Searching for Alpha: Lybra Finance

DeFi ProtocolsMay 23, 2023, 10:21AM EDT
UPDATED: May 23, 2023, 5:24PM EDT
Searching for Alpha: Lybra Finance
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Lybra Finance is a protocol that issues a yield-bearing stablecoin, eUSD, which is backed by liquid staking derivatives (LSD) of ETH.

Lybra enables users to mint eUSD by borrowing against their deposited ETH and ETH LSD, in which any ETH deposits are automatically converted into ETH LSDs by the protocol. Given its nascency, the protocol currently supports just one LSD as collateral, that being Lido’s stETH.

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