> For the complete documentation index, see [llms.txt](https://docs.liquity.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.liquity.org/liquity-v1/readme.md).

# Official Liquity Documentation

<figure><img src="/files/yozx5YeN9ITZtALSJvUs" alt=""><figcaption></figcaption></figure>

Liquity is a decentralized borrowing protocol that allows you to draw [interest-free](https://app.gitbook.com/@liquity/s/liquity-docs/faq/borrowing#how-can-you-offer-borrowing-at-a-0-interest-rate) loans against Ether used as [collateral](/liquity-v1/faq/borrowing.md#what-do-you-mean-by-collateral). Loans are paid out in LUSD (a USD pegged stablecoin) and need to maintain a [minimum collateral ratio](/liquity-v1/faq/borrowing.md#what-is-the-minimum-collateral-ratio-mcr-and-the-recommended-collateral-ratio) of 110%.

In addition to the collateral, the loans are secured by a Stability Pool containing LUSD and by fellow borrowers collectively acting as guarantors of last resort. Learn more about these mechanisms in our documentation.

Liquity as a protocol is non-custodial, immutable, and governance-free.

**Get an overview of the protocol here**:

{% embed url="<https://www.youtube.com/watch?v=RcnMe7ScnNA>" %}
Liquity explainer
{% endembed %}

If you still have questions after browsing our FAQs and documentation — [join our Discord](https://discord.gg/2up5U32)!

For the **Spanish** version of our docs click [here](https://liquity.gitbook.io/spanish/). For the **Chinese** version [here](https://docs.liquity.org/v/cn/).