Lyra (LYR) is a unique DeFi technology-designed, architected, and coded DeFi blockchain. It allows merchants to implement a closed-loop payment solution for loyalty rewards, store credits, promotional discount coupons, and gift cards based on combined usage of customizable fungible and non-fungible crypto tokens.

Unlike most blockchains, Lyra has high scaleability. According to its whitepaper, Lyra processes multiple transactions simultaneously. The transaction approval in most blockchains takes several minutes to several hours. However, Lyra allows instant approval. Unlike other blockchains, Lyra processes transactions instantly. Most blockchains have built-in hardcoded fee mechanisms. But Lyra has a flexible transaction fee structure or mechanism.

Some of the main features of Lyra include low cost and fast transactions. Lyra has characteristics that are difficult to achieve using mono-cryptocurrency systems. These characteristics include the versatility of payment methods, high speed, and virtually unlimited scalability. What differentiates Lyra from traditional payment systems is decentralization. Decentralization provides Lyra with unique features such as permissionless access, security, and privacy.

LYR is the native token of the Lyra network. The network uses LYR tokens for paying the fee for certain types of transactions. Lyra seeks to distribute the tokens through an airdrop, bounties, and other means. LYR tokens are a vital part of the Lyra network as the tokens jump-start network activities. In addition, the tokens incentivize network and application development.