You are currently viewing Stablecoin Issuer Lybra Finance Nears $100M in TVL

Lybra Finance, a protocol built on liquid staking derivatives that aims to provide a decentralized interest-bearing stablecoin, has seen its total value locked (TVL) skyrocket nearly 400% in the past two weeks, nearing $100 million as of Friday.

Launched one month ago, Lybra’s surge in TVL coincides with Lido upgrading to its second version on May 15, which enabled Lido users to unstake their stETH and receive ETH. According to Lybra documents, the protocol “leverages Lido Finance-issued ETH proof-of-stake and stETH as its primary components, with plans to support additional LSD assets in the future.”

LBR, the native token of the Lybra Protocol, which gives holders governance powers and access to the protocol’s revenue, has jumped 33.8% in the past 24 hours and 173% in the past seven days, standing at $2.23, CoinGecko

Keep reading this article on Coinbase.com.

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