Lybra Finance — Q2/Q3 Updates ⚖️

An Introduction

To Lybrans,

We’re at the end of another crazy week in the world of cryptocurrency. Memes Coins are dominating the headlines. $PEPE approaches a $1BN MarketCap and I suspect you’re either feeling an overwhelming sense of euphoria with a “crypto is back, baby” or some hesitation that a lot of money is flowing into projects with no more than a website and the meme-factor. But, we know that this space isn’t always rational and maybe that’s why we’re all here? As we wrap up this wild week, it’s important to remember that the influx of people brought in by memes coins can ultimately benefit Ethereum as a whole. While memes coins may be capturing the spotlight for now, the true future and biggest beneficiary of Ethereum lies in Liquid Staking Derivatives (LSD). Keep an eye on this space, as we continue to develop and share our plans for the coming weeks and months, focusing on the groundbreaking potential of LSD in the Ethereum ecosystem. Well let’s use this space to tell you why we’re here, and what we’ve got coming up over the next few weeks and months.

But first, a check in.

Well, Lybra Finance is now nearing its two week anniversary. Already we’ve felt the highs and some lows. Whilst the bug identified in the esLBR vesting contract was a small hiccup, we’re grateful to how positively the community reacted to our solution and fix given the short notice. To all those who have already migrated their LBR from the old token address, to the new, thank you. For anyone reading this who is yet to migrate to the new LBR token contract, then there’s no rush but don’t forget!

Whilst the total deposited stETH into the protocol has slightly dipped, there is still a total TVL of over $15M+ which in turn has minted over $8M+ eUSD. We’re seeing an increase in liquidity in the eUSD/USDC LP on Curve and we’re confident that this too will grow over time. Nearly $20,000 has already been paid out in yield in eUSD to those who have minted the stablecoin.

So, let’s take a look at what’s in store for the rest of Q2 and Q3.

In no particular order of importance or urgency, but rather a summary of what we’ve got cooking and what we hope to announce in the near future:

Lybra Finance Protocol — V1.1

Initially, it looked like we would need to deploy new contracts altogether as a way to allow for accepting other LSD’s tokens. For context, stETH represents over $12BN worth of ETH, and thus makes sense that this asset will remain the top priority with regards to which collateral we see as the most likely to deposit into the protocol to mint eUSD. That said, the community has asked for other options, and as such we will be looking to include other collateral types that can be used to mint eUSD. This includes LST’s that already exist (specifically the Top 5 by means of TVL on Defi Llama), but also new LST’s that are yet to launch, but represent a basket of LSD’s. Allowing other LST’s to mint eUSD and be used as collateral will be rolled out in V1.5, where we can retain the original V1.0 Lybra Protocol Contract (for stETH) and deploy a new contract which would encapsulate and allow compatibility with other LST’s by means of depositing new collateral (V1.1).

weUSD (Wrapped eUSD)

In Q2, we will be deploying a wrapped version of eUSD. Given that eUSD is a rebasing token it does come with some “flaws” or challenges, so to speak. Launching weUSD will allow Lybra Finance to partner with other DeFi protocols and projects, so to offer Borrow and Lending markets for eUSD, as a wrapped version. Launching weUSD will also allow us to partner with other protocols and projects for e.g. launching unique stablecoin pairing yield mining pools, with rewards and yield paid not only in esLBR, but other projects native yield tokens.

Omnichain Integration

Taking Lybra Finance Omnichain, and eUSD for that matter remains one of our priorities. On a development level, the team is working on ensuring that the Omnichain integration meets all technical compliance, ensuring safety and stability to both the project, users and funds. But maybe you’re curious as to what Omnichaini integration would actually mean for eUSD?

Launching on other chains, especially Arbitrum will open many more doors with regards to utility, not only for eUSD, but also for LBR. Launching on Arbitrum will help breed more innovation and creativity in Lybra Finance offering other yield options for multiple communities and holders of eUSD and LBR alike.

We’re continuing the conversation with LayerZero and whilst we can’t comment on anything in too much detail, we’re excited for this stage of eUSD and Lybra Finance’s future on multiple chains.

👆👆👆👆👆👆👆👆👆👆Has that person been fired yet? 👆👆👆👆👆👆👆👆👆👆

Partnerships with other DeFi Protocols and other LSD Projects

Given the nature of our product, eUSD and the simplicity (fundamentally) of what eUSD does, i.e. an interest bearing stablecoin. We have received lots of interest from other protocols and projects wanting to work with Lybra Finance. We’ll continue to review these conversations and explore how these partnerships and collaborations could and would work, not only on a project level but also on a community level. Partnering and working with other protocols will work in parallel with the launch of V1.5 and supporting “Omnichain” capabilities for the Lybra Finance ecosystem in the future.

Audit Season

Whilst we’re hoping for a hot LSDSummer, we know that it’s important and fundamentally crucial to stay safe in the “sun”. So, perhaps this is Lybra Finance putting on the SPF Factor 50 sunscreen, in announcing that we’ll be launching a Bug Bounty Program initiative. The details are still being worked out, but expect some updates on this matter in the next few days. Over 7 Lybra Finance contracts will be audited by white-hat hackers with rewards paid out in LBR token to those who find bugs which could have an effect on the safety of the Lybra Finance Protocol. We don’t want to take any chances, and that added layer of safety and reassurance will stand us in good stead for the future.

Marketing Initiatives

Whilst we’re still very young, we understand the importance of the community and getting the message out there. Over the next quarter, we’ll be looking to ramp up some marketing efforts with regards to the publishing of more long-form content, participation in AMA’s and interviews as well as focusing on more ways to ensure more community engagement and progressing further with the Lybra Ambassador Program.

UI, Front-End and Visual Improvements and Updates

This really requires no text I suppose, but making Lybra Finance easy to use, yet visually appealing remains crucial to the project and we’ll be looking to make various updates and improvements to the UI and visuals to not only the protocol, but also in terms of marketing collateral in the near future.

So, whilst we won’t put any hard dates on any of the above, we wanted to share these updates as a way to show you that the chefs are cooking and their pots are on high heat. There’s lots in the works and we’re excited to show you! The mission remains the same. Make eUSD the world’s first and most successful omnichain interest bearing stablecoin.

Thank you for your continued support. We hope you could take a few minutes to fill out this form, as we’d love to hear more from you.

https://forms.gle/B9yXcTENWorHGMDp9

Lybra Finance ⚖️

Website: https://lybra.finance/
Docs: https://docs.lybra.finance/
Twitter: https://twitter.com/LybraFinanceLSD
Discord: https://discord.gg/mgyq3PhdJg