The Times Australia
Small Business News

.

eToro’s new open-source programming language

  • Written by Media Release


eToro, the global multi-asset investment company, has today released the details of Lira, a new open-source programming language for financial contracts. Lira is the first step in bringing the $500 trillion OTC derivatives market onto the Blockchain by introducing a new formal contract language.(i)

 

Lira is a domain-specific language that can be used to write OTC financial contracts for assets currently on the Ethereum blockchain. It is both secure and easy to programme whilst guaranteeing self-executing global settlement and automated trade reporting and monitoring. Its easy tracking and compression will enable better collateral requirement efficiencies. Furthermore, it is the first decentralised finance (DeFi) project that will look to expand the code across different blockchains now that it is open-sourced.

 

Yoni Assia, CEO and Co-Founder of eToro, commented: “Bringing the OTC derivatives market onto the blockchain will bring more transparency and capital efficiencies to the industry. Activities in the post-trade cycle, such as settlement and the clearing of derivatives, are both expensive and a source of systemic risk. We believe that blockchain technology can provide a secure execution environment in which settlement is guaranteed by design. That is why today we are introducing a new formal contract language - Lira. This has the potential to open up and transform the derivatives market.”

 

At present, native blockchain scripting languages are subject to broad design requirements. This makes them error-prone (as seen for example by the Dao Hack) and thus unsuitable for writing financial contracts. The flexibility that is offered by the native language is also a potential security threat, presenting an opportunity for attackers.

 

Professor Omri Ross, eToro’s Chief Blockchain Scientist, said: “45% of smart contracts on the Ethereum blockchain have errors because of the broad nature of their design. Lira is built on formal verification, a mathematical equation that proves the language will deliver the promised outcomes.

 

“We have decided to make this language open source so that the community can help to move forward what we hope will be an important addition to DeFi. We envision this code to be developed further across different blockchains and will include algorithms to help reduce collateral burdens thereby helping to increase liquidity in the derivatives market. By being able to write financial contracts on the blockchain, Lira could open up the derivatives market and decentralise one of the most important financial industries in the world.”

 

Lira was developed by eToroX Labs. Led by Professor Omri Ross, eToro’s Chief Blockchain Scientist, it 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. Omri will be hosting a two hour workshop session on Lira at the forthcoming Devcon in Osaka in October.

 

eToro has a history of supporting the development of the crypto community with projects such as Coloured Coins and GoodDollar. Lira is another contribution to the blockchain community who support this latest project.

 

Greg Dipriso, Global Head of Business Development at MakerDAO, said, "Lira is a great step in opening the Defi space for new products suited for servicing the OTC market."

 

Nicolas Arqueros, CTO of Emurgo, added, "Lira is based on functional language and formal verification, we believe these will be an essential part in the future of blockchain technology and financial protocols."

 

Yoav Weiss, CTO of Tabookey, commented, "The full potential of blockchain technology for financial markets has not yet been realised. Lira presents a practical solution for the derivatives market and is underpinned a strong team. We'll be following the project's development closely."

 

Derivatives are at their most basic, a contract that derives its value from the performance of an underlying entity (asset, index or interest rate).

 

(i) Source: Bank for International Settlements, 2019: https://www.bis.org/publ/otc_hy1905.htm

About eToro Australia

eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in

a simple and transparent way. The eToro platform enables people to invest in the assets they want, from stocks and

commodities to cryptoassets. We are a global community of more than 11 million registered users who share their

investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the

simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact

whenever they want.

eToro has pioneered value-added services such as CopyTrading™ and CopyPortfolios™, as well as the Popular

Investor program, which allows eToro qualified members to earn and additional income directly from eToro when their

investments are copied by another member and allows others to gain from their wisdom, experience and success.

eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, regulated by the Financial Conduct

Authority in the UK, and by the Australian Securities and Investments Commission in Australia.

 

URL: www.etoro.com.au

Twitter: https://twitter.com/eToro

YouTube: https://www.youtube.com/user/etoro

Facebook: https://www.facebook.com/eToro/

Property Times

Rubber vs Concrete Wheel Stops: Which is Better for Your Car Park?

When it comes to setting up a car park in Perth, wheel stops are a small feature that make a big difference. From improving driver accuracy to preventing costly damage, the right choice between rubber and concrete wheel stops could save you time, mon...

What Is the Australian Government First Home Buyers Scheme About?

For many Australians, buying a first home can feel like a daunting task—especially with rising property prices, tight lending rules, and the challenge of saving for a deposit. To ease this burden, the Australian Government has introduced a First ...

Flipping vs. Holding: Which Investment Strategy Is Right for You?

Are you wondering whether flipping a property or holding onto it is the better investment strategy? The answer isn’t one-size-fits-all. Both strategies have distinct advantages and risks, and choosing the right one depends on your financial goals, ...

A Guide to Smarter Real Estate Accounting: What You Might Be Overlooking

Real estate accounting can be a complex terrain, even for experienced investors and property managers. From tracking rental income to managing property expenses, the financial intricacies of real estate demand more than just basic bookkeeping. A si...

Food & Dining

Not all processed foods are bad for you. Here’s what you can tell from reading the label

If you follow wellness content on social media or in the news, you’ve probably heard that processed food is not just unhealthy, but can cause serious harm. Eating a diet dominated by highly processed foods means you’re likely to consume more kil...

Italian Street Kitchen: A Nation’s Favourite with Expansion News on Horizon

Successful chef brothers, Enrico and Giulio Marchese, weigh in on their day-to-day at Australian foodie favourite, Italian Street Kitchen - with plans for ‘ambitious expansion’ to be announced in the coming months.  Italian Street Kitchen: A slice o...

Après Skrew: Peanut Butter Whiskey Turns Australia’s Winter Parties Upside Down

This August, winter in Australia is about to get a lot nuttier. Skrewball Whiskey, the cult U.S. peanut butter whiskey that’s taken the world by storm, is bringing its bold brand of chaos to Aussie shores with Après Skrew: a mash-up of alpine energy...

450 people queue for first taste of Pappa Flock’s crispy chicken as first restaurant opens in Queensland

Queenslanders turned out in flocks for the opening of Pappa Flock's first Queensland restaurant, with 450 people lining up to get their hands on the TikTok famous crispy crunchy chicken tenders. The highly anticipated opening comes after months of d...

Business Times

From Farms to Festivals: How Regional NSW Is Repurposing Shipping…

Regional NSW communities are repurposing containers for farms, tourism, and events Farmers and small businesses use them...

Nail it with points: Flybuys members can redeem points for instan…

Flybuys launches new in-store redemption at Bunnings stores across Australia Tuesday 19 August, 2025 – Flybuys, Australia’s ...

Understanding Energy Use Patterns by Season

Australia’s climate changes noticeably across the year. These seasonal changes don’t just affect what we wear or how we trave...

The Times Features

From Garden to Gift: Why Roses Make the Perfect Present

Think back to the last time you gave or received flowers. Chances are, roses were part of the bunch, or maybe they were the whole bunch.   Roses tend to leave an impression. Even ...

Do I have insomnia? 5 reasons why you might not

Even a single night of sleep trouble can feel distressing and lonely. You toss and turn, stare at the ceiling, and wonder how you’ll cope tomorrow. No wonder many people star...

Wedding Photography Trends You Need to Know (Before You Regret Your Album)

Your wedding album should be a timeless keepsake, not something you cringe at years later. Trends may come and go, but choosing the right wedding photography approach ensures your ...

Can you say no to your doctor using an AI scribe?

Doctors’ offices were once private. But increasingly, artificial intelligence (AI) scribes (also known as digital scribes) are listening in. These tools can record and trans...

There’s a new vaccine for pneumococcal disease in Australia. Here’s what to know

The Australian government announced last week there’s a new vaccine[1] for pneumococcal disease on the National Immunisation Program for all children. This vaccine replaces pr...

What Makes a Small Group Tour of Italy So Memorable?

Traveling to Italy is on almost every bucket list. From the rolling hills of Tuscany to the sparkling canals of Venice, the country is filled with sights, flavors, and experiences ...