Launched a month ago, Lybra’s increase in TVL coincided with Lido’s upgrade to v2 on May 15, allowing Lido users to unstake their stETH and get their ETH staked back. According to information from the Lybra project, the protocol leverages “ETH and stETH as its main components, with plans to support other LSD assets in the future.”
LBR, the native token of the Lybra Protocol, which provides holders with governance and access to the protocol’s revenue, has increased by 41% in the past 24 hours and is currently trading at $3.48.
24h LBR price chart. Source: CoinMarketCap
On May 27, the LSDFi protocol hit a major milestone seeing an unprecedented $25 million inflow in just one day. Notably, a significant portion of this inflow was attributed to Lybra Finance which accounted for $24 million.
Total value locked (TVL) in the LSDFi protocol currently stands at approximately $250 million, indicating significant growth and adoption of the protocol. Among the various projects in the protocol, Lybra Finance holds the largest share, accounting for 48.3% of the total TVL. This highlights the trust and confidence that users have placed in Lybra’s services.
As introduced in another article Lybra Finance is committed to solving problems encountered while developing its own protocol (TVL and Tokenomics) and the lack of application scenarios for eUSD.
eUSD is a stablecoin issued by Lybra and pegged to the US Dollar. It is backed by redundant ETH collateral and is issued decentralized and unbiased. Just holding this stablecoin will generate a steady income with 7.2% APY.
LSDFi, short for Liquidity-Staking Derivative Farming, is a decentralized finance (DeFi) protocol that allows users to stake their tokens and earn rewards. The protocol has gained considerable popularity in the DeFi community thanks to its innovative approach and attractive reward system.
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