LBR Phase 2 Mining Program and Temporary Lockdown Mechanism
Dear Lybrans,
As we approach the end of Phase 1 of the LBR Mining Program, we are thrilled to share some remarkable achievements with our valued community:
- Over 14,000+ stETH has been deposited into Lybra Finance
- Achieved a $25M+ TVL within five days from launch.
- Minted and circulated over 13M+ eUSD
- 5 (and counting) successful eUSD interest distributions.
- Ranked 12th in all CDP Protocols by TVL (https://defillama.com/protocols/cdp)
- Launched a Lybra Finance Dune Dashboard (https://dune.com/defimochi/lybra-finance)
- LBR/eUSD listings on CoinGecko, CoinMarketCap and others.
In order to continue building on this success, we are excited to introduce our Phase 2 plan.
Here are the details:
Phase 2 ⚖️
Duration: From May 1st, 13:00 UTC, 2023, until further notice.
Daily esLBR emission: The total amount of esLBR emitted daily during this period will range from 54,618 to 126,277 depending on a user’s “esLBR lock time” and their status as Redemption Providers.
The incentive allocations across all pools will be as follows:
- *eUSD Loan Pool: 78%
- LBR/ETH Uniswap V2 LP Pool: 15%
- **eUSD/USDC Curve LP Pool: 7%
*To participate in the eUSD Loan Pool, you will first need to deposit ETH/stETH in order to mint/borrow eUSD. The yield is allocated proportionally to those who have minted eUSD, based on their borrowed amount compared to the total minted eUSD. For example, if someone has minted 10% of the total eUSD, they would receive 10% of the yield payout for the eUSD Loan Pool.
**To ensure lower slippage and higher efficiency, our eUSD/USDC liquidity has moved to Curve. As a result, users must add eUSD/USDC LP to Curve to participate in the mining incentives.
Yield Boosts and esLBR Locking ⚖️
From the start of Phase 2, Lybra Finance will introduce locking mechanisms for esLBR. The longer a user locks their esLBR balance, the more their overall yield is boosted.
Yield Boosts for esLBR Lock and Redemption Providers:
- Lock esLBR for 1 Month: Yield boosted by 20%.
- Lock esLBR for 3 Months: Yield boosted by 30%.
- Lock esLBR for 6 Months: Yield boosted by 50%.
- Lock esLBR for 12 Months: Yield boosted by 100%.
- Become Redemption Providers: eUSD mining pool yield boosted by 20%.
Please Note:
1. The lock only applies to your future esLBR yield; it does not affect your existing esLBR. Once locked, you will not be able to withdraw your esLBR yield until the unlock day.
2. Yield Boosts for esLBR Lock apply to all mining pools, while the boost for Redemption Providers only applies to the eUSD mining pool.
3. Your APR yield can be boosted to 120% should you choose to lock your esLBR for 12 months and become a Redemption Provider.
Temporary Lockdown
To further ensure the security of the protocol during stETH rebasing time, we are introducing a temporary lockdown mechanism alongside Phase 2 mining. Minting and repaying eUSD will be temporarily disabled from 12:00 to 13:00 UTC daily, except for those with collateral ratios below 160%.
We will release more information beforehand if there’s any change.
Thank you for your continued support,
Lybra Finance ⚖️
Website: https://lybra.finance/
Docs: https://docs.lybra.finance/
Twitter: https://twitter.com/LybraFinanceLSD
Discord: https://discord.gg/mgyq3PhdJg
