Thread by @the_smart_ape

As I showed you last week, I have been using ChatGPT to analyze over 10 projects every day.

Let me show you how I used this to find a GEM that might get significant attention on #Ethereum in the coming weeks!

THREAD🧵
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I came across @lucid_fi (interest-bearing stablecoin backed by LSTs and LP tokens), so I used ChatGPT to understand how this is different from @LybraFinanceLSD, the current leader of the domain.

1/

The answers surprised me. The biggest difference was they integrate with other LSTs as well as LP tokens in their protocol.

No other protocol does that, so I dug deeper and wasn’t disappointed. There is A LOT that Lucid does better, and it is poised to change the landscape!

2/

For those who are new, this new type of project offers an interest-bearing stablecoin backed by tokens (usually LSTs) that generate yield. In most cases, holding this stablecoin allows you to receive this yield (LSD yield)

3/

So how does @lucid_fi introduce innovation to this mechanism?

To summarize, I made a table comparing key differences between what @lucid_fi and @LybraFinanceLSD offer.

4/

Compared to Lybra, the biggest advantage is that @lucid_fi supports ETH-backed LP tokens as collateral. This opens up the possibility of supporting @CurveFinance/@Balancer pools, which have over 1b+ in liquidity.

This is a giant step for capital efficiency.

5/

Another major change, yields on Lucid are not averaged out.

If users deposit collateral with higher APRs, they receive higher yields on Lucid.

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This is unlike what Lybra has even in their v2 where they propose to support other LSTs, yield on the stablecoin will still be averaged.

I think Lucid’s solution is fairer for those who want to take more risks!

7/

Lucid has also a unique boosts system that will allow LSD protocols to enter "bribe" or "boost wars" by adding additional incentives to their respective collateral type.

Eg Rocket Pool can add additional incentives to depositing rETH to Lucid and thus grow their liquidity.

8/

Lucid will distribute all fees generated by the protocol to esLUCID holders, and is thus fully decentralized.

The total Supply of $LUCID is 100,000,000, you can see a breakup of this below 👇

9/

The issue with interest-bearing protocols is capital efficiency, and based on these technical elements, @lucid_fi is bound to be much more capital efficient than its competitors.

Imagine the liquidity they will capture just with LP tokens, excited to see that!

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The project is still in its early stages, and that's why I'm telling you about it, so you have time to interact and take advantage of their innovations to make gains!

The launch is planned for the coming weeks.

11/

The project plans to undergo an audit before its launch, which I also appreciate. Typically, I advise against engaging with unaudited projects.

Make sure to join Telegram for the recent alpha! 👇

12/

Mention some CTs friends:
@0xFinish
@CryptoGideon_
@belizardd
@nobrainflip
@ardizor
@Donnadelcrypto
@FarmerTuHao
@dazai_0x
@CryptoStreamHub
@ModestusOkoye
@splinter0n
@DeFi_Finest
@Moomsxxx

Tagging these gigachads you can follow
@CryptoShiro_
@rektdiomedes
@Deebs_DeFi
@TheDeFISaint
@poopmandefi
@defiprincess_
@CryptoKoryo
@_BillionAireSon
@0xTindorr
@I_am_patrimonio
@Hercules_Defi
@Only1temmy
@wacy_time1
@jake_pahor
@arndxt_xo
@0xSalazar

@CryptoShiro_ @rektdiomedes @Deebs_DeFi @TheDeFISaint @poopmandefi @defiprincess_ @CryptoKoryo @_BillionAireSon @0xTindorr @I_am_patrimonio @Hercules_Defi @Only1temmy @wacy_time1 @jake_pahor @arndxt_xo @0xSalazar That's a wrap!

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