Lyra is an open protocol for trading options built on Ethereum. Lyra allows traders to buy and sell options that are accurately priced with the first market-based, skew adjusted pricing model. Lyra also quantifies the risks incurred by liquidity providers and actively hedges them, encouraging more liquidity to enter the protocol.

LYRA is the native utility token that is used for:

- Depositing in the security module to backstop the protocol.

- Used for governance votes to determine how network resources are allocated.

- Trader and LP incentives.