Lybra V2 performance: TVL exceeded US$100 million in one month after launch, but token price continues to fall

特邀专栏作者

2023-09-26 16:20 (UTC+8)

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Lybra V2 has received high attention from the community since its launch, but the price of LBR tokens has continued to fall in the past month. As of now, the price of LBR token is US$0.833, which has fallen by more than 50% from the August high of US$1.72.

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Original author: Sharon

Original editor: Jack

BlockBeats news, on September 26, LSD stablecoin protocol Lybra Finance stated on social platforms that less than a month after Lybra V2 was launched, its TVL has exceeded US$100 million. The current Lybra V2 TVL has reached US$118 million. In addition, Lybra V1 TVL Reaching US$40 million, Lybra Finance TVL totals more than US$150 million.

Continuously building since launch in April

Lybra Finance was launched in April this year, and the team has been actively building since its launch.

On June 4, LSD stablecoin protocol Lybra Finance launched a collateralization rate (CR) monitoring function. When a users collateralization rate drops below a specific threshold, it will automatically repay part of the users debt. Once the collateralization rate returns to a predetermined level, this automatic The repayment feature, which was designed to provide users with an additional protection mechanism against liquidation risks in volatile markets, will be discontinued.

On July 20, the LSD stablecoin protocol Lybra Finance V2 testnet is now online. On Lybra V2, users have two different ways to mint eUSD and peUSD, peUSD is the full-chain version of eUSD.

Related Reading:How to use Lybra V2 testnet》

“Lybra V2 brings a series of new features to the Lybra protocol, including full-chain functionality, expanded LST options as collateral, advancements in fund securities, and new mechanisms to maintain the eUSD peg while supporting the value of LBR.”

On September 1, LSD stablecoin protocol Lybra Finance announced the launch of Lybra V2. Users should ensure to migrate LBR from Lybra V1 to Lybra V2 before 8:00 am on October 1, Beijing time.

On September 9, according to official news, the LSD stablecoin protocol Lybra Finance announced its integration with the LayerZero OFT standard. The OFT standard will introduce peUSD, a new DeFi practical version of eUSD.

Official social media once hinted at a relationship with Lido, but the rumor was refuted

In mid-May this year, the official Twitter account of the Lybra Finance team tweeted during the Lido V2 celebration to hint at its partnership with the Lido team.

Then on June 1, Lido’s official announcement clarified that Lido has nothing to do with Lybra Finance, no matter what its brand implies, “While the evolving LSD DeFi environment is exciting, please remain cautious and do Good due diligence.”

Protocol gets attention, but token prices continue to fall

Lybra V2 has received high attention from the community since its launch.

Twitter KOL Sleeping in the Rain (@qiaoyunzi 1) stated in a Substack article that he is quite satisfied with the idea of Lybra V2. It is committed to solving problems such as TVL and Tokenomics encountered in the development of its own protocol and the lack of application scenarios for eUSD. .

Related reading: A brief analysis of Lybra Finance v2: Expanding eUSD application scenarios and attracting TVL and Tokenomics optimization

A few exciting things about v2 are:

1. Full-chain expansion through LayerZero;

2. Add more LST asset types;

3. LBR’s new Tokenomics;

4. Agreement revenue/expense capture reform;

5. DAO Governance”

Mint Ventures also expressed its recognition of Lybra V2 to a certain extent in its analysis article, but also pointed out that if its peUSD cannot build richer use cases in the future, Lybra will still be a mining game, Although Lybras mining The mining game design is more sophisticated, and the game is further complicated in V2.”

Lybras idea may be this: by providing stablecoin holders with a better interest-bearing stablecoin, it will first stimulate the demand side of the stablecoin through mechanisms rather than the power of incentives. On this basis, early integration of the supply side Incentivize stETH holders to mint to form a closed loop.

Of course, this design will also bring about a series of problems. For example, the characteristics of eUSD rebase make it difficult to be integrated with other DeFi protocols and inconvenient for cross-chain, which greatly affects the composability of eUSD. And, to some extent, Lybra puts all users who mint eUSD into a prisoners dilemma.

BlockBeats reported on July 3 that according to market data, Lybra Finance Token LBR briefly exceeded $2.1, with a 24-hour increase of 13.28%.

The next day, Bitget announced that Lybra Finance (LBR) will be listed in the Innovation Zone. Bitget will airdrop LBR to eligible users, and each person can receive up to $100 worth of LBR. On August 16, Oyi officially announced that OKX would launch Lybra Finance (LBR) trading and open the LBR/USDT trading pair.

But despite the communitys high attention to the Lybra protocol, the price of LBR tokens has continued to fall over the past month. As of now, according to CoinGecko data, the LBR token price is US$0.833, which has dropped by more than 50% from the August high of US$1.72.