Frequently Asked Questions
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When is the IDO?
In order to reach a broader audience while abiding by regulations, Lyrebird has elected not to pursue an IDO.
Instead, LRB and USDL will first be available as Reverse Pools on Flamingo, incentivizing liquidity providers with LRB distribution.
I'm here for the airdrop. Am I eligible?
As a project launched without any private or public token sales, Lyrebird will gradually distribute 50% of the initial LRB token supply to ecosystem participants.
To ensure fairness, no information regarding eligibility will be promulgated prior to the airdrop snapshots. We will announce airdrops after the fact on Twitter and Medium, at which point they will be held for you in the Lyrebird Cage.
Lyrebird will never ask you to perform something (retweeting, buying an NFT, sending over your private key, etc.) in exchange for airdrops. If you see such a request, it is probably a scam.
What is the total supply of LRB?
LRB has an initial supply of 100M, but the supply is dynamic and can change arbitrarily to meet the market demand of L-assets.
50M LRB will be released to the community gradually through airdrops and liquidity pool rewards.
Are there any transfer restrictions?
There will not be any transfer restrictions for LRB, USDL, or any other future Lyrebird token.
Why does LRB's price keep changing? I thought this was a stablecoin project.
LRB is the reserve token of the Lyrebird ecosystem, and USDL is the stablecoin. LRB has floating price and keeps USDL stable by generating arbitrage opportunities whenever USDL deviates from the peg.
More information on this mechanism can be found on the Lyrebird Aviary page.
Are my funds safe?
Lyrebird was developed with incubation support from Neo Global Development and has had its contracts fully audited by Red4Sec. We have spent a considerable amount of time reviewing the protocol for possible bugs and attack vectors.
However, all Blockchain projects carry some degree of risk and we can make no guarantees. We recommend that you thoroughly read the documentation before deciding whether you find the risk to be acceptable.
Who are the arbitrageurs who keep USDL pegged?
The Lyrebird team is one. We run arby to seek arbitrage opportunities. It's open source for anyone to use and modify freely.
The project becomes more robust with more arbitrageurs, so we are happy to help you get set up if you would like to be one as well!
I would like to see the project succeed. How can I help?
Thank you for your support - there are several ways to help out, all related to the price stability of USDL.
- Staking LRB is a vote of confidence for the project. Your staked LRB periodically earn swap spread fees, but be aware that there is an unstaking period before staked LRB can be returned to your wallet.
- Providing liquidity for the FRP-FLM-LRB or FRP-FLM-USDL pools. High liquidity pools are less prone to sudden volatility.
- Running an instance of arby or another arbitrage bot. Arbitrage is at the heart of Lyrebird, and a large number of arbitrageurs shields the system from single points of failure.