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This article sorts out the classification of LSDFi, what are the early projects worthy of attention?

PANews

2023-06-12 21:00 (UTC+8)

本文约2035字，阅读全文需要约8分钟

In the following, PANews will take stock of recent LSDFi projects worthy of attention in each category. The data in this article are all collected on June 9.

Original author: Jiang Haibo, PANews

Inventory of LSDFi classification and 8 early projects worthy of attention

Stable currency

Lybra Finance

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Lybra is an LSDFi project that is currently in the limelight, and its native tokens have increased by more than 40 times and have attracted a lot of attention. In Lybra, stablecoins can be minted by staking ETH and stETH (ETH will also be converted to stETH). eUSD is an interest-bearing asset, and the LSD income generated by ETH and stETH will be distributed to eUSD.

Inventory of LSDFi classification and 8 early projects worthy of attention

Lybra is also a project with high mining income in LSDFi. As of June 9, DeFiLlama shows that Lybra's TVL is 186 million US dollars. The official website shows that the APR of minted eUSD (calculated by minted eUSD) is 31.39%, and eUSD/USD LP The APR of LBR is 13.68%, the APR of LBR/ETH LP is 147.07%, and the APR of pledged LBR is 60.3%.

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Prisma Finance

Link:https://www.prismafinance.com/

Link:

Prisma allows users to stake wstETH (Lido), cbETH (Coinbase), rETH (Rocket Pool), sfrxETH (Frax), WBETH (Binance) to mint the stablecoin acUSD, and its codebase is based on Liquity.

Inventory of LSDFi classification and 8 early projects worthy of attention

In addition, the project uses the veToken model, and vePRISMA holders can vote on the emission of PRISMA to incentivize the LP tokens of the stablecoin.

Layer 1 Blockchain

Tenet Protocol

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At present, the Tenet main network has been launched, but there is no data. The project also established a full-chain bridge dedicated to LSD with Layerzero, and its native token also uses the veToken mechanism.

Leverage

Raft

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Raft allows users to over-collateralize stETH or wstETH to mint the stablecoin R. R currently has three liquidity pools, Balancer R/wstETH pool, Balancer R/DAI pool, and Uniswap v3 R/USDC pool.

The feature of Raft is that it supports flash loans (here called Flash Mint), which can increase the leverage by up to 11 times at one time. It can cast a stable currency R that far exceeds the collateral at one time, and convert R to wstETH, and then deposit wstETH into the agreement As collateral, the stablecoin R is minted to repay the debt. Even if there is no need for high leverage, this function is very efficient if the loan needs to be repaid in time to avoid liquidation due to the fall in collateral prices.

Inventory of LSDFi classification and 8 early projects worthy of attention

income class

Instadapp Lite v2

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ETH depositors will receive a certificate of deposit iETH, and according to Defi Mochi, Lite v2 has a TVL of $58.1 million, second only to Lybra in LSDFi.

Liquidity

unshETH

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unshETH is a liquidity center for LSD. In projects such as Curve, LSDs such as stETH usually form trading pairs with ETH, but there are no trading pairs between different LSDs (direct transactions can also be realized through routing).

This type of project allows users to deposit different LSDs such as wstETH, sfrxETH to obtain deposit certificates, and in unshETH to mint unshETH. In addition to obtaining the LSD income of ETH, holding unshETH can also obtain transaction fees and casting/redemption fees.

There are many liquid LSDFi projects, such as the early LSDx, etc., and the principle is roughly the same. UnshETH is currently the most used one, so I won’t go into details about other projects here.

future earnings

Pendle

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Pendle has been on the rise lately because of LSD. Users can use Pendle to divide income assets such as stETH into two parts, one is the PT token representing the principal, and the other is the YT token representing the income right. This method is similar to the separation of principal and interest of bonds in traditional finance. After minting, exchange YT tokens for PT tokens to get more principal at maturity.

Inventory of LSDFi classification and 8 early projects worthy of attention

Lottery

Asymetrix

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Asymetrix provides asymmetric staking income. Users deposit stETH into the agreement, and the agreement obtains staking income, but the income will not be distributed to everyone fairly, but a lucky person will be randomly selected through Chainlink VRF to distribute all the income. Everyone always keeps their principal and can withdraw at any time.

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summary

The LSDFi track is currently developing rapidly, with various new projects emerging, and projects such as Lybra have also brought wealth effects. However, the functions of most projects seem to be only a subset of mainstream DeFi projects. For example, the function of borrowing stable coins based on Liquidity code mortgage LSD can also be realized in MakerDAO and Aave. Among the liquidity of LSDFi, Curve and Balancer are still more attractive.