Blockchain
Lyra, a prominent entity offering crypto-based virtual cards, has announced the launch of its upgraded services through Optimism. The platform took to Twitter to announce that its exclusive services are now available on Optimism’s protocol. The company has also published a blog post on its official web portal to provide more details on the latest features.
Lyra offers latest protocol version on optimism to provide enhanced trading
Lyra said the company is releasing an improved version through Optimism. After the effective performance in the first three months on Arbitrum’s protocol, the platform has been adapted for integration with Synthetix Preps V2. According to the company, this would pave the way for the implementation of the Optimism-based contracts with cash collateral. The main goal behind the integration with various perpetual futures entities is to improve the resilience of the protocol.
According to Lyra, Optimism has an active community associated with decentralized finance (DeFi). Therefore, it added, deploying a highly capital-efficient version of the platform on Optimism would aim to provide the most liquid and competitive options markets. While providing details about the latest version, the platform brought up that it is capable of exploiting the eternal future associated with SNX V2.
The upgrade is aimed at reducing risk and improving the trading experience
In addition, it was also found that the current upgrade is a major development that offers a huge improvement in the case of the capital efficiency of the protocol. This increases the size of fees paid back to liquidity providers (LPs). In addition, it also supports more assets for traders. Apart from that, the platform claimed that it is starting support for the stablecoin USDC. This would allow the consumers to trade as well as get returns from using the token.
In this regard, the consumers will reportedly not need sUSD tokens as was a compulsion in the previous version. The company went on to describe another major upgrade, stating that the exclusive hedger has the responsibility to convert the USDC tokens into sUSD tokens.
In addition, Lyra also aims to improve the merchant’s experience and reduce the risk of frontal attacks. For this purpose, the latest off-chain oracles offered by Pyth Network will be implemented through Synthetix. The respective oracles store off-chain prices provided by keepers to traders who initiate a trade with a delay of up to 8 seconds due to block times.
