Lybra V2 Competitive Audit Now LIVE; $500k eUSD Paid Out; Major LST Projects Endorsements
Dear Lybrans,
With the competitive audit now live for Lybra V2, preparations for upgrade are going perfectly to plan. Meanwhile, Lybra has hit some important new milestones and attracted some impressive endorsements from major LST projects who will be supported on V2. Here’s a round-up of everything that’s been going on:
Competitive Audit For v2 Now Live
Our V2 Competitive Audit went Live on Friday and will last for 7 days until Friday 30th June.
We’ve teamed up with code4rena for a 7 day audit contest, offering a $60,500 prize pool. Note that this is not bug bounty - there will be guaranteed payouts for all valid findings. Head over here to get involved.
Over $500 eUSD Paid Out To Holders
Meanwhile, Lybra hit another exciting milestone this week, having hit over $500k eUSD in pay-outs to holders since launch. This is not even including the additional eUSD paid to LBR stakers. With eUSD holders receiving a typical APY of ~8%, this milestone shows just how much they are benefiting from the world’s first interest-bearing stablecoin. If you haven’t already, make sure you are one of the people on the receiving end of the next $500k that the protocol pays out by minting your own eUSD now.
Leading LST Projects Excited To Be Supported On V2
The forthcoming upgrade to V2 will see a dramatically expanded range of LSTs that can be used as collateral on the Lybra protocol. The likes of Binance, Rocket Pool and Swell have expressed their excitement at seeing their LSTs set to be supported after the upgrade. Here is what they had to say:
“We are thrilled to see WBETH supported on more protocols like Lybra V2. By enabling users to collateralize WBETH to mint a stablecoin, we expect to foster increased adoption and utility across multiple ecosystems. We are convinced that a stronger LSDfi ecosystem will help us grow together while enhancing the overall DeFi experience for all users.”
Binance
“It’s great to see an increasing list of integrations for our rETH liquid staking token, such as being accepted as collateral for Lybra’s eUSD stablecoin. An ever-growing range of options for liquid stakers further reinforces rETH’s status as a leading foundational money lego within the emerging world of LSDfi. But because Rocket Pool is Ethereum’s decentralised liquid staking protocol, this also helps to contribute towards ensuring the entire ecosystem remains healthy & secure.”
Rocket Pool
“Decentralized stablecoins are of critical importance to DeFi, and backing them with staked ETH is a promising option. Swell is keen to help Lybra forge ahead in this mission. We look forward to increasing Lybra’s resilience by diversifying the liquid staking collateral backing eUSD, and are glad to offer swETH holders the ability to interact with one of the hottest projects in LSDfi.”
Swell
The excitement shown by these major projects matches our own and we can’t wait to release Lybra V2 soon so you can start trying out the new LST options and omnichain functionality for yourself.
Positive Feedback On New CR (Collateral Rate) Guardian Feature
As we mentioned in our last newsletter, Lybra recently rolled out a new feature called the CR (Collateral Rate) Guardian. The CR Guardian is a mechanism designed to offer users an additional layer of protection in volatile markets. It does this by automatically repaying a portion of a user's debt when the Collateral Rate falls below a certain threshold, significantly reducing the risk of liquidations.
We’re happy to report that we’ve been receiving great feedback on this feature since launch. It even helped one user avoid liquidation, saving them approximately 40 ETH in penalties! We’ve also reduced the service fee from 200 eUSD down to a more manageable 100 eUSD, to better improve the user experience and make The CR Guardian more accessible.
Lybra Recognized As “Market Leader” In Binance LSDfi Report
In a continuation of the strong PR coverage that Lybra has been receiving, we were recently included in Binance’s report on the LSDfi sector, recognizing the protocol’s rapid growth. “The LSDfi landscape is relatively concentrated, with the top 5 players possessing over 81% of TVL,” the report stated. “Lybra is the market leader, and its rise to the top has been rapid, considering that the project only went live on its mainnet in April.”
More Updates Coming Soon
With the upgrade to Lybra V2 on the horizon, we’ll have plenty more exciting updates for you in the near future. To make sure you are the first to hear about all developments, make sure you also stay connected with us on:
Twitter: https://twitter.com/LybraFinanceLSD
Discord: https://discord.gg/mgyq3PhdJg
Medium: https://medium.com/@Lybra_Finance
Website: https://lybra.finance/