Lyra Introduces LDX Token, Adds Yield-Bearing Derivatives
Decentralized options protocol Lyra Finance unveiled a token revamp plan. It has introduced the LDX token, which will function as the native currency of the so-called Lyra Derivatives Network and is set to roll out in the third quarter of this year.
The existing Lyra tokens will be migrated to the new one. There is also an LDX airdrop planned that will reward traders and yield farmers, incentivizing them to add to the liquidity and adoption of Lyra products.
The airdrop employs a points system, distributing LDX pro-rata in four-week rounds, lasting for at least three rounds over a period of 12 weeks, according to the Lyra team. It took a snapshot of existing token holders on May 8, whose balances will convert 1:1 to LDX.
(With inputs from Shikha Singh)
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