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Lyrebird is an algorithmic stablecoin protocol built on Neo N3. At its core, Lyrebird is a collection of smart contracts that enable the issuance of L-assets - NEP-17 tokens that are soft-pegged to desired currencies. At launch, Lyrebird will support Lyrebird USD (USDL), an L-asset pegged to the US Dollar. Other L-assets will be created based on community feedback once voting is enabled.

Lyrebird is heavily inspired by the Terra ecosystem and achieves its pegs by creating arbitrage opportunities between L-assets and its reserve token, the Lyrebird Token (LRB). The swap functionality provided by the Lyrebird Aviary contract allows anyone to exchange arbitrary amounts of LRB with an equivalent value of any L-asset and vice versa at the target price, less a small spread. This functionality incentivizes arbitrageurs to push the price of any L-asset back to its target price on exchanges.

The eventual goal for Lyrebird is to become a community-owned protocol that serves as a building block for a burgeoning DeFi ecosystem on Neo N3.