Lyrebird is an algorithmic stablecoin and synthetic asset protocol built on the Neo N3 blockchain. The protocol maintains pegs on desired currencies by guaranteeing that the Lyrebird token (LRB) can always be exchanged for each stablecoin token at fair value. For example, $1 worth of LRB can be consumed to mint one Lyrebird USD (LUSD) token and vice versa. The protocol relies on arbitrageurs to stabilize the prices of its stablecoins on exchanges by expanding or contracting the supply to match the demand.
Lyrebird won the Best DeFi Project award at the Neo Frontier Hackathon and will be receiving incubation support from NGD through the EcoBoost Program. To find out more about Lyrebird, please refer to the excellent article by Neo News Today
The team is busy developing the smart contracts and back-end code in preparation for launching Lyrebird with its first stablecoin offering LUSD in 2022Q1.
Because the success of Lyrebird depends heavily on community support, 50% of the initial supply of LRB will be airdropped to members of the Neo N3 and Flamingo ecosystems. Please follow us on Medium or Twitter for more specific information as the launch date draws near.
Once both LRB and LUSD have been launched and price stability has been achieved, the Lyrebird team will implement voting through the LRB token to ensure that the community can decide how Lyrebird can serve it better.