Source: Lyra Blog; Compiled by Tao Zhu, Golden Finance
LDX is Lyra's new utility token. The first LDX airdrop rewards traders and liquidity miners. The airdrop design ensures that the most active traders and liquidity miners will receive the most tokens. The first airdrop uses a points system to distribute LDX to users proportionally over 4 weeks. The airdrop will last for at least 3 rounds, or 12 weeks.
Users can earn points in 3 ways:
Trading:Earn 100 points for every $1 paid in fees on options and perpetuals;
Earnings:Earn 1 point for every $100 deposited in Lyra per hour;
Invitations:Earn 20% of the invitee's points, and 10% of the invitee's points.
There will also be retroactive rewards in LDX and other tokens for users of partner agreements and those who complete specific actions. These actions and partners will be revealed during the airdrop process.
Note: You must have a valid invitation code and deposit $25 to start earning points.
Trade options on Lyra to earn points. Traders will earn 100 points for every $1 they pay in fees.
Lyra will have higher trading rewards for new trades and products introduced during the airdrop (e.g., RFQs, new markets).
Deposit tokens into Lyra to earn points. Depositors earn 1 point for every $100 they deposit each hour, up to a maximum of $100,000 in collateral. Balances are based on the total value of the user's account in the protocol.
Lyra will launch new derivative yield products throughout the airdrop, starting with tokenized basis trades and covered call strategies on EigenLayer and LRT. Users who deposit LRT into these products will receive higher yield rewards. Early deposits will be available soon.
Invite other users to share their points. Users earn 20% of the invitee's points and 10% of the invitee's points.
You must get a valid 5-digit invitation code and deposit more than $25 to start earning points. To accept the invitation, you must:
Enter a valid invitation code;
Log in (by connecting a wallet or creating an embedded wallet);
Deposit at least $25.
Lyra is introducing a tier system in its product. Users (traders or liquidity miners) can unlock new tiers by earning points. Higher tiers will receive additional LDX rewards in addition to pro-rated point rewards and other long-term benefits both on-chain and off-chain (which will be reflected throughout the airdrop). Tiers will be recorded and rebalanced at the end of each round, and users must meet volume requirements to maintain their tier in future rounds.
In addition, discrete bonuses in LDX and other tokens will be awarded retroactively to users of partner agreements and those who complete specific actions. These actions and partners will be revealed during the airdrop.
Holder Points earned by staking and locking LYRA will stop accruing after the LYRA snapshot is released at 12:00:00 AM UTC on May 8th. Holder Points are not fungible with trading/yield/invitation points described in this blog, and there will be a separate pro-rated distribution of LDX closer to the TGE.
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