Original source: First Class Warehouse
Lybra Finance is an LSDfi stablecoin protocol. Its main business model is to mortgage ETH or stETH to mint the stable currency eUSD, and use the proceeds of LSD to repurchase eUSD to earn interest on the stable currency. The annualized rate is between 7% and 9%. The interest on the stable currency comes from the interest on the ETH pledge. , so the higher the mortgage rate, the higher the interest. eUSD is maintained stable by over-collateralization, liquidation, and arbitrage. The LSDfi track has relatively good fundamentals, narrative value and user demand. Lybra Finance is currently the LSDfi protocol with the highest TVL. The first interest-bearing stable currency eUSD has a certain attraction for funds in the market. Therefore, this product deserves attention.
Investment Summary
Lybra Finance is an LSDfi stablecoin protocol. Its main business model is to mortgage ETH or stETH to mint the stablecoin eUSD. Through the proceeds of LSD, it can repurchase eUSD to earn interest on the stablecoin, with an annualized rate of between 7% and 9%. eUSD is maintained stable by over-collateralization, liquidation, and arbitrage. The ratio of the value of the collateral to the value of eUSD needs to exceed 160%; when the value of the collateral and eUSD do not meet a certain ratio, anyone can liquidate the pledged assets. And the liquidator will receive rewards; when eUSD is higher than 1 US dollar, users will tend to mint eUSD and sell it in the market for profit, so that the price will gradually return to one dollar. When eUSD is lower than one dollar, users will tend to buy eUSD in the market The exchange of ETH in the protocol causes the price of eUSD to rise. This arbitrage model is relatively common in stablecoin protocols, but the specific effect is difficult to determine.
LSDfi is a type of Defi protocol based on ETH collateral. Common ETH pledge tokens include stETH, bETH, rETH, cbETH, wstETH, etc. Among them, stETH and wstETH account for the vast majority of LSDfi TVL, which is approximately US$650 million. The main development direction of the LSDfi protocol is lending, stablecoins, DEX, etc. In addition to Pendle, LybraFinance and other protocols that mainly rely on LSDfi, established Defi protocols such as MakerDAO and Curve have also dabbled in LSDfi, which has weakened the interest of some LSDfi stablecoin protocols. Attractiveness of funds. The LSDfi track has relatively good fundamentals, narrative value and user needs. The user needs of LSDfi come from users who hope that the collateral can have exit liquidity and increase leverage to increase returns. The current LSDfi protocol can basically meet these needs.
The disadvantages of Lybra Finance are:
1) The project has no risk financing, the team is anonymous, code information and other disclosures are low, and there may be security risks;
2) The development of the project depends on the development of ETH derivatives;
3) The interest of eusd essentially comes from the income from ETH staking. In the early and intermediate stages of the project, mining rewards need to be continuously invested to achieve sustained growth of TVL;
4) The value-added operation of eusd holder balance is not transparent enough and may have potential security risks.
The advantages of Lybra Finance are:
1) The issued stable currency eUSD automatically earns interest and can attract LSD funds in the market;
2) It is currently the leader in LSDfi and attracts the attention of investors.
Therefore, this product deserves attention.
1.Basic overview
1.1 Project Introduction
Lybra Finance is an LSDFi protocol that focuses on stablecoin interest generation.
1.2 Basic information [1]
2. Project details
2.1 Team
In Discord, the administrator stated that Lybra Finance is an anonymous team.
2.2 Funding
LybraFinance is selling 5, 000, 000 tokens at a price of 0.3 U IDO without risk financing, for a total value of 1.5 million USD. 20% of the funds raised by IDO will be used to provide LBR/ETH LP, 40% of the raised funds will be used to mint eUSD, 20% of the raised funds will be used to provide eUSD/USDC LP, and 20% of the raised funds will be used for market making and operating expenses.
2.3 Code
The Github code page of Lybra Finance is (https://github.com/LybraFinance). The code page has too little information to generate a code report. The project has five libraries, and the V2 mode code will start in May 2023.
2.4 Products
Lybra Finance is an LSDfi protocol in which users can act as minters, holders, liquidators, and redeemers. Users income mainly comes from holding eUSD and earning income, minting eUSD and earning LBR tokens, staking LBR and sharing protocol income and LP rewards. Currently, stablecoins in the cryptocurrency market can be divided into three types. One is legal currency-collateralized stablecoins, such as USDT and USDC. These stablecoins are usually issued and managed by centralized institutions and generally maintain a mortgage ratio of 1:1, which means Every time a stablecoin is issued, a legal currency needs to be pledged as collateral; one is a cryptocurrency-collateralized stablecoin. A cryptocurrency-collateralized stablecoin is a stablecoin minted with Bitcoin or Ethereum as the underlying asset, and the mortgage rate is usually high. at 100%; the last one is algorithmic stablecoin. Algorithmic stablecoin is a type of project that uses algorithms to keep the price of stablecoin stable. This type of project has a greater risk of zeroing out. The Lybra Finance team believes that one drawback of stablecoins is the lack of interest income. With the upgrade of Ethereum Shanghai, stablecoins can have interest income. Utilizing liquid collateral derivatives will provide stablecoins with stable prices and stable interest rates. Lybra Finance uses ETH and stETH as the main underlying assets to generate the stablecoin eUSD. eUSD is a stable currency pegged to the US dollar. The interest comes from the LSD income generated by depositing ETH and stETH. The annualized rate of return is about 7% ~ 9%. The interest income of eUSD comes from the pledge income of eth. Currently, steth’s The annualized rate is 3.8%, and the minimum mortgage rate of LybraFinance is 160%, so the annualized rate of eusd is between 7% and 9%. The higher the overall mortgage rate of the project, the more beneficial it is to the income of eusd holders. eusd The minters earnings. In the absence of mining income, minters may have to repeatedly borrow and increase leverage to obtain ideal income, and the actual income may be lower than what the project side describes.
The stability of eUSD is maintained by three methods: overcollateralization, liquidation mechanism and arbitrage opportunities. 1) Over-collateralization, every 1 eUSD requires at least 1.5 USD worth of stETH as collateral. Over-collateralization helps maintain stability by ensuring that the value of the underlying collateral is greater than the value of the issued eUSD; 2) Liquidation mechanism, Lybra adopts a liquidation mechanism, if the users mortgage rate is lower than the security mortgage rate, any user can voluntarily become a liquidator 3) Arbitrage mechanism, if the price of eUSD exceeds one dollar, users can mint new eUSD by depositing ETH as collateral, and then sell eUSD, With the sale of eUSD, the price of eUSD will gradually return to $1. If the price of eUSD is lower than $1, users can buy eUSD at a discounted price in the market, and then exchange it for $1 worth of ETH in the Lybra agreement. The users purchase Demand will increase as the spread widens, pushing the eUSD price back to $1. Because eUSD has interest income, this arbitrage model may not be true. In fact, eUSD is often in a positive premium state.
Figure 2-1 The liquidation curve of Lybra Finance
coin
Minting requires that the users mortgage rate should be 160% higher than the security mortgage rate. The mortgage rate depends on the price of Ethereum. If the price of Ethereum falls, the account may be liquidated. In addition, the product also has the concept of overall mortgage rate, which refers to the ratio of the total value of all collateral in the agreement to the total supply of eUSD. If the overall mortgage rate falls below 150%, all users with a mortgage rate below 125% may be liquidated.
Figure 2-2 The main operation interface of Lybra Finance
rigid redemption
Using eUSD to exchange ETH directly is called rigid redemption. During this process, users need to pay a fee of 0.5% to promote users to repay their debts instead of direct rigid redemption. However, this may cause eUSD to shift to < 1 dollar, rigid Redemption is not equal to debt repayment. If redemption occurs, users who turn on the redemption mode will lose part of their collateral and reduce the corresponding debt at the same time, and can also get a 0.5% redemption fee. This means that the collateral that opens the redemption mode will become the exit liquidity of other users.
Figure 2-3 The rigid redemption process of eUSD
Mining
The main reward for mining in Lybra Finance is esLBR. Users can obtain esLBR by locking LBR, Mint eUSD, building LBR/ETH LP and eUSD/USDC LP on the earn page. Same value, and affected by total LBR supply. esLBR cannot be traded or transferred, but has voting rights and can share in protocol revenue. Mining rewards are the main source of esLBR. After users unstake esLBR to LBR, esLBR will be linearly converted to LBR within 30 days. There are currently 2,321,792.63 esLBR in the pledge pool. Mining is an important means to maintain the growth of project TVL.
V2
Lybra Finance is about to release the V2 model. The main improvements of V2 are: 1) Add new LSD assets as collateral, and at the same time determine the minting limit for new LSD assets and use isolation pools to reduce risks; 2) Enable the new stable currency peUSD, peUSD is the full-chain version of eUSD. It uses LayerZero technology to bridge eUSD from the Ethereum mainnet to the second layer. When eUSD is converted to peUSD, eUSD will be locked in the mainnet contract. Locked eUSD can be used for flash loans to facilitate liquidation and generate profits; 3) liquidation, the liquidation process of peUSD is roughly similar to the eUSD liquidation process in V1, peUSD cancels the full liquidation process of eUSD, that is, when the agreement mortgage rate is lower than 150% , users whose mortgage rate is lower than 125% will not be liquidated. Whether it is bridge-converted peUSD or peUSD minted with LSD assets, it is applicable to the new liquidation process.
Mortgage rate > 160% Is it too high
A higher mortgage rate will lead to a lower capital utilization rate. Among the non-LSDfi stable currency protocols, the stable currency protocol with the highest mortgage rate is MakerDAO. For the agreement, the higher the capital mortgage rate, the more guaranteed the value of the stable currency, because the price of ETH is changing. A 37.5% drop in the value of the collateral with a mortgage rate of 160% will make the value of the collateral equal to the value of the stablecoin, 33.3% points with a mortgage rate of 150%, and 28.6% points with a mortgage rate of 140% , the mortgage rate is 130%, it is 23% points, and the mortgage rate is 120%, it is 16.6% points. Judging from ETHs past historical prices, it is not impossible for ETH to fall by 20 to 30 points in a period of time. From the calculation results, the minimum mortgage rate is not much different from 160% and 150%. For the protocol, the minimum mortgage rate may be chosen A rate of 150% is more reasonable, but the underlying asset of LSDfi is essentially a derivative of ETH, which may be more unstable than ETH. Therefore, it is understandable that the mortgage rate is higher. Users who are particularly pursuing capital efficiency can directly purchase eUSD.
The interest of eUSD comes from:
Deposited ETH is automatically converted to stETH through Lybra Finance, stETH will grow over time, and the increased income from stETH will be distributed to protocol token LBR holders and stablecoin eUSD holders. Example: When user A deposits $135,000,000 in ETH and mints 80,000,000 eUSD, user B deposits $15,000,000 in ETH and mints 7,500,000 eUSD, the current eUSD circulation is 87,500 , 000 and the current collateral value is $150, 000, 000. The income from LSD after one year (5%) is US$7,500,000, and the service fee generated after one year (1.5%) is US$1,312,500. The total income generated by subtracting the two is US$6,187,500.
How eUSD Generates Yield
eUSD generates income through the increase in the number of eUSD. When the stETH balance of the protocol increases due to LSD income or other reasons, the excess income will be converted into eUSD tokens, and the exchanged eUSD tokens will be distributed to existing eUSD Held. The eUSD exchanged for stETH is equivalent to being destroyed, and the balance of the remaining eUSD holders increases in value due to the increase in total value and the decrease in total equity. You can also generate income by directly exchanging other stable currencies USDT, USDC, and FRAX for eUSD. eUSD only has trading pairs with USDC on Curve. The single-day trading volume is about three to four hundred thousand U.S. dollars. The total circulation of eUSD is 170, 468, 361.77, is the only source of exit liquidity for eUSD. The balance of eUSD is dynamic and represents the holders share of Ethereum held in the protocol. Regarding how the dynamic changes in the eUSD balance are implemented, the response given by the community administrator is that when the protocol earns $1,000 from rewards in a day, the $1,000 stETH will remain within the scope of the protocol. In order to distribute income to eUSD holders, when someone wants to redeem steth with eUSD, the protocol will give him the increased steth and get the eUSD he uses to redeem it and distribute it to the current eUSD holders. There are two problems with this approach. The steth interest generated on that day is unlikely to be exactly equal to the redemption demand on that day. Secondly, holders have no way to see eUSD holding information on Etherscan, so these actions may not be transparent every day. Happens on the chain.
Is eUSD at risk of de-anchoring?
eUSD may have experienced an unanchoring when the price of Ethereum fell sharply. On March 12, 2020, due to the congestion of Ethereum and the surge in handling fees, DAI, which was entirely backed by ETH as a collateral asset, experienced an unanchoring and generated millions of dollars. of bad debts. The possibility of such de-anchoring exists for eUSD. The underlying asset of eUSD, stETH, comes from the decentralized Ethereum pledge service provider Lido Finance. stETH experienced de-anchoring in June 2022 before Ethereum opened redemption, with the maximum de-anchoring of 5%. The impact of this kind of de-anchoring on eUSD may be temporary, but it cannot be ruled out that users are depleted due to panic. All the exiting liquidity caused eUSD to decouple further. Currently, because direct purchase of eUSD with the same amount of assets can yield more ETH pledge income than casting eUSD, eUSD may have a positive premium in the long term.
Figure 2-4 eUSD trading K-line
How many application scenarios can eUSD generate?
The life of a stablecoin depends on its application scenarios. The biggest problem with decentralized stablecoins currently is the lack of application scenarios. DAI, the originator of decentralized stablecoins, has a total of 661 trading pairs on various centralized exchanges and decentralized exchanges, and can provide liquidity far exceeding eUSD. The main reasons why DAI can achieve large-scale adoption are that it appeared early and the mortgage assets include centralized stablecoins USDC and ETH, which subtly meets the dual requirements of users for the security and decentralization of decentralized stablecoins. eUSD, which uses stETH as the underlying asset, obviously cannot meet this requirement. stETH is not as secure as ETH itself. At the same time, eUSD itself is also limited by the growth of limited stETH assets. Therefore, it is speculated that eUSD is still mainly used as an interest-bearing certificate for ETH pledge and cannot compete in the stablecoin track.
Summary: Lybra Finance is an LSDfi stablecoin protocol, which pioneered the business model of stablecoins earning interest. Lybra Finance uses three methods: rigid redemption, over-collateralization, and arbitrage to maintain the stability of eUSD prices. It uses LSD earnings to repurchase eUSD to achieve stable currency interest generation. At the same time, it starts token mining to attract funds and reduces tokens through the vesting period of token release. Due to currency selling pressure, it has now become the protocol with the highest TVL among LSDfi. The V2 mode will be extended to L2 through LayerZero technology, and the TVL is expected to grow further. The product has no VC investment, the team is anonymous, and the code disclosure level is low, so there may be certain risks.
3. Development
3.1 History
Table 3-1 Lybra Finance major events
3.2 Status
Figure 3-1 TVL change curve of Lybra Finance
Lybra Finances TVL has grown from over $3 million in April 2023 to $236 million currently. There are 170 million eUSD minted, the average mortgage rate is 1.63, and the average health factor is 1.088. If a 1.5% handling fee is charged, the annual handling fee of the current agreement is US$2.566 million.
Figure 3-2 The minting situation of eUSD
3.3 Future
The team’s work plan for the third quarter of 2023 is:
1) Establish a secure multi-signature wallet; 2) Connect to the LayerZero protocol; 3) Deploy to Arbitrum; 4) Deploy lending functions; 5) Full-chain deployment; 6) Explore more composable Defi; 7) Based on Lybra DAOs community suggests developing more features.
4. Economic Model
4.1 Token distribution
$LBR is the native token of Lybra Finance with a maximum supply of 100, 000, 000. $LBR holders can participate in voting and governance while sharing the protocol revenue. Lybra Finances revenue comes from a service fee of 1.5% of the total eUSD amount. The service fee collected by LybraFinance will be distributed according to the proportion of LBR holders in the LBR pledge pool. esLBR is a managed $LBR. The use cases of esLBR are 1) governance; 2) obtaining service fee income; 3) distributing to target groups as rewards; 4) obtaining treasury and protocol income distribution. esLBR exists primarily to reduce selling pressure on $LBR.
4.2 Currency holdings
$LBR has 3400 holders and 57157 transactions. Relatively speaking, the number of holders is small. If the number of subsequent holders can be further expanded, the token may rise further.
Figure 4-1 Basic information of $LBR’s blockchain browser
The top 100 holders of $LBR hold 66.6% of the total number of tokens, which is less concentrated than tokens of other projects. The top five holder addresses are basically those of centralized exchanges and decentralized exchanges, and the main trading venue of $LBR is Uniswap.
Figure 4-2 Holder distribution of $LBR
5. Competition
5.1 Industry Overview
LSD refers to the upgraded liquid mortgage derivatives of Ethereum Shapella. The Defi built on LSD is LSDfi. The goal of LSDfi is to provide Lsd with a higher rate of return. According to the Dune Kanban data produced by @hildobby, a total of 23,413,761 ETHs are currently pledged, accounting for 19.66% of the total circulation of ETH, with a total value of 43.78 billion US dollars. The project with the highest stake on Ethereum is Lido, accounting for 31.7% of the total stake; followed by Coinbase, accounting for 9.6% of the total stake. The pledged amount of ETH has been growing steadily from 2020 to now. How to revitalize this market worth tens of billions of dollars is an important topic for various Lsdfi projects. The main development directions of LSDfi are lending, stable currency and DEX. The top three new projects in Lsdfi are LybraFinance, raft.fi and pendle, accounting for 48.3%, 7.679% and 7.549% respectively. Lsdfi projects in the form of stablecoins currently include Lybra Finance, Raft, and Gravita. The stablecoin eUSD minted by LybraFinance accounts for more than 70% of the Lsdfi stablecoin market.
Binance Research pointed out in a research report that the total TVL of the old LSDfi and the newer LSDfi is 6.35 B. The TVL of the old protocol is approximately 8.76 times higher than that of the newer protocol. The TVL of the newer protocol has increased approximately since May 2023. 66.1%. With basically all protocols integrated with stETH, over-reliance on a single collateral can lead to an unhealthy growth model.
Figure 5-1 LSDfi track ranking
Lending is a product of human social and economic development, and its history can be traced back to ancient times. In the modern financial system, lending is an important financial activity that can promote economic development and social progress. In the Web3 industry, the lending track is also very important. The development history of the lending track can be divided into three stages: 1) The first stage is around 2017, when projects represented by MakerDAO began to explore decentralized stablecoins and lending protocols based on Ethereum; 2) The second stage is From 2018 to 2019, projects represented by Compound began to introduce the concepts of liquidity mining, governance tokens, and peer-to-peer pools to encourage users to participate in the lending market and enjoy benefits and governance rights; 3) The third stage is from 2020 to the present , Projects represented by Aave have begun to innovate a variety of lending models and functions, such as flash loans, credit authorization, fixed interest rates, etc., which have improved the efficiency and flexibility of the lending market.
Lending and stablecoins can be combined. Lending agreements can be divided into agreements that lend themselves to issue stablecoins and agreements that do not issue stablecoins. If a lending agreement issues stablecoins, then the business focus of this agreement is stablecoins. The earliest lending protocol to issue stablecoins is MakerDAO. From the description of MakerDAO, it can be clearly found that the lending model is only to make stablecoins have underlying asset pledges, and lending is not its original intention. Stablecoins are a huge business in the industry. First, US dollars can be stored in banks to generate interest. Second, centralized stablecoin institutions can purchase national debt and commercial paper. Even MakerDAO also purchased national debt in the name of RWA. The issuer of the stable currency has raised a large amount of available funds by exchanging fake money for real money, and used these funds to generate a lot of low-risk returns. Under the premise of a large amount of funds, the returns are very considerable. This is An important reason to attract the team to do stable currency.
Figure 5-2 LSDfi’s proportion of stable coins
5.2 Comparison of competing products
Gravita
Gravita is an interest-free lending protocol with LSD as collateral, providing users with interest-free loans guaranteed by Liquid Stake tokens and Stability Pool. The loans are issued in the form of stablecoin GRAI, which has similar volatility suppression to LUSD The mechanisms token can generate debt worth up to 90% of the users collateral value. Gravita is built on the model of the lending protocol LiquidityProtocol. If the user repays the loan within six months, the interest will be refunded on a pro-rata basis, with the minimum interest equivalent to only one weeks interest. In order to reduce the volatility of GRAI, GRAI holders are allowed to redeem 1 GRAI with collateral worth $0.97, incurring a 3% redemption fee.
Raft.fi
Raft.fi is a stablecoin Lsdfi protocol. Using Raft, each Ethereum wallet address needs to open a new position. Each address is only allowed to have 1 position. The wrapped stETH needs to be deposited in the address as collateral to borrow. Out R. It allows users to deposit stETH to generate stablecoin R. Raft combines the design features of SAI and LUSD to maintain the stability of R. Users need to hold wstETH in the position, the ratio of collateral to debt must reach at least 120%, and users need to lend at least 3000 R. Raft uses borrowing spread to maintain the stability of R price. The borrowing interest rate is the sum of the basic interest rate and the borrowing spread, with an upper limit of 5%. The borrowing fee is the borrowing amount multiplied by the borrowing interest rate, which is paid using the stable currency R. The debt that users need to repay is borrowing and borrowing fees. When R is returned, it is immediately destroyed via the smart contract. [ 2 ]
There are three ways for R to be destroyed, namely: 1) Repayment. The borrower repays the lent R stable currency in Raft and gets back the wstETH collateral. When users make repayment, they can choose to repay part or all of it. R token debt, but the debt balance after repayment cannot be less than 3000 R. 2) Redemption, R stable currency holders exchange other borrowers’ wstETH for R. The redemption function allows R stable currency holders to exchange it for an equal amount of wstETH collateral at any time. When the user uses R to exchange wstETH, The protocol will use R to repay a portion of each existing Position debt, and the repayment ratio is distributed in proportion to the collateral. In order to promote repayment rather than redemption, the team enabled the redemption spread, which is the redemption interest rate. As a component, the redemption spread needs to be higher than the zero interest rate on repayments. 3) Liquidation, the liquidator repays the debt of the borrower below the minimum mortgage ratio and receives mortgaged wstETH and liquidation rewards in return. When the value of the collateral is between 120% mortgage ratio and 100% mortgage ratio, the account will Eligible for liquidation. The liquidator reward is to encourage users to support protocol liquidation and to compensate liquidators for the risks they bear during the liquidation process. Raft also uses a base rate, which is used to regulate borrowing and redemption behavior and reduce the volatility caused by borrowing and redemption. When the base rate increases, borrowing and redemption will cost more money. Raft also features a lightning minting feature, which enables users to mint 10% of the total supply of R at once. Lightning minting can be used for leverage operations, increasing leverage up to 11x in one go.
Summary: The rankings of LSDfi tokens are stETH, wstETH, and sfrxETH respectively. Users need to pay attention to the fact that packaging tokens such as wstETH can retain the pledged income of ETH, but cannot directly deposit stETH. The TVL of LSDfi depends on the total market value of ETH and the number of derivatives generated by ETH. As the established Defi protocols such as MakerDAO and Curve start to do LSDfi, the competition in related tracks is gradually heating up. The main development directions of LSDfi include lending, stable currency, DEX, income strategy, LSD index products, etc. Overall, lending and stablecoins are faring better, with a total TVL of over $2 billion each. Conventional stablecoin protocols such as Raft and Gravita do not have any advantages over MakerDAO except for the collateral ratio and handling fee, and MakerDAO’s stablecoin DAI has more application scenarios and exit liquidity, so Such conventional LSDfi protocols may be underdeveloped.
The highlight of Lybra Finance is that the stablecoin eUSD can generate interest and the protocol token LBR can be obtained through eUSD mining, which effectively attracts most of the funds of LSDfi. It currently accounts for 48.3% of the entire LSDfi market. The project is about to start V2 mode and further expand to On the L2 network, the TVL of the project may rise further, so this project deserves attention.
6.Risk
1) Risk of excessive leverage: LSDfi is a secondary nesting doll of ETH pledge. The users income comes from the interest income generated by pledging ETH and mortgaging stETH to mint eUSD stable currency. Through the secondary nesting doll users, the income of ETH pledge is increased. rate, but at the same time it also increases its own leverage level, which brings some potential risks to the security of the agreement
2) Risk of stETH de-anchoring: stETH has experienced de-anchoring. Although ETH was not open for withdrawal at that time, stETH cannot be immediately unpledged to ETH, so there is a risk of de-anchoring to a certain extent.
3) Lidos centralization risk: Lido currently has 354,339 pledgers, but there are only about 50 node operators, which leads to the centralization of the network and may have an adverse impact on stETH assets
References:
Data Insights: Liquid Staking and LSDFi Heat Up
LSDFi Summer is coming, quickly read about 6 LSDFi projects worth paying attention to
Check out 9 decentralized stablecoin protocols that use LST as collateral
[ 1 ] https://www.coingecko.com/en/coins/lybra-finance, data as of August 8, 2023
