.
We’re working on a proposal for the
@LidoFinance
DAO to define the appchain standard.
BETA live now - deposit wstETH 👉
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The quiet part about perps: because they never converge, you MUST close your position to cash out (i.e. they don't settle).
You should always double the quoted fees/spreads in your head before making a perps trade. This is why exchanges love them so much.
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Samneet is one of the sharpest options brains and communicators around. Excited to have him working with us to break down the flows on Lyra!
Thrilled to join
@lyrafinance
as an advisor, just as they roll out their impressive V2 protocol! Among the many DeFi options projects I've seen, Lyra stands out with its order book based liquidity platform and top-tier on-chain margining system. I'm particularly keen to observe…
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The explosion of Frames usecases offers a glimpse of why DeFi is going to run laps around TradFi within the next 5 years: open source software.
It took TradFi 4 years to go from T+2 to T+1 settlement.
Groundbreaking DeFi products can be built in hours.
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Can you think of a better distribution channel than crypto native early adopters with connected wallets?
.
@lyrafinance
have launched a pretty smart marketing campaign on
@farcaster_xyz
. They have:
1) Built a frame for users to roll a dice to earn $LYRA. To collect your winnings, you need to go to the Lyra app - this led to 7k FC followers in 2 days + brought users to their app
2)…
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Infinite sum games need infinite payoff structures
Few
EigenLayer Mainnet: The Journey Begins!
We're excited to announce a multi-phased approach to a secure & successful EigenLayer &
@eigen_da
mainnet launch!
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V2 is the final form of the volatility engine, composed of:
⛓️ Lyra Chain: A custom Ethereum rollup on the OP stack
⚙️ Lyra Protocol: A decentralized margining and risk engine
💱 Lyra Matcher: An open source order matching engine
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A reliable chain should be table stakes for DeFi apps.
Both DyDx and Solana have had meaningful chain downtime this week.
Seems to be being waved off by both communities, concerning.
solana being bricked was funny at first
slightly less funny on day 6
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Please respect my privacy during this time
Never ask a developer why their project needs its own blockchain. You don’t know what kind of personal reasons or life circumstances led them to this point. It’s best to respect their privacy in these situation.
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Wow these random Discord DMs make so so so much more sense now...
Will be sure to include 'defacing a picture of Kim Jong Un' in any interviews going forward thanks
@mikedemarais
🫡
@LefterisJP
So this is a real thing. Where North Korea has a massive junior dev operation + call centre just for infiltrating low tier projects that aren’t rigorous screeners and are desperate for help.
You’ll get tons of applications for DeFi projects, if devs from Asia and most people…
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If I had a nickel for every time someone asked me 'who at Lyra is handling account abstraction and can you put me in touch?', I'd have exactly $0.85.
That's quite a lot when you think about it.
1) One of the biggest concern about AA transactions, is that users are asked to sign a random hash in their wallets, which is a common red flag (you should not sign something you cannot interpret!)
This is how
@lyrafinance
minimizes this risk for v2 users 👇:
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@KAndrewHuang
dropping some serious Conduit alpha in the telegram channel. Lyra users will benefit immensely.
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$BTC at $99,999.99 Pacific Pesos (AUD)
First found out about Bitcoin after Craig Wright being raided by the police made the news in Aus 9 years ago, wasn't long after that I found my way to r/ethereum.
Lesson in that...?
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1 day, 16 hours remaining in the first LYRA rewards epoch with 1,250,000 LYRA going to traders.
Sometimes the alpha is hiding in plain sight.
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mhmmm this is inevitable, v2 launch gonna be timed to perfection🤌
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The most powerful trading arsenal in DeFi.
Wring every dollar out of your assets with portfolio margin and cross asset collateral (covered calls!!).
There is so much more to come 📈
🚢 New Features: Cross-Asset Collateral and Portfolio Margin
This collateral management upgrade will benefit Lyra traders with up to 5x more capital efficiency.
Do more with less, read how it works 👇
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The storm provides.
The levee is full and the floodgates for crypto options are opening on December 15th.
Wouldn't miss this one.
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