TLDR;

1. Match Finance IDO: The MATCH token IDO will be publicly sold on December 23 at 10:00 am, raising 375ETH with an initial market value of $460,000.

2. Match Finance's goals and roles: Match Finance aims to provide Lybra users with higher mining returns and increase the liquidity of esLBR, similar to "Convex" in the Lybra ecosystem. It provides services tailored to the specific needs of Lybra users.

3. Lybra Finance's market position: Lybra Finance is a leading project in the LSDfi stablecoin field, allowing users to mint yield-bearing stablecoin eUSD. It has significant influence in the market with a total locked value (TVL) of 350 million US dollars.

4. Innovation and Audit of Match Finance: Match Finance solves Lybra's two pain points by providing a matching system and packaged versions of esLBR - mesLBR, improving liquidity and maintaining mining revenue. The TVL of the project has reached $9.4 million and has been audited by Boesin and Slowmist.

Match Finance IDO Details

Match token is scheduled to be sold from 10:00 PM on December 22nd to 10:00 PM on December 25th (Beijing time), divided into whitelist and public sale phases. The following is information about the public sale:

Start Time December 23rd 10 am (UTC+8)

Upper Limit of Fundraising: 375 ETH

Token Total Supply: 1,500,000 (15% of the total supply)

发售基础市值: 462K (based on ETH price of $2000 USD).

Sales format: First come, first served.

Project Background

Match Finance is the first project in the Lybra ecosystem, supported and funded by the Lybra official website. Match primarily provides higher mining rewards for Lybra users and releases the liquidity of esLBR, which can be understood as the "Convex" role of Lybra.

What is Lybra Finance?

As a benchmark project in the stablecoin field of LSDfi, Lybra Finance's main business model is to collateralize ETH or stETH to mint stablecoin eUSD. By repurchasing eUSD with LSD's yield, holding stablecoins can earn interest with an annualized return rate between 7% and 9%. The stability of eUSD is maintained through mechanisms such as excess collateral, liquidation, and arbitrage, and the ratio of collateral value to eUSD value must exceed 160%. Although Lybra V1 mainly focuses on the use of Lido's stETH, Lybra V2 will expand to other LSD/LST collateral such as Rocket Pool's rETH, WBETH, wstETH, etc. Currently, it has a TVL of 330 million US dollars and is the leader in the LSD track.

What is Match Finance?

A summary sentence, Match Finance is a yield aggregator and governance aggregator built on top of Lybra. The relationship between Lybra Finance and Match Finance is similar to Curve and Convex Finance or Pendle and Penpie, stacking Lego blocks for yield in DeFi. Currently, Match Finance's TVL has reached $9.4 million and has completed two audits. Match Finance has a close relationship with Lybra Finance and has received Lybra grant and official support for IDO.

Match Finance mainly addresses two pain points of Lybra:

1. The problem of not being able to receive esLBR incentives when users mint eUSD without dLP: Due to Lybra V2's new token model, in order to receive esLBR emissions by depositing LSD, users must lock up LBR/ETH dLP worth more than 2.5% of their total loan value. Therefore, Match Finance provides a matching system where users only need to provide either DLP or ETH/stETH to receive esLBR incentives.

2. Yield boosting and liquidity issues of esLBR: In Lybra V2, the unlocking time of esLBR has been extended from one month to three months. If you want to exchange it for LBR in advance, you will be penalized with a confiscation of 25% to 90%. Therefore, Match Finance provides a packaged version of esLBR - mesLBR. Like other erc20 tokens, mesLBR can be traded at any time and has the same staking rewards as esLBR, greatly releasing liquidity.

Match Finance Financing

Match Finance has received support from investors including Lbank Labs, MEXC Venture, NextGen Digital Venture, Paramount Capital, and Mr. Blockchain.

Match Finance How to Layout Lybra War?

The Lybra team has taken proactive measures in the V2 update by delegating the distribution of profits from each LST pool to DAO to enhance esLBR. In terms of governance, esLBR determines the increase in LST collateral, the vault corresponding to each LST, and the amount of esLBR allocated to each vault.

In order to achieve higher returns, users deposit LSD, LBR or LBR/ETH LP into Match. After helping users increase their returns, Match will continuously accumulate voting rights for esLBR. Through economies of scale, a more efficient incentive channel is created, and bribery income is obtained from it. Users influence the governance of Lybra Finance by governing Match Finance.

According to the experience of Pendle War, the scale of secondary protocols is usually between 10% and 30% of the underlying protocol. Based on this logic, the Lybra ecosystem may have 2 to 3 secondary protocols with valuations between 30 million and 70 million US dollars. Among these secondary protocols, the ultimate winner will receive the largest proportion of esLBR. Due to the effect of economies of scale, this protocol will become the most efficient incentive path, attracting more incentives from LST issuers. In addition, the governance token of this protocol will be able to map to more Lybra governance rights, providing strong support for the token price. As users deposit assets through Match Finance, the accumulated esLBR of Match Finance will continue to increase. As Lybra War begins, the empowerment of Match Finance tokens will become stronger and stronger.

Lybra Ecosystem 的初步形成

translates to

Lybra Ecosystem's Initial Formation

in English.The application scenarios of eUSD and peUSD determine the ceiling of Lybra Finance. Starting from the fourth quarter, Lybra Finance has cooperated with multiple projects, leading to the gradual formation of the Lybra Ecosystem, such as...

- Pendle enables interest rate trading for eUSD market.

- Curve peUSD/3CRV Stablecoin Pool Swap

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia