SIREN Protocol announced last Wednesday, August 25, through its Twitter account, the launch of Lyonesse on Polygon. According to the company, version 2 opens the doors of access to DeFi Options trading with efficient gas and a seamless trading experience.
“SIREN first opened Seagate for DeFi options trading with our v1 release in Q1 2021. Since then, SIREN has been continuously working to improve our trading experience, and today we are proud to announce that Lyonesse, the V2 release from SIREN, is now available in the polygon. To scale and bring more merchants to the space that the team has deployed. This new platform will provide merchants with broader asset availability, lower gas rates and overall improvements to the trading experience and will allow SIREN to scale as we attract more merchants to the space”, he said through an article published in the Medium platform.
The company explained that Lyonesse is a realm of tradition that, according to legends, was lost at sea, completely swallowed up in a catastrophic tsunami caused by a violent storm summoned by the whims of a vengeful God. “We have named V2 Lyonesse to signify that they rise from the treasures of water long considered out of reach, drowned in the blue depths”, he added.
Launch V2 Lyonesse
According to the company, all milestones for the V2 Lyonesse launch were completed and the entirety of the new smart contract code passed the Quantstamp audit. The Lyonesse protocol has several updates:
• Go from American to European style options
• Conversion from physical settlement to cash settlement, which allows a more convenient exercise of options for operators
• Implementation of EIP-1155 for lower gas costs and simpler implementation of on-chain assets, opening the way for a proliferation of new strikes, expirations, and asset listings.
• Redesign of the user interface
In the same way, the company assured that the implementation in Polygon has multiple benefits for SIREN:
• Out-of-the-box EVM and Subgraph support
• Strong community support and user familiarity
• 1000x improvement threshold in transactions
• Significantly reduced gas rates
• $8 billion + USD of available liquidity
“The launch of V2 Lyonesse at Polyon will allow traders to navigate the next wave of DeFi options trading. As the DeFi derivatives and options space continues to mature, traders will demand an increasingly seamless experience. With Lyonesse, SIREN offers a product that offers instant transactions, withdrawals and liquidity supply. Higher quality business experiences will give more users the confidence to harness the power of DeFi options”, he said.