Lyra is an options automated market maker (AMM) that allows traders to buy and sell cryptocurrency options based on liquidity pools. Liquidity providers (LPs) deposit sUSD (a stablecoin) into one of the Lyra Market Maker Vaults (MMVs) for a specific asset. This liquidity is used to establish two-way (buy and sell) options markets for assets specified by the vault (e.g. ETH Market Maker Vault LPs quote options on ETH). LPs deposit liquidity into the vault to earn fees paid when trading options. Traders use Lyra to trade options. They can both buy options from MMVs and sell options to MMVs. Traders pay fees (in the form of market making spreads) to LPs as compensation for their liquidity.