An options trading protocol accessing the scalability of Layer 2 Ethereum to provide a robust, lightning-fast and reliable trading experience.
Background
- A strong team with a track history.
- Great market room for growth.
- Solid and innovative technology.
- Our investors, specially Kain Warwick and other financial advisors, validated it.
- Derive (prev. Lyra) was highly motivated by the long-term partnership terms (incentive alignment).
- Experience, capacity to ship and reputation.
BootNode helped us navigate the challenges of launching an L2 native protocol, including subgraphs, governance, and the protocol's safety module. In addition, they understood the financial complexity of the mechanism, which made working together easy. We also liked their engagement model as they contributed their work 100% as investors, building a unique long-term partnership.
Mike Spain
Co-founder of Derive (prev. Lyra)
Engagement
Solution
- A mid-size team was heavily working for ~ 4 months. A big plus for Derive (prev. Lyra): our unvested $LYRA was committed to be staked into Protocol Safety Module, protecting the protocol against unexpected loss.
Contributions
- UI, Frontend, Smart Contracts, Subgraph, Governance Framework, and Custom Safety Module. Also, we helped build the team and brought high-profile investors.
Outcome
- Additional investors (from BankLess).
- Protocol, Front-ends, and Subgraph successfully launched on-time directly onto L2 (Optimism, one of the first projects).
- Helped grow the team.
- Token launched.
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