Search result of GRAI

This article explains what LSD and LSDfi are, and provides a comprehensive comparison and analysis of stablecoins based on LSD.

Following the Ethereum Shanghai upgrade, the problem of inability to redeem LSD liquidity collateral derivatives has been resolved. As a result, the number of ETH collateral has reached new highs, and the TVL of LSDFi has rapidly increased. Prisma Finance, as a dark horse in the field, has also received considerable attention.

This article explains in detail the Lybra Finance project, an LSDfi stable currency protocol. Its main business model is to mortgage ETH or stETH to mint the stable currency eUSD, and use the proceeds of LSD to repurchase eUSD to earn interest on the stable currency. The annualized rate is between 7% and 9%. The interest on the stable currency comes from the interest on the ETH pledge. , so the higher the mortgage rate, the higher the interest. eUSD is maintained stable by over-collateralization, liquidation, and arbitrage. The LSDfi track has relatively good fundamentals, narrative value and user demand. Lybra Finance is currently the LSDfi protocol with the highest TVL. The first interest-bearing stable currency eUSD has a certain attraction for funds in the market. Therefore, this product deserves attention.

LST-backed stablecoins use liquid staking tokens as collateral. Learn what they are, how they work, and why they matter for DeFi. As of 2025, the market has grown to $29.7B with 186% YoY growth, featuring innovations in cross-chain compatibility, AI-driven yield strategies, and improved risk management across major tokens like USDe, crvUSD, and others delivering up to 7.2% APY.

Liquid restaking protocols (LRTs) are evolving within the Ethereum ecosystem, democratizing the staking space and challenging established liquid staking giants. These protocols simplify the process of operating a validator, manage risk, and can offer higher ETH yields. Several LRTs are already live on the mainnet, including ether.fi, Renzo Protocol, and Keplr DAO. The LRT market is expected to grow exponentially with the realization of Actively Validated Services (AVSes). Despite potential concerns about cascade liquidation events or overloading the Ethereum consensus, the EigenLayer team is expected to launch on Mainnet in Q2, with some AVSes debuting within the quarter.