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How do deposits and withdrawals work?
How do deposits and withdrawals work?
Updated over a week ago

In order to use your funds on Lyra chain and to move them out of Lyra chain, you must first deposit and/or withdraw from Ethereum Mainnet.

How do I deposit to Lyra chain?

Deposits are available via the Lyra v2 interface or smart contract interfaces. Users unfamiliar with interacting manually or programmatically with smart contracts are encouraged to user the Lyra v2 UI deposit. Users will be prompted after connecting their wallet to deposit to the Lyra chain.

How do I withdraw from Lyra chain?

The Lyra v2 interface has an account page that enables users to withdraw their funds back to Ethereum Mainnet.

Why is my deposit taking 5+ minutes?

To move assets from Ethereum Mainnet to the Lyra chain, you first send them to a smart contract on Ethereum Mainnet that locks these assets. Lyra chain then creates a representation of these assets on its chain, which can be used within Lyra chain’s ecosystem.

Why is my withdrawal taking 5+ minutes?

When you want to move assets back to Ethereum Mainnet, the process is reversed. The representation of the assets on Lyra chain is burned or locked. A corresponding smart contract on Ethereum Mainnet then unlocks the original assets, making them available on Ethereum Mainnet.

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