Introduction

Lybra Finance Protocol is a cutting-edge decentralized platform designed to bring stability to the volatile world of cryptocurrency. It primarily operates on Liquid Staking Tokens (LSTs), with ETH and other supported ETH proof-of-stake LSTs (StETH, WBETH, RETH, WstETH ) as its main components.

Lybra's primary mission is to create an interest-bearing stablecoin, known as eUSD, which is secure, decentralized and delivers real yield to its holders. This is achieved through the protocol's innovative structure which allows users to mint eUSD by depositing their ETH and other supported LSTs as collateral.
In addition to eUSD, Lybra V2 also introduces an Omnichain version of eUSD, called peUSD (pegged eUSD), which represents the underlying DeFi-utility of eUSD, unlocking wider utility for DeFi applications. Both eUSD and peUSD can be converted at a ratio of 1:1 through the protocol.
eUSD, an over-collateralized asset, offers users much-needed stability in the volatile cryptocurrency market. Meanwhile, peUSD provides users the confidence for transacting in DeFi, with its wide-ranging use cases.

Lybra Finance App

Lybra Finance Docs

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Gathering data

We used data from our subgraph that deployed on The Graph hosted service. Creating and deploying a subgraph includes the following steps:
1 - Create a subgraph on Thegraph.com.
2 - Initialize the created subgraph. You can specify the contract address, start block, and ABI in this step.
3 - Build the subgraph.
4 - Authenticate the subgraph and deploy it to the Hosted Service.
Deployed subgraphs:

Lybra Finance StETH Vault Subgraph - Contract address: 0xa980d4c0C2E48d305b582AA439a3575e3de06f0E
Lybra Finance WstETH Vault Subgraph - Contract address: 0x5e28b5858da2c6fb4e449d69eeb5b82e271c45ce
Lybra Finance RETH Vault Subgraph - Contract address: 0x090B2787D6798000710a8e821EC6111d254bb958
Lybra Finance WBETH Vault Subgraph - Contract address: 0xb72da4a9866b0993b9a7d842e5060716f74bf262

You can read more about creating and deploying subgraphs on The Graph docs.

After deploying the subgraph, we queried data from the subgraph using Flipsidecrypto Live Query.

Docs

It should be noted that the results of this work are related to Lybra Finance V2, and do not cover Lybra Finance V1.

As mentioned in the introduction, you can also deposit Ether into the Lybra Finance protocol. When you deposit Ether into this protocol, first, it is swapped to one of the supported LST tokens.

You can choose the LST token that you want to swap Ether with (StETH, WstETH, RETH, WBETH) then your LST token will be deposited into one of the Lybra Finance vaults.

Lybra Finance V2 Dashboard ♎ 🔥