Lyra Finance · interactive mechanism simulation

Traders buy/sell options from a Black-Scholes AMM whose implied vol moves with flow → the LP vault (MMV) prices vega risk via a utilization fee, while a keeper hedges net delta on an external perp venue. Edit the parameters, or trigger the 2022 bear market that ended the AMM.
Traders buy / sell options Option AMM market IV: 60% Black-Scholes, skew-adjusted LP Vault (MMV) $250,000 Delta hedge keeper net delta: 0 Perp venue Synthetix → GMX
Options traded
0
Notional volume
$0
Implied volatility
60%
LP vault collateral
$250,000
Parameters — edit me
1.2/s
60%
5%
0.40%
1.0×
Controls

Illustrative simulation. Defaults mirror the researched Lyra Finance mechanism (market-adjusted Black-Scholes pricing, vega-utilization fees on pooled LP vaults, and keeper-run delta hedging on external perps), but trade sizes and timing are randomized for visualization — not live onchain data. The "bear market" button mirrors the real outcome: volumes collapsed, hedging ate returns, and Lyra retired this AMM for a CLOB app-chain (Derive). Part of The Onchain Experiment Atlas.