Lyrebird is launching its algorithmic stablecoin protocol on Neo N3. Lyrebird’s dollar-pegged token, USDL, and the stabilization utility token, LRB, will be released through Flamingo’s reverse liquidity pools and through upcoming “airdroplet” events. Airdroplet is a designated term to differentiate initial, smaller airdrops from general airdrops that will occur as the Lyrebird ecosystem matures. The FRP-FLM-LRB pool will launch between 9:00 and 10:00 a.m. (UTC) on Friday, April 29, 2022.
The Lyrebird reverse pool will be seeded with 5 million LRB, which at an initial price of US $0.01 per LRB means it will have an equivalent worth of $50,000. The LRB will be paired against an equivalent $50,000 in FLM.
Approximately 1.5 million LRB will be released through Flamingo’s reverse liquidity pools each year. Reverse pools allow users to stake LRB or USDL along with another token into a pool and, in return, receive LRB tokens as a reward.
The first round of LRB airdrops will go to Lyrebird ecosystem participants for being early members in the Discord server or for testing the protocol on Neo N3 TestNet. The Lyrebird team anticipates distributing approximately 500,000 LRB through airdroplets, and there are no time-lock restrictions on any of these distributions. The snapshots for those who qualified have already been taken and will not be modified.
There are approximately 60 addresses on Neo TestNet that own LRB or USDL, and each address will receive an airdrop of 5,000 LRB tokens.
Roughly 260 Discord server members qualified for the airdrop and have already been whitelisted. Server members with green-colored handles have been approved, and those with yellow should be processed soon. Those who qualify will receive 1,000 LRB each.
Lyrebird Stablecoin Pool
The Lyrebird USDL stablecoin reverse liquidity pool will launch on Flamingo when the price of LRB shows signs of reduced volatility. The team states the purpose of the LRB token is designed to absorb USDL’s volatility. Therefore, the pool will launch once the market has determined a relatively consistent value for LRB.
When the FRP-USDL-FLM reverse pool launches, there will be $50,000 USDL paired against $50,000 equivalent in FLM. However, rewards for the reverse pool will be distributed in LRB.
The Lyrebird team aims to incentivize on-demand minting of USDL through the Lyrebird website instead of releasing the stablecoin through reverse pool rewards. Therefore, the FRP-USDL-FLM pool will distribute LRB, with the goal that users will swap LRB for USDL, then provide it as liquidity in the reverse pool.
The full announcement can be found at the link below: