Lyra Finance May Be Airdropping a Token on Optimism Very Soon! Are You Bridging?

LeoFinance
1 month ago
(edited)
3 Min Read
664 Words

Lyra finance is an options trading platform on Optimism. You can buy calls and puts (essentially open long and short positions) for just a few dollars. They just recently announced a community call about tokenomics and distribution for October 26th so there may still be time to become eligible.

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I know that ETH fees suck very hard right now but Hop Exchange has enabled a cheaper solution which you can use as well. If you send ETH from Matic to Optimism it will only cost a few dollars, compared to 10x that fee on Ethereum.

It is worth mentioning that Hop also has no token but there is much speculation about an upcoming airdrop. One more reason to bridge over to Optimism I guess.

How?

If you need a guide on how to connect your Metamask to Mataic and send funds there, this guide has you covered.

To get connected to Optimism simply click the dropdown Networks menu in Metamask, select Custom RPC, and enter the following:

Network Name: Optimistic Ethereum

New RPC URL: https://mainnet.optimism.io

Chain Id: 10

Currency Symbol: ETH

Block Explorer URL: https://optimistic.etherscan.io

Once your networks are all set up, get some WETH on Matic. My recommendation would be to use Slingshot because it is another Dapp that has no governance token yet, and you know what that means.

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Go back to Hop, click on Send, and set your starting network as Matic and your desired destination as Optimism. The transaction fee will be inaccurate until you actually try to send the tokens over. In my case, it cost about $4, maybe even less.

How To Trade Options?

If you need a crash course on options trading, here it is:

A call is essentially equivalent to a long position. You are betting that a certain asset will increase in value but while a long position may be opened indefinitely and in perpetuity, call options have an expiry date. You can't get liquidated but if your asset doesn't reach a certain price by a certain date, your investment will be worthless.

A put is the polar opposite of a call and is effectively a short position with the same rules as above.

Discussing the more complex inner workings of these options is a story for another time but the important thing is that they can be bought and sold constantly. If you don't like your option you can set a price for it and resell it to someone else. Same with puts.

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In this screenshot you can see calls expiring on October 26th. You can buy different calls at different prices but if Chainlink doesn't reach their break even prices by that date you won't be getting your money back.

Here is an example:

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You believe that Link will be worth more than $32 6 days from now. You can place that bet by purchasing a call option but you aren't limited to only one. You can buy 100, in this specific case, for $147. If the price drops and you can't find a buyer for your call it will be worthless on October 26th. But, if Link breaks $32, for every dollar it goes up you will be profiting $100 (approximately).

Educating yourself on options trading is highly recommended so please do that if you want to play with larger sums. This is an airdrop alert, not a trading guide.

Why?

Airdrops can insanely boost your portfolio, especially from reputable projects on Ethereum and the L2 ecosystem. Lyra is certainly one of them.

Play around with a few dollars, try trading an option or two or provide liquidity and earn fees from traders. This should make you eligible for the airdrop but even if it doesn't, you will still be able to experience instant transactions, probably for the first time.

It is a very unique experience when you are used to the slow and clunky blockchains most of us use.

Posted Using LeoFinance Beta