Lyra Finance Unveils sUSDeBULL Vault, Offering 2.5x Extra Yield on sUSDe When ETH Rises

Lyra Finance, a DeFi platform offering tokenized derivatives and yield, is offering an extra 2.5x on sUSDe yields when ETH rises via a partnership with Ethena.

DeFi platform Lyra Finance is now offering an additional 2.5x on sUSDe yields when ETH rises through a new partnership with Ethena.

Users that deposit into Lyra’s new sUSDeBULL vault will be earning LDX Points from Lyra and Ethena Sats. They will also maintain exposure to Lyra’s automated options strategy, which is designed to increase yields as ETH goes up and preserve yield when the ETH price chops.

Lyra’s automated options strategy buys bull call spreads with yield generated by sUSDe in the previous week. This provides users with a leveraged exposure to ETH upside via yield. If ETH trends downwards, users risk earning zero yield on their capital during that time.

Lyra’s total-value locked (TVL) has increased by over 10 times since the beginning of the year and is now back at levels it has not seen since Q1 2022, according to DeFiLlama.

The product's deposits began to take off at the end of May, when Lyra introduced liquid restaking token (LRT) deposits.

The sUSDeBULL vault is launching ahead of the Ethereum ETF. However, Ethereum’s price has been on a steady decline since June and is down 15.9% on the month, contradicting expectations that the upcoming ETFs would be expected to bode well for ETH holders.

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