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eToro introduces programming language Lira to simplify derivatives trading

Mon, 16 Sep 2019, 03:29 am UTC

Online multi-asset trading provider eToro launched a new programming language to make derivatives trading easier.

Dubbed 'Lira,' the new language will significantly lower the risk involved in finalizing financial contracts, according to eToro chief blockchain scientists Omri Ross. Speaking ahead of the Ethereal Summit Tel Aviv, he said that the language will enable new derivatives products to be created from assets based on the Ethereum blockchain.

eTorox Labs, the research and development of eToro, introduced a demo trading platform, which allows retailers and institutional investors to trade derivatives. The platform also aims to test a wide range of contracts, according to a report by CoinDesk.

Lira permits a possibility to set different time limits on trade, swap different digital assets in a trustless manner, and program complex settlement conditions.

eToro opened-sourced the programming language to promote its ongoing development that includes “anything from simple futures contracts to complex exotic contracts,” such as collateralized loan obligations.

eTorox Labs plans to deploy Lira for different other decentralized finance (DeFi) projects, which will be introduced on various blockchains.

We are excited to see how the market and the community will adopt this new programming language in decentralized applications, on cryptocurrency exchanges and in institutional finance,” Ross said.

Contrary to conventional programming languages, Lira is “domain-specific,” which means it is restricted to describing and executing a limited instruction set. Its only function is to write, verify, and collect on terms and conditions specified in a self-executing contract.

In writing a financial contract, Lira simplifies the development process and reduces risks of error by writing at an average of between 6 and 10 lines of code.

Financial contracts are trivial computations, typically involving a lot of money, making them a highly suitable use-case for domain-specific programming languages. It can only describe a very limited set of instructions but does so with the highest level of competence and integrity attainable,” he noted.

Last July, eToroX added support for 120 ERC-20 tokens to its multi-crypto on-chain wallet. Included in the new offerings are stablecoins offered by eToro itself called eToro EuroX (EURX) and eToro US Dollar (USDX).

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