Allow Libra Exchange to host LYRA (LYRA-WETH or LYRA-USDC) liquidity, for Lyra Protocol to receive vote escrowed LIBRA ($veLIBRA, locked for 4 years), and to be onboarded as Libra Exchange’s launch partner.
Lyra Protocol has proven itself to be one of the top options automated market maker platform, with a strong community and high user base. Our team team is very impressed by Lyra Protocol’s achievement, and would hope to have Lyra Protocol as our launch partner.
We are also keen to bootstrap $LYRA liquidity (LYRA-WETH and/or LYRA-USDC) on Arbitrum via Libra Exchange. This will provide an additional avenue for $LYRA holders to yield farm on Arbitrum, and chains that we have presence in, once omnichain fungible token (OFT) $LIBRA and $veLIBRA has been implemented.
As Lyra Protocol has presence in Optimism, we hope to explore more collaboration opportunities with Lyra Protocol across different chains in the future.
Libra Exchange is a community-centric decentralised exchange and automated market maker (AMM) forked from Velodrome and Solidly for the Arbitrum (https://arbitrum.io/) ecosystem, that aims to provide low-cost transactions with minimal slippage for both highly correlated and uncorrelated digital assets.
We have plans to go beyond being just an ordinary DEX, or just another Velodrome fork, and will be creating a robust financial ecosystem that consists of a launchpad, structured trading, etc, and would like to go omnichain, by making $LIBRA (ERC-20 token) and $veLIBRA (ERC-721) omnichain fungible tokens (OFT) on LayerZero. This will allow our users and various defi protocols to earn yield, vote for emissions, do governance voting, and receive bribes in Libra Exchange’s affiliated projects on other chains in the future.
All developments mentioned above will be launched in phases.
2% of $LIBRA initial token supply will be allocated in the form of $veLIBRA (locked for 4 years) to Lyra Protocol. Lyra Protocol can use its allocated $veLIBRA to vote for $LIBRA emissions to $LYRA liquidity pools (LYRA-WETH and/or LYRA-USDC), and to earn trading fees from these liquidity pools. Additionally, Lyra Protocol team may choose to receive bribes, and to vote for other liquidity pools. Rewards and trading fees earned will be compounded into more $veLIBRA, creating an exponential effect to early $veLIBRA accumulation. As that position grows, it will direct additional emissions to $LYRA pools, generate fee rewards and bribe revenue that can also be compounded into additional $veLIBRA for Lyra Protocol.
While the initial focus of this pilot will be to maximally compound rewards, once the $veLIBRA position reaches Lyra Protocol’s targets, Lyra Protocol can begin to repurpose fees, bribes, and emissions for other purposes. The goal being to reach a state where Lyra Protocol can bribe, and sustain liquidity without needing additional $LYRA emissions.
There will be NO minimum TVL obligations for Lyra Protocol, and $LYRA liquidity pools.
The team behind Libra Exchange has years of experience in their respective domains, and has deep blockchain knowledge. Read more about the team here: A closer look at the people behind Libra Exchange | by Libra Exchange | Medium.
Security is the top priority for the team, especially when we witnessed the unfortunate hack on a top DeFi protocol just weeks ago. Libra Exchange has underwent an automated smart contract audit with Salus. The automated scan was done at the highest sensitivity, and the Libra team is informed of all high risks, and all fixes has been acknowledged and worked on. Full manual audits with top firms will commence after public sale.
Link to report: contracts/audits at master · LibraExchange/contracts · GitHub
Salus (Salus) is a Binance Labs portfolio and a trusted security partner in Binance and BSC ecosystem.
We will only need Lyra’s Arbitrum treasury wallet address to transfer the $veLIBRA to.
As we at Libra Exchange is planning to launch a full suite of defi solutions across multiple chains, we hope to work with protocols that share the same vision as us, since Lyra has presence on Optimism network. We hope to not only partner with Lyra on Arbitrum, but other chains that Lyra has presence in in the future as well. Lyra is one of the top, most innovative and trusted defi options protocol on Arbitrum. Liba Exchange liquidity providers could potentially go to Lyra Protocol to hedge impermanent losses associated from their short gamma positions due to their LP positions.
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