Decentralized finance protocol Lybra Finance’s LBR native token experienced heavy price volatility during the past week as its major supporters dumped their assets.

Lybra Finance, the creator of the yield-bearing eUSD stablecoin, aims to maintain a steady $1 peg and generate income from collateralized liquid staking tokens. In January 2023, the DeFi protocol reached a peak TVL of almost $400 million.

LBR Price Falls 50%

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

LBR’s downward spiral began when these substantial holders began divesting their assets. On January 15, the top protocol’s staker, blurr.eth, removed all their 34,000 ETH ($70 million), while other major stakers—sifuvision.eth and czsamsunsb.eth—dumped 6,000 ETH ($13 million) and 4,000 ETH ($8 million), respectively, today.

These actions resulted in LBR’s value plunging by around 14% during the past day to $0.4263 as of press time. Over the past wee

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Author: Oluwapelumi Adejumo

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