The Lyra2RE algorithm is a NIST5 based chained algorithm that was developed in July, 2014, by the Vertcoin (VTC) team. The aim was to replace the Scrypt-N algorithm, to ensue that the coin remained ASIC resistant and to reduce the electricity consumption incurring while mining, hence the RE in the name, which stands for 'Reduced Efficiency'. It consumes around 30% less power than Scrypt-n and 17% less than X11. The algorithm is a chained algorithm, consisting of five hash functions, Keccak, Grøstl, Skein, Blake and Lyra2.
Currently, we list 3 cryptocurrencies for the Lyra2RE algorithm.