LRB Launch & Airdroplets

We’re launching on Friday!

As stated in our previous communication, Lyrebird will launch without any private or public sales. Instead, it will be open to the public through Flamingo Reverse Pools.

We’ll present the important information in bullet points to make it easy to digest:

FRP-FLM-LRB Launch

  • Date/Time: 2022/04/29 Friday, 09:00 — 10:00 UTC
  • Initial Price: $0.01 per LRB
  • Initial Liquidity: $50,000 in FLM and $50,000 in LRB
  • Reverse Pool Distribution: 1.5M LRB per year

Please note that deployment may take some time. We will post an announcement when the liquidity pool is ready.

5M LRB will be committed to the FRP-FLM-LRB pool from the “Project Development” allocation of the initial 100M supply.

The number of FLM tokens in the pool paired against LRB will be based on the market price of FLM at the time.

Pre-Launch Airdroplets

We will be conducting two airdroplets prior to the LRB pool launch for those who were most involved in the successful development of Lyrebird. As we have previously stated, we are unable to announce airdrop details ahead of time, so the snapshots have already been taken and cannot be modified.

What exactly is an “airdroplet”?

This is a made-up word. We wanted to distinguish these airdroplets from the general airdrops that will be conducted gradually as the ecosystem matures. As the name conveys, the airdroplet quantities will generally be smaller. We expect to distribute roughly 500k LRB tokens in this way.

Airdroplets will not be time-locked; they will instead be delivered straight to your wallet. You can do what you wish with them, but we implore you to consider providing liquidity on the FRP-FLM-LRB pool, staking them on Lyrebird, or holding on to them to help the project succeed.

Testnet Airdroplet

There are ~60 addresses that own LRB or USDL on the Neo N3 Testnet at the time of writing. Each of these addresses will be airdropped 5000 LRB on Mainnet. Testnet and Mainnet addresses share the same private key, so you should be able to recreate the same address on the Neo N3 Mainnet. Please contact us on Discord if you have any questions.

Discord Airdroplet

There are ~260 members on our Discord server. Each of these members has been granted a role called “Pre-Launch Airdroplet” and is eligible for an airdrop of 1000 LRB on Mainnet.

If you have this role, please post your N3 address in the #pre-launch-airdroplet channel.

What about USDL?

The FRM-FLP-USDL pool will launch later once the initial price of LRB stabilizes. The primary reason for this is that LRB is designed to absorb USDL’s volatility, so introducing USDL when LRB is still volatile makes pricing LRB extremely difficult.

FRP-FLM-USDL Launch

  • Date/Time: TBD
  • Initial Price: $1.00 per USDL
  • Initial Liquidity: $50,0000 in FLM and 50,000 USDL
  • Reverse Pool Distribution: TBD, but will be in LRB and not USDL

USDL Supply

At genesis, 10M USDL tokens were minted, primarily to support ecosystem development. 50,000 of this supply will be used to fund the initial liquidity of the FRP-FLM-USDL pool. Otherwise, this supply will be held in reserve to fund ecosystem projects that increase the adoption of USDL.

This means that at the launch of the FRP-FLM-USDL pool launch, the circulating supply of USDL will be limited to the 50,000 in the pool. You may now be asking — how on earth will there be enough USDL to meet demand?

We will approach this problem by tuning the LRB distribution emitted from the FRP-FLM-USDL pool. As noted earlier, this pool will be a bit special in that the rewards distributed will not be either part of the pair. The primary reason for this is that we want USDL to only be minted upon demand, ensuring that the USDL supply correctly approximates USDL demand.

The APR from the distributed LRB will be set high enough to incentivize ecosystem participants to mint USDL and provide liquidity. The steps involved here would be:

  1. Acquire FLM.
  2. Acquire LRB.
  3. Swap LRB for USDL on Lyrebird.
  4. Add liquidity to FRP-FLM-USDL.

This way, we can ensure that LRB immediately has a use case and that USDL is only minted on demand.

What’s next?

After launch, we will be carefully monitoring the FRP-FLM-LRB pool to determine the launch details for FRP-FLM-USDL, including:

  • The USDL pool launch date
  • The target USDL pool liquidity
  • The LRB distribution rewards for the USDL pool

We will deploy an instance of arby along with the USDL pool launch to ensure that the arbitrage mechanism is in place. If you are interested in running arby (or any other arbitrage bot) and have any questions, please reach out on Discord!

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