This perps DEX's airdrop campaign only has 4k participants

I’m surprised that this $6.3 million-funded project's airdrop campaign has less than 4k participants.

Given how undiluted it is, we should get a decent return (or at least make back the trading fees burnt).

Here’s my $100 strategy for interacting with this protocol:

Lyra is a decentralized options and perpetual exchange.

They recently launched the Lyra Chain built on the OP Stack (which is part of my Superchain strategy).

While Lyra already has a token (LYRA), they are converting it to LDX, the utility token for Lyra Chain.

And they're distributing more LDX in this airdrop campaign.

While the first round of the campaign has ended, we still have 2 more rounds to participate in (4 weeks per round).

The current season ends on 3rd July.

Here's how this campaign works:

Earning Points

There are 3 ways to earn points:

The easiest way to earn points is to deposit an LRT on Lyra, including:

There's a 2-4.5x multiplier on LDX points depending on the LRT, but each vault has a cap.

But I prefer the more active strategy that involves trading since I'll lose out just by depositing and holding.

If you deposit funds via Base or Arbitrum, you won’t be charged any fees.

Optimism is not too bad at $0.07 either.

I deposited 100 USDC as I want to climb the leaderboard via trading instead of just holding an LRT.

Lyra’s trading fees are more expensive than Orderly’s:

$0.1 base fee + 0.06% x notional volume

For a $500 trade, I’m paying $0.40 each time I open and close it.

Lyra has TP/SL orders with a slippage setting, and I set it at 0.01%.

The most annoying part is that my SL order does not get triggered, so I'm stuck with a position that should have been closed.

So I'd recommend monitoring your positions closely, especially for SL triggers.

This photo was taken last week, and I was in the top #500 with $3.5k trading volume.

So just by making consistent trades, I believe it's very possible to get into the top 1k.

Depending on the points you earn, you'll receive a rank, and there could be a tiered airdrop based on this.

(I'm currently at Apprentice I and still need 2.5k more points to reach the next rank.)

Although they're not officially part of the OP Superchain yet, Lyra has signaled its intention to join the Superchain in the future.

Interacting with OP Superchain L2s is my greatest conviction right now, as I believe it could lead to airdrops in the future.

I'll share more in a post soon.

Even though I’m a horrible trader, I’m using this strategy to generate volume while incurring minimal losses:

If you found value in this guide, feel free to use my invite code for Lyra below:

Thanks for reading!

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