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Lybra Finance
eUSDpeUSDDocs
Governance
Lybra V1
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UNLEASH THE UTILITY OF LST IN DEFI

The Interest Bearing Stablecoin
Backed by LST
APY ~5.80%

Total ETH/LST Deposits

V1: $9,549,938

V2: $56,936,540

$66,486,478

Total eUSD/peUSD in Circulation

V1: $3,969,601

V2: $28,802,114

$32,771,715

Total Yield Paid

V1: $3,607,488

V2: $3,335,376

$6,942,864

How Lybra Works

Step 1

Deposit

Deposit ETH/LST as collateral


Step 2

Mint eUSD/peUSD

Mint eUSD/peUSD against your collateral


Step 3

Earn Interest

Hold eUSD to earn interest (APY ~ 8%)


Step 4

Spend peUSD

Convert eUSD to peUSD and use it in DeFi Protocols, whilst still earning the
underlying interest on desposited collateral


Secure & Stable



Secure & Stable

The stability of eUSD is maintained through a combination of
overcollateralization, liquidation mechanisms, arbitrage opportunities and the
eUSD premium suppression mechanism. These factors work together and in
combination to ensure that the value of eUSD remains as close to a peg of 1 USD.

Interest Bearing

Interest Bearing

Holders of eUSD can anticipate earning an approximate 8% base annual percentage
yield (APY). Borrowers of eUSD who convert their holdings into peUSD, will
always have the flexibility to convert peUSD back to eUSD at any time, enabling
them to accumulate the interest earned on their deposited collateral.



0 Minting Costs



0 Minting Costs

Lybra Finance distinguishes itself from other LST backed stablecoin protocols by
providing users with the advantage of zero minting on eUSD. This unique feature
enables users to utilize their ETH holdings and borrow eUSD without incurring
any extra expenses. Minters of peUSD with non-rebasing LST collateral will be
subject to a 1.5% repayment fee on the total debt borrowed.

LayerZero Omnichain Integration

LayerZero Omnichain Integration

Launching Omnichain made easy with LayerZero. The implementation will be powered
by LayerZero's Omnichain Fungible Token (OFT) Standard, enabling the creation of
peUSD, an omnichain version of eUSD. This approach eliminates the requirement
for an eUSD Liquidity Pool on each supported chain, as well as the complexities
of bridging and wrapping procedures and the associated transaction fees.
Consequently, this cost-effective and technically efficient implementation
allows Lybra to seamlessly integrate free omnichain functionality into its
interest-bearing stablecoin offering.



Lybra DAO

Lybra DAO serves as the backbone of Lybra Finance's decision-making process

The governance of the Lybra DAO will be entrusted to LBR token holders, granting
them the authority to shape the project's trajectory, propose and participate in
decision-making processes, and collectively oversee the protocol. This
community-led approach serves to uphold the decentralized essence of the Lybra
Finance project and guarantees that its evolution aligns with the welfare and
desires of its user base.

Frequently Asked Questions


1. HOW ARE EUSD YIELDS GENERATED, AND HOW CAN IT YIELD ~8% APY?

eUSD yields generate from LST rebase rewards, translating into an actual yield.
Currently, the APR stands at approximately 8%.


2. HOW DOES THE EUSD REBASE WORK?

eUSD holders earn interest automatically due to Lybra Protocol’s unique design.
It functions as follows:

As an example, let's consider a user, Bob, who uses stETH as collateral to mint
eUSD. Bob's stETH collateral continues to accumulate rebase yield in the form of
additional stETH. Users referred to as Redeemers purchase the rebase yields from
Bob's stETH collateral using their eUSD on the Lybra protocol. If no Redeemer
steps in, the protocol purchases the yield using its eUSD holdings. Bob receives
a portion of the total eUSD proceeds as interest, determined by factors like his
LSTs APR, the total eUSD in circulation in that LST pool, the pool's Collateral
Ratio, and the overall eUSD supply. This mechanism allows Bob to earn interest
on his eUSD automatically for as long as he holds it. The introduction of peUSD
ensures this interest accrual continues even if he spends it.


3. CAN I EARN EUSD APY JUST BY HOLDING IT?

Yes, your wallet balance will increase automatically on a daily basis due to the
distribution of the rebase yield.


4. IS LYBRA OMNICHAIN?

Indeed, both LBR and peUSD are integrated with the OFT model from LayerZero and
can be bridged to any supported L2's. Our journey begins with Arbitrum.


5. WHY AM I NOT RECEIVING ESLBR EMISSION AFTER MINTING EUSD/PEUSD?

To be eligible for esLBR emission from the Mint Pool, users must maintain at
least a 2.5% threshold in Dynamic Liquidity Provisioning relative to their total
loan value. If the threshold drops below 2.5%, the user will no longer be
eligible for future esLBR emissions. Simultaneously, a bounty equal to the
user's ineligible emissions will be placed, which can be purchased by any user
at a 40% discount in LBR or eUSD.


6. WILL I LOSE MY ESLBR IF MY DLP FALLS BELOW THE 2.5% THRESHOLD?

If your dLP drops below the minimum 2.5% threshold, you will become ineligible
for unclaimed esLBR emissions. However, a bounty equal to the emissions you
would have earned during your ineligibility will be set.


7. WHY CAN’T I CONVERT PEUSD BACK TO EUSD?

Only peUSD that was originally converted from eUSD can be converted back to
eUSD. If you have a rebasing LST as collateral asset on Lybra Protocol, you can
convert your peUSD back to eUSD through the protocol.


8. CAN ANYONE PURCHASE THE DISCOUNTED ESLBR IN BOUNTY?

Anyone can buy esLBR from the dLP penalty or advanced vesting bounty at a 40%
discount, using either LBR or eUSD. Any LBR received by the protocol will be
100% burnt, while eUSD will be used in the Stability Fund to maintain eUSD's
peg.


9. ARE THERE ANY FEES ASSOCIATED WITH LYBRA?

Lybra does not charge any minting fee for eUSD. However, a 1.5% annual service
fee on eUSD circulation is deducted from the rebasing yield, which is then
distributed to esLBR holders. For peUSD minters, a 1.5% borrow/repayment fee
based on their peUSD debt is charged, and this too is distributed to LBR
stakers.


10. WHAT ARE THE REQUIREMENTS TO MINT EUSD/PEUSD ON LYBRA?

To mint eUSD or peUSD, you need to deposit a minimum of 1 ETH or another
supported LST as collateral through Lybra. Once deposited, you can mint eUSD or
peUSD against your collateral up to a collateral ratio of 150% (which can be
altered in accordance with DAO vote).

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