Lyra, an choices buying and selling protocol constructed on Ethereum scaling community Optimism, obtained $3.3 million in a seed spherical led by Framework Ventures and ParaFi Capital.

The DeFi Alliance, Orthogonal, Robert Leshner’s Robotic Ventures and Apollo Capital additionally participated within the spherical.

The decentralized finance (DeFi) mission, which simply launched its testnet lower than a month in the past, is predicted to launch on mainnet in September. 

As DeFi continues gaining traction, on-chain monetary merchandise that mirror these seen in conventional finance, from structured merchandise to derivatives, are rising in reputation, however the choices market has struggled to seek out traction. 

Lyra is built-in with Synthetix, a buying and selling platform that additionally makes use of Optimism. The tie-up with Synthetix permits Lyra to hedge danger for liquidity suppliers. Danger administration permits Lyra to maintain charges low for merchants.

“Choices have been a core lacking piece within the DeFi stack,” ParaFi Capital’s Santiago Roel Santos mentioned in a press release. “Lyra’s novel on-chain pricing mechanism, Synthetix integration, and deployment on Optimism will introduce merchants and liquidity suppliers to a scalable and capital-efficient choices protocol.”

Lyra’s crew plans to make use of the cash from the seed spherical to rent extra engineers.