The future of verifiable finance

Transcript

Hey guys, I'm Constantine. Bonjour à tous. Uh I work in the go-to-market team at Lyra. Uh perhaps you were expecting Vlad to come up on stage. Uh unfortunately, he he wasn't able to make it. Uh so I have some big shoes to fill. Um we actually have an investor call tonight um where we'll have a Q&A and Vlad will kind of go into a deep dive uh to present Lyra, what we've been up to, and what is the the road map and the vision. So I'll try to give a quick overview as to what Lyra is. So here's what we'll cover, the mission, uh the core pillars that we're working on, and a quick sneak peek into the last 3 months.

So Lyra is a decentralized exchange, a perp DEX, uh built on top of Ethereum as a layer two with custom ZK circuits. So we have zero knowledge to make sure that everything is cryptographically proven, every trade, every liquidation is posted back uh on the Ethereum network. So we started building this uh since uh pre-FTX uh collapse, and we kind of saw firsthand uh how verifiable finance is a must, um and we chose to build on top of Ethereum to make sure that we inherit the security guarantees uh from from this from this chain.

Uh so we're the highest-performance ZK-verified uh perpetual DEX uh with a ZK-verified order book. We're Ethereum-native, and we had a TGE our token earlier um at the end of December. And the LIT token is the Lyra infrastructure token. And so all the value accrual uh goes back to the to the LIT token, which is powering all the core features uh of the exchange. So Lyra is all about having low fees, low latency, security, verifiability, and com- composability.

So one of the core value propositions of Lyra is to have a zero-fee uh perp DEX. So this is really interesting for traders. Um there's basically two types of accounts uh on the Lyra perp DEX. You can have standard or premium accounts. Standard accounts are free for all our users, and premium accounts uh have a slight advantage in terms of latency and rate limits, and this is mostly used by market makers and high-frequency traders. We have sub-millisecond latency, uh self-custody, of course, which is a basically we're trying to have the you know level of um centralized exchange, but everything in a decentralized way.

Uh every trade is verifiable and posted back on the L1. And composability, being built on top of Ethereum, allows us to you know integrate with all the top DeFi protocols, which I'll speak about in a minute. So thanks to zero knowledge, we have speed, cost, and trust. Usually uh projects have to kind of compromise on one of these, but thanks to the zero-knowledge infrastructure that we have built over the past 3 years, we're able to uh have all three. So Lyra as an infrastructure and liquidity layer. Uh here are some metrics uh since we got started. There's the total revenue around $50 million, total registered accounts uh 800,000

unique addresses, and 1.5 uh trillion of volume so far. We recently launched a partner attribution program, which allows any builder, whether it's a wallet, whether it's a terminal, whether it's a trading app, to simply route their liquidity to Lyra all at zero fees. So builders can choose to charge anywhere from zero to 10 bps, and therefore their users have a cheaper cost uh as we're the cheapest execution venue at the moment, and they can potentially add a markup and therefore make more revenue at the same time.

I didn't have time to update the slides actually, but we just announced a partnership with the uh Telegram wallet. Uh so I think this is a pretty big one as perps will be natively integrated within the Telegram wallet, and you'll be able to trade uh from there. So the three growth pillars are Ethereum composability, the US market expansion, and convergence of TradFi and DeFi. So the first one is Ethereum composability. So in the next couple of weeks we'll have a testnet of our EVM sidecar, which will allow plug-and-play with uh other Ethereum protocols.

Um and then universal cross margin is also something we're working towards. So right now you can only have USDC as collateral, but in the near future you'll have a lot of exciting things such as yield-bearing assets, uh you know, potential integrations with the top blue-chip DeFi protocols, to have lending positions as collateral as well, increase capital efficiency. Next up, the US market expansion. Uh so we are building from the US. We're a US C corp. Um our investors are US-based as well. We raised an equity fundraise back in November that was led by Peter Thiel, Ribbit Capital, uh Coinbase, and Robinhood as our strategic partners as well.

Uh our CEO Vlad is doing some heavy lifting on the policy-making side of things. He was recently admitted to the CFTC advisory board uh committee. And finally, the zero-knowledge order book uh allows us to onboard some TradFi uh institutions that have to trade against KYC'd counterparties. So with our order book you can have non-KYC'd users DeFi trade against each other, and then a lot of the big names will be able to trade as well uh while respecting the compliance and institutional requirements uh for capital at scale.

Finally, we have the convergence of TradFi and DeFi. So as you probably saw this year at Cannes, it's all about RWAs, institutions. Uh outside of crypto, of course, we already have like commodities, forex, equities. Uh we're working on tokenized stocks, which will be coming soon. 24/7 trading is super exciting as well. Um and then institutions in TradFi are are really interested in trading on chain. And uh there's a rapid institutionalization of perpetual futures as well.

Here's the volume breakdown uh over the last 3 months. So as we can see, there's a growing uh kind of market share of uh real-world assets, uh currently representing around 20% of our volumes. Here's the daily active users. So we we released a mobile app um for traders to trade on the go uh super easily. And we have uh some stable numbers in terms of retention, and traders are finding it super attractive to trade on Lyra with the zero fees and all of the assets.

So here's a quick recap. Uh the team is shipping more than ever. We have a lot of exciting updates uh in terms of the road map as well that Vlad will speak more about later today. Here are some revenue numbers uh as well for the last 3 months. And we have been doing buybacks. Uh so spent around $15 million of our own revenue to buy back our own token. Um yeah. Uh thank you so much. Uh we're building the future of verifiable finance, and uh there's a lot of exciting things uh coming, so stay tuned. Thanks, everyone.

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