"ESLBR"

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Match Finance, the pioneering project in the Lybra ecosystem, has captured considerable market interest. Recently, Match Finance conducted a successful public sale, selling 15% of its platform tokens at a valuation of $5 million. Within two weeks of its launch, Match Finance has surpassed $8 million in TVL, showcasing its rapid growth and strong market demand.

After being online for four months and occupying half of the market share of LSDFi, Lybra Finance keeps the eUSD interest rate at around 8% and recently announced that V2 will be launched soon. What changes will this bring to this emerging project?

This article aims to clarify the current state of the LSDFi track by starting with data analysis and exploring the future direction of LSDFi through specific project analysis.

This article explains in detail the Lybra Finance project, an LSDfi stable currency 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.

This article delves into five aspects of Lybra, including its revenue sources, actual earnings, fair value of eUSD, how eUSD can become unpegged upward, and new mechanisms introduced in Lybra V2. Through a combination of on-chain data analysis, it aims to address questions from the broader Lybra community about Lybra and eUSD. The article also provides insightful analysis of potential earning strategies.

As a hot project in the realm of re-staking and the LRT concept, this article starts with the basic business logic and participants of EigenLayer, explains the concerns from Layer 2 DA, analyzes the challenges and competitors of EigenLayer, and finally provides a perspective on its future.