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Announcing Lira Version 2.0

Further advanced and powerful capabilities for the creation of decentralized financial contracts in Lira 2.0 were launched earlier this week by eToro, the global multi-asset investment company. Version 2.0 of the domain-specific programming language was presented at Devcon V, Osaka.

Lira is the first step* in bringing the $500 trillion OTC derivatives market onto the Blockchain. Open-source, secure and easily programmable, it allows contracts between assets on the Ethereum Blockchain to settle instantly. The novelty in the new version is the ability to write option contracts, together with the existing capability to create future contracts.

Lira, an essential anchor in Decentralized Finance (De-Fi), was developed by eToroX Labs. Led by Dr Omri Ross, eToro’s Chief Blockchain Scientist, eToroX Labs acts as an internal innovation unit tasked with the research and development of infrastructure for the representation of assets and the execution of trade processes on blockchain infrastructure.

During Devcon, Dr. Ross hosted a 90 minutes workshop demonstrating Lira 2.0’s new features and its unique strength: writing financial contracts on the Blockchain with just a few lines of code. Lira 2.0 is even more straightforward for the development community, empowered by a library that allows a swift interaction with the domain-specific language.

In response to the announcement, eToro CEO Yoni Assia said: “eToro has long held the belief that we will eventually see all tradeable financial assets tokenized. Lira, our open source programming language, is a step towards making this a reality, enabling the entire community to write and deploy secure financial contracts on Ethereum. The workshop where this was announced was a central event at Devcon, which is significant in demonstrating how the blockchain community shares our vision for open finance.

The Lira programming language, recently referred to** as one of the “most imaginative things happening in DeFi today” is one of only two such open source solutions on the market, and is all the more exclusive since it is formally verified.

Dr. Ross commented: “I am delighted to see the excitement of the community in response to this project. Developers will now be able to use Lira to create new business protocols, with the aim of improving inefficiencies within the traditional financial industry, thereby opening it up yet further.

From day one, the Lira project has combined academic research with commercial activity. It was developed by numerous teams, including experts in Mathematics, Computer Sciences and Economy. The presentation of Lira 2.0 at Devcon was also designed to create new collaborations with Ethereum community members

Commenting on the launch of Lira version 2.0, Nicolas Arqueros, CTO of Emurgo said: “I believe that Lira is an innovative and important breakthrough in the world of DeFi, with real promise to open up the traditional financial world.

Tabookey CTO Yoav Weiss added: “I am certain that over the next couple of years, we will see many people using Lira and helping it develop, to achieve real progress in financial business efficiency, and realize the goals to open up finance.

For more than a decade, eToro’s vision has been to open the financial markets, enabling everyone to trade in a fair and transparent manner. Releasing this open-source domain-specific programming language is a direct extension of this vision. The abiding goal of Lira is to be part of the greatest transfer of wealth and assets onto public blockchain technology, that is expected to happen through the course of this century.

* Source: Bank for International Settlements, 2019
** Lex Sokolin, Global Fintech Co-Head, ConsenSys

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