Everything You Need To Know About Lybra V2 As We Prepare For Launch
With Lybra V2 going live at the end of the month, this article puts everything you need to know about the forthcoming launch in one place.
V2 will represent a step-change for Lybra’s decentralized, LST-backed, interest-bearing stablecoin solution, reinventing the LSDfi universe for the second time. It will showcase a whole range of upgraded features, including omnichain functionality, an expanded range of LSTs as collateral, the arrival of the Lybra Wars, and much more.
So without further ado, here are the answers to all the questions you might have about the imminent upgrade:
What New Features Will Lybra Offer?
The above table summarizes some of the key features that Lybra V2 will offer. To read a comprehensive breakdown of each feature, have a browse of our simple guide to Lybra V2’s market leading functionality. Or, take a browse of our deep-dive articles on some of the most eye-catching features, including omnichain functionality and an expanded range of LST options, the arrival of the Lybra Wars, advances in fund security, and new mechanisms for upholding the eUSD peg, whilst supporting the long term value of LBR tokens.
How Do I Migrate From Lybra V1 To V2?
If you are a holder of LBR tokens or eUSD or you have (staked) LP on Lybra V1, there will be a very simple process you will need to follow to migrate your holdings to V2. Likewise, those operating as CR Guardians, Redemption Providers, and Liquidation Providers will need to sign-up again in those roles in V2.
LBR holders ll have 1 month from the launch date of Lybra V2 to migrate from V1 to V2 (eUSD holders can migrate at any time). There will be rewards for all users who migrate their holdings from V1 to V2 in the first week of the V2 mining program starting.
To find out what steps you need to take to migrate, head to our comprehensive guide on how to migrate from Lybra V1 to V2.
What Are Testnet Users Saying About Lybra V2?
Before go-live, Lybra V2 has already undergone a series of rigorous audits and had key features tested by our Testnet users. At the time of writing this article, audits with Cod4rena and Consensys have already been completed, with a final audit with Halborn about to conclude. Meanwhile, the V2 platform has received glowing feedback from our Testnet community. Here’s just some of the enthusiastic comments we received:
“As a DeFi enthusiast eager to explore new opportunities, my experience with the Lybra V2 Testnet was nothing short of exhilarating. The incorporation of omnichain functionality opened up a whole world of possibilities, as I could effortlessly utilize peUSD on various chains, starting with Arbitrum.”
“The eUSD to peUSD conversion process and the omnichain functionality are very fast and smooth. Other projects that offer bridging features often have delays in processing or transaction errors. But it was different with the Lybra Testnet V2: I didn’t find any problems or errors at all when working on it!”
“The process of minting eUSD using WBETH or rETH as collateral was straightforward, and the seamless conversion from eUSD to peUSD allowed me to experiment with its cross-chain capabilities while still earning interest on my eUSD collateral.”
“The Lybra V2 protocol has an amazing interface, with an elegant UI and UX that deliver a very pleasant experience!”
“The Lybra V2 experience was exactly in line with my expectations based on what the team has promised. I can testify that there is no exaggeration or hyping something up only for people to then be disappointed.”
But its not just our Testnet users who are excited…
What Have LST Leaders Such As Binance, Rocket Pool & Swell Said About Being Accepted Onto Lybra V2
Lybra V2 will be expanding beyond Lido’s stETH to offer you the opportunity to mint interest-bearing stablecoins with a dramatically expanded range of LST options. This will include Binance’s WBETH, Rocket Pool’s rETH, Swell’s swETH, and many more. Here’s what some of these LST projects had to say about why they are excited to be accepted onto the Lybra platform:
“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 decentralized 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.”
Daniel Dizon, Founder and CEO, Swell
We are as excited as they are to be welcoming these LST projects onto the V2 platform and have many more LST options ready to announce shortly after launch.
Conclusion
We hope all this is enough to whet your appetite for Lybra V2’s forthcoming launch, but we also can’t wait for you to try it out yourself and participate in the next stage in the LSDfi revolution. Make sure you are following us on @LybraFinanceLSD and have your notifications turned on as we’ll be announcing the launch date soon!
