Two AMM-based options protocols with different architectural approaches.
Architecture Overview
Premia v3:
Peer-to-pool options
Range orders for LPs
American options
Multi-chain
Lyra:
Options AMM
Black-Scholes pricing
European options
Optimism primary
Trading Features
Premia Advantages: American options (early exercise), multi-chain, range order flexibility.
Lyra Advantages: More sophisticated pricing, delta hedging tools, portfolio margin.
The Verdict
Choose Premia for: American options, multi-chain access, concentrated liquidity LP.
Choose Lyra for: European options, sophisticated pricing, delta hedging.
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Risk analysis
Premia has concentrated liquidity complexity. Lyra has volatility mispricing risk.
Verdict
Premia for American options. Lyra for sophisticated European options.
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