Stablecoin Issuer Lybra Finance Launches Arbitrum Testnet Amid Quest to Be More DeFi-Friendly
Users can now interact with Lybra’s new companion stablecoin peUSD, which is said to be more compatible with decentralized finance protocols than the protocol’s main stablecoin eUSD.
Lybra Finance rolled out its v2 testnet on Arbitrum’s Goerli network Wednesday morning as the issuer of a yield-bearing stablecoin aims to entice more high-frequency traders and other decentralize finance (DeFi) users with its products.
Lybra’s eUSD stablecoin is designed to be worth $1 and generate income from collateralized liquid staking tokens. With the v2 upgrade, users can use RocketPool, Binance and Swell’s liquid staking tokens as collateral to generate eUSD, per a, and the revision also introduces a companion stablecoin called peUSD.
Users can convert eUSD to peUSD, which aims to be friendlier for high-frequency traders – a term that describes a wide range of automated trading firms, including market makers and other vital liquidity providers – that use decentralized finance protocols, said 0xP, Lybra’s pseudonymous head of commercial partnerships.
The testnet rollout comes as the market capitalization of eUSD has surged 152% in the past 30 days to $198 million as investors deposit staking tokens to mint eUSD. Moreover, Lybra is nearing $400 million in total value locked, a 108% increase in July, data from shows.
LBR, Lybra’s governance token that has more than 3,000 unique holders per , has increased 4.6% in the past 24 hours to $1.97.
Edited by Nick Baker and Danny Nelson.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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