Flamingo Releases Lyrebird Reverse Pool
Flamingo is excited to announce the release the brand-new Lyrebird reverse pool: FRP-FLM-LRB!
What is a reverse pool?
A reverse pool lets you stake FLM and a second token just like any other Flamingo liquidity pool; however, it does not pay you staking rewards in FLM but a different token. The staking reward will often be the second token, but it can also be any other token on Neo. In this case, the new FLM-LRB reverse pool will pay rewards in LRB.
What is Lyrebird?
Lyrebird is the first native stablecoin protocol built on the Neo N3 blockchain. Initially conceived as an entry into the Neo Frontier Launchpad hackathon, Lyrebird won the Best DeFi Project prize and has been quietly building since then. Lyrebird provides a family of algorithmically stabilized stablecoins known as L-assets to serve as the foundational building blocks for Neo’s burgeoning DeFi ecosystem.
What is LRB?
As an algorithmic protocol, Lyrebird follows the same fundamental approach as Terra. Unlike traditional 1-to-X collateral-backed stablecoins, Lyrebird achieves price stability by incentivizing arbitrage activity to maintain its currency pegs.
In order to implement this system of arbitrage, Lyrebird introduces the Lyrebird Token (LRB). LRB is a free-floating token with its value dictated by the market and serves as the backbone of the Lyrebird ecosystem. Lyrebird’s arbitrage opportunities hinge upon the fact that LRB can always be exchanged for an equivalent value of an L-asset at its target price, regardless of the actual price of the L-asset.
You can read more about LRB and other L-assets in Lyrebird’s Medium article.
How do I stake in the Lyrebird reverse pool?
You can now stake FLM with LRB and earn LRB.
To stake in reverse pools, stake in the same ways you’ve always staked: by manually adding liquidity and staking or by using SmartStake. You can claim rewards as you usually would by selecting Claim and checking the box for the pool you want to claim.
Where can I stake in the Lyrebird reverse pool?
On the Asset Actions tab on Flamingo.Finance. You can also see all reverse pool stats and Claim your rewards on the Earn page.
When can I stake in the Lyrebird reverse pool?
Flamingo Finance is an easy-to-use DeFi platform built on Neo N3. Designed with Smart Functions for everyone, from beginners to advanced cryptocurrency users. https://flamingo.finance/