Lybra Finance, launched last month is a project that uses liquid staking derivatives to offer a decentralized interest-bearing stablecoin. With TVL crossing $100M in just one month, it may be the hottest project in the LSDfi space these days.

So far, Lybra Finance has:

• hit 100M in TVL in just over 1 month
• recorded the highest inflow of $stETH and $ETH ($42.57M) on May 29
• has 100,569 $stETH staked ($186.3M) now

And it continues to lead in the LSDfi TVL and market share.

However, the developer team of Lybra Finance is totally anonymous:

• The deployer address 0x4c2 was first active on Apr 19 and funded with 1 $ETH, which can be ultimately traced back to Tornado Cash via wallet 0x863.
• This is rather untraceable compared to the dev teams of other "anonymous coins" like $PEPE (received first $ETH from Bybit) and $LADYS (received first $ETH from Kucoin).

Nonetheless, the top 20 largest depositors in Lybra Finance list shows two big names in the crypto space, who are:

1. blurr.eth ($RFD deployer) started to stake 1K $stETH just 8 hours after the staking smart contract was deployed. He had staked 34.6K $ETH ($64M) in total.
2. Michael Patryn (@0xSifu) joined 10 days ago and last deposited 2 hours ago. He had staked 8.5K $ETH ($15.7M) in total.

Even though Lybra Finance is a fast-growing project with innovative initiatives, there will still be potential risks unless these two questions are answered:

1. What makes Lybra Finance want to hide so badly after all?
2. Was it a good move for big KOLs to trust a new and anonymous project so quickly or did they know something else?