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Home»ALTCOIN NEWS»The total value locked in this DeFi protocol crashed by 70%.
ALTCOIN NEWS

The total value locked in this DeFi protocol crashed by 70%.

By Crypto FlexsFebruary 5, 20243 Mins Read
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The total value locked in this DeFi protocol crashed by 70%.
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The LBR native token of decentralized finance protocol Lybra Finance has experienced significant price volatility over the past week as major supporters have sold off the asset.

Lybra Finance, developer of the high-yield eUSD stablecoin, aims to maintain a stable $1 peg and generate revenue from collateralized floating staking tokens. In January 2023, the DeFi protocol reached its maximum TVL of nearly $400 million.

LBR price drop by 50%

SpotOnChain, a prominent blockchain analytics firm, reported that Key Opinion Leaders (KOLs) and anonymous addresses holding significant amounts of LBR tokens control a significant portion of the network’s Total Value Locked (TVL).

LBR’s decline began when these substantial holders began selling their assets. On January 15, Blurr.eth, the top protocol staker, removed all 34,000 ETH ($70 million), while other major stakers sifuvision.eth and czsamsunsb.eth removed 6,000 ETH ($13 million) and 4,000 ETH. ($8 million) was thrown away. , respectively today.

LBR token flow. source: Spot on Chain

Due to these actions, the value of LBR has fallen approximately 14% over the past day to $0.4263 at press time. Over the past week, LBR has experienced a significant decline of around 50%.

“Influential key opinion leaders (KOLs) have abandoned their tokens. It is unclear whether LBR will ever make a comeback,” wrote blockchain analytics firm SpotOnChain.

Meanwhile, increasing selling pressure had a negative impact on the eUSD stablecoin, causing it to briefly deviate from its peg and fall to $0.97. It has recovered to $1.01 as of press time, but it is worth noting that trading volume has remained below $4,000 over the past 24 hours, according to CoinMarketCap data.

DeFi TVL drops 70%

As a result of these developments, the total value of assets locked in DeFi protocols plunged nearly 70% over the past day, from $245.85 million to $79 million, according to DeFiLlama data.

Industry experts have suggested that the sharp decline was caused by whales withdrawing ETH and moving to other protocols with better returns.

“People simply have better ways to use their ETH, that’s all. Why Lybra when people can re-stake Lybra, get LRT, get lots of EL+ other points, and rent stalls for that?” Would you like to store ETH in a position,” said cryptocurrency analyst Yorki.

Lybra Financial TVL
Lybra Finance total value is locked. Source: DeFillama

Lybra Finance attributed the decline to user behavior, adding that the protocol and user funds remain safe.

“We know that there has been a sudden drop in TVL due to user behavior. The protocol is secure and users’ assets are not affected. Don’t panic,” said the Lybra team.

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