- Decentralized options protocol, Lyra Finance, has announced the launch of a new token.
- The new token, LDX, will serve as the native cryptocurrency and is set to be released in Q3 of this year, replacing the current LYRA tokens.
- Existing token holders will have their balances converted to LDX at a 1:1 ratio, based on a snapshot taken today.
Lyra Finance, a decentralized options protocol, is set to launch a new token, LDX, replacing the existing LYRA tokens. This move has sparked a significant reaction in the crypto market.
Lyra Finance Announces New Token
Lyra Finance, a decentralized options protocol, has announced the launch of a new token. The new token, LDX, will serve as the native cryptocurrency and is set to be released in the third quarter of this year. It will replace the current LYRA tokens, with existing token holders having their balances converted to LDX at a 1:1 ratio, based on a snapshot taken today.
Market Reaction to the Announcement
According to CoinGecko data, the announcement of the LDX launch has had a significant negative impact on LYRA’s current cryptocurrency. In the last 24-hour period, LYRA fell from $0.134 to $0.0528, a 61% drop. At the time of writing, LYRA is trading at $0.0532.
Lyra’s Plan to Boost Token Usage and Liquidity
Lyra also announced plans for an airdrop to increase token usage and provide liquidity. According to the announcement from the team, the LDX airdrop will be carried out in a system of at least three rounds over 12 weeks, with each round lasting four weeks.
Conclusion
The announcement of Lyra Finance’s new token, LDX, has sparked a significant reaction in the crypto market, with LYRA’s value dropping significantly. However, with plans for an airdrop to boost token usage and liquidity, it remains to be seen how this move will impact Lyra’s position in the crypto market in the long term.
