Lyra is a self-custodial trading platform. Traders maintain complete control over their account’s private key, which contains their assets (including positions). At any time, users can force withdraw these assets via our block explorer. Trading on a self-custodial platform like Lyra offers, therefore, numerous benefits. It increases the security of your assets, enhances your control over them, and reduces your dependencies on third parties.

The platform’s security is a top priority. The Lyra Protocol contracts have been audited by Tier 1 firm Sigma Prime and are continuously being tested.

View the audit report here.

The Lyra Protocol smart contracts are owned by the Lyra DAO multi-sig and will be transferred to the fully onchain governance system managed by LYRA holders. This will enable direct token holder governance of V2, including the Lyra Chain, Protocol, and Exchange.

For more details, see here and here.