Derive (DRV)

Basics

• Based in:
• Started in / Announced on: 15-6-2021
• Testnet release:
• Mainnet release:
• From EthHub (22-6-2021):

"Lyra is DeFi’s first complete options AMM with features such as unified liquidity across all strikes and expiries, automated delta hedging for LPs, instant transactions and much more."

Audits & Exploits

• Bug bounty program can be found [insert here].

Governance

DAO

• The Lyra Launch Council (28-8-2021) is a community elected group that will oversee the launch of the protocol and token.

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on: Ethereum and Optimism (31-8-2021).

Roadmap

• Can be found here (22-12-2021):

1. "The Avalon release (formerly v1.2) will arrive in Q1 2022, accommodating up to 12-week rolling expiries, partial collateralization for short positions, and the ability for LPs to freely enter/exit the liquidity pool, subject to a short delay.
2. A comprehensive tokenomics proposal for LYRA to be introduced to allow LYRA to be staked for xLYRA to access boosted rewards for trading and providing liquidity.
3. Lyra Vaults structured products with on-chain, algorithmic strike selection/execution, is in the final stages of development and will be launched following the Avalon release."

Pros and Cons

Cons

• One of their investors, Divergence, got caught airdrop farming, hinting to insider knowledge (9-10-2021). It first came to light due to Ribbon Finance:

"This @divdotvc analyst @_bridgeharris has made 652 $ETH and counting from @ribbonfinance airdrops, quite impressive. finding wallets like their's and copytrading them is probably the best way to make it tbh. the strat was just deposit .1 eth in ribbon theta vault 140 days ago but across many many wallets"

• Divergence quickly released tweets saying they were in crypto for more than money, realized they went to far (dumping the farmed token directly into ETH) and that they would send the ETH to the Ribbon DAO.

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].

Funding

• Got a $1M contribution from the synthetixDAO (9-8-2021).
• One of their investors, Divergence, got caught airdrop farming, hinting to insider knowledge.

(:

Knowledge empowers all and will help us get closer to the decentralised world we all want to live in!

Making these free wiki pages is fun but takes a lot of effort and time.

If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.

ETH tip address: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31

Also check out CoinTr.ee for more content.