After the upgrade of Ethereum Shanghai, LSDFi has experienced rapid development. Existing DeFi projects are limited by factors such as inability to upgrade code or slow project updates, leading to the emergence of new LSDFi projects. Jiang Haibo, research director of BlockingNews, wrote an article reviewing LSDFi projects worth paying attention to in various categories in recent times. The data in this article were all collected on June 9.
Stablecoin:
1) Lybra Finance allows users to mint stablecoin eUSD by collateralizing ETH and stETH (ETH will also be converted to stETH). eUSD is an interest-bearing asset, and the LSD yield generated by ETH and stETH will be distributed to eUSD holders. Lybra’s TVL is currently $186 million.
2) Prisma Finance allows users to collateralize wstETH (Lido), cbETH (Coinbase), rETH (Rocket Pool), sfrxETH (Frax), WBETH (Binance) to mint stablecoin acUSD. Its codebase is based on Liquity, and Prisma is not yet live.
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Layer1 blockchain: Tenet Protocol is a Layer 1 blockchain that provides both LSD and LSDFi functionality and offers liquidity staking services. It can also mint stablecoin LSDC through various LSDs.
Leverage: Raft allows users to over-collateralize stETH or wstETH to mint stablecoin R. The feature is that it supports flash minting, which can increase leverage up to 11 times. Users can mint far more stablecoin R than the collateral and exchange it for wstETH, then deposit the wstETH into the protocol as collateral and mint stablecoin R to repay debt.
Yield: Instadapp Lite v2 is designed for various stETH-related strategies and is a Vault for ETH deposits only. It will use Aave v2, Morpho, Compound, and other lending markets to collateralize wstETH to borrow ETH, exchange it for wstETH, and then repeat the process to increase LSD yield.
Liquidity: unshETH is a liquidity hub for LSD, allowing users to deposit different LSDs such as wstETH and sfrxETH to receive deposit certificates, which can be used to mint unshETH. Holding unshETH not only earns LSD yield but also earns trading fees and minting/redeeming fees.
Reference: https://www.panewslab.com/zh/articledetails/27k16jqo.html
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