Lyra Finance Offers 2.5x on sUSDe Yields When ETH Rises Through Partnership with Ethena
- WBOYOriginal
- 2024-07-19 14:24:38655browse
Lyra Finance, a DeFi platform providing tokenized derivatives and yield, is offering an additional 2.5x on sUSDe yields when ETH rises through a partnership
DeFi platform Lyra Finance is now offering an additional 2.5x on sUSDe yields when ETH rises through a new partnership with Ethena.
Customers who deposit into Lyra’s new sUSDeBULL vault will earn LDX Factors from Lyra and Ethena Sats, while maintaining exposure to Lyra’s automated options strategy that is designed to increase yields as ETH goes up, and protect yield when the ETH price chops.
Lyra’s automated options strategy buys bull name spreads with yield generated by sUSDe in the previous week, giving customers a leveraged exposure to ETH upside through yield. If ETH trends downwards, customers risk earning zero yield on their capital during that period.
Lyra’s total-value locked (TVL) has increased by over 10 times since the beginning of the year, and is now back at levels it has not seen since Q1 2022, according to DeFiLlama.
The product’s deposits started to take off at the end of May, when Lyra announced liquid restaking token (LRT) deposits.
Interestingly, the sUSDeBULL vault is launching ahead of the Ethereum ETF. However, Ethereum’s price has been on a gradual decline since June, and is down 15.9% over the month, contradicting expectations that the upcoming ETFs would be expected to bode well for ETH holders.
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