TL;DR

• Proposal to whitelist LYRA
• Proposed trading liquidity limit is 100,000 BNT.
• There are no apparent security concerns that would prohibit whitelist status.
• There is no reason to doubt the legitimacy of the Lyra Finance project.
• The benefit to Bancor is clear. Further integrations once LYRA is whitelisted can be pursued as well.

LYRA token address: 0x01BA67AAC7f75f647D94220Cc98FB30FCc5105Bf

Project Website: https://www.lyra.finance/

DAO Controlled Liquidity

The Lyra DAO intends to immediately fill the trading limit if it is approved. This would ensure that the capital in the pool is backed by the DAO and therefore would remain staked regardless of market conditions. This gives LYRA holders the confidence that they can always efficiently buy and sell their LYRA on Bancor at any time on Mainnet.

Token Security

LYRA does not have an elastic supply, or rebase mechanism. The LYRA contracts do not have permissions that grant administrators unrestricted mint/burn capabilities. The LYRA token supply is fixed at 1,000,000,000, of which 102,049,103 are in current circulation. The contracts and addresses with the highest concentration of LYRA tokens are predominantly the token vesting contracts, and DAO multi-sig. The team wallets and vesting contracts are discussed here.

Token Liquidity

The deepest LYRA pools are:

The LYRA/WETH 1% Uniswap V3 Pool on Optimism with $6.9mil liquidity and $36.87k Daily volume [1]

The LYRA/WETH Sushi Pool with $781.86k liquidity and $10,927 Daily volume [2]

A trading liquidity limit of 100,000 BNT opens up space for at least 508,000k total liquidity, with BNT at $2.54. If the pool is filled, a proposal to increase the trading liquidity limit can be proposed

Project

Lyra is an on-chain Options AMM that provides 2-sided option markets on multiple Synthetix assets. Lyra is a high-performance, peer to peer options trading platform.

Tokenomics

Lyra’s native token, LYRA (ERC20), is a utility token. Token holders stake LYRA, to obtain xLYRA for the purpose of governance rights, inflationary rewards, boosts to liquidity provision rewards (for option market pools) of up to 2x, and trading rewards. Lyra has fully committed to decentralization with their community rewards program.

Community and Communication

Lyra is active on Discord. The Lyra team also operates official Twitter and YouTube accounts. Activity on GitHub is frequent. The development team and advisors are presented on the team’s Linkedin page. Michael Spain, Nick Forster, Domonik Romanowski and Jake Fitzgerald, the co-founders of Lyra are the project’s main spokespeople.

Available Audits

Lyra has been audited three times since 2021, by reputable auditors:

• Certik (22 August, 2021)
• Cetora (2 June, 2021)
• Iosiro (7 June, 2021)
• Lyra also maintains an open bug bounty program.

Market and Trading Data

• LYRA’s price at the time of writing is $0.215546
• All-time high: $0.6898 (Dec 18, 2021 )
• All-time low: $0.148 (Mar 07, 2022 )
• Price 90 days ago: $.42
• 102,049,103 tokens in circulation
• 1,000,000,000 maximum supply.
• LYRA is currently listed on centralized exchange BKEX
• The current market capitalization is $21,497,715
• The most recent 24-hour spot volumes range from $186.353 to $272,649

Benefits for Bancor:

White listing LYRA can benefit Bancor by bringing new traders, marketing the existence of the pool. The Bancor pool will be protocol owned liquidity and the only L1 access to the LYRA token.