Lira is a domain-specific language that can be used to write over-the-counter financial contracts for assets currently on the Ethereum blockchain, eToro said in a statement.
He said the language is both secure and easy to program while ensuring self-executing global settlement and automated transaction reporting and monitoring, while its easy tracking and compression will enable greater efficiency of transaction requirements. guarantee.
Additionally, this is the first decentralized finance project that will look to extend the code to different blockchains now that it is open source.
eToro CEO and co-founder Yoni Assia said integrating the OTC derivatives market into blockchain would bring more transparency and capital efficiency to the industry.
“Post-trade cycle activities, such as settlement and clearing of derivatives, are both costly and a source of systemic risk,” Assia said.
“We believe blockchain technology can provide a secure execution environment where settlement is guaranteed by design.”
