As we all know that Lyra is built with great ambitious from the very first day, by co- founder Slava Gomzin. Slava introduced block lattice to the structure invented by Nano, and finally makes Lyra a permissionless blockchain. Being permissionless blockchain means we can create any token just like what Ethereum does. This is the most undervalued feature of Lyra, at least for now.
But only being able to create a token is not enough. Theory of economy tells us that only by trade can we create value. So, if Lyra wants to create value for every token on it, Lyra must make every token created on it tradable. Therefore, we implement milestone 2, Token Swap. Lyra token swap works just like UniSwap to Ethereum, simple, effective, easy to use, and efficiency.
That why I once said, Nano + Eth + UniSwap = Lyra. Not a joke. Remember this, remember it very well or you cannot understand how Lyra being developed, how it works, and how to make great profit on Lyra platform.
Nowadays UniSwap has been a top tier exchange, side by side with Binance, Coinbase, Huobi, etc. The success story of UniSwap shows us how big the market is. People create numerous tokens every day. All those tokens need to be traded to create its value. We are born in a great time that everything can be tokenized and traded on exchanges. Lyra is born at the same time with great ambitious. What a coincidence.
AMM, Automatic Market Making, play a key role in the success story of UniSwap. Traditional DEX were trying to emulate a centralized exchange by create an order book also. But it was so slow that no one want to use it. AMM is the game changer. Now with release v22.214.171.124, Lyra Swap has the same AMM built in too.
So, we (yes, we — the secret new team), want to start a new business: Lyra DEX.
February 1, 2021
Lyra DEX will be a competitor to UniSwap, by utilizing faster transaction, instant confirmation, low fee, and much more. Imagine someone want to swap token worth $100 on UniSwap. How much will he/she pays? 0.3% swap fee + $7 ETH GAS fee, total $7.3. I can imagine nobody want it. But what if he/she swap token on Lyra DEX? 0.3% swap fee + 0.1% protocol fee, total $0.4. $7.3 vs $0.4. Lyra DEX win.
Lyra DEX will have two components, one is the token gateway, which will act like deposit/withdraw for traditional exchange, to connect the Lyra world with the rest of crypto world. This part will be available in February. The other one is Lyra consensus network itself. Creating liquidate pool, add/remove liquidate, swap token, all done by Lyra decentralized blockchain itself. This part is already up and running smoothly.
As I said before, Lyra investors’ interest is always our top priority. We have already brought the latest cutting edge crypto technology to Lyra ecosystem and try to create great value for our stakeholders. By creating Lyra DEX, this effort is just beginning.
Thank you. May God bless you and your private keys.
The Lyra DEX Team