# Official Liquity V2 Documentation
Liquity V2 is a decentralized borrowing and stablecoin protocol that builds on the success of V1. It enhances it in several ways to offer the best borrowing experience, a highly resilient Ethereum-native stablecoin (BOLD), and sustainable on-chain yield. # General ### What is Liquity v2? Liquity v2 is a decentralized borrowing protocol that lets users deposit ETH or LSTs as collateral, and mint the stablecoin BOLD. There are 4 main use-cases: * Borrow BOLD * 1-click multiply (staked) ETH * Earn yield by depositing BOLD * Stake LQTY to direct PIL and earn ### What are the differences to V1? While there are plenty of changes coming with V2, it will keep the things V1 is known for: * Immutability * Decentralization * Rigorous security * No TradFi exposure However, V2 is innovating on multiple fronts: * User-set interest rates - more control over your borrowing cost * New collateral types - ETH and LSTs * Improved redemption mechanism * Protocol-incentivized liquidity (PIL) * More attractive short-term loans * Improved capital efficiency * Multiple Troves per address (and transferable) * No Recovery Mode * Looping/one-click multiply ### What happens to Liquity v1 and LUSD? Liquity V1 is here to stay: it is battle-tested, and LUSD is the stablecoin of choice for users who prefer a pure ETH backing. ### Does Liquity V2 have governance? Liquity V2 is subject to minimal governance which is solely tasked with distributing Protocol Liquidity Incentives (PIL), directing 25% of the protocol's revenue to external initiatives. Governance has no other functions or powers, as Liquity V2’s smart contracts are immutable and not upgradeable. # Borrowing and Multiply ### What makes borrowing in V2 so unique? Pioneering user-set interest rates, Liquity V2 allows users to borrow the stablecoin BOLD on their own terms. Borrowers can choose and adjust the rate they are willing to pay for their loans. Borrowers will establish market rates in accordance with their individual risk tolerance without relying on governance or algorithm rate management. Each collateral will also have their own respective borrow market which allows room for a market of rates to develop. Liquity V2 builds on the fundamentals that V1 introduced - a highly secure and immutable protocol which issues the most decentralized stablecoin in all of crypto. All of this makes for a highly capital efficient, secure and decentralized borrowing experience which cannot be matched anywhere else. ### Why is Liquity not running its own frontend? To increase decentralization and resiliency of the protocol, Liquity AG does not operate a central frontend. Instead, users can choose from several integrations and community-run instances, giving them the freedom to select the one that best suits their needs. ### How to choose which frontend to use? Choosing a frontend is a personal decision that depends on various factors, including UI/UX, additional features, and also rate management strategies. You can choose one here: ### Can I run my own local instance? Yes you can, just follow the instructions here: ### What is a Trove? A Trove is Liquity’s version of a 'vault'. Each Trove is linked to an Ethereum address, and each address can have multiple Troves. Each Trove allows you to manage a loan, adjusting collateral and debt values as needed, as well as setting your own interest rate. ### What types of collateral can I use? You are able to use ETH, Lido ETH (wstETH) and Rocket Pool ETH (rETH). ### Is there a minimum debt? Yes, a minimum debt of 2,000 BOLD is required for borrowing. ### **When do I need to pay back my loan?** Loans issued by the protocol do not have a repayment schedule. You can leave your Trove open and repay your debt any time, as long as you maintain a healthy LTV. ### Is there a lockup period? There is no lockup period. Users are free to withdraw their collateral deposits whenever they want. As an exception, withdrawals by borrowers are temporarily suspended if the total LTV of a borrow market goes above 75%. ### How do I decide on my LTV? This depends on your personal preferences, primarily your risk tolerance and how actively you want to manage your position(s). To help with the decision, you'll find preset options on the user interface that can serve as a guide.

LTV quick-selection options

Please note that these examples are for illustration purposes only and do not represent definitive risk or safety thresholds. It's essential to determine your own risk tolerance and comfort level as a user. If your LTV becomes too high, your position will be liquidated. ### What is Multiply? The Multiply feature allows you to easily increase your exposure to ETH and LSTs in just a few clicks. It automatically acquires additional collateral using freshly minted BOLD — all in a single transaction. Simply enter the collateral amount and adjust your desired leverage with the slider.

Multiply view

You can modify all parameters at any time, giving you full control of your exposure from one central interface. ### What happens under the hood? Your exposure increases by borrowing BOLD against your ETH or LST and swapping it for more of the same asset, which is then deposited into your position. Conversely, reducing your exposure involves using some of your ETH or LST to purchase BOLD, which is then used to repay a portion of your debt. All swaps are executed using a combination of Curve and Uniswap liquidity. ### What's the difference between Loan and Multiply modes? Liquity V2 offers two ways to view your position - **Loan** and **Multiply**. You can switch it at any time.

Mode switching

Both use the same underlying mechanics but differ in how they display and adjust your position. Here’s how they compare: * **Loan Mode** treats your position as a *standard borrowing setup*. * Focus: your BOLD debt and the ETH/LST collateral backing it. * You can deposit/withdraw collateral and mint/repay BOLD. * Minted BOLD is sent directly to your wallet. * **Multiply Mode** treats your position as a *leveraged exposure*. * Focus: your Net Value - collateral exposure minus debt value. * You can increase/decrease exposure, which automatically changes your BOLD debt. * Minted BOLD is swapped for ETH/LST and added to your position, compounding exposure. Most users won’t need to switch modes, but it can be useful in certain cases.\ For instance, if you’ve borrowed BOLD in Loan mode and spent it, you’re effectively leveraged but can’t easily repay.\ Switching to Multiply lets you reduce your exposure (de-lever) and lower liquidation risk - keeping some collateral instead of losing it entirely. ### What are the limitations? When you adjust your exposure, the value of ETH/LST deposited or withdrawn is approximately equal to the BOLD borrowed or repaid, so in theory, your net position value shouldn't change. In practice, however, there are additional costs: a BOLD creation fee when increasing exposure, along with swap fees when exchanging BOLD and ETH/LST. Larger exposure adjustments cause higher price impact, meaning the exchange rate worsens as the size increases - this depends on available liquidity in Curve and Uniswap. Extremely large adjustments may not be possible due to insufficient liquidity. These costs reduce your net position value, so avoid adjusting exposure too often and always monitor price impact before confirming an adjustment. ### How do Liquidations work in Liquity V2? Troves get liquidated if the LTV goes above the maximum value (90.91% for ETH and 83.33% for wstETH and rETH). Liquity v2 uses Stability Pools as its primary liquidation mechanism to absorb liquidated debt and collateral. Each borrow-market has its own dedicated Stability Pool earning liquidation gains (in the respective collateral) in exchange for burning debt. Just-In-Time liquidations and a redistribution of debt and collateral across borrowers of the same market handle liquidations as a last resort when the Stability Pool is empty. A liquidated borrower usually incurs a penalty of 5% and will be able to claim the remaining collateral after liquidation. A special case is when a Redistribution is necessary, then: * For ETH, the loss amounts to 10% of the debt (at most). That corresponds to a max. loss of 9.09% expressed in terms of collateral. * For rETH/wstETH the loss is 20% of the debt, corresponding to a max. loss of 16.67% expressed in terms of collateral.
### How am I compensated for liquidating a Trove? The liquidation of Troves is connected with certain gas costs which the initiator has to cover. The protocol offers a gas compensation given by the following formula: `0.0375 WETH + min(0.5% trove_collateral, 2_units_of_LST_or_WETH)` The `0.0375 WETH` is funded by a [refundable gas deposit](#what-is-the-refundable-gas-deposit) while the variable `0.5%` part comes from the liquidated collateral, slightly reducing the liquidation gain for Stability Providers. ### What is the max Loan-To-Value (LTV)? That depends on the collateral type you will use. ETH will have a LTV of 90.91% while wstETH and rETH will have it at 83.33%. ### What is the refundable gas deposit? To open a new Trove, the protocol requires a liquidation reserve of 0.0375 ETH regardless of the chosen collateral, which is set aside to cover the gas costs of a potential liquidation. The deposit is returned when the Trove is closed by the user (including upon redemptions). ### How much will I pay for my loan? In Liquity V2, you pay interest on an ongoing basis, making it suitable for short-term loans as well. The interest you pay is determined by the rate you set yourself. For example, if you borrow 10,000 BOLD at a 5% interest rate, you'll pay \~500 BOLD in interest after one year. This interest is added to your outstanding debt. When first opening the loan you pay an Upfront Borrowing Fee. This fee is calculated as 7 days’ worth of average interest on the respective collateral branch. By applying this fee, borrowers are discouraged from continually closing and reopening Troves to evade redemptions, as it increases the cost of frequent adjustments. ### What are user-set rates? In Liquity V2, users can set their own interest rates, giving them full control over costs and improving predictability. This feature allows for adaptability to various market conditions and helps stabilize BOLD's peg. User-set interest rates facilitate a capital-efficient equilibrium between BOLD borrowers and holders in a fully market-driven manner. Additionally, these rates serve as the primary revenue source for BOLD holders, generating a continuous, sustainable real yield for BOLD depositors and liquidity providers. Borrowers should set their rates based on their [redemption](/v2-faq/redemptions-and-delegation#what-are-redemptions) risk tolerance. Read more about setting your rates [here](https://www.liquity.org/blog/interest-rate-management-in-liquity-v2). Note that Troves with delegated interest rates face supplementary initial collateral ratio requirements, which limits their maximum LTV when opening or borrowing more; however, the maximum LTV before liquidation remains the same as non-delegated troves. ### Can I adjust the rate? Yes, you can always adjust your interest rate at any time. Since you as a user get to set your own interest rate, you have full autonomy over your borrowing costs. Note however, that a Premature Adjustment Fee is charges when a borrower changed their interest rate sooner than 7 days after the last adjustment. This mechanism prevents borrowers from rapidly adjusting their rates to avoid being prioritized in redemption processes, especially when rates are moving toward their redemption thresholds. ### How do I decide on the right rate for me? Setting an interest rate determines a user’s redemption risk and needs to be aligned with your goals and how actively you want to manage your position. Users can also decide to delegate interest rate management to a third party, who can set your interest rate and charge a fee for this service (see [link](/v2-faq/redemptions-and-delegation#what-is-delegation-of-interest-rates)). By opting to manage your own rate, you will have to weigh the savings from a lower rate against the higher redemption risk and the increased adjustment frequency with potential additional costs (premature adjustment fees and gas costs). Since redemptions are performed in ascending order of interest rate (for the respective collateral asset), you will typically want to keep a buffer of other borrowers with lower rates in front of you. Choosing higher rates may increase the recurring costs of your loan, but give you peace of mind regarding unexpected market fluctuations. You can see the distribution of other users’ rates in a histogram and position yourself accordingly.
Redemptions usually occur when BOLD is trading below $1 minus the current redemption fee. Keeping an eye on the past [redemption activity](https://dune.com/liquity/liquity-v2#redemptions) can help you assess the overall redemption risk, serving as an additional data point for your rate selection. In general, those willing to actively monitor their positions, or borrowing for shorter periods of time, may opt for lower rates. Conversely users optimizing for a more passive, long-term position would be better off with setting a higher relative interest rate. ### What could the average interest rate be? These will be set, continuously, by the market and will vary over time. We would expect that, on average, rates should be similar to borrowing on Sky or Aave using ETH or staked ETH. However, due to the flexibility of user-set rates, it is possible that some users will pay significantly lower rates during certain periods. Given that 75% of the interest revenue is directly paid out to BOLD depositors , we further expect that stablecoin deposit yields should be comparable, if not higher than what competing CDP’s and lending markets offer. Thanks to the attractiveness of BOLD and assuming the emergence of external use cases (monetary premium), this could lead to lower borrow rates overall than offered by other platforms. Learn more about the spread between borrowers and lenders in our [article](https://www.liquity.org/blog/liquity-v2-a-de-facto-reference-rate-for-defi). ### What determines the riskiness of my Trove? There are two key parameters to consider: * **Loan-to-value (LTV)**: This is based on your debt-to-collateral ratio and affects your risk of [liquidation](/v2-faq/borrowing-and-liquidations#how-do-liquidations-work-in-liquity-v2). * **Interest rate (IR)**: You set this rate yourself, and it influences your risk of being [redeemed](/v2-faq/redemptions-and-delegation#what-are-redemptions). You have the flexibility to set these parameters as you see fit, allowing you to control the relative riskiness of each Trove. You can create multiple Troves under the same address, enabling you to manage different risk profiles for different portions of your portfolio.
### Are there any other fees related to borrowing? To impede Trove redemption evasion strategies where borrowers try to minimize their interest payments in an unfair manner, a small “premature adjustment fee” is charged on interest rate changes that happen within less than 7 days since the last adjustment (or the opening of the Trove). The premature adjustment fee is equal to 7 days of average interest on the respective borrow market. Note that this fee differs from the user’s set interest rate. The fee is denominated in BOLD and added to the Trove's debt. The same fee is charged when a new Trove is opened or when its debt is increased (only affecting the added debt). ### How many Troves (loans) can I open with the same address? You can have multiple open Troves for the same collateral or across different collateral types, all represented as separate NFTs. ### Are Troves transferable? Yes, they are represented as a NFT (ERC-721), hence easily transferable between wallets. When you send the NFT you also send full access to your Trove and all the funds within it. Please note that more advanced strategies like ‘selling’ Trovess on secondary markets like OpenSea comes with inherent risks, and caution is advised. ### What is Safety Mode? Safety Mode kicks in when the overall health of a specific collateral branch (called the Total Collateral Ratio, or TCR) drops below a certain level known as the Critical Collateral Ratio (CCR). This means that Safety Mode can be triggered for one collateral branch while others remain unaffected. The CCR for the ETH branch is 150%, while the CCRs for rETH and wstETH are both 160%. In this state the following actions are not possible: 1. Adjusting interest rate prematurely: The system disallows a premature rate change, which would incur a fee. This would increase the debt in the system, and therefore immediately decrease the current TCR 2. Purely withdrawing collateral 3. Purely drawing new BOLD debt Although these restrictions do limit the ability to fully close positions, these funds remain in the system and are not lost. Once the TCR rises past the CCR again, the restrictions are lifted. Read more here: ### How are collateral risks mitigated? Liquity V2 will have three separate borrow markets for the different collateral types with their own Stability Pools (for efficient liquidations), user-set interest rates, and LTV factors for their respective assets (ETH, wstETH, and rETH). Risks are mitigated through temporary borrowing restrictions in times of low collateralization of a given market, a redemption logic prioritizing collateral with less Stability Pool backing, and a collateral shutdown as an emergency measure to maintain system balance and protect against market instability. Keep in mind that despite all these measures, BOLD remains dependent on the three mentioned collateral assets and there is no strict guarantee that it remains overcollateralized in case of a sudden collapse of a collateral asset. ### How does the system compartmentalize risk among different LSTs? This depends on the party in question: * Borrowers: Collateral risk is limited to the collateral asset held by the borrower. A borrower isn’t negatively affected by a failure of another collateral asset. * BOLD Holders: As a multi-collateral stablecoin, BOLD is reliant on effective liquidations of undercollateralized loans in every borrow market to remain overcollateralized. Holders are subject to the risks of all supported collateral assets. * Earners: Stability Pool depositors only get exposure to the asset they have opted for. However, as BOLD holders, they are similarly affected by potential depegging. ### What mechanisms are in place if the Stability Pool is empty? If the Stability Pool doesn’t cover the full entire debt and gets completely emptied by the liquidation, the system falls back to the following liquidations modes. The liquidator can freely choose between two fallback liquidation modes for the debt exceeding the funds in the Stability Pool: 1. Just-in-time (JIT) liquidation: the liquidator sends an amount of BOLD corresponding to the (remaining) debt in exchange for 105% of its nominal value in (staked) ETH. 2. Redistribution: the liquidator triggers a redistribution, through which the Trove’s entire debt and collateral is redistributed to all fellow borrowers of the respective collateral market, in proportion to their own collateral amounts. Thus, the respective borrowers will receive a share of the liquidated collateral and see their debts increase proportionally. ### Why was the Recovery Mode removed? The removal of Recovery Mode in V2 ensures that borrowers can benefit from a permanently high LTV regardless of the system state, and up to 11x multiplication. Instead, the [Safety Mode](#what-is-safety-mode) was introduced to help support a healthy collateral ratio while being less harsh on users. It restricts some actions that decrease the branch collateral ratio, but does not put the trove at risk of liquidation, unlike Recovery Mode in V1. In Liquity V1 it is mainly needed due to a lack of sustainable yield for the Stability Pool, increasing the reliance on redistribution for liquidations in the long term. Liquity V2 pays out a real yield, and aims to keep the Stability Pools backing sufficiently large through its adaptive redemption logic. As a replacement for the Recovery Mode, the system may shut down borrow markets whose total collateralization ratio (TCR) falls below 110% (for ETH) or 120% (for wstETH and rETH). The shutdown is performed by incentivizing redemptions against the respective collateral (see [this](https://liquity.gitbook.io/v2-whitepaper/liquity-v2-whitepaper/functionality-and-use-cases#c9aukpugrj32) for more details). ### What is Shutdown Mode? Shutdown Mode is triggered when the Total Collateral Ratio (TCR) of a specific branch drops below the Shutdown Collateral Ratio (SCR), or when the branch's price oracle fails. Like Safety Mode, Shutdown Mode affects each collateral branch independently. The SCR for the ETH branch is 110%, while the SCRs for rETH and wstETH are both 120%. Once a branch enters Shutdown Mode, the following actions are permanently disabled: * Opening new loans * Adjusting existing loans (adding/withdrawing collateral, borrowing/repaying BOLD) * Changing interest rates * All batch manager and delegation operations The only actions allowed are: * Closing a loan — Borrowers can fully close their positions and withdraw all collateral * Claiming surplus collateral — From previous liquidations * Shutdown redemptions — A special redemption mechanism (see below) Interest stops accruing at the moment of shutdown.\ Unlike Safety Mode, Shutdown Mode is permanent and cannot be reversed.\ \ **Shutdown Redemptions**\ Shutdown redemptions are a special redemption mechanism that becomes available exclusively when a branch enters Shutdown Mode. Their goal is to incentivize the orderly wind-down of a shutdown branch. Key differences from standard redemptions: * 0% redemption fee — No dynamic fee is charged, unlike standard redemptions where the fee increases with activity * 2% collateral bonus — Redeemers receive 2% more collateral than the face value of the BOLD they burn. For example, redeeming 100 BOLD returns $102 worth of collateral * Redeemers can choose which loans to redeem from, rather than being forced to redeem from the riskiest loans first. The frontend automatically selects the optimal set of loans Standard redemptions remain available on active (non-shutdown) branches but will skip any branch that is in Shutdown Mode. ### What to do if I have issues with a frontend? This is usually caused by ISP or DNS-based geofencing. Try the following: * Switch to a different [frontend](https://www.liquity.org/frontend-v2) provider * Change your VPN location (or turn it off) * Change the RPC in your wallet * Tether using mobile data * Disable "secure DNS" in your browser settings #### What happens when The Graph is down? The Graph organizes blockchain data for easy frontend access. It’s rarely down, but major events, like the global Cloudflare outage on November 18th, 2025, can cause temporary disruption. When The Graph is down, blockchain data becomes harder to fetch, which can impact the frontend experience. The blockchain itself is unaffected. A built-in fallback ensures you can still perform all standard operations using the frontends, such as creating, modifying, or closing loans, adding to or removing from stability pools, staking, or voting. Limitations during downtime * If you switched browsers or cleared your history, you might not see your list of open loans. Use [DeFiExplore](https://liquityv2.defiexplore.com/) or [Rails Finance](https://rails.finance/) to find your loan IDs and enter them manually to access your positions. * If your loan was liquidated or redeemed (partly or fully), the details won’t be visible until The Graph is back online. * Data such as redemption risk and interest charts is unavailable. If you rely on these metrics, please return once The Graph is restored.
# BOLD & Earn ### What is BOLD? BOLD is the USD-pegged stablecoin issued in Liquity V2. It’s fully decentralized, overcollateralized and backed only by WETH, wstETH and rETH. In contrast to most of its competitors, BOLD is a resilient stablecoin by design: * only backed by crypto assets (no real world assets or custody by centralized players) * not subject to collateral changes and protocol upgrades (immutable) * directly redeemable (always convertible in a fast and liquid way) BOLD received an [A- rating](https://bluechip.org/en/coins/bold) by the rating agency Bluechip, outranking the likes of USDC and DAI. ### What are BOLD's main benefits compared to other stablecoins? * BOLD uses only the most decentralized assets as collateral - WETH, wstETH and rETH * It is always redeemable for the underlying assets, meaning you can always swap it as if worth $1, for the collateral backing it * The contracts used to issue BOLD are immutable, not allowing any changes and significantly reducing attack vectors * BOLD has native incentives via Protocol Incentivized Liquidity ([PIL](/v2-faq/lqty-staking#docs-internal-guid-8a7939ae-7fff-d87a-a798-f657d5fd8501)) directed by governance, ensuring that there will always be sufficient liquidity to handle transactions ### What is BOLD’s peg mechanism? Liquity V2's market-driven monetary policy through user-set interest rates enables BOLD's peg to dynamically respond to situations where the token is above or below $1. When BOLD trades above $1, borrowers tend to reduce their rates due to lower [redemption](/v2-faq/redemptions-and-delegation#what-are-redemptions) risk, making borrowing more and holding BOLD less attractive. This helps correct the price downwards. In contrast, when BOLD trades below $1, arbitrageurs will initiate redemptions to restore the peg. Moreover, borrowers' exposure to redemption risk prompts them to increase interest rates, boosting demand for BOLD (and Earn deposits) and pushing its price upward.
### How can I earn with Liquity v2? * Stability Pool deposits (Earn): Earn protocol revenue by depositing BOLD into the various Stability Pools. * Protocol Incentivized Liquidity (PIL): Supply liquidity for BOLD onto the incentivized external DEXes. * Stake LQTY: Receive protocol revenue from Liquity V1 while accruing voting power over liquidity incentives by staking LQTY. On top of directing revenue and receiving V1 fees, LQTY stakers can potentially receive bribes (subject to governance vote) from third parties as an added bonus. ### Where does the yield for Earn come from? The yield comes from two sources: * **Interest payments:** Each borrow-market funnels 75% of the of its revenue to its Stability Pool depositors (Earners). This is paid out in BOLD. * **Liquidation gains:** Your BOLD will be used to liquidate under-collateralized loans, effectively buying their collateral with a \~5% discount. This is paid out in (staked) ETH. All the yield is fully sustainable, scalable and “real”, with no token emissions and lockups. ### Is there a lockup period? There is no lockup period. Users are free to withdraw their BOLD deposits whenever they want. ### What is the estimated yield on Earn? The yield is a representation of the rates borrowers are paying. Since 75% of the borrowers’ interest payments go to Earn, the effective yield can exceed the average interest rate paid in a borrow market if less than 75% of the BOLD supply is deposited to the respective Stability Pool. This yield amplification sets Liquity V2 apart from competitors and money markets where lending rates cannot be higher than borrow rates. Check historic rates [here](https://dune.com/liquity/liquity-v2#interest-rates). ### Why are there multiple Stability Pools? The goals are to: * Establish separate borrow markets for different collateral assets with their own market driven interest rates, using the Stability Pool backing to dynamically split redemptions across the available collaterals (link to “Redemption”). * Compartmentalize the risks as much as possible when depositing to the respective Stability Pools (Earn) by giving the depositors control over which collateral assets they want exposure to in case of liquidations. ### How have Stability Pools evolved from V1 to V2? In V2, the concept of Stability Pools is expanded to accommodate multiple Liquid Staking Tokens (LSTs) and ETH as collateral, keeping the interest revenue and liquidations proceeds inside the respective borrow market (collateral). Each collateral asset thus has its own Stability Pool to distribute yield to BOLD depositors. Additionally, user-set interest rates in V2 influence the yield dynamics for Stability Pools depositors (Earn) as the yield is now fully sustainable coming from user-set interest rates (in BOLD) rather than token emissions. ### How do risks differ for the different Stability Pools? Users can deposit their stablecoins into the Stability Pool of their choice, aligning with their risk preference and the types of collateral they're comfortable being exposed to. By selecting pools associated with specific LSTs or ETH, participants can tailor their risk exposure and potential reward profile. By offering separate pools for different collateral types, the system allows users to choose their exposure based on the perceived risk and potential returns of each LST or ETH. This compartmentalization helps manage systemic risk, ensuring that impacts from liquidations in one asset class don't disproportionately affect the entire ecosystem. It is important to note that all BOLD holders including depositors still remain dependent on BOLD to keep its peg, remaining exposed to both all LSTs and ETH. ### What is sBOLD? sBOLD is an auto-compounding Stability Pool vault built and maintained by K3 Capital, a third-party team. It is designed to automate reward reinvestment for users who deposit BOLD into the Liquity V2 Stability Pool. * Token address: [0x50bd66d59911f5e086ec87ae43c811e0d059dd11](https://etherscan.io/address/0x50bd66d59911f5e086ec87ae43c811e0d059dd11) * DeDaub audit: * ChainSecurity audit: * Code: * Telegram: [sBOLD Offical](https://t.me/sBOLDofficial) *Disclaimer: sBOLD is not developed or maintained by the Liquity core team. Please review the audits and codebase before interacting with the contracts.*\\ # Redemptions and Delegation ### What are redemptions? Redemptions serve the crucial purpose of keeping BOLD pegged to the US Dollar, creating a price floor around $1. They do this in a decentralized way without reliance on centralized assets or 3rd parties. A redemption is essentially swapping BOLD for ETH/LST at face value, as if 1 BOLD is exactly worth $1. Redemptions can be initiated by anyone, but are only profitable when BOLD <$1. The redeemer sends BOLD to the protocol and in return gets a mix of WETH, wstETH and rETH (minus the redemption fee). The redeemed amount is split among the different collateral assets based on their current Stability Pool backing (see [link](#docs-internal-guid-6cda6d73-7fff-78b8-1c4f-6cb96385a98a) for more info).
Redemptions start from the borrower paying the least interest. Read more about how to [protect yourself ](#how-can-i-stay-protected)from redemptions and what happens if [you are redeemed](#what-happens-if-my-trove-gets-redeemed). You can also watch this [9 min video](https://www.youtube.com/watch?v=CQVmjFx987A) on redemptions. ### When can redemptions occur? A redemption can occur at any time, but will likely only happen when it is profitable to do so. This is usually the case when the price of BOLD is less than $1 (minus the current redemption fee). ### Who can initiate a redemption? Any Ethereum address can initiate a redemption, provided that they have a sufficient amount of BOLD to do so. However, we expect redemptions to be mainly performed by professional bots rather than humans. ### What happens if my Trove gets redeemed? You can think of redemptions as if somebody else is repaying your debt and retrieving an equivalent amount of your collateral in return. If your collateral (ETH or LST) is redeemed, an equivalent amount of your debt in USD terms is repaid. The redeemer receives your collateral, less the redemption fee, which remains in your Trove. This means that at the time of redemption you likely incurred a minimal loss in USD terms. Example with ETH at $3'000: * Before the redemption: 10 ETH collateral, 20'000 BOLD debt. * After the redemption: 5.025 ETH collateral, 5'000 BOLD debt. You can see your collateral and debt reduced equally (in USD terms) and the redemption fee (0.025 ETH) being added to your collateral value. Partially affected Troves whose debt stays above the minimum debt threshold of 2000 BOLD continue to work as before, while Troves whose debt is reduced to a lesser amount (or 0) switch to a dormant operating mode (see below for [more](#docs-internal-guid-927901d5-7fff-c7a0-2e9f-964ab271257a) info). ### How do redemptions work using three collateral assets? In contrast to LUSD, BOLD is backed by a multitude of collaterals. Instead of letting the redeemer freely choose the collateral to redeem, Liquity V2 optimizes the process for economic safety. Redemptions are thus serviced through a collateral mix in a way that enhances the overall backing of BOLD. The process starts with the Troves paying the lowest interest rates in each collateral market and continues until the full amount of BOLD is exchanged for collateral assets. Redemptions can be partial or full, as illustrated below. In this example, the rETH market shows a full redemption of the first Trove and a partial redemption of the second. The wstETH and ETH markets have one partial and two full redemptions, respectively

Example redemption across all three collateral markets

### How is the collateral split determined? The split is dynamic, optimizing for the economic safety of the system. The logic is straightforward: the riskier a collateral is, the more redemption volume is directed to that market. In other words, if a market's Stability Pool is relatively small compared to its total debt, it's considered riskier, as there's a higher likelihood of bad debt occurring in extreme events. To mitigate this risk, the system redeems proportionally to the "outside debt" of each collateral type. This is calculated as the total debt borrowed against a specific collateral minus the size of the Stability Pool for that borrowing market. Here is an example: given outside debt amounts of 100 BOLD, 50 BOLD and 100 BOLD respectively, a redemption will result in a 40% (WETH), 20% (wstETH) and 40% (rETH) split.
### What happens if several Troves have the same interest rate? When rates are identical, the protocol uses "last-in-first-redeemed". The last to set their rate (either by opening or rate adjustment) gets redeemed first. Example: * Trove A - 3% * Trove B - 4% (adjusted earlier) * Trove C - 4% (adjusted later) The redemption order will be A, C, B. ### Is there a redemption fee? Yes. The redemption fee mechanics are broadly the same as in Liquity V1, but with adapted parametrization leading to a faster fee decay. The redemption fee is taken as a cut of the total ETH/LST drawn from the system in a redemption. Contrary to V1, the fee does not go to the LQTY stakers but stays with the users as part of their collateral. Redemption fees are based on the `baseRate` state variable, which is dynamically updated. The `baseRate` increases with each redemption, and exponentially decays according to time passed since the last redemption (half-life of 6 hours). Upon each redemption of x BOLD: `baseRate` is decayed based on time passed since the last fee event and incremented by an amount proportional to the fraction of the total BOLD supply to be redeemed, i.e. `x/total_bold_supply` The redemption fee percentage is given by `min (0.5% + baseRate, 100%)`.
### How can I stay protected? The risk of redemption depends on two factors: the interest rate you set and the price of BOLD. **The interest rate** you set determines how much BOLD must be redeemed before it's your turn. The higher your rate, the more BOLD is redeemable before you, and vice versa. You can see this on any frontend, in the example below the number is 41M.
This means that 41M BOLD must be removed from the system before it would reach you. However, this number is relative, and you also need to consider recent redemption activity. While past events don't guarantee future outcomes, they can serve as a useful guide. For example, if only 200K BOLD were redeemed in the last week, you're comparatively safer than if 15M were redeemed. You can monitor past redemptions in our [Dune dashboard.](https://dune.com/liquity/liquity-v2#redemptions) **The price of BOLD** is the second crucial factor. When it trades above $1, redemptions become unprofitable and should cease. If demand for BOLD is strong, it can maintain a price above $1 for an extended period, as was often the case for LUSD. During such times, you can comfortably reduce the interest rate you're paying without increasing your risk of redemption. ### What is delegation of interest rates? Interest rate delegation is a feature in Liquity V2 that allows borrowers to delegate the management of their interest rate to a third party. This enables them to create a passive, hands-off position, while still keeping a competitive rate and low redemption risk. There are three types of delegations: * To a third party manager: A specialized entity which provides predetermined strategies for batches of multiple Troves and charges a fee for the service * To an automated and decentralized contract strategy: A predefined strategy managing interest rates in an autonomous manner * To your own wallet: Delegate to a hot wallet when on vacation, or to a friend It is important to note that a delegate or contract strategy can do nothing else but set the interest rate in a predetermined range, significantly limiting the risks of the borrowers. Borrowers should thus keep an eye on the interest rate range and the maximum update frequency (relevant in case of premature adjustments) preset by the manager. ### Who are the current active interest rate delegates?
DelegateAddress
SummerstoneSee here
Trove Zero0xe707784292289be3aa0fb6f9d33d420291f98695
Bolder CashSeveral strategies, listed on their page.
*Note that Liquity AG is not responsible for the actions of any delegates. Please do your own research.* ### What happens when I change delegates? You will join that delegate's batch inheriting its interest rate. You will be also charged the upfront fee, this is in place to stop "batch hopping" - more [info](https://github.com/liquity/bold?tab=readme-ov-file#batches-and-upfront-fees). ### What does “temporarily shielded from redemptions” mean? A branch is temporarily shielded from redemptions when the BOLD deposited in its Stability Pool exceeds the branch’s total debt. In that situation, there is no “outside debt” (debt not already covered by the branch’s own Stability Pool), so redemptions are routed to other branches instead. Practically, this means you can borrow at the 0.5% minimum rate on a shielded branch without taking on redemption risk, as long as the branch has no outside debt. **Why temporarily?** The shield depends on the current balance between Stability Pool deposits and branch debt. A branch can stop being shielded if: * Borrowers open more debt on the branch, or * Stability Pool depositors withdraw BOLD This can cause branch debt to exceed Stability Pool deposits. The shield should therefore be treated as a live condition to monitor, not a permanent property of the branch. **Where to monitor?** * [Debt vs. SP Deposits per branch](https://dune.com/queries/7372072/11303811): track day by day whether each branch's Stability Pool covers its outstanding debt. * [Outside debt per branch](https://dune.com/queries/5156960/8493313): see the current outside debt per branch. ### What happens if there are issues with the smart contract for delegating interest rates? Your Trove would not be affected - the only thing would get affected is the interest rate at which your position is set. ### How can I delegate to myself? Some users delegate to their own hot wallets so they can adjust rates on the go (e.g. while traveling). To do it: 1. Find the collateral branch of your loan [here](https://docs.liquity.org/v2-documentation/technical-docs-and-audits#eth-branch). 2. Click on the `borrowerOperations` link of the right branch. 3. On Etherscan, go to the Contract tab → Write Contract → Connect Wallet. 4. Find the `setInterestIndividualDelegate` function. 5. Fill in the required fields and click Write. ### Why are redemptions not a feature of both LTV & interest rate, but only interest rate? Given that the *raison d’etre* for redemptions is to diminish BOLD supply in response to reduced demand, and interest rates drive demand, rate-based redemption processing is a more sustainable and effective lever to reach market equilibrium. Actively managing for both interest rate and LTV would weaken the ability to enforce market-level interest rates and deposit yields, while complicating the process for the system and its users ### What’s the difference in redemption fees charged between V1 and V2? In v2, when borrowers are affected by redemptions, the redemption fee charged to the redeemer stays within the affected Troves instead of being diverted as in Liquity. So, in Liquity the `borrower_loss = redemption_fee + redeemer_gain`, while in Bold it’s `borrower_loss = redeemer_gain`. ### What happens when redemptions cause a debt of a Trove to fall below the minimum amount? If the redeemed amount exceeds the debt of an affected Trove, it doesn’t get closed as in Liquity V1, but remains open with 0 BOLD debt and the remaining collateral. The owner of a fully redeemed Trove may close it by withdrawing the remaining collateral, or borrow anew to bring its debt above the minimum of 2000 BOLD, topping up its collateral if needed. In the scenario that the redeemed amount of a Trove does not exceed the debt of a Trove, but would leave it between 0 and 2000 BOLD, the Trove would remain open with the remaining debt, and the remaining collateral. The owner of the Trove may close it by paying off the remaining debt and withdrawing the remaining collateral, or borrow anew as described above. ### How to redeem BOLD for collateral (mix of ETH, rETH and wstETH) using Etherscan **Step 1** To redeem BOLD you first have to give the CollateralRegistry contract an approval to use your BOLD using the approve() function of the BOLD token contract. For that matter, go to Etherscan using the following link After connecting your wallet through `“Connect to Web3”`, set\ spender to `0xd99dE73b95236F69A559117ECD6F519Af780F3f7`and the amount to be at least as high as the amount you wish to redeem, adding 18 zeros. **Example for 1000 BOLD:**
**Step 2**\ You can now redeem BOLD using the `CollateralRegistry` contract: [https://etherscan.io/address/0xd99de73b95236f69a559117ecd6f519af780f3f7#writeContract\
](https://etherscan.io/address/0xd99de73b95236f69a559117ecd6f519af780f3f7#writeContract)Simply input the BOLD amount to redeem, the redemption fee percentage you are willing to accept and the maximum number of list iterations per collateral (limits the number of troves whose debt can be repaid on each branch). Note: The redemption fee must be higher than the [current](https://dune.com/queries/4641717/7730245) fee. **Example** `_boldAmount:` amount to redeem \* 1e18 `_maxIterationsPerCollateral:` 0 `_maxFeePercentage:` 1% \* 1e16, i.e. 1000000000000000000
# LQTY Staking & Voting ### What are the benefits of staking LQTY? Staking your LQTY in Liquity V2 unlocks a unique, dual-reward opportunity. Not only do you gain influence over the future of Liquity V2, but your stake also continues to earn LUSD and ETH rewards from Liquity V1. This powerful synergy ensures you capitalize on both the stability of V1 and the innovations of V2. Besides voting power, voters may receive payments (“bribes”) from external initiatives. Check this guide on [how to stake](https://x.com/LiquityProtocol/status/1936885520203956391). ### Is there a lock-up? No, there is no lock-up. You can withdraw the LQTY at any time. Be mindful however, that as you withdraw you lose the accumulated “extra” voting power. ### What is Protocol Incentivized Liquidity (PIL)? It's a novel sustainable and adaptive incentive mechanism in Liquity v2. It directs 25% of the protocol's revenue to external initiatives, aiming to improve BOLD liquidity and stimulate growth within the entire Liquity ecosystem. Read more about PIL and voting in this [article](https://www.liquity.org/blog/directing-protocol-incentivized-liquidity-with-lqty). ### Where do the incentives come from? Every Trove incurs interest in BOLD every second. The entirety of these proceeds are continuously split between two streams: Stability Pool revenue and Protocol Liquidity Incentives. The percentages are hard-coded to 75% and 25%, respectively, so long as there are active borrowers in the system, there will be a budget for the PIL mechanism. Example: if BOLD has a market cap of 200m and the average interest rate is 10%, then PIL has 5m BOLD at disposal per year. ### How do I vote on initiatives? To vote, you need to stake your LQTY on a [frontend](https://www.liquity.org/frontend-v2). Once staked, a user’s share of total protocol voting power is determined by a time-weighted calculation. Users with voting power can weigh initiatives as they see fit, splitting their votes at their liking. These users can select from any combination of initiatives, and their selections remain set across future voting periods until they change it. Voting takes place during weekly epochs, which begin with the block on Ethereum that follows 00:00 UTC each Thursday, and ends with the last block on the following Wednesday at 23:59:59 UTC. The voting process is divided into two categories: upvote for and downvote (veto). During each weekly epoch, upvotes and downvotes can be made for initiatives, though in the last 24 hours before the end of the epoch only downvotes are possible. In the final 24-hour period of each epoch, existing votes can still be removed and reallocated to downvote initiatives. For proposals and discussions around initiatives, visit the [voting Discourse](https://voting.liquity.org/). Past voting rounds can be viewed in this Dune [dashboard](https://dune.com/liquity/protocol-incentivized-liquidity). ### Do I need to vote each week? No, votes from the previous round carry over to the next one. \ \ It is advisable to keep an eye on new initiatives, as well as those you have already voted for. Being aware of new initiatives allows you to learn about potentially better allocations for your votes. Additionally, previously voted initiatives may be modified or upgraded, and if changes occur, the reasons you originally voted for them may no longer be valid. ### How do I accrue voting power? A user's voting power is proportional to the staked LQTY, but increases with time, following a linear growth. `Voting Power = LQTY Staked × Staking Age`
The above chart shows the individual voting power of four users A, B, C and D that have staked the same amount at different times. By dividing their individual voting power by the total voting power, we can determine the relative voting power distribution:
The longer a user stakes, the more voting power they lose with unstaking. ### Can I stake more or partially reduce my stake later? Yes, it is possible to increase or reduce an existing stake. Keep in mind that the new amount added starts off with a voting power of 0, while reducing your stake will leave your staking age unchanged. A new amount added to a pre-existing stake starts off with a voting power of 0 (to prevent flash-loan-like abuses): therefore, right after staking, the total voting power stays the same (the line is continuous), but the slope increases. Conversely, when unstaking, there is an immediate drop (discontinuity) in the user's voting power, besides the obvious decrease of the slope. ### How are new initiatives proposed? Any user having at least 0.01% of the total voting power of all LQTY staked and paying the registration fee of 100 BOLD can propose new incentives. Technically, any Ethereum address can receive Protocol Liquidity Incentives, but it is generally advisable to create a smart contract for the initiative, which contains any logic necessary to direct any received funds which will be paid in BOLD. This contract should be properly reviewed and audited by the proposer to ensure that it is secure and will work as intended. Once the initiative is deployed it can be registered. First, call the `approve` function [here](https://etherscan.io/address/0x6440f144b7e50D6a8439336510312d2F54beB01D#writeContract): * Enter the `spender` address: `0x807DEf5E7d057DF05C796F4bc75C3Fe82Bd6EeE1` * Enter at least 100 BOLD (100 \* 1e18) under `amount` Then register it [here](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1#writeContract) by entering your `_initiative` address under `registerInitiative` Once registered, the initiative can be voted upon in the following epoch. For efficiency reasons, only initiatives which would receive a minimum 2% of the votes are eligible. Initiatives failing to reach this threshold during four or more consecutive epochs may be permissionlessly unregistered. ### How are incentives distributed? Protocol Liquidity Incentives accrue and are then distributed on a weekly cadence across to all qualifying initiatives, or target addresses. To qualify for incentives, an initiative must reach a relative threshold of 2% of all votes. The incentive distribution is a function of gauge weighting between all qualifying initiatives: the incentives are split in proportion to the relative votes (without counting the downvotes as long as the initiatives qualify). Incentives **must be claimed in the same week**, else they get redistributed to the next week's round. ### What happens to downvoted initiatives? Initiatives, which have more upvotes than the relative threshold of 2%, and receiving more downvotes than upvotes are disqualified from incentives if the number of downvotes exceeds the number of upvotes. Such initiatives can be deregistered by anyone. ### What happens to inactive or unpopular initiatives? Initiatives that fail to reach the qualifying threshold or the minimum weekly claim for more 4 consecutive epochs (weeks) can be deregistered by anyone. ### I get a new contract warning in my wallet Liquity V2 uses a proxy pattern for staking, creating a new "UserProxy" contract when someone stakes LQTY for the first time. Because of this some wallets can flag this as a "new contract warning". # Technical Docs & Audits A technical system summary including contract descriptions, function descriptions, and more is available in the V2 developer README. ### Technical papers [Whitepaper](https://magenta-medical-wildcat-522.mypinata.cloud/ipfs/bafybeihjijrgmytiwb4t7mqgogyyupbn342rregwff7fprlqjytko242ma) ### Code base (Github) [Bold Core](https://github.com/liquity/bold)\ [Governance](https://github.com/liquity/V2-gov/tree/main) ### Audit reports [ChainSecurity - Code Assessment](https://www.chainsecurity.com/security-audit/liquity-bold-smart-contracts), several audits between Aug 2024 and May 2025 [Dedaub - Core Protocol Audit Report I](https://dedaub.com/audits/liquity/liquity-v2-aug-28-2024/), August 2024 [Dedaub - Core Protocol Audit Report II](https://dedaub.com/audits/liquity/liquity-v2-second-audit-nov-11-2024/), November 2024 [Certora - Formal Verification](https://certora.cdn.prismic.io/certora/Z1tLJJbqstJ98b8J_LiquityVerificationReport.pdf), December 2024 [Coinspect - Bold Core Smart Contract Audit](https://www.coinspect.com/doc/Coinspect%20-%20Smart%20Contract%20Audit%20-%20Liquity%20-%20Bold%20-%20v241231.pdf), December 2024 [Coinspect - Bold Governance Audit](https://www.coinspect.com/doc/Coinspect%20-%20Smart%20Contract%20Audit%20-%20Liquity%20-%20Bold%20Governance%20-%20v250120.pdf), January 2025 [ChainSecurity - Governance Smart Contract Audit](https://www.chainsecurity.com/security-audit/liquity-v2-governance), January 2025 [Dedaub - Governance Audit 1](https://dedaub.com/audits/liquity/liquity-v2-governance-1st-audit-aug-12-2024/), August 2024 [Dedaub - Governance Audit 2](https://dedaub.com/audits/liquity/liquity-v2-governance-2nd-audit-nov-11-2024/), November 2024 [Dedaub - Governance Audit 3](https://dedaub.com/audits/liquity/liquity-v2-governance-3rd-audit-dec-22-2024/), January 2025 [Recon - Liquity Security Review](https://github.com/GalloDaSballo/bold-review), October 2024 [Dedaub - Cantina fixes review](https://dedaub.com/audits/liquity/liquity-v2-cantina-fixes-review-may-13-2025/), May 2025 [Cantina Competiton](https://cantina.xyz/portfolio/fca4f98a-7d24-49f1-9a3b-80e5e65b2b30), March-April 2025 [Coinspect - Redemption Helper](https://drive.google.com/file/d/1tKLYZj_peUnUKCBmfWbmdi1KvCYJ7WfV/view), October 2025 ### Economic modelling and simulation [Chaos Labs: Mechanism Design Review](https://cdn.sanity.io/files/zmh9mnff/production/ca6a4815e62b05f33fb3ec56c5a4c42d6b7ddbec.pdf), October 2024 ### Contract addresses #### BOLD Token | Contract | Address | | -------------- | -------------------------------------------------------------------------------------------------------------------------------- | | BOLD Mainnet | [0x6440f144b7e50D6a8439336510312d2F54beB01D](https://etherscan.io/address/0x6440f144b7e50D6a8439336510312d2F54beB01D) | | BOLD Base | [0x03569CC076654F82679C4BA2124D64774781B01D](https://basescan.org/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Arbitrum | [0x03569CC076654F82679C4BA2124D64774781B01D](https://arbiscan.io/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD HyperEVM | [0x84533b1512A3A23F0c9668D88FDf86FEffdbb11A](https://hyperevmscan.io/address/0x84533b1512A3A23F0c9668D88FDf86FEffdbb11A) | | BOLD Optimism | [0x03569CC076654F82679C4BA2124D64774781B01D](https://optimistic.etherscan.io/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Scroll | [0x03569CC076654F82679C4BA2124D64774781B01D](https://scrollscan.com/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Avalanche | [0x03569CC076654F82679C4BA2124D64774781B01D](https://snowtrace.io/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Sonic | [0xf05a207442f14E446b0e32b12D2043bfc68Cb1C9](https://sonicscan.org/address/0xf05a207442f14E446b0e32b12D2043bfc68Cb1C9) | | BOLD Berachain | [0xf05a207442f14E446b0e32b12D2043bfc68Cb1C9](https://berascan.com/address/0xf05a207442f14e446b0e32b12d2043bfc68cb1c9) | | BOLD Swell | [0x1a17b22d762c8cf2ca0f07e2b3c32e7481bb0d8c](https://swellchainscan.io/address/0x1a17b22d762c8cf2ca0f07e2b3c32e7481bb0d8c) | #### Shared contracts | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collateralRegistry | [0xf949982b91c8c61e952b3ba942cbbfaef5386684](https://etherscan.io/address/0xf949982b91c8c61e952b3ba942cbbfaef5386684) | | boldToken | [0x6440f144b7e50d6a8439336510312d2f54beb01d](https://etherscan.io/address/0x6440f144b7e50d6a8439336510312d2f54beb01d) | | hintHelpers | [0xf0cae19c96e572234398d6665cc1147a16cbe657](https://etherscan.io/address/0xf0cae19c96e572234398d6665cc1147a16cbe657) | | multiTroveGetter | [0xfa61db085510c64b83056db3a7acf3b6f631d235](https://etherscan.io/address/0xfa61db085510c64b83056db3a7acf3b6f631d235) | | exchangeHelpers | [0x2f60bab0072abec7058017f48d7256ec288c8686](https://etherscan.io/address/0x2f60bab0072abec7058017f48d7256ec288c8686) | #### ETH branch | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collToken | [0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2](https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2) | | addressesRegistry | [0x20f7c9ad66983f6523a0881d0f82406541417526](https://etherscan.io/address/0x20f7c9ad66983f6523a0881d0f82406541417526) | | activePool | [0xeb5a8c825582965f1d84606e078620a84ab16afe](https://etherscan.io/address/0xeb5a8c825582965f1d84606e078620a84ab16afe) | | borrowerOperations | [0x372abd1810eaf23cb9d941bbe7596dfb2c46bc65](https://etherscan.io/address/0x372abd1810eaf23cb9d941bbe7596dfb2c46bc65) | | collSurplusPool | [0xedbe2509e502c0320d2e7f8b6746a49b4b50e2bf](https://etherscan.io/address/0xedbe2509e502c0320d2e7f8b6746a49b4b50e2bf) | | defaultPool | [0xd4558240d50c2e219a21c9d25afd513bb6e5b1a0](https://etherscan.io/address/0xd4558240d50c2e219a21c9d25afd513bb6e5b1a0) | | sortedTroves | [0xa25269e41bd072513849f2e64ad221e84f3063f4](https://etherscan.io/address/0xa25269e41bd072513849f2e64ad221e84f3063f4) | | stabilityPool | [0x5721cbbd64fc7ae3ef44a0a3f9a790a9264cf9bf](https://etherscan.io/address/0x5721cbbd64fc7ae3ef44a0a3f9a790a9264cf9bf) | | troveManager | [0x7bcb64b2c9206a5b699ed43363f6f98d4776cf5a](https://etherscan.io/address/0x7bcb64b2c9206a5b699ed43363f6f98d4776cf5a) | | troveNFT | [0x1a0fc0b843afd9140267d25d4e575cb37a838013](https://etherscan.io/address/0x1a0fc0b843afd9140267d25d4e575cb37a838013) | | metadataNFT | [0x9b36c3b16299d68c79f174df7e728e35b6af4a12](https://etherscan.io/address/0x9b36c3b16299d68c79f174df7e728e35b6af4a12) | | priceFeed | [0xcc5f8102eb670c89a4a3c567c13851260303c24f](https://etherscan.io/address/0xcc5f8102eb670c89a4a3c567c13851260303c24f) | | gasPool | [0x7b9ab3de4036cae51f1fa4ec0a2c2fd606bcf921](https://etherscan.io/address/0x7b9ab3de4036cae51f1fa4ec0a2c2fd606bcf921) | | interestRouter | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | wethZapper | [0x7022a4f4a2b9f0c30a5eb0b0073a8bb4c8e70c1f](https://etherscan.io/address/0x7022a4f4a2b9f0c30a5eb0b0073a8bb4c8e70c1f) | | gasCompZapper | [0x0000000000000000000000000000000000000000](https://etherscan.io/address/0x0000000000000000000000000000000000000000) | | leverageZapper | [0xdccbd7a365aee086aa3b4ede8afe895b20770ae3](https://etherscan.io/address/0xdccbd7a365aee086aa3b4ede8afe895b20770ae3) | #### wstETH branch | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collToken | [0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0](https://etherscan.io/address/0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0) | | addressesRegistry | [0x8d733f7ea7c23cbea7c613b6ebd845d46d3aac54](https://etherscan.io/address/0x8d733f7ea7c23cbea7c613b6ebd845d46d3aac54) | | activePool | [0x531a8f99c70d6a56a7cee02d6b4281650d7919a0](https://etherscan.io/address/0x531a8f99c70d6a56a7cee02d6b4281650d7919a0) | | borrowerOperations | [0xa741a32f9dcfe6adba088fd0f97e90742d7d5da3](https://etherscan.io/address/0xa741a32f9dcfe6adba088fd0f97e90742d7d5da3) | | collSurplusPool | [0x36e6cbdf68f64cf00fc3a6c634a25be32dd0a235](https://etherscan.io/address/0x36e6cbdf68f64cf00fc3a6c634a25be32dd0a235) | | defaultPool | [0xd796e1648526400386cc4d12fa05e5f11e6a22a1](https://etherscan.io/address/0xd796e1648526400386cc4d12fa05e5f11e6a22a1) | | sortedTroves | [0x84eb85a8c25049255614f0536bea8f31682e86f1](https://etherscan.io/address/0x84eb85a8c25049255614f0536bea8f31682e86f1) | | stabilityPool | [0x9502b7c397e9aa22fe9db7ef7daf21cd2aebe56b](https://etherscan.io/address/0x9502b7c397e9aa22fe9db7ef7daf21cd2aebe56b) | | troveManager | [0xa2895d6a3bf110561dfe4b71ca539d84e1928b22](https://etherscan.io/address/0xa2895d6a3bf110561dfe4b71ca539d84e1928b22) | | troveNFT | [0x857aecebf75f1012dc18e15020c97096aea31b04](https://etherscan.io/address/0x857aecebf75f1012dc18e15020c97096aea31b04) | | metadataNFT | [0x362f822df79790c8077e61110484fffa48f682a1](https://etherscan.io/address/0x362f822df79790c8077e61110484fffa48f682a1) | | priceFeed | [0xe7aa2ba9e086a379d3beb224098bc634a46e314e](https://etherscan.io/address/0xe7aa2ba9e086a379d3beb224098bc634a46e314e) | | gasPool | [0x8c44fba379d8a8608c0e29b2729deb75a981db1f](https://etherscan.io/address/0x8c44fba379d8a8608c0e29b2729deb75a981db1f) | | interestRouter | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | wethZapper | [0x0000000000000000000000000000000000000000](https://etherscan.io/address/0x0000000000000000000000000000000000000000) | | gasCompZapper | [0xbd69d3e0ea967d146e925b7572b765c8e9c4127d](https://etherscan.io/address/0xbd69d3e0ea967d146e925b7572b765c8e9c4127d) | | leverageZapper | [0xe85230de04147c4ea363b21cdb801c1c19df0a56](https://etherscan.io/address/0xe85230de04147c4ea363b21cdb801c1c19df0a56) | #### rETH branch | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collToken | [0xae78736cd615f374d3085123a210448e74fc6393](https://etherscan.io/address/0xae78736cd615f374d3085123a210448e74fc6393) | | addressesRegistry | [0x6106046f031a22713697e04c08b330ddaf3e8789](https://etherscan.io/address/0x6106046f031a22713697e04c08b330ddaf3e8789) | | activePool | [0x9074d72cc82dad1e13e454755aa8f144c479532f](https://etherscan.io/address/0x9074d72cc82dad1e13e454755aa8f144c479532f) | | borrowerOperations | [0xe8119fc02953b27a1b48d2573855738485a17329](https://etherscan.io/address/0xe8119fc02953b27a1b48d2573855738485a17329) | | collSurplusPool | [0xba4a2bd8b76df84cac98eba3f4b967d8423192bf](https://etherscan.io/address/0xba4a2bd8b76df84cac98eba3f4b967d8423192bf) | | defaultPool | [0x5cc5cefd034fdc4728d487a72ca58a410cddcd6b](https://etherscan.io/address/0x5cc5cefd034fdc4728d487a72ca58a410cddcd6b) | | sortedTroves | [0x14d8d8011df2b396ed2bbc4959bb73250324f386](https://etherscan.io/address/0x14d8d8011df2b396ed2bbc4959bb73250324f386) | | stabilityPool | [0xd442e41019b7f5c4dd78f50dc03726c446148695](https://etherscan.io/address/0xd442e41019b7f5c4dd78f50dc03726c446148695) | | troveManager | [0xb2b2abeb5c357a234363ff5d180912d319e3e19e](https://etherscan.io/address/0xb2b2abeb5c357a234363ff5d180912d319e3e19e) | | troveNFT | [0x7ae430e25b67f19b431e1d1dc048a5bcf24c0873](https://etherscan.io/address/0x7ae430e25b67f19b431e1d1dc048a5bcf24c0873) | | metadataNFT | [0x3400874305e1547020fb8e80eaf1308b757171af](https://etherscan.io/address/0x3400874305e1547020fb8e80eaf1308b757171af) | | priceFeed | [0x34f1e9c7dcc279ec70d3c4488eb2d80fba8b7b2b](https://etherscan.io/address/0x34f1e9c7dcc279ec70d3c4488eb2d80fba8b7b2b) | | gasPool | [0x45c81dce308389e1bee63ae30a04fb1e148dad41](https://etherscan.io/address/0x45c81dce308389e1bee63ae30a04fb1e148dad41) | | interestRouter | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | wethZapper | [0x0000000000000000000000000000000000000000](https://etherscan.io/address/0x0000000000000000000000000000000000000000) | | gasCompZapper | [0xbe8b230dcd12e246f5edc5c103cc98be68ab636f](https://etherscan.io/address/0xbe8b230dcd12e246f5edc5c103cc98be68ab636f) | | leverageZapper | [0x75036b1d6de5665c60f5c33bb4a64e8e123211a2](https://etherscan.io/address/0x75036b1d6de5665c60f5c33bb4a64e8e123211a2) | #### Governance | Contract | Address | | ------------------------ | --------------------------------------------------------------------------------------------------------------------- | | governance | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | curveUsdcBoldPool | [0xefc6516323fbd28e80b85a497b65a86243a54b3e](https://etherscan.io/address/0xefc6516323fbd28e80b85a497b65a86243a54b3e) | | curveUsdcBoldGauge | [0x07a01471fa544d9c6531b631e6a96a79a9ad05e9](https://etherscan.io/address/0x07a01471fa544d9c6531b631e6a96a79a9ad05e9) | | curveUsdcBoldInitiative | [0xba415afa8fcd65196764b5e08cb4dbf90bee33b4](https://etherscan.io/address/0xba415afa8fcd65196764b5e08cb4dbf90bee33b4) | | curveLusdBoldPool | [0x7ed17e037b7d88a8270c89b3afa9c38e5218f12b](https://etherscan.io/address/0x7ed17e037b7d88a8270c89b3afa9c38e5218f12b) | | curveLusdBoldGauge | [0xa37cdce0207127204682d3235ead2c7a4c5d6c5c](https://etherscan.io/address/0xa37cdce0207127204682d3235ead2c7a4c5d6c5c) | | curveLusdBoldInitiative | [0x0c76eae597afa2aa163a8c845f7e7e870256ac7e](https://etherscan.io/address/0x0c76eae597afa2aa163a8c845f7e7e870256ac7e) | | defiCollectiveInitiative | [0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690](https://etherscan.io/address/0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690) | | stakingV1 | [0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d](https://etherscan.io/address/0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d) | | LQTYToken | [0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d](https://etherscan.io/address/0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d) | | LUSDToken | [0x5f98805a4e8be255a32880fdec7f6728c6568ba0](https://etherscan.io/address/0x5f98805a4e8be255a32880fdec7f6728c6568ba0) | # \[Old] Friendly Fork Program
### Program Background Liquity V2 is published under a [Business Source License (BUSL)](https://github.com/liquity/bold/blob/main/contracts/LICENSE) such that, while the codebase is source available, any commercial deployment needs to be approved by Liquity AG. A number of friendly forks catering to blockchain networks and collateral asset types not supported for BOLD minting have thus entered into licensing agreements with Liquity AG. In exchange for the right to deploy their own stablecoins using Liquity V2 code, these projects have committed to incentivize collaboration between their users and BOLD users. You can learn more about the program in this [blog post](https://www.liquity.org/blog/bootstrapping-liquity-v2). ### Rewards All forks will reward BOLD users by incentivizing core use cases such as the main liquidity pools and the V2 Stability Pools.\ While allocation size and execution will vary, each fork will share its plan in a dedicated announcement (linked below). The [V2 Leaderboard](https://dune.com/liquity/v2-leaderboard) assigns users a score based on their activity. Forks can use it as a reference when distributing rewards, though they are free to adjust parameters as they see fit. ### Licensed Friendly Forks **Aesyx** * Launch: TBD * Stablecoin: USXY * Governance Token: SXY * Network: Avalanche * Reward Details: TBD * Relevant Links: [Website](https://aesyx.fi/) | [Docs](http://docs.aesyx.fi) **Asymmetry Finance** * Launch: TBD * Stablecoin: USDaf * Governance Token: ASF * Network: Ethereum Mainnet * Reward Details: TBD * Relevant Links: [Website](https://www.asymmetry.finance/) | [Docs](https://docs.asymmetry.finance/) **Beraborrow** * Launch: TBD * Stablecoin: NECT * Governance Token: POLLEN * Network: Berachain * Reward Details: TBD * Relevant Links: [Website ](https://www.beraborrow.com/)| [Docs](https://beraborrow.gitbook.io/docs) **DeFi Dollar** * Launch: TBD * Stablecoin: DUSD * Governance Token: DEFI * Network: Ethereum Mainnet * Reward Details: TBD * Relevant Links: [Website](https://defidollar.io/) | [Docs](https://docs.defidollar.io/) **Ebisu Money** * Launch: TBD * Stablecoin: ebUSD * Governance Token: EBISU * Network: Ethereum Mainnet * Reward Details: TBD * Relevant Links: [Website](https://ebisu.money/) **Felix** * Launch: LIVE * Stablecoin: feUSD * Governance Token: TBD * Network: Hyperliquid * Reward Details: TBD * Relevant Links: [Website ](https://usefelix.xyz/)| [Docs](https://usefelix.gitbook.io/felix-docs) **Nerite** * Launch: End of May * Stablecoin: USDN * Governance Token: NERI * Network: Arbitrum * Reward Details: * Relevant Links: [Website](https://www.nerite.org/) | [Docs](https://github.com/NeriteOrg/nerite/blob/main/README.md) **Orki Finance** * Launch: LIVE * Stablecoin: USDK * Governance Token: ORKI * Network: Swell * Reward Details: TBD * Relevant Links: [Website](https://www.orki.finance/) | [Docs](https://orki-finance.gitbook.io/orki-finance-docs) **Soneta** * Launch: TBD * Stablecoin: ONE * Governance Token: STA * Network: Sonic * Reward Details: TBD * Relevant Links: [Website](https://soneta.xyz/) | [Docs](https://docs.soneta.xyz/) **Quill Finance** * Launch: LIVE * Stablecoin: USDQ * Governance Token: QUILL * Network: Scroll * Reward Details: * Relevant Links: [Website](https://www.quill.finance/) | [Docs](https://quill-finance.gitbook.io/faq) ### Program Rules All friendly forks are responsible for communicating the details and implementation of their commitments, as well as distributing any program rewards. The following points apply to all friendly forks: * Each friendly fork is required to audit any changes made to the Liquity V2 codebase in their specific deployment. * Each friendly fork is minting its own respective stablecoin, not BOLD. * Each friendly fork has the right to implement mutability as it sees fit. * Liquity AG is not in an ongoing partnership with any licensing entity. # Friendly Fork Program
### Program Background Liquity V2 is published under a [Business Source License (BUSL)](https://github.com/liquity/bold/blob/main/contracts/LICENSE) such that, while the codebase is source available, any commercial deployment needs to be approved by Liquity AG. A number of friendly forks catering to blockchain networks and collateral asset types not supported for BOLD minting have thus entered into licensing agreements with Liquity AG. In exchange for the right to deploy their own stablecoins using Liquity V2 code, these projects have committed to incentivize collaboration between their users and BOLD users. You can learn more about the program in this [blog post](https://www.liquity.org/blog/bootstrapping-liquity-v2). ### Rewards All forks will reward BOLD users by incentivizing core use cases such as the main liquidity pools and the V2 Stability Pools. While allocation size and execution will vary, each fork will share its plan in a dedicated announcement. Forks allocate and distribute their incentives directly to users by their discretion - the [Leaderboard](https://dune.com/liquity/v2-leaderboard) tracks all that activity. ### Resources * [Forqty](https://www.forqty.com/) provides an overview of all launched and upcoming forks (Provided by Summerstone). * [V2 Leaderboard](https://dune.com/liquity/v2-leaderboard) is used to track your BOLD usage, and provided to forks as guidance for rewards. * [Yield Calculator](https://docs.google.com/spreadsheets/d/1Zi_2rU7Ktwd4qF9AZuFbgz7W8uIEN6ta5n-LHOE44oM/edit?gid=0#gid=0) can be used to estimate your APR based on data you can enter. ### Announced Friendly Forks * [**Aesyx**](https://x.com/Aesyx_Fi/status/1950952447175954762) on Avalache * [**Alpen**](https://x.com/AlpenLabs/status/1920485228599992389) on Strata (Bitcoin) * [**Asymmetry**](https://www.asymmetry.finance/) on Mainnet * [**Beraborrow**](https://x.com/beraborrow/status/1843305523472380189) on Berachain * [**DeFi Dollar** ](https://defidollar.io/)on Mainnet * [**Ebisu**](https://ebisu.money/) on Mainnet * [**Felix**](https://www.usefelix.xyz/) on HyperEVM * [**Nerite**](https://www.nerite.org/) on Arbitrum * [**Orki**](https://www.orki.finance/) on Swell * [**Quill**](https://www.quill.finance/) on Scroll **Outlook** August * Ebisu: BOLD/ebUSD pool on Mainnet * Aesyx on Avalanche to launch + BOLD >< AXD pool to follow * Soneta on Sonic to launch + ONE >< BOLD pool to follow * Felix on HyperEVM to launch feUSD >< BOLD pool Q3 & Q4 * Bitvault to launch on Katana * Alpen to launch on Strata * Gnosis fork * Plasma fork * BSC fork * Base fork ### Announcements * [Saga fork - Announcement](https://x.com/Sagaxyz__/status/1949892889456050207) (2025/07/28) * [Nerite - Friendly Fork #6 goes live on Arbitrum](https://x.com/LiquityProtocol/status/1944771396183183731) (2025/07/14) * [Nerite - Incentive announcement](https://www.nerite.org/writing/bold-incentive-program) (2025/07/18) * [Quill - Incentive announcement](https://x.com/LiquityProtocol/status/1943703345363058899) (2025/07/11) * [Aesyx - Friendly Fork #5 goes live on Avalanche](https://x.com/LiquityProtocol/status/1943402636444889450) (2025/07/10) * [Asymmetry - Potential Issue Announcement](https://x.com/asymmetryfin/status/1935869427783729188) (2025/06/20) * [Ebisu - coming soon](https://x.com/LiquityProtocol/status/1932527468679696398) (2026/06/10) * [Asymmetry - Friendly Fork #4 goes live on mainnet](https://x.com/LiquityProtocol/status/1925955594973835496) (2025/05/23) * [Liquity V2 - Relaunch announcement](https://x.com/LiquityProtocol/status/1924465010925056106) (2025/05/19) * [Orki - going live on Swell](https://x.com/LiquityProtocol/status/1923019704605737130) (2025/05/15) * [Quill - going live on Scroll](https://x.com/LiquityProtocol/status/1920130975708901601) (2025/05/07) * [Felix - going live on Hyperliquid](https://x.com/LiquityProtocol/status/1909634552852795574) (2025/04/08) ### Program Rules All friendly forks are responsible for communicating the details and implementation of their commitments, as well as distributing any program rewards. The following points apply to all friendly forks: * Each friendly fork is required to audit any changes made to the Liquity V2 codebase in their specific deployment. * Each friendly fork is minting its own respective stablecoin, not BOLD. * Each friendly fork has the right to implement mutability as it sees fit. * Liquity AG is not in an ongoing partnership with any licensing entity. # Bug Bounty Any submissions should be done via [Cantina](https://cantina.xyz/bounties/7aa23a2b-7e8b-4b88-a9bb-713dc102a11a). # Security For any security related inquiries please email # Brand Assets ## Logos [Liquity Logos](https://drive.google.com/drive/folders/1PTvYgvjvuTZurRWvICPuGAzjDpo53y8z) [BOLD Stablecoin Logos](https://drive.google.com/drive/folders/1DkwbRlHI7Uyz0HTeTfahJmKBK-92v9Mf) [Other Visual Assets](https://drive.google.com/drive/folders/1O5eo2QD8307140jtoz2-rP71S73WNONS) ## Colors
## Fonts Standard Font: [NB InternationalTM Pro Speciem](https://neubauladen.com/product/nb-international-pro/) Alternative Free Font: [Inter Tight](https://fonts.google.com/specimen/Inter+Tight)
# Risk Disclosure ### **Dependencies** * Oracles: Chainlink for collateral pricing * Collateral assets: wstETH and rETH backing for BOLD ### Chain Risk * Deployment chain: Ethereum Mainnet * Cross-chain: none (native to Mainnet and no cross-chain risks) * Bridging: CCIP through Chainlink While BOLD itself is native to Ethereum, it may eventually be supported by Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for bridging. Once BOLD gets bridged to to other chains through CCIP, it will inherit security from Chainlink's existing network of decentralized nodes on the bridged Layer 2s. ### **Smart Contract Risks** Liquity V2 has no manual pause, freeze, or shutdown functions. However, the protocol is capable of initiating an automatic shutdown of a borrow market in case of an extreme price drop of the respective collateral asset leading to insufficient collateralization, or an oracle failure of that particular collateral asset. * See our audits for more information: DeDaub and ChainSecurity * Pause function: none * Protocol freeze function: none * Protocol shutdown function: Yes, it would be algorithmically targeted towards a specific branch * BOLD whitelist or blacklist: none * BOLD transfer freeze functionality: none ### Collateral Risk * Collaterals assets accepted: WETH, wstETH, and rETH only * Collaterals assets accepted within the protocol are non-upgradeable and cannot be changed **What’s the shared-collateral risks?**\ Each supported collateral asset constitutes an individual borrow market with its own group of borrowers and a separate Stability Pool backing their debts. This separation impacts user groups differently: * Borrowers: Collateral risk is limited to the collateral asset held by the borrower. A borrower isn’t negatively affected by a failure of another collateral asset. * BOLD Holders: As a multi-collateral stablecoin, BOLD is reliant on effective liquidations of undercollateralized loans in every borrow market to remain overcollateralized. Holders are subject to the risks of all supported collateral assets. * Earners: SP depositors only get exposure to the asset they have opted for. However, as BOLD holders, they are similarly affected by potential depegging. **Are there any safety mechanisms in place for potential de-pegs of the underlying collateral asset?**\ \ The protocol aims to protect each borrow market from becoming undercollateralized by throttling debt creation and collateral withdrawal in unhealthy markets and by shutting down the entire market as a last resort. There are two safety thresholds: * Critical Threshold (CT): If the TCR of a borrow market falls below the CT (e.g., 150%), new debt creation is prohibited. Collateral withdrawal is allowed as long as it goes along with a debt repayment greater than or equal to the collateral withdrawn. * Shutdown Threshold (ST): If the TCR drops below the ST (e.g., 110%), the protocol triggers the shutdown of the borrow market and disables all borrowing operations except for closing Troves. Users can redeem BOLD against the respective collateral at a more favorable exchange rate than the current oracle price. ### Oracle Risk If Chainlink oracles fail, collateral markets might get priced inaccurately, leading to unfavorable redemptions or excessive or delayed liquidations. Oracle staleness could also cause problems by using out-of-date prices during shutdowns, leading to improper liquidations or redemptions. **Mitigation:** * The system tracks staleness thresholds and shuts down a branch if the price hasn't been updated for a preset period (e.g., 48 hours for rETH). * Upon shutdown, redemptions use the last recorded price, limiting the time window for exploiters to take advantage of a stale oracle. ### Infrastructure Risk * Onchain infrastructure: None other than Infura nodes (transactions could get delayed or dropped) None for on-chain functionality. * Open-source and publicly accessible off-chain infrastructure. The Graph integration will allow for indexing and querying, but remains publicly accessible. ### Governance and Economic Risk * Core protocol: is immutable - nothing can updated or changed * Upgradable code: none * Upgradable parameters: none * Timelocks: none * LQTY stakers can only direct 25% of the revenues e.g. as liquidity incentives to LP pools. More information can be found [here](https://github.com/liquity/V2-gov/blob/main/README.md). **Bad Debt mitigation and Branch Shutdown:**\ In extreme cases, such as a severe drop in collateral value or failure of a supported collateral, the system may become undercollateralized. This could lead to the shutdown of a specific collateral branch or market, and the remaining debt could become "bad debt"—unbacked by sufficient collateral. This could in the worst case lead to bank runs: a portion of the system debt can not be cleared, and hence a portion of the BOLD supply can never be redeemed. **Mitigation:**\ Liquity V2 has built-in shutdown thresholds. When a collateral market's total collateral ratio (TCR) falls below the *Critical Threshold (CT)*, debt creation is paused, and collateral withdrawals are restricted. If the TCR drops further to the *Shutdown Threshold (ST)*, the protocol shuts down the market, freezes new borrowing, and triggers urgent redemptions. These redemptions are designed to clear as much debt as possible by allowing users to redeem BOLD at favorable rates.\ \ Additionally, redemptions are split in proportion to the "outside" portion of the respective debt, which is defined as the total debt borrowed against a certain collateral minus the size of the SP of the respective borrowing market. That way, redemptions primarily reduce the debt of the borrowing market with the lowest SP backing, reducing the risks that the market ever drops below the thresholds. This triggers the liquidation of all collateral within that market to buy back and burn as much BOLD as possible. However, if the collateral price crash is severe, some portion of BOLD may become unbacked. If this unbacked portion is small, the system can still function with BOLD retaining its peg, assuming no major loss of confidence. However, if confidence erodes, BOLD may depeg, leading to mass redemptions across healthier markets. In the worst-case scenario, the remaining debt-backed BOLD supply could be fully redeemed, leaving only the unbacked portion, potentially reducing BOLD's value to zero.This could happen even if the failed collateral represented a small portion of the entire market. The outcome ultimately depends on the market’s confidence in BOLD and the system’s ability to mitigate further risks. ### Liquidity Risk Liquity V2 operates three distinct borrow markets, each backed by its own collateral types (ETH, wstETH, and rETH). Each market features separate stability pools, user-set interest rates, and individual Loan-to-Value (LTV) ratios tailored to the specific asset. This market structure allows for precise risk management, ensuring that liquidations and redistributions occur independently within each collateral market. To support the stability of BOLD, Liquity V2 uses borrower-paid interest to create demand and facilitate liquidations. Borrower interest is directed into two primary venues: 1. Stability Pool (75%): Each borrow market is linked to a corresponding Stability Pool, where 75% of the interest paid by borrowers is deposited. BOLD depositors in the Stability Pool earn a portion of this interest, along with liquidation gains in the respective collateral asset. This structure helps maintain liquidity and solvency in each borrow market by absorbing liquidation events. Potential risk:\ There's no guarantee that the liquidation gains are actually gains. In the worst case, e.g. when the oracle lags behind or an LST flash-crashes within a few blocks, the gains could turn into losses. 2. Protocol-Incentivized Liquidity (25%): The remaining 25% of interest goes to liquidity providers (LPs) as incentives, with the allocation split determined through weekly gauge voting. This incentivizes liquidity on decentralized exchanges, enhancing overall protocol stability and BOLD liquidity. **Redemption mechanism and risk for BOLD Stability** To prevent BOLD from falling below $1, Liquity V2 includes a redemption mechanism. Any BOLD holder can redeem 1 BOLD for $1 worth of collateral, ensuring that BOLD remains pegged to its intended value. Redemptions are prioritized by the lowest interest rate Troves first, allowing borrowers to maintain their positions while keeping the system balanced. Importantly, redemptions do not result in a net loss for borrowers but ensure the peg remains intact. **Liquidation Process** In the event of liquidations, the system first looks to the Stability Pool associated with the liquidated collateral type. If the Pool contains sufficient BOLD, it burns an amount equivalent to the borrower’s debt and redistributes the borrower’s collateral (105% of the debt) to the Pool’s depositors. These depositors receive both collateral and debt shares, proportional to their deposits. If the Stability Pool is depleted and cannot cover the entire debt, the system falls back on two other liquidation modes: * Just-in-Time (JIT) Liquidation: A liquidator deposits the amount of BOLD needed to cover the remaining debt directly into the Stability Pool, immediately triggering liquidation in exchange for 105% of the nominal debt in the collateral asset (e.g., WETH). * Redistribution Mode: If JIT liquidation is not chosen, the entire debt and 110% of it in collateral is redistributed to fellow borrowers who hold the same type of collateral. Their debt increases proportionally, but they also receive a share of the liquidated collateral, ensuring system-wide balance. This multi-layered liquidation process ensures that each collateral market is isolated from the others, minimizing systemic risk and allowing users to manage their positions independently. ### MEV Risks **Frontrunning risk**\ Borrowers may attempt to evade redemptions by either adjusting their Trove’s interest rate or closing and reopening their Trove. This "frontrunning" could occur when the BOLD price falls below $1, as savvy borrowers try to protect their positions from redemptions that would otherwise target them based on their user-set interest rates. Both “hard” frontrunning (directly from mempool observations) and “soft” frontrunning (reacting to the BOLD peg) could negatively affect redemption efficiency and system stability, while also unfairly affecting borrowers that are playing by the rules. **Mitigation:**\ Two fees are applied to disincentivize this behavior: 1. Upfront Borrowing Fee: Charged when a borrower opens a Trove or increases its debt, this fee is calculated as 7 days’ worth of average interest on the respective collateral branch. By applying this fee, borrowers are discouraged from continually closing and reopening Troves to evade redemptions, as it increases the cost of frequent adjustments. 2. Premature Adjustment Fee: When a borrower changes their interest rate too soon after the last adjustment (within a predefined cooldown period), they incur an additional opening fee. This mechanism prevents borrowers from rapidly adjusting their rates to avoid being prioritized in redemption processes, especially when rates are moving toward their redemption thresholds. These measures help ensure that borrowers cannot easily front-run system redemptions. **Flash Loans risk**\ In Liquity V2, redemption routing reduces the outside debt of each collateral branch proportionally. Flash loans could allow attackers to temporarily deposit BOLD into Stability Pools (SPs) of branches they wish to avoid, redirecting redemptions toward more favorable collateral branches. This could lead to arbitrage opportunities where the attacker selects assets with lower slippage on external markets. However, while this strategy might increase profits for the attacker, it does not extract direct value from the protocol or impact the overall system health. The protocol’s design, with competitive redemption fees and the use of flash loan fees, naturally mitigates the risks associated with this manipulation. Flash loan fees reduce the profitability of such actions, and the competitive nature of redemption arbitrage further limits the potential benefits. Mitigation: No fix is required because the risks are contained by the high costs of flash loans and the minimal impact on the protocol’s stability. Redemption routing is a soft measure designed to nudge the system toward balance, and the protocol remains reliant on the broader health of all collateral markets. Therefore, the system’s resilience is maintained despite these isolated arbitrage opportunities. ### NFT loan transfer risk Troves are now represented as NFTs, enabling improved transferability and management of positions while maintaining the core stability mechanisms of the protocol. Troves are meant to be transferred between different owner accounts (e.g. hot and cold wallets), however, trading them in a marketplace poses additional risks. For example, Trove delegations and management accounts are not cleared after a transfer, the trove owner is able to reduce the trove's collateral before a trade, among other adversarial scenarios that could be used by malicious sellers on marketplaces. # Legacy V2 and Testnet Here you can find the contract addresses for the V2 legacy deployment and the Sepolia testnet. #### BOLD Token | Contract | Address | | ------------------- | -------------------------------------------------------------------------------------------------------------------------------- | | boldToken Mainnet | [0xb01dd87B29d187F3E3a4Bf6cdAebfb97F3D9aB98](https://etherscan.io/address/0xb01dd87B29d187F3E3a4Bf6cdAebfb97F3D9aB98) | | boldToken Base | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://basescan.org/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | | boldToken Arbitrum | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://arbiscan.io/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | | boldToken Optimism | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://optimistic.etherscan.io/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | | boldToken Scroll | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://scrollscan.com/address/0x087c440f251ff6cfe62b86dde1be558b95b4bb9b) | | boldToken Avalanche | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://snowtrace.io/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | #### Shared contracts | Contract | Address | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | collateralRegistry | [0xd99de73b95236f69a559117ecd6f519af780f3f7](https://etherscan.io/address/0xd99de73b95236f69a559117ecd6f519af780f3f7#code) | | hintHelpers | [0xe3bb97ee79ac4bdfc0c30a95ad82c243c9913ada](https://etherscan.io/address/0xe3bb97ee79ac4bdfc0c30a95ad82c243c9913ada#code) | | multiTroveGetter | [0xa4a99f8332527a799ac46f616942dbd0d270fc41](https://etherscan.io/address/0xa4a99f8332527a799ac46f616942dbd0d270fc41#code) | | exchangeHelpers | [0x28c9decfacee0e796409b4b63eb263610e5e38dc](https://etherscan.io/address/0x28c9decfacee0e796409b4b63eb263610e5e38dc#code) | #### ETH branch | addressesRegistry | [0x38e1f07b954cfab7239d7acab49997fbaad96476](https://etherscan.io/address/0x38e1f07b954cfab7239d7acab49997fbaad96476#code) | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | activePool | [0xacece9a6ff7fea9b9e1cdfeee61ca2b45cc4627b](https://etherscan.io/address/0xacece9a6ff7fea9b9e1cdfeee61ca2b45cc4627b#code) | | borrowerOperations | [0x0b995602b5a797823f92027e8b40c0f2d97aff1c](https://etherscan.io/address/0x0b995602b5a797823f92027e8b40c0f2d97aff1c#code) | | collSurplusPool | [0x46720b3d63e38583d8f6d77d52c52df32604ef4b](https://etherscan.io/address/0x46720b3d63e38583d8f6d77d52c52df32604ef4b#code) | | defaultPool | [0x075e0c707097c4c071056687b0b87cd9392c7bbd](https://etherscan.io/address/0x075e0c707097c4c071056687b0b87cd9392c7bbd#code) | | sortedTroves | [0x879474cfbb980fb6899aaaa9b5d5ee14ffbf85a9](https://etherscan.io/address/0x879474cfbb980fb6899aaaa9b5d5ee14ffbf85a9#code) | | stabilityPool | [0xf69eb8c0d95d4094c16686769460f678727393cf](https://etherscan.io/address/0xf69eb8c0d95d4094c16686769460f678727393cf#code) | | troveManager | [0x81d78814df42da2cab0e8870c477bc3ed861de66](https://etherscan.io/address/0x81d78814df42da2cab0e8870c477bc3ed861de66#code) | | troveNFT | [0x84ed456a8074652130dfc4fe1fadb140e0f8ce2b](https://etherscan.io/address/0x84ed456a8074652130dfc4fe1fadb140e0f8ce2b#code) | | metadataNFT | [0x05e6a5aa1c0dfefe83a8df37f1a9fa0c17c5f375](https://etherscan.io/address/0x05e6a5aa1c0dfefe83a8df37f1a9fa0c17c5f375#code) | | priceFeed | [0x3279e2b49ff60dafb276fbaff847383b67a7ec2d](https://etherscan.io/address/0x3279e2b49ff60dafb276fbaff847383b67a7ec2d#code) | | gasPool | [0xaafd627156a28153e4066cd3a062bbf9e8707c5c](https://etherscan.io/address/0xaafd627156a28153e4066cd3a062bbf9e8707c5c#code) | | interestRouter | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | wethZapper | [0xd929c1927988625f834b9a39b562018cf6daeda5](https://etherscan.io/address/0xd929c1927988625f834b9a39b562018cf6daeda5#code) | | leverageZapper | [0x978d7188ae01881d254ad7e94874653b0c268004](https://etherscan.io/address/0x978d7188ae01881d254ad7e94874653b0c268004#code) | #### wstETH branch | Contract | Address | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x2d4ef56cb626e9a4c90c156018ba9ce269573c61](https://etherscan.io/address/0x2d4ef56cb626e9a4c90c156018ba9ce269573c61#code) | | activePool | [0x2fcf4e86594aadd744f82fd80d5da9b72ab50d7c](https://etherscan.io/address/0x2fcf4e86594aadd744f82fd80d5da9b72ab50d7c#code) | | borrowerOperations | [0x94c1610a7373919bd9cfb09ded19894601f4a1be](https://etherscan.io/address/0x94c1610a7373919bd9cfb09ded19894601f4a1be#code) | | collSurplusPool | [0xc8e5bda2efc25f04d5feb56eee80e3d8af74cb7f](https://etherscan.io/address/0xc8e5bda2efc25f04d5feb56eee80e3d8af74cb7f#code) | | defaultPool | [0x4fd6b1d48900e41710db9f219e153bb56727192b](https://etherscan.io/address/0x4fd6b1d48900e41710db9f219e153bb56727192b#code) | | sortedTroves | [0x15dda27e28f49c392067f285157b82c1a4539978](https://etherscan.io/address/0x15dda27e28f49c392067f285157b82c1a4539978#code) | | stabilityPool | [0xcf46dab575c364a8b91bda147720ff4361f4627f](https://etherscan.io/address/0xcf46dab575c364a8b91bda147720ff4361f4627f#code) | | troveManager | [0xb47ef60132deabc89580fd40e49c062d93070046](https://etherscan.io/address/0xb47ef60132deabc89580fd40e49c062d93070046#code) | | troveNFT | [0xf7cf4efcdaacab0c3f21931501133501fff51781](https://etherscan.io/address/0xf7cf4efcdaacab0c3f21931501133501fff51781#code) | | metadataNFT | [0xa33980796254f1daaff5423a1951d8060da93a14](https://etherscan.io/address/0xa33980796254f1daaff5423a1951d8060da93a14#code) | | priceFeed | [0x4c275608887ad2eb049d9006e6852bc3ee8a00fa](https://etherscan.io/address/0x4c275608887ad2eb049d9006e6852bc3ee8a00fa#code) | | gasPool | [0x38e721262a77637e673d756f2faf44a8363e8aea](https://etherscan.io/address/0x38e721262a77637e673d756f2faf44a8363e8aea#code) | | interestRouter | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | gasCompZapper | [0x3c45fc2b161d1c7f486d30442fe59975fe98c715](https://etherscan.io/address/0x3c45fc2b161d1c7f486d30442fe59975fe98c715#code) | | leverageZapper | [0xc3d864adc2a9b49d52e640b697241408d896179f](https://etherscan.io/address/0xc3d864adc2a9b49d52e640b697241408d896179f#code) | #### rETH branch | Contract | Address | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x3b48169809dd827f22c9e0f2d71ff12ea7a94a2f](https://etherscan.io/address/0x3b48169809dd827f22c9e0f2d71ff12ea7a94a2f#code) | | activePool | [0x4b0739071d85444121b17b7d0ee23672825d7cff](https://etherscan.io/address/0x4b0739071d85444121b17b7d0ee23672825d7cff#code) | | borrowerOperations | [0xa351d5b9cda9eb518727c3ceff02208915fda60d](https://etherscan.io/address/0xa351d5b9cda9eb518727c3ceff02208915fda60d#code) | | collSurplusPool | [0xc6f43d9eea6f9955038959a34ea5002f346e2cad](https://etherscan.io/address/0xc6f43d9eea6f9955038959a34ea5002f346e2cad#code) | | defaultPool | [0x26b1d8571560c7942e6dd79377721be81ae817a4](https://etherscan.io/address/0x26b1d8571560c7942e6dd79377721be81ae817a4#code) | | sortedTroves | [0x581705163884ae5f21e946cdc9888bdcb2ed0c0a](https://etherscan.io/address/0x581705163884ae5f21e946cdc9888bdcb2ed0c0a#code) | | stabilityPool | [0xc4463b26be1a6064000558a84ef9b6a58abe4f7a](https://etherscan.io/address/0xc4463b26be1a6064000558a84ef9b6a58abe4f7a#code) | | troveManager | [0xde026433882a9dded65cac4fff8402fafff40fca](https://etherscan.io/address/0xde026433882a9dded65cac4fff8402fafff40fca#code) | | troveNFT | [0xee922ebafe945b4f933cd556f8d9a006fb3b8192](https://etherscan.io/address/0xee922ebafe945b4f933cd556f8d9a006fb3b8192#code) | | metadataNFT | [0x850800f3bc4a485516d3c8156ef8795c174b5b5c](https://etherscan.io/address/0x850800f3bc4a485516d3c8156ef8795c174b5b5c#code) | | priceFeed | [0x93d3a2234e67c2ad494735cd6676fb4b79a6de97](https://etherscan.io/address/0x93d3a2234e67c2ad494735cd6676fb4b79a6de97#code) | | gasPool | [0x522efadc150d9fa30633b60c1ec45f03171f8c32](https://etherscan.io/address/0x522efadc150d9fa30633b60c1ec45f03171f8c32#code) | | interestRouter | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | gasCompZapper | [0x2b644ea568a574b1e61135e7694626941996d3d3](https://etherscan.io/address/0x2b644ea568a574b1e61135e7694626941996d3d3#code) | | leverageZapper | [0x7d5f19a1e48479a95c4eb40fd1a534585026e7e5](https://etherscan.io/address/0x7d5f19a1e48479a95c4eb40fd1a534585026e7e5#code) | #### Governance | Contract | Address | | ------------------------ | -------------------------------------------------------------------------------------------------------------------------- | | governance | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | curveUsdcBoldPool | [0xadb6851875b7496e3d565b754d8a79508480a203](https://etherscan.io/address/0xadb6851875b7496e3d565b754d8a79508480a203#code) | | curveUsdcBoldGauge | [0xa8bb51606db8e81f0ac964f0855c20d9e474ab63](https://etherscan.io/address/0xa8bb51606db8e81f0ac964f0855c20d9e474ab63#code) | | curveUsdcBoldInitiative | [0xa76434d58ccc9b8277180a691148a598fd073035](https://etherscan.io/address/0xa76434d58ccc9b8277180a691148a598fd073035#code) | | curveLusdBoldPool | [0x29a760138fa530d51a100171cb5ce4ddf506af2e](https://etherscan.io/address/0x29a760138fa530d51a100171cb5ce4ddf506af2e#code) | | curveLusdBoldGauge | [0x3ac4b6da715e7963bbcfb31de39a1b139f426223](https://etherscan.io/address/0x3ac4b6da715e7963bbcfb31de39a1b139f426223#code) | | curveLusdBoldInitiative | [0x4347d2d28a3428ddf1b7cfc7f097b2128a1a0059](https://etherscan.io/address/0x4347d2d28a3428ddf1b7cfc7f097b2128a1a0059#code) | | defiCollectiveInitiative | [0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690](https://etherscan.io/address/0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690#code) | | stakingV1 | [0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d](https://etherscan.io/address/0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d#code) | | LQTYToken | [0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d](https://etherscan.io/address/0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d#code) | | LUSDToken | [0x5f98805a4e8be255a32880fdec7f6728c6568ba0](https://etherscan.io/address/0x5f98805a4e8be255a32880fdec7f6728c6568ba0#code) | *** ### Sepolia Testnet Frontend You can run Liquity V2 on testnet here: ### Sepolia Contract Addresses #### **Shared contracts** | Contract | Address | | ------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | collateralRegistry | [0xec0f62913efa850bf7fab03663ef7364afa9e481](https://sepolia.etherscan.io/address/0xec0f62913efa850bf7fab03663ef7364afa9e481#code) | | boldToken | [0x620ce1130f7c63457784cdfa31cfccbfb6be5029](https://sepolia.etherscan.io/address/0x620ce1130f7c63457784cdfa31cfccbfb6be5029#code) | | hintHelpers | [0x71d43e3ce3c8c593773dd9b843e9db949384adc7](https://sepolia.etherscan.io/address/0x71d43e3ce3c8c593773dd9b843e9db949384adc7#code) | | multiTroveGetter | [0xd55dbe705404242cda541390361ce28ce7f50b95](https://sepolia.etherscan.io/address/0xd55dbe705404242cda541390361ce28ce7f50b95#code) | | exchangeHelpers | [0xbf0257d28388738705196887ca1deba8b70f55e1](https://sepolia.etherscan.io/address/0xbf0257d28388738705196887ca1deba8b70f55e1#code) | | USDC | [0x375a88c7ba42507b597579a99170c854b7ef1f38](https://sepolia.etherscan.io/address/0x375a88c7ba42507b597579a99170c854b7ef1f38#code) | #### **ETH branch** | Contract | Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0xea55ac45b7527e0069c14579a256a0a07b3e4235](https://sepolia.etherscan.io/address/0xea55ac45b7527e0069c14579a256a0a07b3e4235#code) | | priceFeed | [0xafccd3a66c50ccd64fb7bf22c9bd1cd6ddfe9467](https://sepolia.etherscan.io/address/0xafccd3a66c50ccd64fb7bf22c9bd1cd6ddfe9467#code) | | borrowerOperations | [0x2377b5a07bdfa02812203bab749e7bd43e4c596c](https://sepolia.etherscan.io/address/0x2377b5a07bdfa02812203bab749e7bd43e4c596c#code) | | troveManager | [0x70fa06222e169329f7a2f386ed70ad69a61228a5](https://sepolia.etherscan.io/address/0x70fa06222e169329f7a2f386ed70ad69a61228a5#code) | | troveNFT | [0xe9b841c5d2a6a1cc927ee081f1e3bd976416f387](https://sepolia.etherscan.io/address/0xe9b841c5d2a6a1cc927ee081f1e3bd976416f387#code) | | metadataNFT | [0x910ca11f5481e9bf6082fbd826c1cb395974ba8a](https://sepolia.etherscan.io/address/0x910ca11f5481e9bf6082fbd826c1cb395974ba8a#code) | | stabilityPool | [0x590991d63d081f140228c3c9fc5228cbd17b4f7d](https://sepolia.etherscan.io/address/0x590991d63d081f140228c3c9fc5228cbd17b4f7d#code) | | activePool | [0x30ed61d88e79f52ee7833335acfb8b261f472d50](https://sepolia.etherscan.io/address/0x30ed61d88e79f52ee7833335acfb8b261f472d50#code) | | defaultPool | [0x0b876a481c0d886da5cad623b60b209732cc58ce](https://sepolia.etherscan.io/address/0x0b876a481c0d886da5cad623b60b209732cc58ce#code) | | gasPool | [0x3a41fed42b1bc03e665e2e4930c9b98755566145](https://sepolia.etherscan.io/address/0x3a41fed42b1bc03e665e2e4930c9b98755566145#code) | | collSurplusPool | [0x7d04df3db7255f38546667b845fc13bdfa9a68cb](https://sepolia.etherscan.io/address/0x7d04df3db7255f38546667b845fc13bdfa9a68cb#code) | | sortedTroves | [0x4e99614ce2b74b3ed44ba391a6ec81fd8c8d453e](https://sepolia.etherscan.io/address/0x4e99614ce2b74b3ed44ba391a6ec81fd8c8d453e#code) | | balancerFlashLoan | [0x05293047baa198a368ed57033d0cb11299cb534a](https://sepolia.etherscan.io/address/0x05293047baa198a368ed57033d0cb11299cb534a#code) | | hybridCurveUniV3Exchange | [0x573630f3fbd265dac489f01bc9766590c54bc30a](https://sepolia.etherscan.io/address/0x573630f3fbd265dac489f01bc9766590c54bc30a#code) | | wethZapper | [0x40d4330501e09b5e98cc13c3f07c43d89f95d549](https://sepolia.etherscan.io/address/0x40d4330501e09b5e98cc13c3f07c43d89f95d549#code) | | leverageZapper | [0x611d0b89d7a6053e474aca719ba8435e81c4804f](https://sepolia.etherscan.io/address/0x611d0b89d7a6053e474aca719ba8435e81c4804f#code) | | interestRouter | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | collToken | [0x2442ca14d1217b4dd503e47dfdf79b774b56ea89](https://sepolia.etherscan.io/address/0x2442ca14d1217b4dd503e47dfdf79b774b56ea89#code) | #### **wstETH branch** | Contract | Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x9b751dbbd3310b490a11dd8c5754d998ad939fdf](https://sepolia.etherscan.io/address/0x9b751dbbd3310b490a11dd8c5754d998ad939fdf#code) | | metadataNFT | [0xf7f1b556f02c747749ca161f07a4a8539fc71f08](https://sepolia.etherscan.io/address/0xf7f1b556f02c747749ca161f07a4a8539fc71f08#code) | | priceFeed | [0xd204bbb0db0dfa99e218a4d4b4d3904ba7515b21](https://sepolia.etherscan.io/address/0xd204bbb0db0dfa99e218a4d4b4d3904ba7515b21#code) | | borrowerOperations | [0xee9390dd1ada7b2acd4922879f1a90f743d371ea](https://sepolia.etherscan.io/address/0xee9390dd1ada7b2acd4922879f1a90f743d371ea#code) | | troveManager | [0x71aca0d1c8ad87ced23d5816c2988d8d8a912ac3](https://sepolia.etherscan.io/address/0x71aca0d1c8ad87ced23d5816c2988d8d8a912ac3#code) | | troveNFT | [0x805e8e1cd47ae7356682b43896e1c2fcffc5979b](https://sepolia.etherscan.io/address/0x805e8e1cd47ae7356682b43896e1c2fcffc5979b#code) | | stabilityPool | [0x6e75086c9336ed7d8ab445d6458b0840dcd6c839](https://sepolia.etherscan.io/address/0x6e75086c9336ed7d8ab445d6458b0840dcd6c839#code) | | activePool | [0xf4754b41428bd79abc71a71bad1de0dea934fbab](https://sepolia.etherscan.io/address/0xf4754b41428bd79abc71a71bad1de0dea934fbab#code) | | defaultPool | [0xe9056ef43eaf59d2682bf244c5af1e1bf9474ec5](https://sepolia.etherscan.io/address/0xe9056ef43eaf59d2682bf244c5af1e1bf9474ec5#code) | | gasPool | [0x6d25cf5e7aa5eaf70a16dba6831cdd1ffb69a21d](https://sepolia.etherscan.io/address/0x6d25cf5e7aa5eaf70a16dba6831cdd1ffb69a21d#code) | | collSurplusPool | [0x7fb0cb41260df876faedb7e64a5468286a04be0f](https://sepolia.etherscan.io/address/0x7fb0cb41260df876faedb7e64a5468286a04be0f#code) | | sortedTroves | [0xd85acae94be8f94c4fc30318f8b651b2987ca37c](https://sepolia.etherscan.io/address/0xd85acae94be8f94c4fc30318f8b651b2987ca37c#code) | | balancerFlashLoan | [0x16abfe2700396cde719b5e313091c8ad460ec320](https://sepolia.etherscan.io/address/0x16abfe2700396cde719b5e313091c8ad460ec320#code) | | hybridCurveUniV3Exchange | [0xa5ccde5af851d78206cdf6e1b9d9287d58426bb3](https://sepolia.etherscan.io/address/0xa5ccde5af851d78206cdf6e1b9d9287d58426bb3#code) | | gasCompZapper | [0x9c600e1f10891133088bf427cd84ddf4e6c0c90a](https://sepolia.etherscan.io/address/0x9c600e1f10891133088bf427cd84ddf4e6c0c90a#code) | | leverageZapper | [0xde780649ec22108d970ff1b79f5f8884610821f0](https://sepolia.etherscan.io/address/0xde780649ec22108d970ff1b79f5f8884610821f0#code) | | interestRouter | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | collToken | [0x4d5627c9f87b094a0a78a9fed0027e1a701be0ea](https://sepolia.etherscan.io/address/0x4d5627c9f87b094a0a78a9fed0027e1a701be0ea#code) | #### **rETH branch** | Contract | Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x062a494967b691682b18f42854c990f97fe789a8](https://sepolia.etherscan.io/address/0x062a494967b691682b18f42854c990f97fe789a8#code) | | metadataNFT | [0x079899f15ef59fc2c28f8f1e32686c341cd67151](https://sepolia.etherscan.io/address/0x079899f15ef59fc2c28f8f1e32686c341cd67151#code) | | priceFeed | [0x75e613ba221c70d22ee7f0868ba9b117a55ea458](https://sepolia.etherscan.io/address/0x75e613ba221c70d22ee7f0868ba9b117a55ea458#code) | | borrowerOperations | [0xcd251e282c0ee7c8e3e687303f14c0facf8487c7](https://sepolia.etherscan.io/address/0xcd251e282c0ee7c8e3e687303f14c0facf8487c7#code) | | troveManager | [0xa8a2446696d9f3f49c39f020a5d6d34cbf3d81f4](https://sepolia.etherscan.io/address/0xa8a2446696d9f3f49c39f020a5d6d34cbf3d81f4#code) | | troveNFT | [0xfb3293ce0cdb40341716d845701476ea9d713a51](https://sepolia.etherscan.io/address/0xfb3293ce0cdb40341716d845701476ea9d713a51#code) | | stabilityPool | [0x4225a65051b71980333b9afddb7b2b8d41d07c0f](https://sepolia.etherscan.io/address/0x4225a65051b71980333b9afddb7b2b8d41d07c0f#code) | | activePool | [0x085280ae23ec9366fca52d898c2097f555ce76a6](https://sepolia.etherscan.io/address/0x085280ae23ec9366fca52d898c2097f555ce76a6#code) | | defaultPool | [0x8bc86c4f73fd3ae9e2a7857b606189a87dc1f35e](https://sepolia.etherscan.io/address/0x8bc86c4f73fd3ae9e2a7857b606189a87dc1f35e#code) | | gasPool | [0x706810d9050380339a4efe25e3a65643e226c8b1](https://sepolia.etherscan.io/address/0x706810d9050380339a4efe25e3a65643e226c8b1#code) | | collSurplusPool | [0xa8d6015e862293cd3884b8143d9d805ba080d7a9](https://sepolia.etherscan.io/address/0xa8d6015e862293cd3884b8143d9d805ba080d7a9#code) | | sortedTroves | [0x9efa62bcf2b329c54e70f8d9ca028a7afa5035f7](https://sepolia.etherscan.io/address/0x9efa62bcf2b329c54e70f8d9ca028a7afa5035f7#code) | | balancerFlashLoan | [0x14699779ad6ea3d972b561f543e849ddf1122914](https://sepolia.etherscan.io/address/0x14699779ad6ea3d972b561f543e849ddf1122914#code) | | hybridCurveUniV3Exchange | [0xc1849f54e225495b9638dfcc5379b278377d20a9](https://sepolia.etherscan.io/address/0xc1849f54e225495b9638dfcc5379b278377d20a9#code) | | gasCompZapper | [0xa57fa8ad19e63ebdfc1f31de7e7f608e8a53f532](https://sepolia.etherscan.io/address/0xa57fa8ad19e63ebdfc1f31de7e7f608e8a53f532#code) | | leverageZapper | [0x13fc23b17ad52a9a0baae6ceb506f7d85e92b0a8](https://sepolia.etherscan.io/address/0x13fc23b17ad52a9a0baae6ceb506f7d85e92b0a8#code) | | interestRouter | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | collToken | [0x10f8d8422a36ba75ae3381815ea72638dda0088c](https://sepolia.etherscan.io/address/0x10f8d8422a36ba75ae3381815ea72638dda0088c#code) | #### **Governance** | Contract | Address | | ----------------------------- | ---------------------------------------------------------------------------------------------------------------------------------- | | governance | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | uniV4DonationsInitiative | [0x0d5f5dc35ffaf4ed1cab53b44e09e6c5e845d400](https://sepolia.etherscan.io/address/0x0d5f5dc35ffaf4ed1cab53b44e09e6c5e845d400#code) | | curveV2GaugeRewardsInitiative | N/A | | curvePool | N/A | | gauge | N/A | | LQTYToken | [0xce6363411f571fc947e82f415458ae6e6731049d](https://sepolia.etherscan.io/address/0xce6363411f571fc947e82f415458ae6e6731049d#code) | # Audit upload {% file src="/files/LNLLARfZDlAyU26bS2Ra" %} # Liquity V2 공식 문서
Liquity V2는 V1의 성공을 바탕으로 구축된 분산형 대출 및 스테이블코인 프로토콜입니다. V2는 여러 가지 방식으로 기능을 개선하여 최고의 대출 경험, 높은 회복 탄력성을 가진 이더리움 네이티브 스테이블코인인 BOLD와 지속 가능한 온체인 수익을 제공합니다. # General ### Liquity v2란 무엇인가요? Liquity v2는 사용자가 ETH 또는 LST를 담보로 예치하고 스테이블코인 BOLD를 발행할 수 있는 분산형 대출 프로토콜입니다. 주된 사용 사례는 다음 4가지입니다: * BOLD 대출 * 원클릭 ETH 및 스테이킹 ETH 레버리지 * BOLD 예치를 통한 수익 창출 * LQTY 스테이킹을 통한 Protocol Incentivized Liquidity (PIL) 관리 및 수익 창출 ### V1과의 차이점은 무엇이 있나요? V2에는 많은 변화가 있지만, 다음과 같은 V1의 핵심 가치들을 계승합니다: * 불변성 * 탈중앙화 * 철저한 보안 * 전통 금융(TradFi) 노출 없음 한편, V2는 다음과 같은 여러 측면에서 혁신을 이루었습니다: * 사용자 설정 이자율 - 사용자가 대출 비용에 대한 더 많은 통제권을 가지게 됩니다. * 새로운 담보 유형 - 기존의 ETH와 더불어 LST들이 추가 되었습니다. * 개선된 리뎀션( Redemption ) 메커니즘 * 프로토콜 인센티브 유동성(PIL) * 더욱 매력적인 단기 대출 * 향상된 자본 효율성 * 주소당 다중 Trove(및 양도 가능) * Recovery Mode 제거 * 루핑(Looping)/원클릭 레버리지 ### Liquity v1과 LUSD에 관하여 이미 오랜기간 검증된 Liquity V1과 LUSD는 순수 ETH 담보만을 선호하는 사용자들에게 적합하며 V2 출시 이후에도 계속 유지됩니다. ### Liquity V2의 거버넌스 Liquity V2는 최소한의 거버넌스만을 적용하고 있으며, 이는 프로토콜 수익의 25%를 외부 이니셔티브에 분배하는 Protocol Liquidity Incentives (PIL) 관리에만 국한됩니다. Liquity V2의 스마트 컨트랙트는 불변하며 업그레이드가 불가능하므로, 거버넌스는 다른 기능이나 권한을 가지지 않습니다. # Borrowing and Liquidations ### V2의 대출이 특별한 이유는 무엇인가요? Liquity V2는 혁신적인 ‘사용자 설정 이자율’을 도입하여 사용자가 자신의 조건에 따라 스테이블코인 BOLD를 대출받을 수 있게 합니다. 대출자는 자신이 지불할 이자율을 선택하고, 또한 조정할 수 있습니다. 대출자들은 거버넌스나 알고리즘 기반 이자율 관리에 의존하지 않고 개인의 위험 프로필에 따라 시장 이자율을 형성하게 됩니다. 각 담보별 독립 대출 시장을 운영함으로써, 다양한 담보 자산에 따른 개별 이자율 시장이 자연스럽게 형성됩니다. Liquity V2는 V1의 핵심 요소를 기반으로 하면서도, 최고 수준의 분산화된 스테이블코인을 발행하는 안전하고 불변한(immutable) 프로토콜로 구축되었습니다. 이 모든 요소들을 통해 다른 곳에서는 경험할 수 없는 자본 효율적이고 안전하며 분산화된 대출 경험을 제공합니다. ### Liquity는 왜 자체 프론트엔드를 운영하지 않나요? Liquity AG는 프로토콜의 탈중앙성과 회복력을 높이기 위해, 중앙화된 프론트엔드를 운영하지 않습니다. 대신, 사용자는 여러 통합 솔루션 및 커뮤니티 운영 인스턴스 중에서 선택할 수 있어, 개인의 필요에 가장 부합하는 옵션을 자유롭게 선택할 수 있습니다. ### 어떤 프론트엔드를 선택해야 하나요? 프론트엔드의 선택은 UI/UX, 추가 기능, 이자율 관리 전략 등 다양한 요소를 고려하여 결정하실 수 있습니다. 프론트엔드 목록은 이 링크에서 확인하실 수 있습니다: ### 직접 로컬 인스턴스를 운영할 수 있나요? 누구나 직접 로컬 환경에서 Liquity를 사용할 수 있으며 다음의 링크에서 자세한 내용을 확인하실 수 있습니다 : ### 트로브(Trove)란 무엇인가요? Trove는 Liquity 버전의 '볼트(vault)'입니다. 각 Trove는 특정 이더리움 주소와 연결되며, 한 주소에서 동시에 여러 Trove를 운용할 수 있습니다. 개별 Trove를 통해 사용자는 대출을 관리하고, 필요에 따라 담보 및 부채를 조정하며 자신의 이자율을 설정할 수 있습니다. ### 어떤 종류의 담보를 사용할 수 있나요? ETH, Lido ETH (wstETH), Rocket Pool ETH (rETH)를 사용할 수 있습니다. ### 최소 대출 금액이 있나요? 대출 가능한 최소 금액은 2,000 BOLD로 설정되어 있습니다. ### 대출을 언제 상환해야 하나요? 대출에는 상환 일정이나 만기가 없습니다. 건전한 담보 비율(LTV)을 유지하는 한, 사용자는 Trove 내에서 언제든지 부채를 상환할 수 있습니다. ### I락업 기간이 있나요? 명시적인 락업 기간은 없습니다. 사용자는 언제든지 담보를 인출할 수 있지만, 대출 시장의 총 LTV가 75%를 초과하는 경우 시스템의 안정성을 위해 대출자의 담보 인출이 일시적으로 중단될 수 있습니다. ### LTV를 어떻게 결정하나요? LTV(Loan-to-Value) 비율의 결정은 개인의 위험 선호도와 포지션 관리의 적극성에 따라 달라질 수 있습니다. 대부분의 사용자 인터페이스에서는 몇 가지 사전 설정 옵션을 제공해 결정을 돕습니다.

LTV quick-selection options

다음 예시는 설명을 위한 것이며, 절대적인 안전 또는 위험 임계값을 나타내지는 않습니다. 각자의 위험 허용도에 따라 신중히 결정하는 것이 중요합니다. LTV가 과도하게 높아지면 포지션이 청산될 위험이 있습니다. ### Liquity V2에서 청산은 어떻게 작동하나요? LTV가 최대 허용치(ETH의 경우 90.91%, wstETH 및 rETH의 경우 83.33%)를 초과하면 해당 Trove는 청산 대상이 됩니다. Liquity V2는 주로 스테빌리티 풀(stability pool)을 통해 청산된 부채와 담보를 흡수합니다. 각 대출 시장은 담보 유형별로 독립적인 스테빌리티 풀을 운영하며, 이 풀은 부채를 소각하는 대가로 청산 이익을 얻습니다. 스테빌리티 풀이 고갈된 경우, 시스템은 즉각적인 청산과 함께 대출 시장 내 다른 대출자들 간의 부채 및 담보 재분배를 통해 청산을 진행합니다. 청산된 대출자에게는 5%의 패널티가 부과되며, 청산 후 남은 담보에 대해서는 클레임 권리를 가집니다. 부채 재분배가 진행될 경우: * ETH의 경우 손실은 부채의 최대 10%로 제한되며, 이는 담보 기준으로 최대 9.09%의 손실에 해당합니다. * rETH/wstETH의 경우 손실은 부채의 20%로 제한되며, 담보 기준으로 최대 16.67%의 손실에 해당합니다.
### 트로브 청산에 대한 보상은 어떻게 이루어지나요? 트로브의 청산 과정은 가스 비용과 밀접하게 연결되어 있으며, 이 비용은 청산자가 부담하게 됩니다. 대신 프로토콜은 청산자에게 다음과 같은 공식에 따라 가스 보상을 제공합니다: 0.0375 WETH+min(0.5% trove\_collateral,2 units\_of\_LST\_or\_WETH) 여기서 0.0375 WETH는 환급 가능한 가스 보증금으로 사용되며, 가변적인 0.5%는 청산된 담보에서 발생하여 스테빌리티 풀 예치자의 청산 이익이 소폭 감소하게 됩니다. ### 최대 대출-가치 비율(LTV)은 얼마인가요? 최대 LTV는 사용되는 담보의 종류에 따라 다릅니다. * **ETH:** 최대 90.91% * **wstETH 및 rETH:** 각각 최대 83.33% ### 환급 가능한 가스 보증금이란 무엇인가요? 새로운 Trove를 열기 위해서는 선택된 담보와 관계없이 0.0375 ETH의 청산 보증금을 예치해야 합니다. 이는 잠재적인 청산에 소요되는 가스 비용을 충당하기 위한 것입니다. 이 예치금은 사용자가 Trove를 닫을 때 혹은 리뎀션 시에 반환됩니다. ### 대출 비용은 얼마나 되나요? Liquity V2에서는 선불 수수료나 선이자가 없으며, 대신 지속적으로 이자를 지불해야 하므로 단기 대출에도 적합합니다. 지불하는 이자는 사용자가 설정한 이자율에 따라 결정됩니다. 예를 들어, 10,000 BOLD를 5% 이자율로 대출받으면 1년 후 약 500 BOLD의 이자를 지불하게 됩니다. 이 이자는 부채에 추가됩니다. ### 사용자 설정 이자율이란 무엇인가요? Liquity V2에서는 사용자가 자신의 이자율을 설정할 수 있어, 비용에 대한 완전한 제어와 예측 가능성을 제공합니다. 이 기능은 다양한 시장 조건에 적응할 수 있게 하며, BOLD의 페그 안정화에도 기여합니다. 사용자가 설정한 이자율은 BOLD 대출자와 보유자 간의 자본 효율적인 균형을 촉진하며, BOLD 예치자와 유동성 제공자에게 지속 가능한 실제 수익을 생성하는 주요 수익원 역할을 합니다. 대출자는 리뎀션(Redemption) 위험성을 고려하여 이자율을 설정해야 합니다. 여기에서 이자율 설정에 대한 자세한 내용을 확인할 수 있습니다 : ### 이자율을 조정할 수 있나요? 대출자는 언제든지 이자율을 조정할 수 있습니다. 대출 비용에 대한 완전한 자율성을 가지지만, 대출 후 7일 이내에 이자율을 조정할 경우 7일 평균 이자에 해당하는 수수료가 부과됩니다. 이는 저이자 대출자가 리뎀션을 회피하는 것을 방지하기 위한 조치입니다. ### 나에게 적합한 이자율을 어떻게 결정하나요? 이자율 설정은 사용자의 리뎀션 위험성과 직결되며, 대출의 목적 및 포지션 관리의 적극성에 따라 조정되어야 합니다. 사용자는 이자율 관리를 제3자에게 위임할 수도 있으며, 이 경우 관리 서비스에 대한 수수료가 부과될 수 있습니다. ( ) 직접 이자율을 관리하는 경우, 낮은 이자율에서 얻는 절약과 높은 리뎀션 위험, 조정 빈도에 따른 추가 비용 간의 균형을 고려해야 합니다. 리뎀션은 담보 자산별 시장에서 이자율의 오름차순으로 이루어지므로, 낮은 이자율을 유지하는 다른 대출자들보다 약간 더 높은 이율을 설정하여 리뎀션 위험에 대비하는 것이 좋습니다. 높은 이자율을 선택할 경우 대출 비용이 증가할 수 있으나, 예상치 못한 시장 변동에 따라 리뎀션 위험을 보다 잘 관리할 수 있습니다. 다른 사용자의 이자율 분포를 히스토그램으로 확인해, 자신의 위치를 조정하는 것이 좋습니다.
리뎀션은 일반적으로 BOLD가 $1 이하로 거래될 때 발생하며, [과거 리뎀션 데이터](https://www.notion.so/Borrowing-and-Liquidations-1a8cdf7b785980228c76fa31c640ab59?pvs=21)를 분석하면 전반적인 리뎀션 위험을 평가하는 데 도움이 됩니다. 적극적으로 자신의 포지션을 관리할 계획이라면 낮은 이자율을 고려하고, 보다 수동적이고 장기적인 포지션을 유지하고자 한다면 상대적으로 높은 이자율을 설정하는 것이 안전합니다. ### 평균 이자율은 얼마나 될까요? 평균 이자율은 시장에 의해 지속적으로 설정되며 시간이 지남에 따라 변동합니다. 평균적으로 이자율은 ETH 또는 스테이킹된 ETH를 사용하여 Sky나 Aave에서 대출하는 것과 유사할 것으로 예상됩니다. 그러나 사용자 설정 이자율의 유연성 덕분에 특정 기간 동안 일부 사용자는 상당히 낮은 이자율을 지불할 수도 있습니다. 또한 이자 수익의 75%는 BOLD 예치자에게 지급되므로, 스테이블코인 예치 수익률은 경쟁 CDP 및 대출 시장에서 제공하는 것과 비슷하거나 더 높을 것으로 예상됩니다. BOLD의 외부 사용 사례가 증가함에 따라, 다른 플랫폼에 비해 전반적인 대출 이자율이 낮아질 가능성이 있습니다. 예금 대출 간의 스프레드에 대해 더 알아보려면 이 글을 참조하세요. : ### 내 트로브의 위험성은 무엇에 의해 결정되나요? 트로브의 위험성을 평가할 때 고려해야 할 두 가지 주요 요인은 다음과 같습니다: * 대출-가치 비율(LTV): 이는 부채-담보 비율에 기반하며, 청산 위험에 영향을 미칩니다. * 이자율(IR): 사용자가 직접 설정하며, 리뎀션 위험에 영향을 미칩니다. 이 매개변수는 자유롭게 조정 가능하므로 각 트로브의 상대적 위험성을 조절할 수 있습니다. 동일한 주소 아래 여러 개의 트로브를 생성하여 포트폴리오 내에서 서로 다른 위험 프로필을 관리할 수 있습니다.
### 대출과 관련된 다른 수수료가 있나요? 대출자가 불공정하게 이자 지불을 최소화하려고 시도하는 것을 방지하기 위해, 마지막 조정(또는 Trove 개설) 이후 7일 이내에 발생하는 이자율 변경에는 소액의 "조기 조정 수수료"(Premature Adjustment Fee)가 부과됩니다. 이 수수료는 해당 대출 시장의 7일 평균 이자와 동일하며, 사용자가 설정한 이자율과는 무관하게 BOLD로 표시되어 Trove의 부채에 추가됩니다. 새로운 Trove를 열거나 부채가 증가할 때도 동일한 수수료가 부과됩니다(추가된 부채에만 적용). ### 같은 주소로 몇 개의 트로브(대출)를 열 수 있나요? 동일한 담보에 대해 여러 개의 트로브를 열거나 다양한 담보 유형에 대해 트로브를 열 수 있으며, 각각은 별도의 NFT로 표시됩니다. ### 트로브는 전송 가능한가요? 트로브는 NFT(ERC-721) 형태이기 때문에 지갑 간 전송이 가능합니다. 이 NFT를 전송하면 트로브와 그 안의 모든 자금에 대한 완전한 접근 권한이 함께 전송됩니다. 다만, OpenSea와 같은 2차 시장에서 트로브를 '판매'하는 등의 복잡한 전략은 내재된 위험이 있으므로 주의가 필요합니다. ### 포지션을 어떻게 레버리지 할 수 있나요? 루핑을 통해 예치한 담보(ETH, wstETH 또는 rETH)를 기반으로 BOLD를 대출하고, 이를 사용하여 추가 담보를 구매하여 기본 자산에 대한 노출을 증가시킬 수 있습니다. Liquity V2는 이를 원클릭으로 구현할 수 있는 자동화 기능을 제공합니다(Zapper). 이 기능을 지원하는 프론트엔드를 선택하고, 유동성과 슬리피지에 유의해야 합니다. ### 담보 위험은 어떻게 완화되나요? Liquity V2는 서로 다른 담보 유형에 대해 세 개의 개별 대출 시장을 운영하며,각 시장에는 효율적인 청산을 위한 스테빌리티 풀이 존재합니다. 이 풀은 사용자 설정 이자율, 해당 자산의 LTV 등을 고려해 관리됩니다. 특정 시장의 담보화 비율이 낮을 경우, 임시 대출 제한과 함께 스테빌리티 풀이 부족한 담보를 우선 상환하는 리뎀션 방식으로 위험을 완화합니다. 또한, 시스템 균형 유지를 위해 담보 종료는 비상 상황에 한해 시행됩니다. 그러나 이러한 조치에도 불구하고 BOLD는 세 가지 담보 자산에 의존하므로, 담보 자산이 급락할 경우 과담보 상태 유지가 보장되지 않을 수 있습니다. ### 시스템은 서로 다른 LST 간의 위험을 어떻게 구분하나요? 이는 유저군에 따라 다릅니다: 대출자: 담보 위험은 자신이 보유한 담보 자산에 한정됩니다. 다른 담보 자산의 부실로 인한 피해는 없습니다. BOLD 보유자: BOLD는 다중 담보 스테이블코인으로, 각 대출 시장에서 과담보가 아닌 대출의 청산을 통해 균형을 유지합니다. 따라서 보유자는 모든 지원 담보 자산의 위험에 노출됩니다. 예치자: 스테빌리티 풀에 예치한 사용자는 선택한 풀의 담보 자산에 대해서만 위험이 집중됩니다. 다만, BOLD 보유자로서 잠재적 페그 붕괴의 영향을 받을 수 있습니다. ### 스테빌리티 풀이 비어 있을 경우 어떤 메커니즘이 작동하나요? 만약 스테빌리티 풀이 전체 부채를 감당하지 못해 청산으로 완전히 고갈되면, 시스템은 다음 두 가지 청산 모드 중 하나로 전환됩니다 : 즉시 청산(Just-in-time): 청산자가 남은 부채에 해당하는 BOLD를 105%의 명목 가치에 해당하는 담보 자산으로 교환합니다. 재분배: 청산자가 트로브 전체 부채와 담보를 해당 담보 시장의 모든 대출자에게, 각자의 담보 비율에 따라 재분배합니다. 이 경우, 각 대출자는 청산된 담보의 일부를 받게 되고, 그에 상응해 부채가 증가합니다. ### 회복 모드(Recovery Mode)는 왜 제거되었나요? Liquity V2에서 회복 모드가 제거된 이유는 대출자들이 시스템 상태에 관계없이 지속적으로 높은 LTV의 혜택을 누릴 수 있도록 보장하기 위함입니다. 이를 통해 최대 11배수의 레버리지가 가능해집니다. Liquity V1에서는 스테빌리티 풀이 지속 가능한 수익을 내지 못해 장기적으로 청산 재분배에 의존했지만, Liquity V2는 실제 수익을 지급하고 적응형 리뎀션 방식으로 스테빌리티 풀이 충분히 유지되도록 설계되었습니다. 대신, 시스템은 총 담보화 비율(TCR)이 ETH의 경우 110%, wstETH 및 rETH의 경우 120% 이하로 떨어지는 대출 시장을 종료할 수 있도록 하여, 해당 담보에 대한 리뎀션을 유도합니다. (세부 사항 참조 : ) ### 프론트엔드 사용중 문제가 발생했다면? 이는 일반적으로 ISP 또는 DNS 기반 GeoFencing(특정 지역 차단)으로 인해 발생합니다. 문제가 지속적으로 발생한다면 다음을 시도해보세요 : * 다른 [프론트엔드](https://www.liquity.org/frontend-v2) 사용 * VPN 위치를 재설정하거나 VPN 끄기 * 지갑 RPC 변경 * 모바일 데이터를 이용한 테더링 * 브라우저 세팅에서 “secure DNS” 옵션 끄기
# BOLD & Earn ### BOLD란? BOLD는 Liquity V2에서 발행된 USD-pegged 스테이블코인입니다. BOLD는 완전히 탈중앙화되어 있으며, WETH, wstETH, rETH를 통해 담보화됩니다. 대부분의 스테이블코인들과 달리, BOLD는 다음과 같은 특징들을 통해 견고함을 보장합니다: * RWA 자산이나 중앙화된 주체의 수탁 없이 오직 암호화폐 자산만으로 담보화됨 * 담보 변경이나 프로토콜 업그레이드에 영향을 받지 않음 (불변성) * 빠르고 유동적인 방식으로 직접 리뎀션(redemption) 가능 ### BOLD의 주요 장점은 무엇인가요? * BOLD는 가장 탈중앙화된 자산인 WETH, wstETH, rETH만을 담보로 사용합니다. * 항상 담보화 되는 기초자산과 $1의 가치로 교환이 가능합니다. * BOLD 발행에 사용되는 스마트 계약은 불변성을 유지하여 어떠한 변경도 허용하지 않으므로, 공격 벡터가 현저히 감소합니다. * **내재 인센티브:** Protocol Incentivized Liquidity (PIL) 메커니즘을 통해 거버넌스가 주도하는 인센티브가 내재되어 있어, 거래를 원활하게 처리할 수 있는 충분한 유동성이 항상 확보됩니다. ### BOLD의 페그 메커니즘은 어떻게 작동하나요? Liquity V2의 시장 중심 통화 정책은 사용자 설정 이자율을 통해 자율적으로 이루어지며 이를 통해 BOLD의 가격이 $1 이상 또는 이하인 상황에 동적인 대응이 가능합니다. BOLD가 $1 이상의 가격으로 거래될 때에는 대출자의 리뎀션 위험이 낮아지고, 이에 따라 전반적인 이자율이 하락하여 BOLD의 공급이 늘어나며, BOLD를 홀딩할 유인이 줄어들게 되어 가격이 하락하게 됩니다. 반면 BOLD가 $1 이하의 가격으로 거래될 때에는 차익 거래자들이 페그를 복원하기 위해 리뎀션을 통한 환매를 시작합니다. 또한 불어난 리뎀션 위험으로 전반적인 이자율이 인상되어 BOLD ( 및 Earn 예치 )에 대한 수요가 늘어나고 가격이 상승하게 됩니다.
### Liquity V2에서 어떻게 수익을 얻을 수 있나요? * 스테빌리티 풀 예치 (Earn): BOLD를 다양한 스테빌리티 풀에 예치하여 수익을 얻습니다. * 프로토콜 인센티브 유동성 (PIL): 인센티브가 지급되는 외부 탈중앙화 거래소(DEX)에 BOLD 유동성을 공급할 수 있습니다. * LQTY 스테이킹: LQTY를 스테이킹하여 Liquity V1의 수익을 받고, 유동성 인센티브에 대한 투표 권한을 얻습니다. 추가적으로 LQTY 스테이커는 거버넌스 투표권한에 대해 제3자로부터의 뇌물(Bribe)을 받을 수도 있습니다. ### Earn의 수익은 어디에서 나오나요? 수익은 두 가지 출처에서 발생합니다: * 이자 수익: 각 대출 시장은 수익의 75%를 안정성 풀 예치자에게 BOLD로 지급합니다. * 청산 이익: 예치된 BOLD는 과소담보 대출을 청산하는 데 사용되며, 약 5% 할인된 가격으로 담보를 구매합니다. 이 수익은 각 스테빌리티 풀의 담보자산(ETH 혹은 LST)으로 지급됩니다. 모든 수익은 완전히 지속 가능하고 확장성이 높습니다. 또한 단순 토큰 리워드를 통한 인센티브가 아닌 실제 수익이며 수익에 대한 락업은 없습니다. ### 락업 기간이 있나요? 락업 기간은 없습니다. 예치자는 언제든지 예치한 BOLD를 인출할 수 있습니다. ### Earn의 예상 수익률은 얼마인가요? 수익률은 대출자들이 지불하는 이자율을 반영합니다. 대출자가 지불하는 이자의 75%가 Earn의 수익으로 할당 되기 때문에, 해당 스테빌리티 풀에 75% 미만의 BOLD 공급이 예치되면 Earn 수익률이 해당 시장의 평균 대출 이자율을 초과할 수 있습니다. 이러한 수익률의 증폭은 Liquity V2가 차별화되는 주요 요소중 하나입니다. 과거 이자율 데이터 : ### 여러 스테빌리티 풀이 존재하는 이유는 무엇인가요? * 각 담보 자산에 대해 독립적인 대출 시장을 설정하고, 해당 시장의 시장 주도적 이자율에 따라 스테빌리티 풀을 운영하여, 리뎀션이 가능한 담보를 동적으로 분할합니다. * 스테빌리티 풀에 예치하는 사용자는 청산 시 어느 담보 자산에 노출될지를 선택할 수 있으므로, 리스크를 최대한 분산할 수 있습니다. ### V2에서는 스테빌리티 풀이 어떻게 발전했나요? V2에서는 여러 Liquid Staking Tokens(LSTs)와 ETH를 담보로 사용할 수 있도록 스테빌리티 풀 개념이 확장되었습니다. 각 담보 자산은 고유의 스테빌리티 풀을 보유하며, 대출 시장 내에서 발생하는 이자 수익과 청산 이익이 해당 스테빌리티 풀에 머무르게 됩니다. 또한, V2에서는 사용자 설정 이자율이 스테빌리티 풀 예치자(Earn)의 수익률에 직접적인 영향을 미치며, 이 수익은 토큰 발행이 아닌 사용자 설정 이자율에 기반한 지속 가능한 방식으로 지급됩니다. ### 다양한 안정성 풀의 위험은 어떻게 다르나요? 사용자는 자신의 위험 선호도에 맞게 스테빌리티 풀에 예치할 수 있습니다. 특정 LST나 ETH와 관련된 풀을 선택함으로써, 참가자들은 자신의 위험 노출 대비 수익을 관리할 수 있습니다. 서로 다른 담보 유형을 위한 별도의 풀을 제공함으로써, 시스템은 사용자로 하여금 각 LST나 ETH의 위험성과 잠재 수익에 따라 노출을 선택할 수 있도록 합니다. 이러한 분리화는 시스템적 위험을 관리하는 데 도움을 주며, 한 자산의 청산이 전체 생태계에 미치는 영향을 최소화합니다. 한편 예치자를 포함한 모든 BOLD 보유자들은 여전히 BOLD가 페그를 유지하는 데 의존하며, 모든 LST 및 ETH에 노출됩니다. ### sBOLD란? sBOLD는 BOLD를 기반의 자동 복리형( auto-compounding ) vault이며 외부 팀인 K3 Capital에 의해 만들어지고 운영되고 있습니다. sBOLD는 쉽고 간편하게 Liquity V2 스테빌리티 풀에 예치된 BOLD이자를 복리 형태로 재투자할 수 있도록 설계되었습니다.
# Redemptions and Delegation ### 리뎀션(Redemption)이란 무엇인가요? 리뎀션은 BOLD의 가치를 달러에 고정시켜 약 $1의 가격 하한선을 만드는 중요한 역할을 수행하며, 중앙화된 자산이나 제3자에 의존하지 않고 분산된 방식으로 이루어집니다. 리뎀션은 기본적으로 BOLD를 액면가(1 BOLD가 $1의 가치를 지닌다는 가정)에 ETH 혹은 LST로 교환하는 것으로써, 누구나 리뎀션에 참여할 수 있지만 BOLD가 1$ 미만일 때에만 수익성이 있습니다. 리뎀션의 참여자(이하 Redeemer)는 프로토콜에 BOLD를 전송하고 그 대가로 리뎀션 수수료를 제한 가치의 WETH, wstETH, rETH의 혼합을 받습니다. 리뎀션이 진행된 금액은 스테빌리티 풀의 담보자산에 따라 분할됩니다. (세부 사항 : )
가장 적은 대출 이자를 설정한 대출 포지션부터 리뎀션이 진행됩니다. * 리뎀션을 방지할 수 있는 방법 ( ) * 리뎀션이 발생했을 경우 ( ) * 리뎀션에 관한 영상 ( ) ### 두개 이상의 Trove가 같은 이자율을 가지고 있다면 리뎀션은 어떻게 진행 되나요? 이 경우에는 후입선출이 적용됩니다( 상대적으로 최근에 이자율을 설정 혹은 재설정한 Trove부터 리뎀션이 진행됩니다 ) ### 언제 리뎀션이 진행되나요? 리뎀션은 언제든지 발생할 수 있지만, 리디머들이 리뎀션을 진행하는데 있어 충분한 수익성이 있을때만 발생할 것입니다. 이는 일반적으로 BOLD의 가격이 $1보다 리뎀션 수수료만큼 혹은 그 이상으로 하락했을때를 의미합니다. 누가 리뎀션을 진행할 수 있나요? 리뎀션을 위한 충분한 양의 BOLD를 보유하고 있는 한 모든 이더리움 주소가 리뎀션을 진행할 수 있습니다. 그러나 주로 일반적인 유저들보다는 전문적인 봇들이 리디머로 참여할 것으로 예상됩니다. ### 내 Trove가 Redeem되면 어떻게 되나요? 리뎀션은 누군가가 내 부채를 대신 상환하고 그에 상응하는 담보를 가져가는 과정입니다. 내 Trove의 담보로 제공한 ETH나 LST에 대해 리뎀션이 진행되면 리뎀션이 진행된 담보의 달러가치 만큼의 부채가 상쇄됩니다. Redeemer는 리뎀션 수수료를 제외한 만큼의 담보를 받게 되며 그 외 나머지 담보 잔액은 내 Trove에 남아 있게 됩니다. 즉, 리뎀션이 진행되더라도 포지션은 절대적인 달러 가치 기준으로는 손실을 보지 않으며, 오히려 리디머가 지불한 리뎀션 수수료로 소액의 이익을 얻을 수도 있습니다. 예를 들어, ETH 가격이 $3,000일 때를 살펴보겠습니다: * 리뎀션 전: 10 ETH 담보, 20,000 BOLD 빚 * 리뎀션 후: 5.025 ETH 담보, 5,000 BOLD 빚 이 경우, 포지션의 담보와 부채가 USD 기준으로 동일하게 줄어든 것을 확인할 수 있고, 리뎀션 수수료인 0.025 ETH는 담보 가치에 추가됩니다. 리뎀션이 진행된 이후에도 최소 부채 가치인 2,000 BOLD를 초과 유지하는 Trove는 유지되지면, 최소 부채 가치를 유지하지 못한 Trove는 비활성 모드(dormant operating mode)로 전환됩니다. ### 세 담보자산을 통한 리뎀션은 어떻게 진행되나요? LUSD와 달리 BOLD는 다양한 자산을 담보로 사용합니다. Redeemer는 리뎀션을 진행할 담보를 지정할 수는 없으며, 시스템의 경제적 안정성을 위해 설정된 비율에 따라 다양한 담보의 혼합으로 리뎀션이 진행됩니다. 이 과정은 각 대출(담보) 시장에서 가장 낮은 이자율이 설정된 Trove부터 시작하여, BOLD의 전체 금액이 담보 자산으로 교환될 때까지 계속됩니다. 리뎀션은 아래 그림과 같이 전체적이거나 부분적으로 진행될 수 있습니다. 그림의 예시를 보면 rETH 시장에서는 첫 번째 Trove의 전체 리뎀션과 두 번째 Trove의 부분 리뎀션이 발생했으며, wstETH와 ETH 시장에서는 각각 하나의 부분 리뎀션과 두 개의 전체 리뎀션이 발생했습니다.

Example redemption across all three collateral markets

### 리뎀션이 진행되는 담보 비율은 어떻게 설정되나요? 시스템의 경제적 안전성을 최적화하기 위해 리뎀션 담보 비율은 동적으로 조정되며, 위험도가 높은 대출(담보)시장 일수록 리뎀션량과 이에 따른 리뎀션 비율이 증가합니다. 위험도는 각 시장의 총 부채 대비 스테빌리티 풀(Stability Pool)의 규모로 평가되며 빚에 비해 상대적으로 스테빌리티 풀이 작다면, 극단적인 상황에서 부실 채무가 발생할 가능성이 더 높기 때문에 위험도가 더 높은 것으로 간주됩니다. 따라서, 시스템은 각 담보 유형의 "Outside Debt"에 비례하여 리뎀션을 진행합니다. Outside Debt은 특정 담보에 대한 전체 대출에서 해당 시장의 스테빌리티 풀 규모를 뺀 값으로 계산됩니다. 예를 들어, Outside Debt이 각각 100 BOLD, 50 BOLD, 100 BOLD인 경우, 리뎀션 진행 비율은 40% (WETH), 20% (wstETH), 40% (rETH)로 나누어집니다.
### 리뎀션 수수료가 있나요? 네, 리뎀션 수수료 메커니즘은 Liquity V1과 기본 원리는 같지만, 파라미터의 조정으로 수수료 감쇠가 더 빠르게 진행됩니다. 리뎀션 과정에서는 시스템에서 인출되는 총 ETH/LST의 일정 비율이 수수료로 부과됩니다. V1과 달리 이 수수료는 LQTY 스테이커에게 전달되지 않고, 사용자의 담보 일부로 남습니다. 리뎀션 수수료는 baseRate라는 상태 변수에 기반하며, 이 baseRate 변수는 리뎀션이 발생할 때마다 증가합니다. 또한 마지막 리뎀션 이벤트 이후 경과한 시간에 따라 지수적으로 감쇠되며, 그 반감기는 6시간입니다. 각 x BOLD 리뎀션 시, baseRate은 마지막 수수료 이벤트 이후 경과한 시간에 따라 감쇠된 후, 리뎀션되는 총 BOLD 공급량에 대한 비율(x/total\_bold\_supply)에 비례하여 증가합니다. 이에따라 상환 수수료의 비율은 “min (0.5% + baseRate, 100%)”로 결정됩니다.
### 리뎀션을 방지하는 방법? 리뎀션 위험은 두 가지 요소에 달려있습니다 : 바로 설정한 이자율과 BOLD의 가격입니다. 설정한 **이자율**은 얼마나 많은 BOLD에 대한 리뎀션이 진행 된 후에 당신의 차례가 돌아오는지를 결정합니다. 이자율이 높으면 나보다 먼저 리뎀션되는 BOLD 양이 많아지고, 낮으면 그 반대입니다. 예를 들어 다음의 예시에서 프론트엔드에 표시되는 41M이라는 숫자는, 시스템에서 41M BOLD에 대한 리뎀션이 진행된 후에 내 포지션에 대한 리뎀션 차례가 온다는 뜻입니다.
그러나 이 숫자는 단순한 참고치이며, 최근 리뎀션 내역들도 함께 고려해야 합니다. 예를 들어 지난 주에 200K BOLD에 대해서만 리뎀션이 진행되었다면, 15M BOLD가 리뎀션된 경우보다 위험이 적습니다. 이러한 리뎀션 내역은 [Dune dashboard](https://dune.com/liquity/liquity-v2#redemptions)에서 확인할 수 있습니다. ### 이자율 위임이란 무엇인가요? 이자율 위임을 통해 대출자는 제3자에게 이자율 관리 권한을 맡길 수 있게 해줍니다. 이를 통해 사용자는 능동적으로 관리하지 않아도 경쟁력 있는 이자율과 낮은 상환 위험을 유지할 수 있습니다. 위임에는 세 가지 방식이 있습니다: * **제3자 관리자 위임:** 여러 Trove에 대해 미리 정해진 전략을 제공하고 일정 수수료를 받는 전문 기관에 위임 * **자동화된 전략에 위임:** 자율적으로 이자율을 관리하는 사전 정의된 전략에 위임 * **특정 지갑으로 위임:** 휴가 중에는 개인 핫월렛이나 신뢰할 만한 친구에게 위임할 수 있습니다. 위임받은 관리자나 계약 전략은 미리 정해진 범위 내에서만 이자율을 조정할 수 있으므로, 대출자가 감수해야 하는 위험을 크게 줄여줍니다. 따라서 대출자는 위임 관리자가 설정한 이자율 범위와 최대 업데이트 빈도를 주의 깊게 확인할 필요가 있습니다. ### 이자율 위임자는 누구인가요? | Entity | Collateral Asset | Strategies | | ----------------------------------------------------------------------------------- | ---------------- | ---------- | | [Bolder Cash](https://bolder.cash/rate-strategies?f=bold\&c=combined) | All | 3 | | [Trove Zero](https://trovezero.xyz/) | All | 1 | | [Summerstone](https://summerstone.xyz/docs/for-users) | All | 1 | | [Autonomous Rate Manager](https://www.liquity.org/blog/autonomous-interest-manager) | All | 1 | *Note that Liquity AG is not responsible for the actions of any delegates. Please do your own research.* ### 위임자를 변경하면 어떻게 되나요? 변경한 해당 위임자의 변경시점 배치에 해당되는 이자율을 적용받게 되며 “batch hoping”을 방지하기 위한 사전 수수료가 부과됩니다. Batch hoping에 관해서는 [여기서](https://github.com/liquity/bold?tab=readme-ov-file#batches-and-upfront-fees) 더 자세히 읽어보실 수 있습니다. ### 이자율 위임 스마트 컨트랙트에 문제가 발생할 경우 어떻게 되나요? 사용자의 Trove에는 영향이 없으며, 단지 포지션에 설정된 이자율이 변경될 수 있습니다. ### 자기 자신에게도 위임이 가능한가요? 포지션을 생성한 지갑을 조작할 수 없을 경우에도 이자율을 조정할 수 있도록 본인의 또 다른 hot wallet에 위임(delegate)이 가능합니다. 방법은 아래와 같습니다: * 본인의 loan에 해당하는 collateral branch를 [여기](https://docs.liquity.org/v2-documentation/technical-docs-and-audits#eth-branch)에서 찾습니다. * 해당 branch의 borrowerOperations 링크를 클릭합니다. * Etherscan에서 Contract 탭 → Write Contract → Connect Wallet 순서로 이동합니다. * setInterestIndividualDelegate 함수를 찾습니다. * 필요한 필드를 입력한 뒤 Write를 클릭합니다. ### 왜 리뎀션은 이자율에만 적용되고 LTV에는 적용되지 않나요? 리뎀션의 기본 목적은 수요 감소에 따라 BOLD 공급을 줄이는 데 있습니다. 이자율이 수요를 좌우하기 때문에, 이자율을 기준으로 리뎀션을 처리하는 것이 시장 균형을 맞추기에 더 효과적입니다. 이자율과 LTV를 동시에 관리하려 하면, 시장 수준의 이자율과 예치 수익률을 유지하기 어려워지고 시스템과 사용자 모두에게 복잡성을 더하게 됩니다. ### V1과 V2의 리뎀션 수수료 차이는 무엇인가요? V2에서는 리뎀션으로 인해 대출자가 영향을 받는 경우, 리뎀션 수수료가 Liquity처럼 외부로 전환되지 않고 해당 Trove 내에 남습니다. 즉, Liquity V1 에서는 ``` 대출자 손실 = 리뎀션 수수료 + 리뎀션 수익 ``` 이지만, Bold에서는 ``` 대출자 손실 = 리뎀션 수익 ``` 으로 처리됩니다. ### 리뎀션으로 Trove 부채가 최소 금액 이하로 떨어지면 어떻게 되나요? 리뎀션된 금액이 해당 Trove의 부채보다 많을 경우, Liquity V1과 달리 Trove가 종료되지 않습니다. 대신 부채는 0이 되고 남은 담보는 그대로 유지됩니다. 이때 소유자는 남은 담보를 인출해 Trove를 종료하거나, 최소 부채인 2000 BOLD 이상으로 다시 대출을 진행 할 수 있습니다. 만약 리뎀션 금액이 부채를 완전히 상환하지는 못하지만 부채가 0과 2000 BOLD 사이로 줄어든다면, Trove는 남은 부채와 담보를 유지한 채로 계속 열려 있습니다. 이 경우, 소유자는 남은 부채를 상환하고 담보를 인출하여 Trove를 종료하거나, 앞서 다룬 예시처럼 다시 대출을 진행할 수 있습니다. ### Etherscan을 활용한 담보(ETH, rETH, wstETH 혼합)로의 BOLD 리뎀션 방법 **1단계: BOLD 토큰 사용 승인** 먼저, CollateralRegistry 컨트랙트에 당신의 BOLD를 사용할 수 있도록 BOLD 토큰 컨트랙트의 approve() 함수를 이용해 승인해야 합니다. 이를 위해 아래 링크로 이동합니다: 지갑을 “Connect to Web3” 버튼을 통해 연결한 후, * **spender:** `0xd99dE73b95236F69A559117ECD6F519Af780F3f7` * **amount:** 리뎀션을 진행하려는 BOLD 수량에 18개의 0을 추가한 값(예: 1000 BOLD 리뎀션 시 해당 값) \[1000 BOLD에 대한 예시]
**2단계: BOLD 리뎀션 진행** 이제 CollateralRegistry 계약을 통해 BOLD 리뎀션을 진행 할 수 있습니다: 해당 계약에서 아래의 값을 입력합니다: * **BOLD 리뎀션 수량:** 리뎀션을 진행하려는 BOLD 수량에 1e18을 곱한 값 * **리뎀션 수수료 비율:** 당신이 수용할 수 있는 리뎀션 수수료(현재 수수료보다 높아야 함) 현재 수수료율은 [여기](https://dune.com/queries/4641717/7730245)에서 확인 가능합니다 * **담보별 최대 리스트 반복 횟수:** 각 분기에서 리뎀션 가능한 trove 수를 제한하는 값 (예시로 0을 입력) 예시: * \_boldAmount: 리뎀션을 진행하려는 BOLD 수량 × 1e18 * \_maxIterationsPerCollateral: 0 * \_maxFeePercentage: 1%를 1e16 배로 표현한 값, 즉 1000000000000000000
# LQTY Staking & Voting ### LQTY를 스테이킹하는 것의 이점은 무엇인가요? Liquity V2에서 LQTY를 스테이킹하면 두 가지 보상을 동시에 누릴 수 있습니다. * Liquity V2의 미래 결정에 참여할 수 있는 영향력을 확보하면서, Liquity V1에서 LUSD와 ETH 보상을 계속 받을 수 있습니다. * 투표권 외에도, 외부 이니셔티브에서 지급하는 추가 보상(일종의 “뇌물”)을 받을 수 있습니다. 스테이킹 가이드는 [여기](https://x.com/LiquityProtocol/status/1936885520203956391)에서 확인할 수 있습니다. ### 락업 기간이 있나요? LQTY 스테이킹에는 락업 기간이 없습니다. 언제든지 인출할 수 있지만, 인출 시 스테이킹 기간에 비례해 누적된 추가 투표권은 함께 잃게 됩니다. ### 프로토콜 인센티브 유동성(PIL)이란 무엇인가요? PIL은 Liquity V2에서 도입한 새로운 인센티브 메커니즘입니다. PIL을 통해 프로토콜 수익의 25%를 외부 이니셔티브에 할당하여 BOLD의 유동성을 개선하고, 전반적인 생태계의 성장을 촉진합니다. PIL 및 투표 관련 자세한 내용은 관련 [**아티클**](https://www.liquity.org/blog/directing-protocol-incentivized-liquidity-with-lqty)을 참고하세요. ### 인센티브의 출처가 어디인가요? 모든 Trove는 매초 BOLD 이자를 발생시킵니다. 이 이자는 두 경로로 분배됩니다: * **스테빌리티 풀(Stability Pool) 수익:** 75% * **PIL :** 25% - 예를 들어, BOLD 시가총액이 2억이고 평균 이자율이 10%라면, 연간 약 500만 BOLD가 PIL로 운용됩니다. ### 각 이니셔티브(initiatives)에 어떻게 투표하나요? 투표는 프론트엔드에서 LQTY를 스테이킹한 후 진행됩니다. 스테이킹한 LQTY와 스테이킹 기간에 따라 각 사용자의 투표권이 산정됩니다. 원하는 이니셔티브에 찬반 투표를 자유롭게 분배할 수 있으며, 투표한 결과는 이후 투표 라운드까지 유지됩니다. 각 투표 투표 라운드는 매주 목요일 00:00 UTC에 시작되어 돌아오는 주 수요일 23:59:59 UTC까지 진행되며, 마지막 24시간에는 반대 투표만 가능합니다. 과거 투표 라운드는 이곳에서 확인 가능합니다 : ### 매주 투표에 참여해야 하나요? 아니요, 이전 라운드의 투표 결과가 다음 라운드로 이월됩니다. 그러나 새로운 이니셔티브는 더 나은 기회를 제공할 수 있으며, 동시에 기존 이니셔티브의 세부 사항들이 변경될 수 있기 때문에 새로운 이니셔티브와 이미 투표한 항목 모두를 주기적으로 주시하는 것이 좋습니다. ### 투표권은 어떻게 누적되나요? 사용자의 투표권은 스테이킹한 LQTY 양에 비례하며, 시간이 지남에 따라 선형적으로 증가합니다. 투표권 = 스테이킹한 LQTY × 스테이킹 기간
위 차트는 동일 금액을 스테이킹했지만 서로 다른 시점에 스테이킹한 A, B, C, D 네 사용자의 개별 투표권을 보여줍니다. 이들의 투표권을 전체 투표권으로 나누면 상대적 분포를 확인할 수 있습니다.
오랜 기간 스테이킹할수록, 인출 시 잃는 투표권의 비중이 커집니다. ### 추가 스테이킹 또는 부분 인출이 가능한가요? 기존 스테이킹 금액을 늘리거나 일부 인출할 수 있습니다. 단, 새로 추가한 금액은 처음에 투표권 0부터 시작하며, 인출 시 기존 스테이킹 기간은 그대로 유지됩니다. 즉, 추가 스테이킹 후에는 전체 투표권은 변화없지만 증가 속도가 빨라지고, 인출 시에는 즉각적인 투표권 감소(불연속)가 발생합니다. ### 새로운 이니셔티브는 어떻게 제안할 수 있나요? 전체 스테이킹된 LQTY 투표권의 최소 0.01% 이상을 보유하고, 1,000 BOLD 등록 수수료를 납부하면 누구나 새로운 인센티브 이니셔티브를 제안할 수 있습니다. 기술적으로는 어떤 이더리움 주소라도 Protocol Liquidity Incentives를 받을 수는 있으나, 일반적으로는 이니셔티브를 위한 스마트 컨트랙트를 따로 생성하는 것이 좋습니다. 이 컨트랙트에는 BOLD로 지급받은 자금을 관리할 로직이 포함되어야 하며, 제안자가 충분히 검토하고 감사해야 합니다. 제안자는 이니셔티브를 이더리움에 배포한 후, Governance.sol 컨트랙트의registerInitiative(address \_initiative) 함수를 호출해 1,000 BOLD를 등록 수수료로 지불합니다. 등록이 완료되면 해당 이니셔티브는 다음 투표 라운드부터 투표 대상이 됩니다. 효율성을 위해 최소 2% 이상의 표를 받을 것으로 예상되는 항목만 등록되며, 4주 연속 기준 미달 시 누구든지 해당 이니셔티브를 등록 해제할 수 있습니다. ### 인센티브는 어떻게 분배되나요? * Protocol Liquidity Incentives는 매주 적격 이니셔티브나 대상 주소에 분배됩니다. * 인센티브 대상이 되려면 전체 투표의 2% 이상을 확보해야 합니다. * 분배는 각 이니셔티브의 상대적 투표 비중에 따라 결정되며, 적격한 경우 반대 투표는 제외됩니다. * 인센티브는 **해당 주에 청구되어야 하며**, 청구하지 않은 금액은 다음 라운드로 이월됩니다. ### 반대 투표가 많은 이니셔티브는 어떻게 되나요? 전체 투표의 2% 기준을 넘더라도, 반대 투표 수가 찬성 투표를 초과하면 해당 이니셔티브는 인센티브 대상에서 제외됩니다. 이런 경우 누구나 해당 이니셔티브를 등록 해제할 수 있습니다. ### 활동이 없거나 인기가 낮은 이니셔티브는 어떻게 처리되나요? 최소 청구 기준이나 2% 이상의 투표 비중을 4주 이상 연속으로 충족하지 못하는 이니셔티브는 누구든지 등록 해제할 수 있습니다. ### 지갑에서 ‘New Contract’ 경고를 표시한다면? Liquity V2는 스테이킹에 프록시 패턴을 사용하여 누군가 LQTY를 처음 스테이킹할 때마다 새로운 "UserProxy" 컨트랙트를 생성합니다. 이 때문에 일부 지갑에서는 이를 "새로운 컨트랙트 경고"로 표시할 수 있습니다. # Technical Docs & Audits 각 컨트랙트에 대한 설명, 기능 설명 등을 포함한 포괄적인 기술 시스템 요약은 V2 개발자 README에서 제공됩니다. ### Technical papers [Whitepaper](https://bafybeibjommrelqjw22vewpddgfdnm5geoz747gv2zeuy7njwivpfcy3xa.ipfs.w3s.link/Liquity%20v2%20-%20Whitepaper%20rev.%200.3%20\(November%2C%202024\)%20\(1\).pdf) ### Code base [Bold Core](https://github.com/liquity/bold)\ [Governance](https://github.com/liquity/V2-gov/tree/main) ### Audit reports [ChainSecurity - Code Assessment](https://www.chainsecurity.com/security-audit/liquity-bold-smart-contracts), several audits between Aug 2024 and May 2025 [Dedaub - Core Protocol Audit Report I](https://dedaub.com/audits/liquity/liquity-v2-aug-28-2024/), August 2024 [Dedaub - Core Protocol Audit Report II](https://dedaub.com/audits/liquity/liquity-v2-second-audit-nov-11-2024/), November 2024 [Certora - Formal Verification](https://certora.cdn.prismic.io/certora/Z1tLJJbqstJ98b8J_LiquityVerificationReport.pdf), December 2024 [Coinspect - Bold Core Smart Contract Audit](https://www.coinspect.com/doc/Coinspect%20-%20Smart%20Contract%20Audit%20-%20Liquity%20-%20Bold%20-%20v241231.pdf), December 2024 [Coinspect - Bold Governance Audit](https://www.coinspect.com/doc/Coinspect%20-%20Smart%20Contract%20Audit%20-%20Liquity%20-%20Bold%20Governance%20-%20v250120.pdf), January 2025 [ChainSecurity - Governance Smart Contract Audit](https://www.chainsecurity.com/security-audit/liquity-v2-governance), January 2025 [Dedaub - Governance Audit 1](https://dedaub.com/audits/liquity/liquity-v2-governance-1st-audit-aug-12-2024/), August 2024 [Dedaub - Governance Audit 2](https://dedaub.com/audits/liquity/liquity-v2-governance-2nd-audit-nov-11-2024/), November 2024 [Dedaub - Governance Audit 3](https://dedaub.com/audits/liquity/liquity-v2-governance-3rd-audit-dec-22-2024/), January 2025 [Recon - Liquity Security Review](https://github.com/GalloDaSballo/bold-review), October 2024 [Dedaub - Cantina fixes review](https://dedaub.com/audits/liquity/liquity-v2-cantina-fixes-review-may-13-2025/), May 2025 [Cantina Competiton](https://cantina.xyz/portfolio/fca4f98a-7d24-49f1-9a3b-80e5e65b2b30), March-April 2025 ### Economic modelling and simulation [Chaos Labs: Mechanism Design Review](https://cdn.sanity.io/files/zmh9mnff/production/ca6a4815e62b05f33fb3ec56c5a4c42d6b7ddbec.pdf), October 2024 ### Contract addresses #### BOLD Token | Contract | Address | | -------------- | -------------------------------------------------------------------------------------------------------------------------------- | | BOLD Mainnet | [0x6440f144b7e50D6a8439336510312d2F54beB01D](https://etherscan.io/address/0x6440f144b7e50D6a8439336510312d2F54beB01D) | | BOLD Base | [0x03569CC076654F82679C4BA2124D64774781B01D](https://basescan.org/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Arbitrum | [0x03569CC076654F82679C4BA2124D64774781B01D](https://arbiscan.io/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Optimism | [0x03569CC076654F82679C4BA2124D64774781B01D](https://optimistic.etherscan.io/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Scroll | [0x03569CC076654F82679C4BA2124D64774781B01D](https://scrollscan.com/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Avalanche | [0x03569CC076654F82679C4BA2124D64774781B01D](https://snowtrace.io/address/0x03569CC076654F82679C4BA2124D64774781B01D) | #### Shared contracts | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collateralRegistry | [0xf949982b91c8c61e952b3ba942cbbfaef5386684](https://etherscan.io/address/0xf949982b91c8c61e952b3ba942cbbfaef5386684) | | boldToken | [0x6440f144b7e50d6a8439336510312d2f54beb01d](https://etherscan.io/address/0x6440f144b7e50d6a8439336510312d2f54beb01d) | | hintHelpers | [0xf0cae19c96e572234398d6665cc1147a16cbe657](https://etherscan.io/address/0xf0cae19c96e572234398d6665cc1147a16cbe657) | | multiTroveGetter | [0xfa61db085510c64b83056db3a7acf3b6f631d235](https://etherscan.io/address/0xfa61db085510c64b83056db3a7acf3b6f631d235) | | exchangeHelpers | [0x2f60bab0072abec7058017f48d7256ec288c8686](https://etherscan.io/address/0x2f60bab0072abec7058017f48d7256ec288c8686) | #### ETH branch | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collToken | [0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2](https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2) | | addressesRegistry | [0x20f7c9ad66983f6523a0881d0f82406541417526](https://etherscan.io/address/0x20f7c9ad66983f6523a0881d0f82406541417526) | | activePool | [0xeb5a8c825582965f1d84606e078620a84ab16afe](https://etherscan.io/address/0xeb5a8c825582965f1d84606e078620a84ab16afe) | | borrowerOperations | [0x372abd1810eaf23cb9d941bbe7596dfb2c46bc65](https://etherscan.io/address/0x372abd1810eaf23cb9d941bbe7596dfb2c46bc65) | | collSurplusPool | [0xedbe2509e502c0320d2e7f8b6746a49b4b50e2bf](https://etherscan.io/address/0xedbe2509e502c0320d2e7f8b6746a49b4b50e2bf) | | defaultPool | [0xd4558240d50c2e219a21c9d25afd513bb6e5b1a0](https://etherscan.io/address/0xd4558240d50c2e219a21c9d25afd513bb6e5b1a0) | | sortedTroves | [0xa25269e41bd072513849f2e64ad221e84f3063f4](https://etherscan.io/address/0xa25269e41bd072513849f2e64ad221e84f3063f4) | | stabilityPool | [0x5721cbbd64fc7ae3ef44a0a3f9a790a9264cf9bf](https://etherscan.io/address/0x5721cbbd64fc7ae3ef44a0a3f9a790a9264cf9bf) | | troveManager | [0x7bcb64b2c9206a5b699ed43363f6f98d4776cf5a](https://etherscan.io/address/0x7bcb64b2c9206a5b699ed43363f6f98d4776cf5a) | | troveNFT | [0x1a0fc0b843afd9140267d25d4e575cb37a838013](https://etherscan.io/address/0x1a0fc0b843afd9140267d25d4e575cb37a838013) | | metadataNFT | [0x9b36c3b16299d68c79f174df7e728e35b6af4a12](https://etherscan.io/address/0x9b36c3b16299d68c79f174df7e728e35b6af4a12) | | priceFeed | [0xcc5f8102eb670c89a4a3c567c13851260303c24f](https://etherscan.io/address/0xcc5f8102eb670c89a4a3c567c13851260303c24f) | | gasPool | [0x7b9ab3de4036cae51f1fa4ec0a2c2fd606bcf921](https://etherscan.io/address/0x7b9ab3de4036cae51f1fa4ec0a2c2fd606bcf921) | | interestRouter | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | wethZapper | [0x7022a4f4a2b9f0c30a5eb0b0073a8bb4c8e70c1f](https://etherscan.io/address/0x7022a4f4a2b9f0c30a5eb0b0073a8bb4c8e70c1f) | | gasCompZapper | [0x0000000000000000000000000000000000000000](https://etherscan.io/address/0x0000000000000000000000000000000000000000) | | leverageZapper | [0xdccbd7a365aee086aa3b4ede8afe895b20770ae3](https://etherscan.io/address/0xdccbd7a365aee086aa3b4ede8afe895b20770ae3) | #### wstETH branch | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collToken | [0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0](https://etherscan.io/address/0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0) | | addressesRegistry | [0x8d733f7ea7c23cbea7c613b6ebd845d46d3aac54](https://etherscan.io/address/0x8d733f7ea7c23cbea7c613b6ebd845d46d3aac54) | | activePool | [0x531a8f99c70d6a56a7cee02d6b4281650d7919a0](https://etherscan.io/address/0x531a8f99c70d6a56a7cee02d6b4281650d7919a0) | | borrowerOperations | [0xa741a32f9dcfe6adba088fd0f97e90742d7d5da3](https://etherscan.io/address/0xa741a32f9dcfe6adba088fd0f97e90742d7d5da3) | | collSurplusPool | [0x36e6cbdf68f64cf00fc3a6c634a25be32dd0a235](https://etherscan.io/address/0x36e6cbdf68f64cf00fc3a6c634a25be32dd0a235) | | defaultPool | [0xd796e1648526400386cc4d12fa05e5f11e6a22a1](https://etherscan.io/address/0xd796e1648526400386cc4d12fa05e5f11e6a22a1) | | sortedTroves | [0x84eb85a8c25049255614f0536bea8f31682e86f1](https://etherscan.io/address/0x84eb85a8c25049255614f0536bea8f31682e86f1) | | stabilityPool | [0x9502b7c397e9aa22fe9db7ef7daf21cd2aebe56b](https://etherscan.io/address/0x9502b7c397e9aa22fe9db7ef7daf21cd2aebe56b) | | troveManager | [0xa2895d6a3bf110561dfe4b71ca539d84e1928b22](https://etherscan.io/address/0xa2895d6a3bf110561dfe4b71ca539d84e1928b22) | | troveNFT | [0x857aecebf75f1012dc18e15020c97096aea31b04](https://etherscan.io/address/0x857aecebf75f1012dc18e15020c97096aea31b04) | | metadataNFT | [0x362f822df79790c8077e61110484fffa48f682a1](https://etherscan.io/address/0x362f822df79790c8077e61110484fffa48f682a1) | | priceFeed | [0xe7aa2ba9e086a379d3beb224098bc634a46e314e](https://etherscan.io/address/0xe7aa2ba9e086a379d3beb224098bc634a46e314e) | | gasPool | [0x8c44fba379d8a8608c0e29b2729deb75a981db1f](https://etherscan.io/address/0x8c44fba379d8a8608c0e29b2729deb75a981db1f) | | interestRouter | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | wethZapper | [0x0000000000000000000000000000000000000000](https://etherscan.io/address/0x0000000000000000000000000000000000000000) | | gasCompZapper | [0xbd69d3e0ea967d146e925b7572b765c8e9c4127d](https://etherscan.io/address/0xbd69d3e0ea967d146e925b7572b765c8e9c4127d) | | leverageZapper | [0xe85230de04147c4ea363b21cdb801c1c19df0a56](https://etherscan.io/address/0xe85230de04147c4ea363b21cdb801c1c19df0a56) | #### rETH branch | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collToken | [0xae78736cd615f374d3085123a210448e74fc6393](https://etherscan.io/address/0xae78736cd615f374d3085123a210448e74fc6393) | | addressesRegistry | [0x6106046f031a22713697e04c08b330ddaf3e8789](https://etherscan.io/address/0x6106046f031a22713697e04c08b330ddaf3e8789) | | activePool | [0x9074d72cc82dad1e13e454755aa8f144c479532f](https://etherscan.io/address/0x9074d72cc82dad1e13e454755aa8f144c479532f) | | borrowerOperations | [0xe8119fc02953b27a1b48d2573855738485a17329](https://etherscan.io/address/0xe8119fc02953b27a1b48d2573855738485a17329) | | collSurplusPool | [0xba4a2bd8b76df84cac98eba3f4b967d8423192bf](https://etherscan.io/address/0xba4a2bd8b76df84cac98eba3f4b967d8423192bf) | | defaultPool | [0x5cc5cefd034fdc4728d487a72ca58a410cddcd6b](https://etherscan.io/address/0x5cc5cefd034fdc4728d487a72ca58a410cddcd6b) | | sortedTroves | [0x14d8d8011df2b396ed2bbc4959bb73250324f386](https://etherscan.io/address/0x14d8d8011df2b396ed2bbc4959bb73250324f386) | | stabilityPool | [0xd442e41019b7f5c4dd78f50dc03726c446148695](https://etherscan.io/address/0xd442e41019b7f5c4dd78f50dc03726c446148695) | | troveManager | [0xb2b2abeb5c357a234363ff5d180912d319e3e19e](https://etherscan.io/address/0xb2b2abeb5c357a234363ff5d180912d319e3e19e) | | troveNFT | [0x7ae430e25b67f19b431e1d1dc048a5bcf24c0873](https://etherscan.io/address/0x7ae430e25b67f19b431e1d1dc048a5bcf24c0873) | | metadataNFT | [0x3400874305e1547020fb8e80eaf1308b757171af](https://etherscan.io/address/0x3400874305e1547020fb8e80eaf1308b757171af) | | priceFeed | [0x34f1e9c7dcc279ec70d3c4488eb2d80fba8b7b2b](https://etherscan.io/address/0x34f1e9c7dcc279ec70d3c4488eb2d80fba8b7b2b) | | gasPool | [0x45c81dce308389e1bee63ae30a04fb1e148dad41](https://etherscan.io/address/0x45c81dce308389e1bee63ae30a04fb1e148dad41) | | interestRouter | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | wethZapper | [0x0000000000000000000000000000000000000000](https://etherscan.io/address/0x0000000000000000000000000000000000000000) | | gasCompZapper | [0xbe8b230dcd12e246f5edc5c103cc98be68ab636f](https://etherscan.io/address/0xbe8b230dcd12e246f5edc5c103cc98be68ab636f) | | leverageZapper | [0x75036b1d6de5665c60f5c33bb4a64e8e123211a2](https://etherscan.io/address/0x75036b1d6de5665c60f5c33bb4a64e8e123211a2) | #### Governance | Contract | Address | | ------------------------ | --------------------------------------------------------------------------------------------------------------------- | | governance | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | curveUsdcBoldPool | [0xefc6516323fbd28e80b85a497b65a86243a54b3e](https://etherscan.io/address/0xefc6516323fbd28e80b85a497b65a86243a54b3e) | | curveUsdcBoldGauge | [0x07a01471fa544d9c6531b631e6a96a79a9ad05e9](https://etherscan.io/address/0x07a01471fa544d9c6531b631e6a96a79a9ad05e9) | | curveUsdcBoldInitiative | [0xba415afa8fcd65196764b5e08cb4dbf90bee33b4](https://etherscan.io/address/0xba415afa8fcd65196764b5e08cb4dbf90bee33b4) | | curveLusdBoldPool | [0x7ed17e037b7d88a8270c89b3afa9c38e5218f12b](https://etherscan.io/address/0x7ed17e037b7d88a8270c89b3afa9c38e5218f12b) | | curveLusdBoldGauge | [0xa37cdce0207127204682d3235ead2c7a4c5d6c5c](https://etherscan.io/address/0xa37cdce0207127204682d3235ead2c7a4c5d6c5c) | | curveLusdBoldInitiative | [0x0c76eae597afa2aa163a8c845f7e7e870256ac7e](https://etherscan.io/address/0x0c76eae597afa2aa163a8c845f7e7e870256ac7e) | | defiCollectiveInitiative | [0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690](https://etherscan.io/address/0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690) | | stakingV1 | [0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d](https://etherscan.io/address/0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d) | | LQTYToken | [0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d](https://etherscan.io/address/0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d) | | LUSDToken | [0x5f98805a4e8be255a32880fdec7f6728c6568ba0](https://etherscan.io/address/0x5f98805a4e8be255a32880fdec7f6728c6568ba0) | # \[Old] Friendly Fork Program
### Program Background Liquity V2 is published under a [Business Source License (BUSL)](https://github.com/liquity/bold/blob/main/contracts/LICENSE) such that, while the codebase is source available, any commercial deployment needs to be approved by Liquity AG. A number of friendly forks catering to blockchain networks and collateral asset types not supported for BOLD minting have thus entered into licensing agreements with Liquity AG. In exchange for the right to deploy their own stablecoins using Liquity V2 code, these projects have committed to incentivize collaboration between their users and BOLD users. You can learn more about the program in this [blog post](https://www.liquity.org/blog/bootstrapping-liquity-v2). ### Rewards All forks will reward BOLD users by incentivizing core use cases such as the main liquidity pools and the V2 Stability Pools.\ While allocation size and execution will vary, each fork will share its plan in a dedicated announcement (linked below). The [V2 Leaderboard](https://dune.com/liquity/v2-leaderboard) assigns users a score based on their activity. Forks can use it as a reference when distributing rewards, though they are free to adjust parameters as they see fit. ### Licensed Friendly Forks **Aesyx** * Launch: TBD * Stablecoin: USXY * Governance Token: SXY * Network: Avalanche * Reward Details: TBD * Relevant Links: [Website](https://aesyx.fi/) | [Docs](http://docs.aesyx.fi) **Asymmetry Finance** * Launch: TBD * Stablecoin: USDaf * Governance Token: ASF * Network: Ethereum Mainnet * Reward Details: TBD * Relevant Links: [Website](https://www.asymmetry.finance/) | [Docs](https://docs.asymmetry.finance/) **Beraborrow** * Launch: TBD * Stablecoin: NECT * Governance Token: POLLEN * Network: Berachain * Reward Details: TBD * Relevant Links: [Website ](https://www.beraborrow.com/)| [Docs](https://beraborrow.gitbook.io/docs) **DeFi Dollar** * Launch: TBD * Stablecoin: DUSD * Governance Token: DEFI * Network: Ethereum Mainnet * Reward Details: TBD * Relevant Links: [Website](https://defidollar.io/) | [Docs](https://docs.defidollar.io/) **Ebisu Money** * Launch: TBD * Stablecoin: ebUSD * Governance Token: EBISU * Network: Ethereum Mainnet * Reward Details: TBD * Relevant Links: [Website](https://ebisu.money/) **Felix** * Launch: LIVE * Stablecoin: feUSD * Governance Token: TBD * Network: Hyperliquid * Reward Details: TBD * Relevant Links: [Website ](https://usefelix.xyz/)| [Docs](https://usefelix.gitbook.io/felix-docs) **Nerite** * Launch: End of May * Stablecoin: USDN * Governance Token: NERI * Network: Arbitrum * Reward Details: * Relevant Links: [Website](https://www.nerite.org/) | [Docs](https://github.com/NeriteOrg/nerite/blob/main/README.md) **Orki Finance** * Launch: LIVE * Stablecoin: USDK * Governance Token: ORKI * Network: Swell * Reward Details: TBD * Relevant Links: [Website](https://www.orki.finance/) | [Docs](https://orki-finance.gitbook.io/orki-finance-docs) **Soneta** * Launch: TBD * Stablecoin: ONE * Governance Token: STA * Network: Sonic * Reward Details: TBD * Relevant Links: [Website](https://soneta.xyz/) | [Docs](https://docs.soneta.xyz/) **Quill Finance** * Launch: LIVE * Stablecoin: USDQ * Governance Token: QUILL * Network: Scroll * Reward Details: * Relevant Links: [Website](https://www.quill.finance/) | [Docs](https://quill-finance.gitbook.io/faq) ### Program Rules All friendly forks are responsible for communicating the details and implementation of their commitments, as well as distributing any program rewards. The following points apply to all friendly forks: * Each friendly fork is required to audit any changes made to the Liquity V2 codebase in their specific deployment. * Each friendly fork is minting its own respective stablecoin, not BOLD. * Each friendly fork has the right to implement mutability as it sees fit. * Liquity AG is not in an ongoing partnership with any licensing entity. # Friendly Fork Program
### 프로그램의 배경 Liquidity V2는 [BUSL(Business Source License)](https://github.com/liquity/bold/blob/main/contracts/LICENSE)에 따라 게시되므로, 코드 베이스는 열람이 가능하지만 모든 상업적 배포는 Liquity AG의 승인을 받아야 합니다. 따라서, BOLD 민팅이 지원되지 않는 블록체인 네트워크 및 담보 자산 유형을 제공하는 많은 Friendly Fork들이 Liquity AG와 라이센스 계약을 체결했습니다. Liquity V2 코드를 사용하여 자체 스테이블 코인을 배포하는 대가로, 이러한 프로젝트들은 자사 사용자와 BOLD 사용자 간의 협업을 촉진하는 인센티브를 제공하기로 약속했습니다. 프로그램에 대한 추가 정보 : ### Rewards 모든 Fork들은 주요 유동성 풀 및 V2 스테빌리티 풀과 같은 핵심 BOLD 사용처에 인센티브를 제공하여 BOLD 사용자에게 보상을 제공하거나 제공할 예정입니다. 할당 규모나 실행 방식, 시기 등은 상이할 수 있지만, 각 Fork는 각각 별도의 공지를 통해 계획을 공유할 예정입니다. 각 Fork들은 재량에 따라 인센티브를 할당하고 분배하며 이는 이 [리더보드](https://dune.com/liquity/v2-leaderboard)에서 모두 추적됩니다. ### Resources * [Forqty](https://www.forqty.com/) 에서는 런칭되었거나 런칭될 예정인 Fork들을 확인하실 수 있습니다. (Provided by Summerstone). * [V2 Leaderboard](https://dune.com/liquity/v2-leaderboard) 를 통해 BOLD 사용처들을 확인할 수 있으며, Fork들은 이를 바탕으로 인센티브를 제공할 사용처들을 결정할 수 있습니다. * [Yield Calculator](https://docs.google.com/spreadsheets/d/1Zi_2rU7Ktwd4qF9AZuFbgz7W8uIEN6ta5n-LHOE44oM/edit?gid=0#gid=0) 는 입력된 데이터에 따라 이자율 수익을 계산할 수 있게 도와줍니다. # Bug Bounty Any submissions should be done via [Cantina](https://cantina.xyz/bounties/7aa23a2b-7e8b-4b88-a9bb-713dc102a11a). # Security For any security related inquiries please email # Brand Assets ## Logos [Liquity Logos](https://drive.google.com/drive/folders/1PTvYgvjvuTZurRWvICPuGAzjDpo53y8z) [BOLD Stablecoin Logos](https://drive.google.com/drive/folders/1DkwbRlHI7Uyz0HTeTfahJmKBK-92v9Mf) [Other Visual Assets](https://drive.google.com/drive/folders/1O5eo2QD8307140jtoz2-rP71S73WNONS) ## Colors
## Fonts Standard Font: [NB InternationalTM Pro Speciem](https://neubauladen.com/product/nb-international-pro/) Alternative Free Font: [Inter Tight](https://fonts.google.com/specimen/Inter+Tight)
# Risk Disclosure ### **Dependencies** * Oracles: Chainlink for collaterals * Incentive allocation by LQTY stakers (25% of borrowers interest) ### Chain Risk * Deployment chain: Ethereum Mainnet * Cross-chain: none (native to Mainnet and no cross-chain risks) * Bridging: CCIP through Chainlink While BOLD itself is native to Ethereum, it may eventually be supported by Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for bridging. Once BOLD gets bridged to to other chains through CCIP, it will inherit security from Chainlink's existing network of decentralized nodes on the bridged Layer 2s. ### **Smart Contract Risks** Liquity V2 has no manual pause, freeze, or shutdown functions. However, the protocol is capable of initiating an automatic shutdown of a borrow market in case of an extreme price drop of the respective collateral asset leading to insufficient collateralization, or an oracle failure of that particular collateral asset. * See our audits for more information: DeDaub and ChainSecurity * Pause function: none * Protocol freeze function: none * Protocol shutdown function: Yes, it would be algorithmically targeted towards a specific branch * BOLD whitelist or blacklist: none * BOLD transfer freeze functionality: none ### Collateral Risk * Collaterals assets accepted: WETH, wstETH, and rETH only * Collaterals assets accepted within the protocol are non-upgradeable and cannot be changed **What’s the shared-collateral risks?**\ Each supported collateral asset constitutes an individual borrow market with its own group of borrowers and a separate Stability Pool backing their debts. This separation impacts user groups differently: * Borrowers: Collateral risk is limited to the collateral asset held by the borrower. A borrower isn’t negatively affected by a failure of another collateral asset. * BOLD Holders: As a multi-collateral stablecoin, BOLD is reliant on effective liquidations of undercollateralized loans in every borrow market to remain overcollateralized. Holders are subject to the risks of all supported collateral assets. * Earners: SP depositors only get exposure to the asset they have opted for. However, as BOLD holders, they are similarly affected by potential depegging. **Are there any safety mechanisms in place for potential de-pegs of the underlying collateral asset?**\ \ The protocol aims to protect each borrow market from becoming undercollateralized by throttling debt creation and collateral withdrawal in unhealthy markets and by shutting down the entire market as a last resort. There are two safety thresholds: * Critical Threshold (CT): If the TCR of a borrow market falls below the CT (e.g., 150%), new debt creation is prohibited. Collateral withdrawal is allowed as long as it goes along with a debt repayment greater than or equal to the collateral withdrawn. * Shutdown Threshold (ST): If the TCR drops below the ST (e.g., 110%), the protocol triggers the shutdown of the borrow market and disables all borrowing operations except for closing Troves. Users can redeem BOLD against the respective collateral at a more favorable exchange rate than the current oracle price. ### Oracle Risk If Chainlink oracles fail, collateral markets might get priced inaccurately, leading to unfavorable redemptions or excessive or delayed liquidations. Oracle staleness could also cause problems by using out-of-date prices during shutdowns, leading to improper liquidations or redemptions. **Mitigation:** * The system tracks staleness thresholds and shuts down a branch if the price hasn't been updated for a preset period (e.g., 48 hours for rETH). * Upon shutdown, redemptions use the last recorded price, limiting the time window for exploiters to take advantage of a stale oracle. ### Infrastructure Risk * Onchain infrastructure: None other than Infura nodes (transactions could get delayed or dropped) None for on-chain functionality. * Open-source and publicly accessible off-chain infrastructure. The Graph integration will allow for indexing and querying, but remains publicly accessible. ### Governance and Economic Risk * Core protocol: is immutable - nothing can updated or changed * Upgradable code: none * Upgradable parameters: none * Timelocks: none * LQTY stakers can only direct 25% of the revenues e.g. as liquidity incentives to LP pools. More information can be found [here](https://github.com/liquity/V2-gov/blob/main/README.md). **Bad Debt mitigation and Branch Shutdown:**\ In extreme cases, such as a severe drop in collateral value or failure of a supported collateral, the system may become undercollateralized. This could lead to the shutdown of a specific collateral branch or market, and the remaining debt could become "bad debt"—unbacked by sufficient collateral. This could in the worst case lead to bank runs: a portion of the system debt can not be cleared, and hence a portion of the BOLD supply can never be redeemed. **Mitigation:**\ Liquity V2 has built-in shutdown thresholds. When a collateral market's total collateral ratio (TCR) falls below the *Critical Threshold (CT)*, debt creation is paused, and collateral withdrawals are restricted. If the TCR drops further to the *Shutdown Threshold (ST)*, the protocol shuts down the market, freezes new borrowing, and triggers urgent redemptions. These redemptions are designed to clear as much debt as possible by allowing users to redeem BOLD at favorable rates.\ \ Additionally, redemptions are split in proportion to the "outside" portion of the respective debt, which is defined as the total debt borrowed against a certain collateral minus the size of the SP of the respective borrowing market. That way, redemptions primarily reduce the debt of the borrowing market with the lowest SP backing, reducing the risks that the market ever drops below the thresholds. This triggers the liquidation of all collateral within that market to buy back and burn as much BOLD as possible. However, if the collateral price crash is severe, some portion of BOLD may become unbacked. If this unbacked portion is small, the system can still function with BOLD retaining its peg, assuming no major loss of confidence. However, if confidence erodes, BOLD may depeg, leading to mass redemptions across healthier markets. In the worst-case scenario, the remaining debt-backed BOLD supply could be fully redeemed, leaving only the unbacked portion, potentially reducing BOLD's value to zero.This could happen even if the failed collateral represented a small portion of the entire market. The outcome ultimately depends on the market’s confidence in BOLD and the system’s ability to mitigate further risks. ### Liquidity Risk Liquity V2 operates three distinct borrow markets, each backed by its own collateral types (ETH, wstETH, and rETH). Each market features separate stability pools, user-set interest rates, and individual Loan-to-Value (LTV) ratios tailored to the specific asset. This market structure allows for precise risk management, ensuring that liquidations and redistributions occur independently within each collateral market. To support the stability of BOLD, Liquity V2 uses borrower-paid interest to create demand and facilitate liquidations. Borrower interest is directed into two primary venues: 1. Stability Pool (75%): Each borrow market is linked to a corresponding Stability Pool, where 75% of the interest paid by borrowers is deposited. BOLD depositors in the Stability Pool earn a portion of this interest, along with liquidation gains in the respective collateral asset. This structure helps maintain liquidity and solvency in each borrow market by absorbing liquidation events. Potential risk:\ There's no guarantee that the liquidation gains are actually gains. In the worst case, e.g. when the oracle lags behind or an LST flash-crashes within a few blocks, the gains could turn into losses. 2. Protocol-Incentivized Liquidity (25%): The remaining 25% of interest goes to liquidity providers (LPs) as incentives, with the allocation split determined through weekly gauge voting. This incentivizes liquidity on decentralized exchanges, enhancing overall protocol stability and BOLD liquidity. **Redemption mechanism and risk for BOLD Stability** To prevent BOLD from falling below $1, Liquity V2 includes a redemption mechanism. Any BOLD holder can redeem 1 BOLD for $1 worth of collateral, ensuring that BOLD remains pegged to its intended value. Redemptions are prioritized by the lowest interest rate Troves first, allowing borrowers to maintain their positions while keeping the system balanced. Importantly, redemptions do not result in a net loss for borrowers but ensure the peg remains intact. **Liquidation Process** In the event of liquidations, the system first looks to the Stability Pool associated with the liquidated collateral type. If the Pool contains sufficient BOLD, it burns an amount equivalent to the borrower’s debt and redistributes the borrower’s collateral (105% of the debt) to the Pool’s depositors. These depositors receive both collateral and debt shares, proportional to their deposits. If the Stability Pool is depleted and cannot cover the entire debt, the system falls back on two other liquidation modes: * Just-in-Time (JIT) Liquidation: A liquidator deposits the amount of BOLD needed to cover the remaining debt directly into the Stability Pool, immediately triggering liquidation in exchange for 105% of the nominal debt in the collateral asset (e.g., WETH). * Redistribution Mode: If JIT liquidation is not chosen, the entire debt and 110% of it in collateral is redistributed to fellow borrowers who hold the same type of collateral. Their debt increases proportionally, but they also receive a share of the liquidated collateral, ensuring system-wide balance. This multi-layered liquidation process ensures that each collateral market is isolated from the others, minimizing systemic risk and allowing users to manage their positions independently. ### MEV Risks **Frontrunning risk**\ Borrowers may attempt to evade redemptions by either adjusting their Trove’s interest rate or closing and reopening their Trove. This "frontrunning" could occur when the BOLD price falls below $1, as savvy borrowers try to protect their positions from redemptions that would otherwise target them based on their user-set interest rates. Both “hard” frontrunning (directly from mempool observations) and “soft” frontrunning (reacting to the BOLD peg) could negatively affect redemption efficiency and system stability, while also unfairly affecting borrowers that are playing by the rules. **Mitigation:**\ Two fees are applied to disincentivize this behavior: 1. Upfront Borrowing Fee: Charged when a borrower opens a Trove or increases its debt, this fee is calculated as 7 days’ worth of average interest on the respective collateral branch. By applying this fee, borrowers are discouraged from continually closing and reopening Troves to evade redemptions, as it increases the cost of frequent adjustments. 2. Premature Adjustment Fee: When a borrower changes their interest rate too soon after the last adjustment (within a predefined cooldown period), they incur an additional opening fee. This mechanism prevents borrowers from rapidly adjusting their rates to avoid being prioritized in redemption processes, especially when rates are moving toward their redemption thresholds. These measures help ensure that borrowers cannot easily front-run system redemptions. **Flash Loans risk**\ In Liquity V2, redemption routing reduces the outside debt of each collateral branch proportionally. Flash loans could allow attackers to temporarily deposit BOLD into Stability Pools (SPs) of branches they wish to avoid, redirecting redemptions toward more favorable collateral branches. This could lead to arbitrage opportunities where the attacker selects assets with lower slippage on external markets. However, while this strategy might increase profits for the attacker, it does not extract direct value from the protocol or impact the overall system health. The protocol’s design, with competitive redemption fees and the use of flash loan fees, naturally mitigates the risks associated with this manipulation. Flash loan fees reduce the profitability of such actions, and the competitive nature of redemption arbitrage further limits the potential benefits. Mitigation: No fix is required because the risks are contained by the high costs of flash loans and the minimal impact on the protocol’s stability. Redemption routing is a soft measure designed to nudge the system toward balance, and the protocol remains reliant on the broader health of all collateral markets. Therefore, the system’s resilience is maintained despite these isolated arbitrage opportunities. ### NFT loan transfer risk Troves are now represented as NFTs, enabling improved transferability and management of positions while maintaining the core stability mechanisms of the protocol. Troves are meant to be transferred between different owner accounts (e.g. hot and cold wallets), however, trading them in a marketplace poses additional risks. For example, Trove delegations and management accounts are not cleared after a transfer, the trove owner is able to reduce the trove's collateral before a trade, among other adversarial scenarios that could be used by malicious sellers on marketplaces. # Legacy V2 and Testnet Here you can find the contract addresses for the V2 legacy deployment and the Sepolia testnet. #### BOLD Token | Contract | Address | | ------------------- | -------------------------------------------------------------------------------------------------------------------------------- | | boldToken Mainnet | [0xb01dd87B29d187F3E3a4Bf6cdAebfb97F3D9aB98](https://etherscan.io/address/0xb01dd87B29d187F3E3a4Bf6cdAebfb97F3D9aB98) | | boldToken Base | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://basescan.org/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | | boldToken Arbitrum | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://arbiscan.io/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | | boldToken Optimism | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://optimistic.etherscan.io/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | | boldToken Scroll | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://scrollscan.com/address/0x087c440f251ff6cfe62b86dde1be558b95b4bb9b) | | boldToken Avalanche | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://snowtrace.io/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | #### Shared contracts | Contract | Address | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | collateralRegistry | [0xd99de73b95236f69a559117ecd6f519af780f3f7](https://etherscan.io/address/0xd99de73b95236f69a559117ecd6f519af780f3f7#code) | | hintHelpers | [0xe3bb97ee79ac4bdfc0c30a95ad82c243c9913ada](https://etherscan.io/address/0xe3bb97ee79ac4bdfc0c30a95ad82c243c9913ada#code) | | multiTroveGetter | [0xa4a99f8332527a799ac46f616942dbd0d270fc41](https://etherscan.io/address/0xa4a99f8332527a799ac46f616942dbd0d270fc41#code) | | exchangeHelpers | [0x28c9decfacee0e796409b4b63eb263610e5e38dc](https://etherscan.io/address/0x28c9decfacee0e796409b4b63eb263610e5e38dc#code) | #### ETH branch | addressesRegistry | [0x38e1f07b954cfab7239d7acab49997fbaad96476](https://etherscan.io/address/0x38e1f07b954cfab7239d7acab49997fbaad96476#code) | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | activePool | [0xacece9a6ff7fea9b9e1cdfeee61ca2b45cc4627b](https://etherscan.io/address/0xacece9a6ff7fea9b9e1cdfeee61ca2b45cc4627b#code) | | borrowerOperations | [0x0b995602b5a797823f92027e8b40c0f2d97aff1c](https://etherscan.io/address/0x0b995602b5a797823f92027e8b40c0f2d97aff1c#code) | | collSurplusPool | [0x46720b3d63e38583d8f6d77d52c52df32604ef4b](https://etherscan.io/address/0x46720b3d63e38583d8f6d77d52c52df32604ef4b#code) | | defaultPool | [0x075e0c707097c4c071056687b0b87cd9392c7bbd](https://etherscan.io/address/0x075e0c707097c4c071056687b0b87cd9392c7bbd#code) | | sortedTroves | [0x879474cfbb980fb6899aaaa9b5d5ee14ffbf85a9](https://etherscan.io/address/0x879474cfbb980fb6899aaaa9b5d5ee14ffbf85a9#code) | | stabilityPool | [0xf69eb8c0d95d4094c16686769460f678727393cf](https://etherscan.io/address/0xf69eb8c0d95d4094c16686769460f678727393cf#code) | | troveManager | [0x81d78814df42da2cab0e8870c477bc3ed861de66](https://etherscan.io/address/0x81d78814df42da2cab0e8870c477bc3ed861de66#code) | | troveNFT | [0x84ed456a8074652130dfc4fe1fadb140e0f8ce2b](https://etherscan.io/address/0x84ed456a8074652130dfc4fe1fadb140e0f8ce2b#code) | | metadataNFT | [0x05e6a5aa1c0dfefe83a8df37f1a9fa0c17c5f375](https://etherscan.io/address/0x05e6a5aa1c0dfefe83a8df37f1a9fa0c17c5f375#code) | | priceFeed | [0x3279e2b49ff60dafb276fbaff847383b67a7ec2d](https://etherscan.io/address/0x3279e2b49ff60dafb276fbaff847383b67a7ec2d#code) | | gasPool | [0xaafd627156a28153e4066cd3a062bbf9e8707c5c](https://etherscan.io/address/0xaafd627156a28153e4066cd3a062bbf9e8707c5c#code) | | interestRouter | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | wethZapper | [0xd929c1927988625f834b9a39b562018cf6daeda5](https://etherscan.io/address/0xd929c1927988625f834b9a39b562018cf6daeda5#code) | | leverageZapper | [0x978d7188ae01881d254ad7e94874653b0c268004](https://etherscan.io/address/0x978d7188ae01881d254ad7e94874653b0c268004#code) | #### wstETH branch | Contract | Address | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x2d4ef56cb626e9a4c90c156018ba9ce269573c61](https://etherscan.io/address/0x2d4ef56cb626e9a4c90c156018ba9ce269573c61#code) | | activePool | [0x2fcf4e86594aadd744f82fd80d5da9b72ab50d7c](https://etherscan.io/address/0x2fcf4e86594aadd744f82fd80d5da9b72ab50d7c#code) | | borrowerOperations | [0x94c1610a7373919bd9cfb09ded19894601f4a1be](https://etherscan.io/address/0x94c1610a7373919bd9cfb09ded19894601f4a1be#code) | | collSurplusPool | [0xc8e5bda2efc25f04d5feb56eee80e3d8af74cb7f](https://etherscan.io/address/0xc8e5bda2efc25f04d5feb56eee80e3d8af74cb7f#code) | | defaultPool | [0x4fd6b1d48900e41710db9f219e153bb56727192b](https://etherscan.io/address/0x4fd6b1d48900e41710db9f219e153bb56727192b#code) | | sortedTroves | [0x15dda27e28f49c392067f285157b82c1a4539978](https://etherscan.io/address/0x15dda27e28f49c392067f285157b82c1a4539978#code) | | stabilityPool | [0xcf46dab575c364a8b91bda147720ff4361f4627f](https://etherscan.io/address/0xcf46dab575c364a8b91bda147720ff4361f4627f#code) | | troveManager | [0xb47ef60132deabc89580fd40e49c062d93070046](https://etherscan.io/address/0xb47ef60132deabc89580fd40e49c062d93070046#code) | | troveNFT | [0xf7cf4efcdaacab0c3f21931501133501fff51781](https://etherscan.io/address/0xf7cf4efcdaacab0c3f21931501133501fff51781#code) | | metadataNFT | [0xa33980796254f1daaff5423a1951d8060da93a14](https://etherscan.io/address/0xa33980796254f1daaff5423a1951d8060da93a14#code) | | priceFeed | [0x4c275608887ad2eb049d9006e6852bc3ee8a00fa](https://etherscan.io/address/0x4c275608887ad2eb049d9006e6852bc3ee8a00fa#code) | | gasPool | [0x38e721262a77637e673d756f2faf44a8363e8aea](https://etherscan.io/address/0x38e721262a77637e673d756f2faf44a8363e8aea#code) | | interestRouter | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | gasCompZapper | [0x3c45fc2b161d1c7f486d30442fe59975fe98c715](https://etherscan.io/address/0x3c45fc2b161d1c7f486d30442fe59975fe98c715#code) | | leverageZapper | [0xc3d864adc2a9b49d52e640b697241408d896179f](https://etherscan.io/address/0xc3d864adc2a9b49d52e640b697241408d896179f#code) | #### rETH branch | Contract | Address | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x3b48169809dd827f22c9e0f2d71ff12ea7a94a2f](https://etherscan.io/address/0x3b48169809dd827f22c9e0f2d71ff12ea7a94a2f#code) | | activePool | [0x4b0739071d85444121b17b7d0ee23672825d7cff](https://etherscan.io/address/0x4b0739071d85444121b17b7d0ee23672825d7cff#code) | | borrowerOperations | [0xa351d5b9cda9eb518727c3ceff02208915fda60d](https://etherscan.io/address/0xa351d5b9cda9eb518727c3ceff02208915fda60d#code) | | collSurplusPool | [0xc6f43d9eea6f9955038959a34ea5002f346e2cad](https://etherscan.io/address/0xc6f43d9eea6f9955038959a34ea5002f346e2cad#code) | | defaultPool | [0x26b1d8571560c7942e6dd79377721be81ae817a4](https://etherscan.io/address/0x26b1d8571560c7942e6dd79377721be81ae817a4#code) | | sortedTroves | [0x581705163884ae5f21e946cdc9888bdcb2ed0c0a](https://etherscan.io/address/0x581705163884ae5f21e946cdc9888bdcb2ed0c0a#code) | | stabilityPool | [0xc4463b26be1a6064000558a84ef9b6a58abe4f7a](https://etherscan.io/address/0xc4463b26be1a6064000558a84ef9b6a58abe4f7a#code) | | troveManager | [0xde026433882a9dded65cac4fff8402fafff40fca](https://etherscan.io/address/0xde026433882a9dded65cac4fff8402fafff40fca#code) | | troveNFT | [0xee922ebafe945b4f933cd556f8d9a006fb3b8192](https://etherscan.io/address/0xee922ebafe945b4f933cd556f8d9a006fb3b8192#code) | | metadataNFT | [0x850800f3bc4a485516d3c8156ef8795c174b5b5c](https://etherscan.io/address/0x850800f3bc4a485516d3c8156ef8795c174b5b5c#code) | | priceFeed | [0x93d3a2234e67c2ad494735cd6676fb4b79a6de97](https://etherscan.io/address/0x93d3a2234e67c2ad494735cd6676fb4b79a6de97#code) | | gasPool | [0x522efadc150d9fa30633b60c1ec45f03171f8c32](https://etherscan.io/address/0x522efadc150d9fa30633b60c1ec45f03171f8c32#code) | | interestRouter | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | gasCompZapper | [0x2b644ea568a574b1e61135e7694626941996d3d3](https://etherscan.io/address/0x2b644ea568a574b1e61135e7694626941996d3d3#code) | | leverageZapper | [0x7d5f19a1e48479a95c4eb40fd1a534585026e7e5](https://etherscan.io/address/0x7d5f19a1e48479a95c4eb40fd1a534585026e7e5#code) | #### Governance | Contract | Address | | ------------------------ | -------------------------------------------------------------------------------------------------------------------------- | | governance | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | curveUsdcBoldPool | [0xadb6851875b7496e3d565b754d8a79508480a203](https://etherscan.io/address/0xadb6851875b7496e3d565b754d8a79508480a203#code) | | curveUsdcBoldGauge | [0xa8bb51606db8e81f0ac964f0855c20d9e474ab63](https://etherscan.io/address/0xa8bb51606db8e81f0ac964f0855c20d9e474ab63#code) | | curveUsdcBoldInitiative | [0xa76434d58ccc9b8277180a691148a598fd073035](https://etherscan.io/address/0xa76434d58ccc9b8277180a691148a598fd073035#code) | | curveLusdBoldPool | [0x29a760138fa530d51a100171cb5ce4ddf506af2e](https://etherscan.io/address/0x29a760138fa530d51a100171cb5ce4ddf506af2e#code) | | curveLusdBoldGauge | [0x3ac4b6da715e7963bbcfb31de39a1b139f426223](https://etherscan.io/address/0x3ac4b6da715e7963bbcfb31de39a1b139f426223#code) | | curveLusdBoldInitiative | [0x4347d2d28a3428ddf1b7cfc7f097b2128a1a0059](https://etherscan.io/address/0x4347d2d28a3428ddf1b7cfc7f097b2128a1a0059#code) | | defiCollectiveInitiative | [0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690](https://etherscan.io/address/0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690#code) | | stakingV1 | [0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d](https://etherscan.io/address/0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d#code) | | LQTYToken | [0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d](https://etherscan.io/address/0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d#code) | | LUSDToken | [0x5f98805a4e8be255a32880fdec7f6728c6568ba0](https://etherscan.io/address/0x5f98805a4e8be255a32880fdec7f6728c6568ba0#code) | *** ### Sepolia Testnet Frontend You can run Liquity V2 on testnet here: ### Sepolia Contract Addresses #### **Shared contracts** | Contract | Address | | ------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | collateralRegistry | [0xec0f62913efa850bf7fab03663ef7364afa9e481](https://sepolia.etherscan.io/address/0xec0f62913efa850bf7fab03663ef7364afa9e481#code) | | boldToken | [0x620ce1130f7c63457784cdfa31cfccbfb6be5029](https://sepolia.etherscan.io/address/0x620ce1130f7c63457784cdfa31cfccbfb6be5029#code) | | hintHelpers | [0x71d43e3ce3c8c593773dd9b843e9db949384adc7](https://sepolia.etherscan.io/address/0x71d43e3ce3c8c593773dd9b843e9db949384adc7#code) | | multiTroveGetter | [0xd55dbe705404242cda541390361ce28ce7f50b95](https://sepolia.etherscan.io/address/0xd55dbe705404242cda541390361ce28ce7f50b95#code) | | exchangeHelpers | [0xbf0257d28388738705196887ca1deba8b70f55e1](https://sepolia.etherscan.io/address/0xbf0257d28388738705196887ca1deba8b70f55e1#code) | | USDC | [0x375a88c7ba42507b597579a99170c854b7ef1f38](https://sepolia.etherscan.io/address/0x375a88c7ba42507b597579a99170c854b7ef1f38#code) | #### **ETH branch** | Contract | Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0xea55ac45b7527e0069c14579a256a0a07b3e4235](https://sepolia.etherscan.io/address/0xea55ac45b7527e0069c14579a256a0a07b3e4235#code) | | priceFeed | [0xafccd3a66c50ccd64fb7bf22c9bd1cd6ddfe9467](https://sepolia.etherscan.io/address/0xafccd3a66c50ccd64fb7bf22c9bd1cd6ddfe9467#code) | | borrowerOperations | [0x2377b5a07bdfa02812203bab749e7bd43e4c596c](https://sepolia.etherscan.io/address/0x2377b5a07bdfa02812203bab749e7bd43e4c596c#code) | | troveManager | [0x70fa06222e169329f7a2f386ed70ad69a61228a5](https://sepolia.etherscan.io/address/0x70fa06222e169329f7a2f386ed70ad69a61228a5#code) | | troveNFT | [0xe9b841c5d2a6a1cc927ee081f1e3bd976416f387](https://sepolia.etherscan.io/address/0xe9b841c5d2a6a1cc927ee081f1e3bd976416f387#code) | | metadataNFT | [0x910ca11f5481e9bf6082fbd826c1cb395974ba8a](https://sepolia.etherscan.io/address/0x910ca11f5481e9bf6082fbd826c1cb395974ba8a#code) | | stabilityPool | [0x590991d63d081f140228c3c9fc5228cbd17b4f7d](https://sepolia.etherscan.io/address/0x590991d63d081f140228c3c9fc5228cbd17b4f7d#code) | | activePool | [0x30ed61d88e79f52ee7833335acfb8b261f472d50](https://sepolia.etherscan.io/address/0x30ed61d88e79f52ee7833335acfb8b261f472d50#code) | | defaultPool | [0x0b876a481c0d886da5cad623b60b209732cc58ce](https://sepolia.etherscan.io/address/0x0b876a481c0d886da5cad623b60b209732cc58ce#code) | | gasPool | [0x3a41fed42b1bc03e665e2e4930c9b98755566145](https://sepolia.etherscan.io/address/0x3a41fed42b1bc03e665e2e4930c9b98755566145#code) | | collSurplusPool | [0x7d04df3db7255f38546667b845fc13bdfa9a68cb](https://sepolia.etherscan.io/address/0x7d04df3db7255f38546667b845fc13bdfa9a68cb#code) | | sortedTroves | [0x4e99614ce2b74b3ed44ba391a6ec81fd8c8d453e](https://sepolia.etherscan.io/address/0x4e99614ce2b74b3ed44ba391a6ec81fd8c8d453e#code) | | balancerFlashLoan | [0x05293047baa198a368ed57033d0cb11299cb534a](https://sepolia.etherscan.io/address/0x05293047baa198a368ed57033d0cb11299cb534a#code) | | hybridCurveUniV3Exchange | [0x573630f3fbd265dac489f01bc9766590c54bc30a](https://sepolia.etherscan.io/address/0x573630f3fbd265dac489f01bc9766590c54bc30a#code) | | wethZapper | [0x40d4330501e09b5e98cc13c3f07c43d89f95d549](https://sepolia.etherscan.io/address/0x40d4330501e09b5e98cc13c3f07c43d89f95d549#code) | | leverageZapper | [0x611d0b89d7a6053e474aca719ba8435e81c4804f](https://sepolia.etherscan.io/address/0x611d0b89d7a6053e474aca719ba8435e81c4804f#code) | | interestRouter | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | collToken | [0x2442ca14d1217b4dd503e47dfdf79b774b56ea89](https://sepolia.etherscan.io/address/0x2442ca14d1217b4dd503e47dfdf79b774b56ea89#code) | #### **wstETH branch** | Contract | Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x9b751dbbd3310b490a11dd8c5754d998ad939fdf](https://sepolia.etherscan.io/address/0x9b751dbbd3310b490a11dd8c5754d998ad939fdf#code) | | metadataNFT | [0xf7f1b556f02c747749ca161f07a4a8539fc71f08](https://sepolia.etherscan.io/address/0xf7f1b556f02c747749ca161f07a4a8539fc71f08#code) | | priceFeed | [0xd204bbb0db0dfa99e218a4d4b4d3904ba7515b21](https://sepolia.etherscan.io/address/0xd204bbb0db0dfa99e218a4d4b4d3904ba7515b21#code) | | borrowerOperations | [0xee9390dd1ada7b2acd4922879f1a90f743d371ea](https://sepolia.etherscan.io/address/0xee9390dd1ada7b2acd4922879f1a90f743d371ea#code) | | troveManager | [0x71aca0d1c8ad87ced23d5816c2988d8d8a912ac3](https://sepolia.etherscan.io/address/0x71aca0d1c8ad87ced23d5816c2988d8d8a912ac3#code) | | troveNFT | [0x805e8e1cd47ae7356682b43896e1c2fcffc5979b](https://sepolia.etherscan.io/address/0x805e8e1cd47ae7356682b43896e1c2fcffc5979b#code) | | stabilityPool | [0x6e75086c9336ed7d8ab445d6458b0840dcd6c839](https://sepolia.etherscan.io/address/0x6e75086c9336ed7d8ab445d6458b0840dcd6c839#code) | | activePool | [0xf4754b41428bd79abc71a71bad1de0dea934fbab](https://sepolia.etherscan.io/address/0xf4754b41428bd79abc71a71bad1de0dea934fbab#code) | | defaultPool | [0xe9056ef43eaf59d2682bf244c5af1e1bf9474ec5](https://sepolia.etherscan.io/address/0xe9056ef43eaf59d2682bf244c5af1e1bf9474ec5#code) | | gasPool | [0x6d25cf5e7aa5eaf70a16dba6831cdd1ffb69a21d](https://sepolia.etherscan.io/address/0x6d25cf5e7aa5eaf70a16dba6831cdd1ffb69a21d#code) | | collSurplusPool | [0x7fb0cb41260df876faedb7e64a5468286a04be0f](https://sepolia.etherscan.io/address/0x7fb0cb41260df876faedb7e64a5468286a04be0f#code) | | sortedTroves | [0xd85acae94be8f94c4fc30318f8b651b2987ca37c](https://sepolia.etherscan.io/address/0xd85acae94be8f94c4fc30318f8b651b2987ca37c#code) | | balancerFlashLoan | [0x16abfe2700396cde719b5e313091c8ad460ec320](https://sepolia.etherscan.io/address/0x16abfe2700396cde719b5e313091c8ad460ec320#code) | | hybridCurveUniV3Exchange | [0xa5ccde5af851d78206cdf6e1b9d9287d58426bb3](https://sepolia.etherscan.io/address/0xa5ccde5af851d78206cdf6e1b9d9287d58426bb3#code) | | gasCompZapper | [0x9c600e1f10891133088bf427cd84ddf4e6c0c90a](https://sepolia.etherscan.io/address/0x9c600e1f10891133088bf427cd84ddf4e6c0c90a#code) | | leverageZapper | [0xde780649ec22108d970ff1b79f5f8884610821f0](https://sepolia.etherscan.io/address/0xde780649ec22108d970ff1b79f5f8884610821f0#code) | | interestRouter | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | collToken | [0x4d5627c9f87b094a0a78a9fed0027e1a701be0ea](https://sepolia.etherscan.io/address/0x4d5627c9f87b094a0a78a9fed0027e1a701be0ea#code) | #### **rETH branch** | Contract | Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x062a494967b691682b18f42854c990f97fe789a8](https://sepolia.etherscan.io/address/0x062a494967b691682b18f42854c990f97fe789a8#code) | | metadataNFT | [0x079899f15ef59fc2c28f8f1e32686c341cd67151](https://sepolia.etherscan.io/address/0x079899f15ef59fc2c28f8f1e32686c341cd67151#code) | | priceFeed | [0x75e613ba221c70d22ee7f0868ba9b117a55ea458](https://sepolia.etherscan.io/address/0x75e613ba221c70d22ee7f0868ba9b117a55ea458#code) | | borrowerOperations | [0xcd251e282c0ee7c8e3e687303f14c0facf8487c7](https://sepolia.etherscan.io/address/0xcd251e282c0ee7c8e3e687303f14c0facf8487c7#code) | | troveManager | [0xa8a2446696d9f3f49c39f020a5d6d34cbf3d81f4](https://sepolia.etherscan.io/address/0xa8a2446696d9f3f49c39f020a5d6d34cbf3d81f4#code) | | troveNFT | [0xfb3293ce0cdb40341716d845701476ea9d713a51](https://sepolia.etherscan.io/address/0xfb3293ce0cdb40341716d845701476ea9d713a51#code) | | stabilityPool | [0x4225a65051b71980333b9afddb7b2b8d41d07c0f](https://sepolia.etherscan.io/address/0x4225a65051b71980333b9afddb7b2b8d41d07c0f#code) | | activePool | [0x085280ae23ec9366fca52d898c2097f555ce76a6](https://sepolia.etherscan.io/address/0x085280ae23ec9366fca52d898c2097f555ce76a6#code) | | defaultPool | [0x8bc86c4f73fd3ae9e2a7857b606189a87dc1f35e](https://sepolia.etherscan.io/address/0x8bc86c4f73fd3ae9e2a7857b606189a87dc1f35e#code) | | gasPool | [0x706810d9050380339a4efe25e3a65643e226c8b1](https://sepolia.etherscan.io/address/0x706810d9050380339a4efe25e3a65643e226c8b1#code) | | collSurplusPool | [0xa8d6015e862293cd3884b8143d9d805ba080d7a9](https://sepolia.etherscan.io/address/0xa8d6015e862293cd3884b8143d9d805ba080d7a9#code) | | sortedTroves | [0x9efa62bcf2b329c54e70f8d9ca028a7afa5035f7](https://sepolia.etherscan.io/address/0x9efa62bcf2b329c54e70f8d9ca028a7afa5035f7#code) | | balancerFlashLoan | [0x14699779ad6ea3d972b561f543e849ddf1122914](https://sepolia.etherscan.io/address/0x14699779ad6ea3d972b561f543e849ddf1122914#code) | | hybridCurveUniV3Exchange | [0xc1849f54e225495b9638dfcc5379b278377d20a9](https://sepolia.etherscan.io/address/0xc1849f54e225495b9638dfcc5379b278377d20a9#code) | | gasCompZapper | [0xa57fa8ad19e63ebdfc1f31de7e7f608e8a53f532](https://sepolia.etherscan.io/address/0xa57fa8ad19e63ebdfc1f31de7e7f608e8a53f532#code) | | leverageZapper | [0x13fc23b17ad52a9a0baae6ceb506f7d85e92b0a8](https://sepolia.etherscan.io/address/0x13fc23b17ad52a9a0baae6ceb506f7d85e92b0a8#code) | | interestRouter | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | collToken | [0x10f8d8422a36ba75ae3381815ea72638dda0088c](https://sepolia.etherscan.io/address/0x10f8d8422a36ba75ae3381815ea72638dda0088c#code) | #### **Governance** | Contract | Address | | ----------------------------- | ---------------------------------------------------------------------------------------------------------------------------------- | | governance | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | uniV4DonationsInitiative | [0x0d5f5dc35ffaf4ed1cab53b44e09e6c5e845d400](https://sepolia.etherscan.io/address/0x0d5f5dc35ffaf4ed1cab53b44e09e6c5e845d400#code) | | curveV2GaugeRewardsInitiative | N/A | | curvePool | N/A | | gauge | N/A | | LQTYToken | [0xce6363411f571fc947e82f415458ae6e6731049d](https://sepolia.etherscan.io/address/0xce6363411f571fc947e82f415458ae6e6731049d#code) | # Audit upload {% file src="/files/LNLLARfZDlAyU26bS2Ra" %} # เอกสารประกอบอย่างเป็นทางการของ Liquity V2
Liquity V2 เปิดตัวโปรโตคอลกู้ยืมและสเตเบิลคอยน์แบบกระจายศูนย์รุ่นใหม่ที่ต่อยอดจากรุ่น V1 เพื่อมอบประสบการณ์การกู้ยืมที่ยืดหยุ่นขึ้น พร้อมสเตเบิลคอยน์ BOLD ที่ยืดหยุ่นสูงโดย native ของ Ethereum และผลตอบแทนบนเชนที่ยั่งยืน # General ### Liquity v2 คืออะไร? Liquity v2 คือโปรโตคอลการกู้ยืมแบบกระจายศูนย์ที่ให้ผู้ใช้นำ ETH หรือ LST มาเป็นหลักประกันและมินต์เหรียญเสถียร BOLD
มี 4 กรณีการใช้งานหลัก: \- ยืม BOLD \- leverage คูณ ETH (staked) แบบคลิกเดียว \- รับผลตอบแทนโดยฝาก BOLD \- stake LQTY เพื่อกำหนด PIL และรับผลตอบแทน
แม้จะมีการเปลี่ยนแปลงมากมายใน V2 แต่ก็ยังคงรักษาจุดเด่นของ V1 เช่น: \- ความไม่สามารถเปลี่ยนแปลงได้ (Immutability) \- การกระจายอำนาจ \- ความปลอดภัยที่เข้มงวด \- ไม่มีการอิงกับการเงินแบบดั้งเดิม (TradFi)
อย่างไรก็ตาม V2 นำเสนอนวัตกรรมหลายด้าน: \- อัตราดอกเบี้ยที่ผู้ใช้กำหนดเอง เพื่อให้ควบคุมต้นทุนการกู้ยืมได้มากขึ้น \- ประเภทหลักประกันใหม่ ได้แก่ ETH และ LST \- กลไกการไถ่ถอนที่ได้รับการปรับปรุง \- การมีสภาพคล่องที่ได้รับแรงจูงใจจากโปรโตคอล (PIL) \- เงินกู้ระยะสั้นที่น่าดึงดูดมากขึ้น \- ประสิทธิภาพการใช้ทุนที่ดีขึ้น \- การมี Trove หลายรายการต่อที่ wallet address และสามารถโอนย้ายได้ \- ไม่มี Recovery Mode \- การวนซ้ำ/คูณแบบคลิกเดียว
### Liquity v1 และ LUSD จะเป็นอย่างไร? Liquity V1 ยังคงอยู่ต่อไป โดยผ่านการใช้งานจริงมาแล้ว และ LUSD ยังเป็นเหรียญเสถียรที่เหมาะสำหรับผู้ใช้ที่ชอบหลักประกันเป็น ETH ล้วน \
### Liquity V2 มีการกำกับดูแลหรือไม่? Liquity V2 อยู่ภายใต้การกำกับดูแลน้อยที่สุดเท่าที่จะทำได้ ซึ่งมีหน้าที่แจกจ่ายแรงจูงใจสภาพคล่องของโปรโตคอล (PIL) โดยกำหนดให้ 25% ของรายได้ของโปรโตคอลไปยังโครงการภายนอก . การกำกับดูแลไม่มีอำนาจหรือฟังก์ชันอื่น เนื่องจากสัญญาอัจฉริยะของ Liquity V2 ไม่สามารถเปลี่ยนแปลงหรืออัปเกรดได้" # Borrowing and liquidations #### อะไรทำให้การกู้ยืมใน V2 พิเศษไม่เหมือนใคร? Liquity V2 เป็นผู้บุกเบิกการให้ผู้ใช้สามารถกำหนดอัตราดอกเบี้ยได้เอง ทำให้ผู้ใช้สามารถกู้ stablecoin \*\*BOLD\*\* ได้ตามเงื่อนไขที่ตัวเองเลือก ผู้กู้สามารถตั้งและปรับอัตราที่ต้องการจ่ายสำหรับเงินกู้ได้เอง ซึ่งจะทำให้ตลาดอัตราดอกเบี้ยถูกกำหนดโดยความเสี่ยงที่ผู้กู้ยอมรับได้ โดยไม่ต้องพึ่งพา governance หรืออัลกอริทึมจัดการอัตราดอกเบี้ย และสินทรัพย์ค้ำประกันแต่ละประเภทก็จะมีตลาดกู้ยืมแยกของตนเอง เปิดโอกาสให้ตลาดอัตราดอกเบี้ยเติบโตได้เอง Liquity V2 ยังคงต่อยอดจากพื้นฐานของ V1 ซึ่งเป็นโปรโตคอลที่ปลอดภัยสูงและไม่สามารถแก้ไขย้อนหลังได้ (immutable) ที่สามารถออก stablecoin ที่กระจายศูนย์ที่สุดในโลกคริปโต ทั้งหมดนี้ทำให้ Liquity V2 มอบประสบการณ์การกู้ยืมที่มีประสิทธิภาพสูง ใช้ทุนคุ้มค่า ปลอดภัย และ decentralized อย่างแท้จริง ซึ่งหาที่อื่นเปรียบไม่ได้ #### ทำไม Liquity ถึงไม่เปิดให้บริการ frontend ของตัวเอง? เพื่อเพิ่มความเป็นการกระจายศูนย์และความทนทานของโปรโตคอล Liquity AG จึงไม่ได้ดำเนินการ frontend ส่วนกลาง แต่เปิดโอกาสให้ผู้ใช้สามารถเลือกใช้งานได้จากหลาย integration และ instance ที่ชุมชนรันเอง ทำให้ผู้ใช้มีอิสระในการเลือกสิ่งที่ตรงกับความต้องการของตนเองมากที่สุด #### จะเลือกใช้ frontend ไหน? การเลือกใช้ frontend เป็นการตัดสินใจส่วนบุคคลที่ขึ้นอยู่กับหลายปัจจัย เช่น UI/UX ฟีเจอร์เพิ่มเติม และกลยุทธ์การจัดการอัตราดอกเบี้ย คุณสามารถเลือก frontend ได้ที่นี่: #### ฉันสามารถรัน instance ของตัวเองแบบ local ได้ไหม? ได้ครับ คุณสามารถรัน instance ของตัวเองแบบ local ได้ เพียงทำตามคำแนะนำที่ลิงก์นี้: #### Trove คืออะไร? Trove คือเวอร์ชันของ \*\*“vault”\*\* บน Liquity แต่ละ Trove จะเชื่อมโยงกับ Ethereum address และ 1 address สามารถมีหลาย Trove ได้ แต่ละ Trove เปิดโอกาสให้คุณสามารถจัดการเงินกู้ของตนเองได้ ไม่ว่าจะเป็นการปรับมูลค่า \*\*collateral\*\* และ \*\*หนี้\*\* ตามความต้องการ รวมถึงการตั้งอัตราดอกเบี้ยของคุณเอง #### ฉันสามารถใช้สินทรัพย์ค้ำประกันประเภทใดได้บ้าง? คุณสามารถใช้ ETH, Lido ETH (wstETH) และ Rocket Pool ETH (rETH) ได้ #### มีการกู้ยืมขั้นต่ำไหม? ใช่ ต้องกู้ขั้นต่ำ 2,000 BOLD #### ฉันต้องชำระคืนเงินกู้เมื่อไหร่? เงินกู้ที่ออกโดยโปรโตคอลจะไม่มีตารางการชำระคืน คุณสามารถเปิด Trove ทิ้งไว้และชำระหนี้เมื่อไหร่ก็ได้ ตราบใดที่คุณยังคงรักษา LTV ให้อยู่ในระดับที่ปลอดภัย #### มีระยะเวลา Lockup ไหม? ไม่มีระยะเวลา Lockup ผู้ใช้สามารถถอนสินทรัพย์ค้ำประกันเมื่อใดก็ได้ อย่างไรก็ตาม มีข้อยกเว้นคือ การถอนของผู้กู้จะถูกระงับชั่วคราว หากค่า LTV รวมของตลาดกู้ยืมเกิน 75% #### ฉันจะตัดสินใจเลือก LTV ของฉันได้อย่างไร? สิ่งนี้ขึ้นอยู่กับความชอบส่วนตัวของคุณเป็นหลัก โดยเฉพาะความสามารถในการรับความเสี่ยง และระดับความถี่ที่คุณต้องการจัดการตำแหน่งของคุณเอง เพื่อช่วยในการตัดสินใจ คุณจะพบตัวเลือกที่ตั้งค่าไว้ล่วงหน้าในหน้าต่างผู้ใช้ ซึ่งสามารถใช้เป็นแนวทางได้
โปรดทราบว่าตัวอย่างเหล่านี้มีไว้เพื่อการอธิบายเท่านั้น ไม่ได้เป็นตัวกำหนดความเสี่ยงหรือความปลอดภัยที่แน่นอน สิ่งสำคัญคือคุณต้องกำหนดระดับความเสี่ยงและความสบายใจของคุณเองในฐานะผู้ใช้ หากค่า LTV ของคุณสูงเกินไป ตำแหน่งของคุณจะถูกชำระบัญชี #### การชำระบัญชี (Liquidation) ใน Liquity V2 ทำงานอย่างไร? Trove จะถูกชำระบัญชีหาก LTV เกินค่าที่กำหนด (90.91% สำหรับ ETH และ 83.33% สำหรับ wstETH และ rETH) Liquity V2 ใช้ Stability Pool เป็นกลไกหลักในการชำระบัญชี โดยจะดูดซับหนี้และสินทรัพย์ค้ำประกันจากการชำระบัญชี แต่ละตลาดกู้จะมี Stability Pool ของตัวเอง และผู้ฝากใน Pool จะได้รับผลตอบแทนจากการชำระบัญชี (ในรูปแบบสินทรัพย์ค้ำประกันนั้น ๆ) แลกกับการเผาหนี้ หาก Stability Pool ว่างเปล่า จะใช้กลไก Just-In-Time liquidation และการกระจายหนี้/สินทรัพย์ค้ำประกันไปยังผู้กู้รายอื่นในตลาดเดียวกันเป็นทางเลือกสุดท้าย ผู้กู้ที่ถูกชำระบัญชีจะถูกหักค่าปรับประมาณ 5% และยังสามารถเคลมสินทรัพย์ค้ำประกันที่เหลือหลังการชำระบัญชีได้ กรณีพิเศษคือเมื่อเกิด Redistribution: \* สำหรับ ETH ขาดทุนสูงสุด 10% ของหนี้ หรือเทียบเท่าขาดทุนสูงสุด 9.09% ของสินทรัพย์ค้ำประกัน \* สำหรับ rETH/wstETH ขาดทุน 20% ของหนี้ หรือเทียบเท่าขาดทุนสูงสุด 16.67% ของสินทรัพย์ค้ำประกัน
#### ฉันจะได้รับค่าตอบแทนอย่างไรเมื่อทำการชำระบัญชี Trove? การชำระบัญชี Trove จะมีค่าใช้จ่ายด้าน Gas ที่ผู้เริ่มต้นต้องจ่าย โปรโตคอลจึงให้ค่าชดเชย Gas ตามสูตรดังนี้: \*\*0.0375 WETH + min(0.5% ของสินทรัพย์ค้ำใน Trove, 2 หน่วยของ LST หรือ WETH)\*\* โดย 0.0375 WETH มาจากเงินมัดจำ Gas ที่สามารถขอคืนได้ ส่วน 0.5% ที่แปรผันนั้นมาจากสินทรัพย์ค้ำที่ถูกชำระบัญชี ซึ่งจะทำให้ผลกำไรจากการชำระบัญชีของ Stability Provider ลดลงเล็กน้อย #### ค่า Loan-To-Value (LTV) สูงสุดคือเท่าไหร่? ขึ้นอยู่กับประเภทของสินทรัพย์ค้ำที่คุณใช้ \* ETH มี LTV สูงสุดที่ \*\*90.91%\*\* \* wstETH และ rETH มี LTV สูงสุดที่ \*\*83.33%\*\* #### เงินมัดจำค่า Gas ที่สามารถขอคืนได้คืออะไร? ในการเปิด Trove ใหม่ โปรโตคอลจะกำหนดให้ต้องมีเงินสำรองสำหรับการชำระบัญชีจำนวน \*\*0.0375 ETH\*\* ไม่ว่าจะใช้สินทรัพย์ค้ำประเภทใด เงินก้อนนี้จะถูกกันไว้เพื่อครอบคลุมค่า Gas หากมีการชำระบัญชีเกิดขึ้น และจะถูกคืนให้เมื่อผู้ใช้ปิด Trove (รวมถึงกรณีถูก Redemption) #### ฉันจะต้องจ่ายเท่าไหร่สำหรับเงินกู้ของฉัน? ใน Liquity V2 คุณจะต้องจ่ายดอกเบี้ยอย่างต่อเนื่อง ทำให้เหมาะกับการกู้ระยะสั้นด้วยเช่นกัน อัตราดอกเบี้ยที่คุณจ่ายขึ้นอยู่กับอัตราที่คุณกำหนดเอง ตัวอย่างเช่น หากคุณกู้ 10,000 BOLD ที่อัตราดอกเบี้ย 5% คุณจะต้องจ่ายดอกเบี้ยประมาณ 500 BOLD หลังจากหนึ่งปี ดอกเบี้ยนี้จะถูกบวกเข้าไปในหนี้คงค้างของคุณ เมื่อคุณเปิด Trove ครั้งแรก คุณต้องจ่าย \*\*Upfront Borrowing Fee\*\* ซึ่งคำนวณจากดอกเบี้ยเฉลี่ยของสินทรัพย์ค้ำในสาขานั้น ๆ เป็นระยะเวลา 7 วัน ค่าธรรมเนียมนี้ถูกกำหนดขึ้นเพื่อป้องกันไม่ให้ผู้กู้ปิดและเปิด Trove ใหม่บ่อย ๆ เพื่อหลีกเลี่ยงการถูก Redemption เพราะจะทำให้ต้นทุนการปรับ Trove บ่อย ๆ สูงขึ้น #### อัตราที่ผู้ใช้กำหนด (user-set rates) คืออะไร? ใน Liquity V2 ผู้ใช้สามารถกำหนดอัตราดอกเบี้ยเองได้ ทำให้ควบคุมต้นทุนได้เต็มที่และคาดการณ์ค่าใช้จ่ายได้แม่นยำขึ้น ฟีเจอร์นี้ช่วยให้ระบบปรับตัวตามสภาพตลาด และช่วยรักษา peg ของ BOLD ให้มั่นคง อัตราดอกเบี้ยที่ผู้ใช้กำหนดยังช่วยสร้างสมดุลอย่างมีประสิทธิภาพระหว่างผู้กู้ BOLD และผู้ถือ BOLD ในแบบขับเคลื่อนด้วยตลาดทั้งหมด อีกทั้งยังเป็นแหล่งรายได้หลักของผู้ถือ BOLD สร้างผลตอบแทนจริงที่ยั่งยืนให้กับผู้ฝาก BOLD และผู้ให้สภาพคล่อง ผู้กู้ควรกำหนดอัตราดอกเบี้ยตามระดับความเสี่ยงในการถูก \*\*redemption\*\* ที่ตนยอมรับได้ หมายเหตุ: Trove ที่ใช้ \*\*delegated interest rates\*\* จะต้องมีอัตราส่วนค้ำประกันเริ่มต้นที่สูงกว่า ทำให้ LTV สูงสุดตอนเปิดหรือกู้เพิ่มถูกจำกัด แต่ LTV สูงสุดก่อนถูกชำระบัญชียังคงเท่ากับ Trove ปกติ #### ฉันสามารถปรับอัตราดอกเบี้ยได้ไหม? ใช่ คุณสามารถปรับอัตราดอกเบี้ยของคุณได้ตลอดเวลา เนื่องจากผู้ใช้สามารถกำหนดอัตราดอกเบี้ยเองได้ ทำให้คุณมีอิสระเต็มที่ในการควบคุมต้นทุนการกู้ยืมของคุณ อย่างไรก็ตาม หากผู้กู้มีการเปลี่ยนอัตราดอกเบี้ยภายใน 7 วันหลังจากการปรับครั้งก่อน จะมีการเก็บ \*\*Premature Adjustment Fee\*\* กลไกนี้ถูกออกแบบมาเพื่อป้องกันไม่ให้ผู้กู้ปรับอัตราดอกเบี้ยบ่อยครั้งเพื่อหลีกเลี่ยงการถูกจัดลำดับในกระบวนการ Redemption โดยเฉพาะในช่วงที่อัตราดอกเบี้ยเคลื่อนเข้าใกล้จุดที่อาจถูก Redemption #### ฉันควรตัดสินใจเลือกอัตราดอกเบี้ยที่เหมาะกับฉันอย่างไร? การตั้งอัตราดอกเบี้ยจะเป็นตัวกำหนดความเสี่ยงในการถูก Redemption และต้องสอดคล้องกับเป้าหมาย รวมถึงระดับความถี่ที่คุณอยากจัดการตำแหน่งของตัวเอง ผู้ใช้สามารถเลือกมอบหมายให้บุคคลที่สามจัดการอัตราดอกเบี้ยแทนได้ โดยบุคคลนั้นจะสามารถตั้งอัตราดอกเบี้ยแทนคุณ และเก็บค่าธรรมเนียมสำหรับบริการนี้ (ดู \[link]\(../redemptions-and-delegation#what-is-delegation-of-interest-rates)) ถ้าคุณเลือกจัดการอัตราดอกเบี้ยเอง คุณจะต้องชั่งน้ำหนักระหว่างการประหยัดจากการใช้อัตราที่ต่ำกว่า กับความเสี่ยงในการถูก Redemption ที่สูงขึ้น รวมถึงความถี่ในการปรับอัตราที่อาจทำให้มีต้นทุนเพิ่ม เช่น ค่าธรรมเนียม Premature Adjustment และค่า Gas เนื่องจาก Redemption จะถูกดำเนินการตามลำดับจากอัตราดอกเบี้ยต่ำไปสูง (สำหรับสินทรัพย์ค้ำประกันแต่ละประเภท) โดยทั่วไปคุณจึงควรเผื่อ buffer ให้มีผู้กู้อื่นที่ตั้งอัตราต่ำกว่าอยู่ก่อนหน้า การเลือกอัตราที่สูงกว่าอาจทำให้ต้นทุนการกู้เพิ่มขึ้น แต่ก็ช่วยให้คุณสบายใจได้มากขึ้นเมื่อเกิดความผันผวนที่ไม่คาดคิดในตลาด นอกจากนี้ คุณยังสามารถดูการกระจายอัตราของผู้ใช้อื่น ๆ ได้จาก Histogram และเลือกตำแหน่งของคุณให้เหมาะสมได้
การ Redemption มักจะเกิดขึ้นเมื่อราคา BOLD ต่ำกว่า \\$1 หักด้วยค่าธรรมเนียม Redemption ปัจจุบัน การติดตาม \[ประวัติการ Redemption]\() สามารถช่วยให้คุณประเมินความเสี่ยงโดยรวม และใช้เป็นข้อมูลเพิ่มเติมในการเลือกอัตราดอกเบี้ยได้ โดยทั่วไป ผู้ที่พร้อมจะเฝ้าติดตามตำแหน่งของตนเองอย่างใกล้ชิด หรือกู้ในช่วงเวลาสั้น ๆ อาจเลือกใช้อัตราดอกเบี้ยที่ต่ำกว่า ในทางกลับกัน ผู้ใช้ที่ต้องการกู้แบบระยะยาวและไม่อยากปรับบ่อย ๆ จะเหมาะกับการตั้งอัตราดอกเบี้ยที่สูงกว่าเพื่อความมั่นใจและความสบายใจมากกว่า #### อัตราดอกเบี้ยเฉลี่ยอาจอยู่ที่เท่าไหร่? อัตราดอกเบี้ยเฉลี่ยจะถูกกำหนดโดยตลาดอย่างต่อเนื่องและมีการเปลี่ยนแปลงตลอดเวลา โดยทั่วไปคาดว่าอัตราจะใกล้เคียงกับการกู้บน Sky หรือ Aave ด้วย ETH หรือ staked ETH อย่างไรก็ตาม ด้วยความยืดหยุ่นที่ผู้ใช้สามารถตั้งอัตราเองได้ จึงอาจทำให้บางช่วงมีผู้ใช้บางรายจ่ายดอกเบี้ยต่ำกว่ามาก เนื่องจาก 75% ของรายได้ดอกเบี้ยถูกส่งตรงให้กับผู้ฝาก BOLD เราจึงคาดว่าผลตอบแทนจากการฝาก stablecoin จะใกล้เคียงหรือสูงกว่าที่ CDP และตลาดกู้ยืมอื่น ๆ เสนอ และด้วยความน่าสนใจของ BOLD รวมถึงการมี use case ภายนอก (monetary premium) ก็อาจทำให้อัตราดอกเบี้ยการกู้โดยรวมต่ำกว่าที่แพลตฟอร์มอื่นนำเสนอด้วยซ้ำ สามารถอ่านเพิ่มเติมเกี่ยวกับ spread ระหว่างผู้กู้และผู้ให้กู้ได้ใน \[บทความนี้]\() #### อะไรคือปัจจัยที่กำหนดความเสี่ยงของ Trove ของฉัน? มีปัจจัยหลัก 2 อย่างที่ต้องพิจารณา: \* \*\*Loan-to-Value (LTV)\*\*: อัตราส่วนหนี้ต่อสินทรัพย์ค้ำประกัน ซึ่งส่งผลต่อความเสี่ยงในการถูก \[ชำระบัญชี] \* \*\*Interest Rate (IR)\*\*: อัตราดอกเบี้ยที่คุณเป็นผู้กำหนดเอง ซึ่งส่งผลต่อความเสี่ยงในการถูก \[Redeem] คุณมีความยืดหยุ่นในการตั้งค่าพารามิเตอร์เหล่านี้ตามที่คุณต้องการ ทำให้คุณควบคุมระดับความเสี่ยงของแต่ละ Trove ได้ และคุณยังสามารถสร้างหลาย Trove ภายใต้ Address เดียวกัน เพื่อจัดการโปรไฟล์ความเสี่ยงที่แตกต่างกันในพอร์ตของคุณได้
มีค่าธรรมเนียมอื่นที่เกี่ยวข้องกับการกู้ยืมหรือไม่? เพื่อป้องกันกลยุทธ์การเลี่ยง Redemption ของ Trove ที่ผู้กู้พยายามลดการจ่ายดอกเบี้ยอย่างไม่เป็นธรรม จะมีการเก็บ \*\*“ค่าธรรมเนียมปรับก่อนกำหนด” (premature adjustment fee)\*\* เล็กน้อย หากมีการเปลี่ยนอัตราดอกเบี้ยภายใน 7 วันนับจากการปรับครั้งก่อน (หรือการเปิด Trove) ค่าธรรมเนียมนี้จะเท่ากับดอกเบี้ยเฉลี่ย 7 วันของตลาดกู้นั้น ๆ และแตกต่างจากอัตราดอกเบี้ยที่ผู้ใช้ตั้งไว้เอง ค่าธรรมเนียมจะถูกคิดเป็น BOLD และถูกเพิ่มเข้าไปในหนี้ของ Trove โดยจะถูกเก็บในกรณีดังนี้: \* เมื่อมีการเปิด Trove ใหม่ \* เมื่อมีการเพิ่มหนี้ (โดยจะกระทบเฉพาะส่วนหนี้ที่เพิ่มเข้าไป) #### ฉันสามารถเปิด Trove (กู้ยืม) ได้กี่อันภายใต้ Address เดียว? คุณสามารถเปิดหลาย Trove ได้ ภายใต้ Address เดียวกัน ไม่ว่าจะเป็นสินทรัพย์ค้ำชนิดเดียวกันหรือคนละชนิดกัน โดยแต่ละ Trove จะถูกแทนด้วย NFT แยกกัน #### Trove โอนย้ายได้ไหม? ใช่ Trove ถูกแทนด้วย NFT (ERC-721) จึงสามารถโอนย้ายระหว่างกระเป๋าได้ง่าย เมื่อคุณส่ง NFT คุณก็มอบสิทธิ์การเข้าถึง Trove และเงินทั้งหมดภายในไปด้วย อย่างไรก็ตาม กลยุทธ์ขั้นสูงอย่างการ “ขาย” Trove บนตลาดรอง เช่น OpenSea นั้นมีความเสี่ยงในตัวเอง ควรใช้อย่างระมัดระวัง #### ฉันจะทำการ Loop Exposure ได้อย่างไร? การ Looping คือการกู้ BOLD โดยใช้สินทรัพย์ค้ำประกัน (ETH, wstETH หรือ rETH) ที่คุณฝากไว้ แล้วนำ BOLD นั้นไปซื้อสินทรัพย์ค้ำประกันเพิ่ม เพื่อขยายการถือครองของคุณต่อสินทรัพย์หลัก Liquity V2 มาพร้อมระบบอัตโนมัติ (zapper) ที่ทำให้คุณสามารถทำสิ่งนี้ได้ด้วยการคลิกเพียงครั้งเดียว อย่าลืมเลือก frontend ที่รองรับฟังก์ชันนี้ และควรระวังเรื่องสภาพคล่อง (liquidity) และราคาผันผวนจาก slippage ด้วย #### ความเสี่ยงของสินทรัพย์ค้ำประกันถูกบรรเทาอย่างไร? Liquity V2 จะมีตลาดกู้แยกกัน 3 ตลาดตามประเภทสินทรัพย์ค้ำประกัน โดยแต่ละตลาดจะมี Stability Pool ของตัวเอง (เพื่อให้การชำระบัญชีมีประสิทธิภาพ), อัตราดอกเบี้ยที่ผู้ใช้ตั้งเอง, และค่า LTV ที่เหมาะสมกับสินทรัพย์นั้น ๆ (ETH, wstETH และ rETH) การบรรเทาความเสี่ยงทำได้ผ่านมาตรการ เช่น \* การจำกัดการกู้ชั่วคราวเมื่อระดับการค้ำประกันของตลาดต่ำ \* กลไก Redemption ที่ให้ความสำคัญกับการใช้สินทรัพย์ค้ำที่มี Stability Pool รองรับน้อยกว่า \* การปิดการใช้งานสินทรัพย์ค้ำประกัน (Collateral Shutdown) เป็นมาตรการฉุกเฉินเพื่อรักษาสมดุลระบบและป้องกันความไม่มั่นคงของตลาด อย่างไรก็ตาม แม้จะมีมาตรการเหล่านี้ BOLD ยังคงขึ้นอยู่กับสินทรัพย์ค้ำทั้งสามที่กล่าวมา และไม่สามารถรับประกันได้อย่างเด็ดขาดว่าจะยังคง Overcollateralized หากเกิดการล่มสลายของสินทรัพย์ค้ำใดสินทรัพย์หนึ่งอย่างกะทันหัน #### ระบบแบ่งแยกความเสี่ยงระหว่าง LST แต่ละตัวอย่างไร? สิ่งนี้ขึ้นอยู่กับมุมมองของแต่ละฝ่าย: \* Borrowers (ผู้กู้): ความเสี่ยงของสินทรัพย์ค้ำจำกัดอยู่แค่สินทรัพย์ที่ผู้กู้ใช้ค้ำประกัน ผู้กู้จะไม่ได้รับผลกระทบจากการล้มเหลวของสินทรัพย์ค้ำประเภทอื่น \* BOLD Holders (ผู้ถือ BOLD): ในฐานะที่ BOLD เป็น stablecoin แบบ multi-collateral การคงสภาพ overcollateralized ขึ้นอยู่กับการชำระบัญชีที่มีประสิทธิภาพในทุกตลาดกู้ ผู้ถือจึงเผชิญความเสี่ยงจากสินทรัพย์ค้ำทั้งหมดที่ระบบรองรับ \* Earners (ผู้ฝากใน Stability Pool): ผู้ฝากใน Stability Pool จะได้รับ exposure แค่กับสินทรัพย์ที่พวกเขาเลือก แต่ในฐานะที่ยังถือ BOLD อยู่ พวกเขาก็ยังอาจได้รับผลกระทบจากการ depeg ได้เช่นกัน #### มีกลไกอะไรบ้างถ้า Stability Pool ว่างเปล่า? หาก Stability Pool ไม่สามารถครอบคลุมหนี้ได้ทั้งหมดและถูกใช้จนหมด ระบบจะเปลี่ยนไปใช้กลไกการชำระบัญชีสำรอง โดยผู้ Liquidator สามารถเลือกได้ระหว่าง 2 วิธี: Just-in-time (JIT) liquidation: ผู้ Liquidator ส่ง BOLD เท่ากับหนี้ที่เหลือ แลกกับ ETH (staked) มูลค่า 105% ของหนี้ที่เหลืออยู่ Redistribution: ผู้ Liquidator เรียกใช้กลไก Redistribution ซึ่งจะกระจายหนี้และสินทรัพย์ค้ำทั้งหมดของ Trove ไปยังผู้กู้รายอื่นในตลาดสินทรัพย์ค้ำชนิดเดียวกัน โดยสัดส่วนจะอิงจากปริมาณสินทรัพย์ค้ำของแต่ละราย ทำให้ผู้กู้เหล่านั้นได้รับส่วนแบ่งของสินทรัพย์ที่ถูกชำระบัญชี พร้อมกับหนี้ที่เพิ่มขึ้นตามสัดส่วน #### ทำไม Recovery Mode ถึงถูกนำออกใน V2? การนำ Recovery Mode ออกทำให้ผู้กู้สามารถใช้ LTV สูงได้ตลอดเวลา (สูงสุดถึง \~11x leverage) โดยไม่ขึ้นกับสถานะของระบบ ใน V1 Recovery Mode จำเป็นเพราะ Stability Pool ไม่สามารถให้ yield ที่ยั่งยืนได้ ทำให้ต้องพึ่ง Redistribution มากเกินไปในระยะยาว ขณะที่ใน V2 มีการจ่าย real yield ให้ Stability Provider และมี adaptive redemption logic ที่ช่วยให้ Stability Pool มีขนาดเพียงพอ #### มาตรการทดแทน Recovery Mode หาก Total Collateralization Ratio (TCR) ของตลาดกู้ใดตกต่ำกว่าระดับที่กำหนด ระบบสามารถ ปิดตลาดกู้ (Collateral Shutdown) ได้: * ETH: ปิดเมื่อ TCR < 110% * wstETH / rETH: ปิดเมื่อ TCR < 120% การปิดนี้ทำผ่านการกระตุ้นให้มี Redemption กับสินทรัพย์ค้ำดังกล่าว นอกจากนี้ หาก TCR ตกต่ำกว่าค่า Critical Collateral Ratio (CCR) = 150% ระบบจะบังคับใช้ข้อจำกัดเพิ่มเติม เช่น: * เปิด Trove ได้ ก็ต่อเมื่อทำให้ TCR > 150% * ปิด Trove ได้ ก็ต่อเมื่อทำให้ TCR > 150% * การปรับ Trove: ถ้าจะกู้เพิ่มต้องทำให้ TCR > 150% และถ้าถอนค้ำ $x ต้องชำระหนี้คืนอย่างน้อย x BOLD * การปรับดอกเบี้ย: ทำได้ก็ต่อเมื่อไม่ทำให้เกิดหนี้ใหม่จากค่าธรรมเนียมปรับก่อนกำหนด
#### ถ้ามีปัญหากับ frontend ควรทำอย่างไร? \
โดยปกติปัญหานี้มักเกิดจาก ISP หรือการบล็อกด้วย DNS ตามพื้นที่ แนะนำให้ลองทำดังนี้:
\* เปลี่ยนไปใช้ \[frontend]\() ผู้ให้บริการอื่น \* เปลี่ยนตำแหน่ง VPN (หรือปิด VPN ไปเลย) \* เปลี่ยน RPC ในกระเป๋าเงินของคุณ \* ใช้อินเทอร์เน็ตมือถือแทน (tether) \* ปิดการใช้งาน "secure DNS" ในการตั้งค่าเบราว์เซอร์ \
# BOLD & Earn #### BOLD คืออะไร ? BOLD คือ stablecoin ที่ผูกค่าไว้กับดอลลาร์สหรัฐ ซึ่งออกโดย Liquity V2 เป็นเหรียญที่ \*\*decentralized เต็มรูปแบบ มีการค้ำประกันเกินมูลค่า และรองรับเฉพาะ WETH, wstETH และ rETH\*\* เมื่อเทียบกับ stablecoin ส่วนใหญ่ BOLD ถูกออกแบบมาให้มีความแข็งแกร่งกว่า: \* ค้ำประกันด้วย crypto เท่านั้น (ไม่มี RWA หรือการดูแลโดยผู้เล่นแบบ centralized) \* ไม่ขึ้นกับการเปลี่ยนแปลงสินทรัพย์ค้ำหรือการอัปเกรดโปรโตคอล (immutable) \* สามารถแลกคืนได้โดยตรง (แปลงกลับได้อย่างรวดเร็วและมีสภาพคล่องสูง) #### ประโยชน์หลักของ BOLD เมื่อเทียบกับ stablecoin อื่น ๆ \* ใช้เฉพาะสินทรัพย์ที่กระจายศูนย์ที่สุดเป็นหลักประกัน ได้แก่ WETH, wstETH และ rETH \* สามารถแลกคืนได้เสมอกับสินทรัพย์ค้ำ ทำให้คุณสามารถสwap กลับมาได้เหมือนมีค่า \\$1 ตลอดเวลา \* สัญญาอัจฉริยะที่ใช้ในการออก BOLD เป็น \*\*immutable\*\* ไม่สามารถเปลี่ยนแปลงได้ ลดช่องโหว่การโจมตีลงอย่างมาก \* มีแรงจูงใจแบบ native ผ่าน \*\*Protocol Incentivized Liquidity (PIL)\*\* ที่กำหนดทิศทางโดย governance เพื่อให้มั่นใจว่าจะมีสภาพคล่องเพียงพอรองรับธุรกรรมเสมอ #### กลไกการผูกค่า (peg) ของ BOLD Liquity V2 ใช้นโยบายการเงินแบบขับเคลื่อนด้วยตลาด ผ่านอัตราดอกเบี้ยที่ผู้ใช้ตั้งเอง ทำให้ BOLD สามารถปรับตัวตามสถานการณ์ที่ราคาเหรียญสูงหรือต่ำกว่า $1 ได้แบบไดนามิก * เมื่อ BOLD ซื้อขายสูงกว่า $1\ ผู้กู้มักจะลดอัตราดอกเบี้ยลง เพราะความเสี่ยงการถูก redeem ต่ำลง → ทำให้การกู้เพิ่มขึ้น และการถือ BOLD น่าสนใจน้อยลง → ช่วยกดราคาลงมาใกล้ $1 เมื่อ BOLD ซื้อขายต่ำกว่า $1\ นักเก็งกำไรจะทำการ redeem เพื่อดึงราคาให้กลับขึ้นมา ขณะเดียวกันผู้กู้ที่เผชิญความเสี่ยงจากการ redeem จะปรับอัตราดอกเบี้ยขึ้น → กระตุ้นให้มีความต้องการ BOLD (รวมถึง Earn deposits) มากขึ้น → ส่งผลให้ราคาดีดกลับขึ้นสู่ $1
#### ฉันสามารถสร้างรายได้กับ Liquity V2 ได้อย่างไร? * ฝาก Stability Pool (Earn): นำ BOLD ไปฝากใน Stability Pool ต่าง ๆ เพื่อรับรายได้จากโปรโตคอล * Protocol Incentivized Liquidity (PIL): จัดหาสภาพคล่องสำหรับ BOLD บน DEX ภายนอกที่มีการให้แรงจูงใจ * Stake LQTY: รับรายได้จากโปรโตคอลของ Liquity V1 พร้อมกับได้สิทธิ์โหวตเพื่อกำหนดทิศทางแรงจูงใจด้านสภาพคล่อง การ stake LQTY ยังทำให้ได้รับรายได้จากค่าธรรมเนียมของ V1 และอาจได้รับ bribes จากบุคคลที่สาม (ขึ้นอยู่กับผลโหวตของ governance) เป็นโบนัสเพิ่มเติม #### ผลตอบแทนของ Earn มาจากไหน? ผลตอบแทนมาจาก 2 แหล่งหลัก: * ดอกเบี้ยเงินกู้: แต่ละตลาดกู้ส่งต่อ 75% ของรายได้ให้กับผู้ฝากใน Stability Pool (Earners) โดยจ่ายเป็น BOLD * กำไรจากการชำระบัญชี: BOLD ของคุณจะถูกใช้ในการชำระบัญชีเงินกู้ที่มีหลักประกันไม่เพียงพอ ทำให้คุณได้ซื้อสินทรัพย์ค้ำในราคาลดประมาณ \~5% โดยจ่ายผลตอบแทนเป็น (staked) ETH ผลตอบแทนทั้งหมดนี้เป็นผลตอบแทนที่ ยั่งยืน ขยายต่อได้จริง และมีมูลค่าจริง โดยไม่มีการปล่อยโทเคนเพิ่ม (no token emissions) และไม่มีการ lockup #### มี Lockup period ไหม? ไม่มี Lockup period ผู้ใช้สามารถถอนเงินฝาก BOLD ได้ทุกเมื่อที่ต้องการ #### ผลตอบแทนที่คาดการณ์ได้จาก Earn ขึ้นอยู่กับอัตราดอกเบี้ยที่ผู้กู้จ่าย โดย 75% ของดอกเบี้ยเหล่านี้จะถูกส่งต่อมายังผู้ฝากใน Earn หากมีการฝาก BOLD ใน Stability Pool น้อยกว่า 75% ของ supply ทั้งหมด ผลตอบแทนที่คุณได้รับจริงอาจ สูงกว่าอัตราดอกเบี้ยเฉลี่ยที่ผู้กู้จ่าย กลไกนี้ทำให้ Liquity V2 มีความพิเศษเหนือแพลตฟอร์มกู้ยืมทั่วไป ที่อัตราผลตอบแทนจากการฝากมักไม่สามารถสูงกว่าอัตราการกู้ได้ สามารถตรวจสอบอัตราดอกเบี้ยย้อนหลังได้[ ที่นี่](https://dune.com/liquity/liquity-v2#interest-rates) #### ทำไมถึงมีหลาย Stability Pool? เป้าหมายหลักคือ: * สร้างตลาดกู้ที่แยกกันตามประเภทสินทรัพย์ค้ำ โดยแต่ละตลาดจะมีอัตราดอกเบี้ยที่ขับเคลื่อนด้วยตลาดของตนเอง และใช้ Stability Pool ในการรองรับการ redeem ที่จะถูกกระจายไปตามสินทรัพย์ค้ำที่มีอยู่ (ดูเพิ่มเติมที่ “Redemption”) * แยกความเสี่ยงให้ได้มากที่สุด สำหรับผู้ฝากใน Stability Pool (Earn) โดยเปิดโอกาสให้ผู้ฝากเลือกได้เองว่าต้องการรับความเสี่ยงกับสินทรัพย์ค้ำประเภทใดในกรณีที่เกิดการชำระบัญชี #### Stability Pool มีการพัฒนาอย่างไรจาก V1 มาสู่ V2? ใน V2 แนวคิดของ Stability Pool ถูกขยายให้รองรับทั้ง ETH และ Liquid Staking Tokens (LSTs) หลายประเภทเป็นสินทรัพย์ค้ำ โดยรายได้จากดอกเบี้ยและผลตอบแทนจากการชำระบัญชีจะถูกเก็บไว้ในตลาดกู้ (borrow market) ของสินทรัพย์ค้ำแต่ละประเภท ดังนั้นแต่ละสินทรัพย์ค้ำจึงมี Stability Pool ของตัวเองเพื่อกระจายผลตอบแทนให้กับผู้ฝาก BOLD นอกจากนี้ อัตราดอกเบี้ยที่ผู้ใช้ตั้งเองใน V2 ยังส่งผลต่อกลไกผลตอบแทนของผู้ฝาก Stability Pool (Earn) โดยผลตอบแทนทั้งหมดมาจากดอกเบี้ยที่ผู้ใช้ตั้งเอง (จ่ายเป็น BOLD) ซึ่งเป็นโมเดลที่ยั่งยืนจริง ๆ แทนที่จะมาจากการแจก emission ของโทเคนเหมือนใน V1 #### ความเสี่ยงแตกต่างกันอย่างไรระหว่าง Stability Pool แต่ละแบบ? ผู้ใช้สามารถฝาก stablecoin ของตนลงใน Stability Pool ที่เลือกเองได้ ให้สอดคล้องกับระดับความเสี่ยงที่ยอมรับได้ และสินทรัพย์ค้ำที่ต้องการรับความเสี่ยง หากเลือกฝากใน Pool ที่ผูกกับ LST ใด ๆ หรือ ETH ก็จะสามารถปรับโปรไฟล์ความเสี่ยงและผลตอบแทนได้ตามต้องการ การมี Pool แยกตามประเภทสินทรัพย์ค้ำช่วยให้ผู้ใช้เลือกได้ว่าจะรับความเสี่ยงจาก LST หรือ ETH แบบไหน และจัดการความเสี่ยงเชิงระบบ (systemic risk) ได้ดีขึ้น เพื่อไม่ให้การชำระบัญชีในสินทรัพย์ใดสินทรัพย์หนึ่งส่งผลกระทบต่อทั้งระบบเกินไป อย่างไรก็ตาม สิ่งสำคัญที่ต้องเข้าใจคือ ผู้ถือ BOLD ทุกคน รวมถึงผู้ฝากใน Stability Pool ยังคงพึ่งพาให้ BOLD รักษาการผูกค่า (peg) ได้อยู่เสมอ ซึ่งหมายความว่ายังคงมีการรับความเสี่ยงจากทั้ง ETH และ LST ทั้งหมดโดยรวมอยู่ดี #### sBOLD คืออะไร? sBOLD คือ vault ของ Stability Pool แบบ auto-compounding ที่สร้างและดูแลโดยทีมบุคคลที่สามชื่อ K3 Capital จุดประสงค์คือช่วยให้ผู้ใช้ที่ฝาก BOLD เข้า Stability Pool ของ Liquity V2 สามารถรับรางวัลและนำกลับไปลงทุนซ้ำ (reinvest) โดยอัตโนมัติ \* Token address: \[0x50bd66d59911f5e086ec87ae43c811e0d059dd11]\() \* DeDaub audit: \[ \* ChainSecurity audit: \[ \* Code: \[ \* Telegram: \[sBOLD Offical]\() *คำชี้แจง: sBOLD ไม่ได้ถูกพัฒนาและดูแลโดยทีมงานหลักของ Liquity โปรดตรวจสอบการ audit และ codebase อย่างรอบคอบก่อนโต้ตอบกับสัญญาเหล่านี้*
# Redemptions and Delegation #### Redemptions คืออะไร? Redemptions มีบทบาทสำคัญในการช่วยให้ BOLD คงการผูกค่ากับดอลลาร์สหรัฐ สร้างราคา floor ไว้ที่ประมาณ $1 โดยทำงานแบบกระจายศูนย์ ไม่ต้องพึ่งพาสินทรัพย์แบบ centralized หรือบุคคลที่สาม Redemption ก็คือการแลก BOLD กลับมาเป็น ETH/LST ในมูลค่าที่ตราไว้ (face value) เสมือนว่า 1 BOLD มีค่าเท่ากับ $1 การทำ Redemption สามารถเริ่มต้นโดยใครก็ได้ แต่จะคุ้มค่าเฉพาะเมื่อราคา BOLD ต่ำกว่า $1 กระบวนการคือ ผู้ทำ Redemption จะส่ง BOLD ให้กับโปรโตคอล และได้รับสินทรัพย์ค้ำ (WETH, wstETH และ rETH) กลับมา (หักค่าธรรมเนียม Redemption) โดยจำนวนที่ได้จะถูกกระจายตามสัดส่วนของสินทรัพย์ค้ำใน Stability Pool ณ เวลานั้น
การทำ Redemption จะเริ่มจากผู้กู้ที่จ่ายดอกเบี้ยน้อยที่สุด อ่านเพิ่มเติมเกี่ยวกับวิธี[ ปกป้องตัวเอง](https://chatgpt.com/c/68bfef8b-5710-832d-a4e8-4f6e3a9f3b82#how-can-i-stay-protected) จากการถูก redeem และสิ่งที่จะเกิดขึ้นหาก[ Trove ของคุณถูก redeem](https://chatgpt.com/c/68bfef8b-5710-832d-a4e8-4f6e3a9f3b82#what-happens-if-my-trove-gets-redeemed) คุณยังสามารถชมวิดีโอความยาว 9 นาทีเกี่ยวกับการทำ Redemption ได้ที่[ ลิงก์นี้](https://www.youtube.com/watch?v=CQVmjFx987A) #### การทำ Redemption สามารถเกิดขึ้นเมื่อไหร่? Redemption สามารถเกิดขึ้นได้ทุกเวลา แต่โดยทั่วไปจะเกิดขึ้นก็ต่อเมื่อมีผลกำไรที่จะทำ เช่น เมื่อราคา BOLD ต่ำกว่า $1 (หักค่าธรรมเนียม Redemption ปัจจุบันแล้ว) #### ใครสามารถเริ่มทำ Redemption ได้บ้าง? ทุก Ethereum address สามารถเริ่มทำ Redemption ได้ หากมี BOLD เพียงพอสำหรับการทำธุรกรรม อย่างไรก็ตาม โดยทั่วไปคาดว่าจะมีการทำ Redemption โดยบอทมืออาชีพมากกว่าการทำด้วยตัวบุคคล #### จะเกิดอะไรขึ้นถ้า Trove ของฉันถูก redeem? คุณสามารถมองการ redeem ว่าเป็นเหมือนมีคนอื่นมาชำระหนี้แทนคุณ และนำสินทรัพย์ค้ำของคุณออกไปในมูลค่าที่เทียบเท่ากัน หากสินทรัพย์ค้ำของคุณ (ETH หรือ LST) ถูก redeem หนี้ของคุณจะถูกชำระคืนในมูลค่าเทียบเป็น USD ขณะที่ผู้ทำ redemption จะได้รับสินทรัพย์ค้ำของคุณไป โดยหักค่าธรรมเนียม redemption เอาไว้ ซึ่งจะยังคงอยู่ใน Trove ของคุณ นั่นหมายความว่าคุณจะเสียหายน้อยมากในเชิง USD ตัวอย่างเมื่อราคา ETH = $3,000: * ก่อนการ redeem: มี 10 ETH เป็นค้ำประกัน, หนี้ 20,000 BOLD * หลังการ redeem: เหลือ 5.025 ETH เป็นค้ำประกัน, หนี้ลดเหลือ 5,000 BOLD คุณจะเห็นได้ว่าสินทรัพย์ค้ำและหนี้ถูกลดลงในสัดส่วนที่เท่ากัน (คิดเป็นมูลค่า USD) และค่าธรรมเนียม redemption (0.025 ETH) ถูกเพิ่มเข้าไปในค้ำของคุณ Trove ที่ถูกกระทบบางส่วนแต่หนี้ยังคงเกินกว่าขั้นต่ำ 2,000 BOLD จะยังคงทำงานตามปกติ ขณะที่ Trove ที่หนี้ถูกลดลงต่ำกว่าเกณฑ์ (หรือเหลือ 0) จะเข้าสู่โหมด “dormant” (ดูรายละเอียดเพิ่มเติมได้[ ที่นี่](https://chatgpt.com/c/68bfef8b-5710-832d-a4e8-4f6e3a9f3b82#docs-internal-guid-927901d5-7fff-c7a0-2e9f-964ab271257a)) #### การทำ Redemption ทำงานอย่างไรเมื่อมีสินทรัพย์ค้ำ 3 ประเภท? ต่างจาก LUSD ที่มีสินทรัพย์ค้ำเพียงประเภทเดียว BOLD ถูกค้ำด้วยสินทรัพย์หลายประเภท ดังนั้น Liquity V2 จะไม่ปล่อยให้ผู้ทำ Redemption เลือกสินทรัพย์ค้ำได้เอง แต่จะปรับกระบวนการให้อัตโนมัติเพื่อความปลอดภัยเชิงเศรษฐศาสตร์ ทำให้ Redemption ถูกจ่ายออกมาเป็น ชุดผสมของสินทรัพย์ค้ำ เพื่อเสริมความมั่นคงของ BOLD โดยรวม กระบวนการจะเริ่มจาก Trove ที่จ่ายดอกเบี้ยน้อยที่สุดในแต่ละตลาดสินทรัพย์ค้ำ และทำต่อไปจนกว่าจำนวน BOLD ทั้งหมดจะถูกแลกกลับมาเป็นสินทรัพย์ค้ำครบตามที่ร้องขอ Redemption สามารถเกิดขึ้นได้ทั้งแบบบางส่วน (partial) หรือแบบเต็มจำนวน (full) ตัวอย่าง: * ในตลาด rETH: Trove แรกถูก redeem เต็มจำนวน ส่วน Trove ที่สองถูก redeem บางส่วน * ในตลาด wstETH: ถูก redeem บางส่วนหนึ่ง Trove * ในตลาด ETH: ถูก redeem เต็มจำนวนสอง Trove
#### การแบ่งสินทรัพย์ค้ำกำหนดอย่างไร? การแบ่งจะเป็นแบบ ไดนามิก โดยมีเป้าหมายเพื่อเพิ่มความปลอดภัยเชิงเศรษฐศาสตร์ให้กับระบบ หลักการคือ: ยิ่งสินทรัพย์ค้ำมีความเสี่ยงสูง การทำ Redemption ก็จะถูกจัดสรรไปที่ตลาดนั้นมากขึ้น ตลาดใดที่มีขนาด Stability Pool เล็กเมื่อเทียบกับหนี้รวม จะถือว่ามีความเสี่ยงสูงกว่า เพราะมีโอกาสเกิดหนี้เสีย (bad debt) ในสถานการณ์รุนแรงได้มากกว่า เพื่อบรรเทาความเสี่ยงนี้ ระบบจะทำ Redemption ตามสัดส่วนของ “outside debt” ของสินทรัพย์ค้ำแต่ละประเภท ซึ่งคำนวณจาก: หนี้รวมที่กู้ด้วยสินทรัพย์ค้ำ – ขนาดของ Stability Pool ของตลาดนั้น ตัวอย่าง:\ หาก outside debt ของ WETH = 100 BOLD, wstETH = 50 BOLD, rETH = 100 BOLD → Redemption จะถูกแบ่งเป็น: * WETH: 40% * wstETH: 20% * rETH: 40%
#### จะเกิดอะไรขึ้นถ้า Trove หลายรายการมีอัตราดอกเบี้ยเท่ากัน? เมื่ออัตราดอกเบี้ยเท่ากัน โปรโตคอลจะใช้หลักการ “last-in-first-redeemed” กล่าวคือ Trove ที่ตั้งอัตราล่าสุด (ไม่ว่าจะเป็นการเปิดใหม่หรือการปรับอัตรา) จะถูก redeem ก่อน ตัวอย่าง: * Trove A - 3% * Trove B - 4% (ปรับอัตราก่อนหน้า) * Trove C - 4% (ปรับอัตราภายหลัง) ลำดับการถูก redeem คือ A → C → B #### มีค่าธรรมเนียมการทำ Redemption ไหม? มี โดยกลไกของค่าธรรมเนียม Redemption คล้ายกับ Liquity V1 แต่มีการปรับพารามิเตอร์ให้ decay เร็วขึ้น ค่าธรรมเนียมจะถูกหักจาก ETH/LST ที่ดึงออกมาจากระบบระหว่างการทำ Redemption ต่างจาก V1 ที่ค่าธรรมเนียมถูกส่งให้ผู้ stake LQTY แต่ใน V2 ค่าธรรมเนียมจะยังคงอยู่กับผู้ใช้ในรูปของสินทรัพย์ค้ำ ค่าธรรมเนียม Redemption จะอิงกับตัวแปร baseRate ซึ่งมีการอัปเดตแบบไดนามิก: * baseRate จะเพิ่มขึ้นเมื่อมีการทำ Redemption * และจะ decay แบบเอ็กซ์โพเนนเชียลตามเวลาที่ผ่านไปจากการทำ Redemption ครั้งล่าสุด (half-life 6 ชั่วโมง) เมื่อมีการ redeem x BOLD: * baseRate จะถูก decay ตามเวลาที่ผ่านไปจาก fee event ล่าสุด * จากนั้นเพิ่มขึ้นตามสัดส่วนของ BOLD ที่ถูก redeem เทียบกับ supply ทั้งหมด (x / total\_bold\_supply) สูตรค่าธรรมเนียม:\ redemption fee = min (0.5% + baseRate, 100%)
#### ฉันจะป้องกันตัวเองได้อย่างไร? ความเสี่ยงจากการถูก redeem ขึ้นอยู่กับ 2 ปัจจัยหลัก: อัตราดอกเบี้ยที่คุณตั้ง และ ราคาของ BOLD * อัตราดอกเบี้ยที่คุณตั้ง จะเป็นตัวกำหนดว่าต้องมี BOLD ถูก redeem ไปเท่าไร ก่อนที่จะถึงคิวของคุณ หากคุณตั้งดอกเบี้ยสูงขึ้น จะมี BOLD ถูก redeem ก่อนหน้าคุณมากขึ้น ทำให้คุณปลอดภัยขึ้น และในทางกลับกัน คุณสามารถดูตัวเลขนี้ได้บน frontend ใด ๆ ตัวอย่างเช่น ในภาพด้านล่าง ตัวเลขคือ 41M
นั่นหมายความว่า จะต้องมี BOLD ถูก redeem ออกจากระบบไป 41M ก่อนที่จะถึงคิวของคุณ อย่างไรก็ตาม ตัวเลขนี้เป็นเพียงการเปรียบเทียบแบบ relative และคุณยังต้องพิจารณากิจกรรมการ redeem ล่าสุดด้วย แม้เหตุการณ์ที่ผ่านมาไม่ได้การันตีอนาคต แต่ก็สามารถใช้เป็นแนวทางประกอบการตัดสินใจได้ ตัวอย่าง: * หากในสัปดาห์ที่แล้วมี BOLD ถูก redeem แค่ 200K คุณก็ถือว่าปลอดภัยมากกว่า * แต่ถ้ามีการ redeem ถึง 15M ความเสี่ยงก็จะสูงขึ้นตามไปด้วย คุณสามารถติดตามประวัติการ redeem ได้บน Dune dashboard ของเรา ราคาของ BOLD เป็นอีกปัจจัยสำคัญ หาก BOLD ซื้อขายสูงกว่า $1 การ redeem จะไม่มีกำไรและควรจะหยุดไป หากความต้องการ BOLD แข็งแกร่ง ราคาก็สามารถยืนเหนือ $1 ได้นาน (เช่นเดียวกับที่เคยเกิดขึ้นกับ LUSD) ในช่วงเวลาแบบนั้น คุณสามารถปรับลดอัตราดอกเบี้ยที่คุณจ่ายลงได้ โดยไม่เพิ่มความเสี่ยงในการถูก redeem #### การมอบสิทธิ์การจัดการอัตราดอกเบี้ย (Delegation of interest rates) คืออะไร? การมอบสิทธิ์การจัดการอัตราดอกเบี้ย เป็นฟีเจอร์ของ Liquity V2 ที่ให้ผู้กู้สามารถมอบหมายการจัดการอัตราดอกเบี้ยของตนให้บุคคลที่สามได้ ช่วยให้ผู้กู้สามารถถือสถานะได้แบบ passive ไม่ต้องจัดการเองตลอดเวลา แต่ยังคงรักษาอัตราดอกเบี้ยที่แข่งขันได้ และลดความเสี่ยงจากการถูก redeem รูปแบบของการมอบสิทธิ์มี 3 แบบ: * ให้กับผู้จัดการบุคคลที่สาม: ผู้เชี่ยวชาญที่มีแผนกลยุทธ์ไว้ล่วงหน้าในการดูแล Trove หลายรายการพร้อมกัน และคิดค่าบริการ * ให้กับสัญญาอัจฉริยะที่เป็นอัตโนมัติและกระจายศูนย์: กลยุทธ์ที่ตั้งไว้ล่วงหน้าสำหรับปรับอัตราดอกเบี้ยโดยอัตโนมัติ * ให้กับกระเป๋าเงินของคุณเอง: เช่น มอบสิทธิ์ให้ hot wallet ตอนคุณไปพักร้อน หรือให้เพื่อนช่วยจัดการ สิ่งสำคัญคือ delegate หรือสัญญา strategy จะทำได้เพียงแค่ปรับอัตราดอกเบี้ยให้อยู่ในช่วงที่กำหนดไว้ล่วงหน้าเท่านั้น ซึ่งจำกัดความเสี่ยงของผู้กู้ได้มาก ผู้กู้จึงควรติดตามช่วงของอัตราดอกเบี้ยที่กำหนดไว้ และความถี่ในการอัปเดตสูงสุด (ในกรณีที่มีการปรับก่อนกำหนด) ที่ผู้จัดการตั้งไว้ #### ใครคือ active interest rate delegate? โปรดทราบว่า Liquity AG ไม่รับผิดชอบต่อการกระทำของ delegate ใด ๆ กรุณาศึกษาข้อมูลด้วยตัวคุณเองก่อนตัดสินใจ #### จะเกิดอะไรขึ้นเมื่อฉันเปลี่ยน delegate? คุณจะถูกย้ายไปอยู่ใน batch ของ delegate นั้น และรับอัตราดอกเบี้ยเดียวกันกับ batch ทันที นอกจากนี้ คุณจะถูกเก็บ upfront fee เพื่อป้องกันการ "batch hopping" (อ่านรายละเอียดเพิ่มเติม[ ที่นี่](https://github.com/liquity/bold?tab=readme-ov-file#batches-and-upfront-fees)) #### ถ้ามีปัญหากับ smart contract สำหรับการ delegate อัตราดอกเบี้ยจะเกิดอะไรขึ้น? Trove ของคุณจะไม่ได้รับผลกระทบ สิ่งเดียวที่จะได้รับผลกระทบคือ อัตราดอกเบี้ย ที่สถานะของคุณถูกตั้งไว้ #### ฉันจะ delegate ให้กับตัวเองได้อย่างไร? ผู้ใช้บางคนเลือก delegate ให้กับ hot wallet ของตัวเอง เพื่อจะได้ปรับอัตราดอกเบี้ยได้สะดวกแม้ระหว่างเดินทาง วิธีทำ: 1. ไปที่สาขาสินทรัพย์ค้ำของเงินกู้คุณ[ คลิกที่นี่](https://docs.liquity.org/v2-documentation/technical-docs-and-audits#eth-branch) 2. คลิก borrowerOperations ของสาขาที่ถูกต้อง 3. บน Etherscan ไปที่แท็บ Contract → Write Contract → Connect Wallet 4. หา function setInterestIndividualDelegate 5. กรอกข้อมูลที่ต้องการ แล้วกด Write #### ทำไม Redemption จึงผูกกับอัตราดอกเบี้ยเท่านั้น ไม่ได้ผูกกับทั้ง LTV และอัตราดอกเบี้ย? เนื่องจากเหตุผลหลัก (raison d’être) ของ Redemption คือการลด supply ของ BOLD เพื่อตอบสนองต่ออุปสงค์ที่ลดลง และเพราะอัตราดอกเบี้ยเป็นตัวขับเคลื่อนอุปสงค์ การใช้กลไก Redemption แบบอิงอัตราดอกเบี้ยจึงเป็นเครื่องมือที่ยั่งยืนและมีประสิทธิภาพมากกว่าในการสร้างสมดุลของตลาด หากระบบต้องจัดการทั้งจากอัตราดอกเบี้ยและ LTV พร้อมกัน จะทำให้ความสามารถในการบังคับใช้อัตราดอกเบี้ยระดับตลาดและผลตอบแทนของผู้ฝากลดลง อีกทั้งยังซับซ้อนเกินความจำเป็นทั้งสำหรับระบบและผู้ใช้งาน #### ความแตกต่างของค่าธรรมเนียม Redemption ระหว่าง V1 และ V2 คืออะไร? ใน V2 เมื่อผู้กู้ถูกกระทบจากการถูก redeem ค่าธรรมเนียม redemption ที่เก็บจากผู้ทำ redemption จะยังคงอยู่ใน Trove ที่ถูกกระทบนั้น แทนที่จะถูกโอนไปที่อื่นเหมือนใน Liquity V1 * ใน Liquity V1: borrower\_loss = redemption\_fee + redeemer\_gain * ใน BOLD (V2): borrower\_loss = redeemer\_gain #### จะเกิดอะไรขึ้นหากการทำ Redemption ทำให้หนี้ของ Trove ตกลงต่ำกว่าขั้นต่ำที่กำหนด? หากจำนวนที่ถูก redeem เกินกว่าหนี้ของ Trove ที่ได้รับผลกระทบ Trove จะ ไม่ถูกปิด แบบใน Liquity V1 แต่จะยังคงเปิดอยู่โดยมีหนี้ = 0 BOLD และยังเหลือสินทรัพย์ค้ำ ผู้ถือ Trove สามารถเลือกปิด Trove โดยการถอนสินทรัพย์ค้ำที่เหลือออก หรือกู้ใหม่ให้หนี้กลับมาเกินขั้นต่ำ 2000 BOLD (พร้อมเพิ่มสินทรัพย์ค้ำถ้าจำเป็น) หากจำนวนที่ถูก redeem ไม่เกินหนี้ แต่ทำให้หนี้เหลืออยู่ระหว่าง 0 ถึง 2000 BOLD Trove จะยังคงเปิดอยู่ โดยมีหนี้และสินทรัพย์ค้ำที่เหลืออยู่ เจ้าของ Trove สามารถเลือกที่จะปิดโดยชำระหนี้ที่เหลือและถอนสินทรัพย์ค้ำออก หรือกู้ใหม่ให้เกินขั้นต่ำ 2000 BOLD เช่นเดียวกัน
# LQTY Staking & Voting #### การ Staking LQTY มีประโยชน์อย่างไร? การ Staking LQTY ของคุณใน Liquity V2 จะปลดล็อกโอกาสพิเศษในการรับรางวัลแบบคู่ ไม่เพียงแต่คุณจะได้รับอิทธิพลต่ออนาคตของ Liquity V2 เท่านั้น แต่การ Staking ของคุณยังคงได้รับรางวัล LUSD และ ETH จาก Liquity V1 การผนึกกำลังอันทรงพลังนี้ช่วยให้คุณได้รับประโยชน์จากทั้งความมั่นคงของ V1 และนวัตกรรมของ V2 นอกจากอำนาจในการโหวตแล้ว ผู้ลงคะแนนอาจได้รับเงิน (“สินบน”) จากโครงการริเริ่มภายนอก ตรวจสอบคู่มือนี้เกี่ยวกับ[ วิธีการ Staking](https://x.com/LiquityProtocol/status/1936885520203956391) ### มีการล็อกอัพหรือไม่? ไม่มีการล็อกอัพ คุณสามารถถอน LQTY ได้ตลอดเวลา โปรดทราบว่าเมื่อคุณถอนออก คุณจะสูญเสียอำนาจการโหวต “พิเศษ” ที่สะสมมา #### Protocol Incentivized Liquidity (PIL) คืออะไร? เป็นกลไกการจูงใจแบบใหม่ที่ยั่งยืนและปรับเปลี่ยนได้ใน Liquity v2 โดยจะนำรายได้ 25% ของโปรโตคอลไปใช้ในโครงการริเริ่มภายนอก โดยมีเป้าหมายเพื่อปรับปรุงสภาพคล่องของ BOLD และกระตุ้นการเติบโตภายในระบบนิเวศของ Liquity ทั้งหมด อ่านเพิ่มเติมเกี่ยวกับ PIL และการโหวตใน[ บทความนี้](https://www.liquity.org/blog/directing-protocol-incentivized-liquidity-with-lqty) #### แรงจูงใจมาจากไหน? ทุก Trove จะเกิดดอกเบี้ยใน BOLD ทุกวินาที รายได้ทั้งหมดเหล่านี้จะถูกแบ่งอย่างต่อเนื่องระหว่างสองกระแส: รายได้จาก Stability Pool และ Protocol Liquidity Incentives เปอร์เซ็นต์ถูกกำหนดไว้ที่ 75% และ 25% ตามลำดับ ตราบใดที่มีผู้กู้ที่ใช้งานอยู่ในระบบ จะมีงบประมาณสำหรับกลไก PIL ตัวอย่าง: หาก BOLD มีมูลค่าตลาด 200 ล้าน และอัตราดอกเบี้ยเฉลี่ย 10% PIL จะมี BOLD 5 ล้านต่อปี #### ฉันจะโหวตโครงการริเริ่มได้อย่างไร? ในการโหวต คุณต้อง Staking LQTY ของคุณบน[ frontend](https://www.liquity.org/frontend-v2) เมื่อ Staking แล้ว สัดส่วนอำนาจการโหวตรวมของโปรโตคอลของผู้ใช้จะถูกกำหนดโดยการคำนวณแบบถ่วงน้ำหนักตามเวลา ผู้ใช้ที่มีอำนาจการโหวตสามารถให้น้ำหนักโครงการริเริ่มได้ตามที่เห็นสมควร โดยแบ่งคะแนนโหวตได้ตามต้องการ ผู้ใช้เหล่านี้สามารถเลือกจากโครงการริเริ่มใดก็ได้ และการเลือกของพวกเขาจะยังคงอยู่ตลอดช่วงเวลาการโหวตในอนาคตจนกว่าจะมีการเปลี่ยนแปลง การโหวตจะเกิดขึ้นในช่วงสัปดาห์ละครั้ง ซึ่งเริ่มต้นด้วยบล็อกบน Ethereum ที่ตามหลัง 00:00 UTC ทุกวันพฤหัสบดี และสิ้นสุดด้วยบล็อกสุดท้ายในวันพุธถัดไปเวลา 23:59:59 UTC กระบวนการลงคะแนนแบ่งออกเป็นสองประเภท: การโหวตเห็นด้วย (upvote) และการโหวตคัดค้าน (downvote) (veto) ในแต่ละสัปดาห์ สามารถทำการโหวตเห็นด้วยและโหวตคัดค้านสำหรับโครงการริเริ่มได้ แต่ในช่วง 24 ชั่วโมงสุดท้ายก่อนสิ้นสุดสัปดาห์ สามารถทำการโหวตคัดค้านได้เท่านั้น ในช่วง 24 ชั่วโมงสุดท้ายของแต่ละสัปดาห์ การโหวตที่มีอยู่ยังคงสามารถถูกยกเลิกและจัดสรรใหม่เพื่อโหวตคัดค้านโครงการริเริ่มได้ สำหรับการเสนอและการอภิปรายเกี่ยวกับโครงการริเริ่ม โปรดเยี่ยมชม[ Discourse การโหวต](https://voting.liquity.org/) สามารถดูรอบการโหวตที่ผ่านมาได้ใน[ Dune dashboard](https://dune.com/liquity/protocol-incentivized-liquidity) นี้ #### ฉันต้องโหวตทุกสัปดาห์หรือไม่? ไม่ การโหวตจากรอบก่อนหน้าจะถูกนำไปใช้ในรอบถัดไป ขอแนะนำให้คอยติดตามโครงการริเริ่มใหม่ๆ รวมถึงโครงการที่คุณได้โหวตไปแล้ว การทราบถึงโครงการริเริ่มใหม่ๆ ช่วยให้คุณสามารถเรียนรู้เกี่ยวกับการจัดสรรคะแนนโหวตที่ดีขึ้นได้ นอกจากนี้ โครงการริเริ่มที่เคยโหวตไปแล้วอาจมีการแก้ไขหรืออัปเกรด และหากมีการเปลี่ยนแปลง เหตุผลที่คุณโหวตให้ในตอนแรกอาจไม่ถูกต้องอีกต่อไป #### ฉันจะสะสมอำนาจการโหวตได้อย่างไร? อำนาจการโหวตของผู้ใช้เป็นสัดส่วนกับ LQTY ที่ Staking ไว้ แต่จะเพิ่มขึ้นตามเวลา ตามการเติบโตเชิงเส้น อำนาจการโหวต = LQTY ที่ Staking ไว้ × อายุการ Staking
แผนภูมิด้านบนแสดงอำนาจการโหวตส่วนบุคคลของผู้ใช้ A, B, C และ D สี่รายที่ Staking จำนวนเท่ากันในเวลาที่ต่างกัน โดยการหารอำนาจการโหวตส่วนบุคคลด้วยอำนาจการโหวตทั้งหมด เราสามารถกำหนดการกระจายอำนาจการโหวตสัมพัทธ์ได้:
ยิ่งผู้ใช้ Staking นานเท่าใด พวกเขาก็จะสูญเสียอำนาจการโหวตมากขึ้นเมื่อถอน Staking #### ฉันสามารถ Staking เพิ่มเติมหรือลด Staking บางส่วนในภายหลังได้หรือไม่? ได้ สามารถเพิ่มหรือลด Staking ที่มีอยู่ได้ โปรดจำไว้ว่าจำนวนใหม่ที่เพิ่มเข้ามาจะเริ่มต้นด้วยอำนาจการโหวตเป็น 0 ในขณะที่การลด Staking จะไม่เปลี่ยนแปลงอายุการ Staking ของคุณ จำนวนใหม่ที่เพิ่มเข้าไปใน Staking ที่มีอยู่จะเริ่มต้นด้วยอำนาจการโหวตเป็น 0 (เพื่อป้องกันการใช้ในทางที่ผิดคล้ายกับการให้กู้ยืมแบบแฟลช): ดังนั้น ทันทีหลังจาก Staking อำนาจการโหวตทั้งหมดจะยังคงเท่าเดิม (เส้นต่อเนื่อง) แต่ความชันจะเพิ่มขึ้น ในทางกลับกัน เมื่อถอน Staking จะมีการลดลงทันที (ความไม่ต่อเนื่อง) ในอำนาจการโหวตของผู้ใช้ นอกเหนือจากการลดลงของความชันที่เห็นได้ชัด #### มีการเสนอโครงการริเริ่มใหม่อย่างไร? ผู้ใช้ใดๆ ที่มีอำนาจการโหวตอย่างน้อย 0.01% ของอำนาจการโหวตทั้งหมดของ LQTY ที่ Staking ไว้ และชำระค่าธรรมเนียมการลงทะเบียน 100 BOLD สามารถเสนอแรงจูงใจใหม่ๆ ได้ ทางเทคนิคแล้ว ที่อยู่ Ethereum ใดๆ ก็สามารถรับ Protocol Liquidity Incentives ได้ แต่โดยทั่วไปแล้ว ขอแนะนำให้สร้างสัญญาอัจฉริยะสำหรับโครงการริเริ่ม ซึ่งมีตรรกะที่จำเป็นในการสั่งการเงินที่ได้รับซึ่งจะจ่ายเป็น BOLD สัญญานี้ควรได้รับการตรวจสอบและตรวจสอบโดยผู้เสนอเพื่อให้แน่ใจว่าปลอดภัยและจะทำงานตามที่ตั้งใจไว้ เมื่อโครงการริเริ่มถูกนำไปใช้แล้ว ก็สามารถลงทะเบียนได้ ขั้นแรก ให้เรียกใช้ฟังก์ชัน approve[ ที่นี่](https://etherscan.io/address/0x6440f144b7e50D6a8439336510312d2F54beB01D#writeContract): * ป้อนที่อยู่ผู้ใช้: 0x807DEf5E7d057DF05C796F4bc75C3Fe82Bd6EeE1 * ป้อนอย่างน้อย 100 BOLD (100 \* 1e18) ในส่วนของจำนวน จากนั้นลงทะเบียน[ ที่นี่](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1#writeContract) โดยป้อนที่อยู่ \_initiative ของคุณภายใต้ registerInitiative เมื่อลงทะเบียนแล้ว โครงการริเริ่มจะสามารถถูกโหวตได้ในสัปดาห์ถัดไป เพื่อประสิทธิภาพ โครงการริเริ่มที่จะได้รับคะแนนโหวตอย่างน้อย 2% เท่านั้นที่มีสิทธิ์ โครงการริเริ่มที่ล้มเหลวในการเข้าถึงเกณฑ์นี้เป็นเวลาสี่สัปดาห์ติดต่อกันหรือมากกว่านั้นอาจถูกยกเลิกการลงทะเบียนได้โดยไม่ได้รับอนุญาต #### มีการแจกจ่ายสิ่งจูงใจอย่างไร? สิ่งจูงใจด้านสภาพคล่องของโปรโตคอลจะถูกสะสมก่อน แล้วกระจายเป็นรอบรายสัปดาห์ให้กับทุก initiative หรือ address เป้าหมายที่มีคุณสมบัติครบถ้วน เพื่อให้มีสิทธิ์รับสิ่งจูงใจ initiative ต้องได้คะแนนโหวตรวมไม่น้อยกว่า 2% ของทุกคะแนน การกระจายสิ่งจูงใจขึ้นอยู่กับน้ำหนักของ gauge ระหว่าง initiative ที่ผ่านเกณฑ์ทั้งหมด โดยจะแบ่งตามสัดส่วนของคะแนนโหวตสัมพัทธ์ (ไม่นับ downvotes ตราบใดที่ initiative นั้นยังผ่านเกณฑ์) ต้องเคลมสิ่งจูงใจภายในสัปดาห์เดียวกัน มิฉะนั้นสิ่งจูงใจจะถูกนำไปกระจายใหม่ในรอบสัปดาห์ถัดไป #### ข้อริเริ่มที่ถูกโหวตลงจะเป็นอย่างไร? ข้อริเริ่มที่ได้ upvote เกินเกณฑ์สัมพัทธ์ 2% ของคะแนนโหวตทั้งหมด แต่มี downvote มากกว่า upvote จะถูกตัดสิทธิ์จากสิ่งจูงใจ ข้อริเริ่มเช่นนี้สามารถถูกยกเลิกการลงทะเบียนโดยใครก็ได้ #### ข้อริเริ่มที่ไม่เคลื่อนไหวหรือไม่เป็นที่นิยมจะเป็นอย่างไร? ข้อริเริ่มที่ไม่ถึงเกณฑ์คุณสมบัติหรือไม่ถึงขั้นต่ำของการเคลมรายสัปดาห์ติดต่อกัน 4 epoch (สัปดาห์) ขึ้นไป สามารถถูกยกเลิกการลงทะเบียนโดยใครก็ได้ #### ฉันได้รับการแจ้งเตือนสัญญาใหม่ในวอลเล็ตของฉัน Liquity V2 ใช้รูปแบบ proxy สำหรับการ staking โดยจะสร้างสัญญา UserProxy ใหม่เมื่อมีคน stake LQTY เป็นครั้งแรก ด้วยเหตุนี้ วอลเล็ตบางตัวอาจแจ้งเป็น new contract warning
# Официальная документация Liquity V2
Liquity V2 - децентрализованный протокол заимствований и стейблкоинов, созданный на основе успеха V1. Пользователю предлагается наилучший опыт заимствования на высокоустойчивой стейблкоин-платформе Ethereum (BOLD) и стабильную доходность в блокчейне. # Главное ### Что такое Liquity V2? Децентрализованный протокол заимствования, который позволяет пользователю вносить ETH и LST в качестве залога и выпускать стейблкоин BOLD. 4 основных варианта использования: * Займ BOLD. * Зацикливание ETH в один клик. * Увеличение дохода через внесение BOLD. * Стейкинг LQTY для управления ликвидностью, стимулируемой протоколом (PIL), и заработка ### Чем отличается от V1? V2 но сохранит лучшее из V1: * Необновляемость протокола. * Децентрализованность. * Строгие меры безопасности. * Отсутствие рисков, связанных с традиционными финансами. Однако, в V2 внедрены инновации по нескольким направлениям: * Пользователь сам устанавливает процентные ставки, тем самым получая больше контроля над стоимостью своего займа. * Новые типы залога - ETH и LSTs. * Улучшенный механизм погашения. * Ликвидность, стимулируемая протоколом (PIL) * Более привлекательные краткосрочные кредиты. * Повышенная эффективность капитала. * Несколько хранилищ (Troves) на один кошелёк (с возможностью передачи). * Нет режима восстановления. * Автоматическое/в один клик зацикливание. ### Что случилось с Liquity V1 и LUSD? Liquity V1 остается здесь, он проверен в бою. LUSD - стабильная монета, которую выбирают пользователи, выбирающие простое обеспечение ETH. ### Есть ли у Liquity V2 система управления? Система управления в Liquity V2 заключается только в распределении ликвидности, стимулируемой протоколом (PIL), направляя 25 % доходов протокола на внешние инициативы. Управление не имеет других полномочий и функций, поскольку смарт-контакты Liquity V2 неизменяемы и не подлежат обновлению.
# Займы и Зацикливание ### Что делает займы в V2 такими уникальными? Liquity V2 позволяет пользователям самим регулировать процентную ставку при займе стейблокоина BOLD. Заемщики корректируют ставки в соответствии со своей индивидуальной толерантностью к риску, не полагаясь на управление или алгоритмическое управление ставками. Каждый займ будет иметь собственный рынок займов, что даст возможность развитию рынка процентных ставок. Liquity V2 основано на фундаментальном принципе Liquity V1 - надежный и неизменяемый протокол, который выпускает самый децентрализованный стейблкоин во всей криптовалюте. Все это обеспечивает высокую эффективность капитала и децентрализацию процесса займа, чему нет аналогов где-либо еще. ### Почему Liquity не использует собственный интерфейс? Для повышение децентрализации и устойчивости протокола Liquity AG не использует центральный интерфейс. У пользователя есть возможность выбирать из нескольких инстанций, управляемых сообществом, исходя из своих потребностей. ### Как выбрать интерфейс? Выбор интерфейса зависит от различных факторов, например UI/UX, дополнительных функций и стратегий управления ставками. \ Выбрать можно здесь: ### Могу ли я запустить собственную локальную инстанцию? Да, можете, следуйте инструкциям здесь: ### Что такое trove? Trove - версия “хранилища” от Liquity. Каждое хранилище (Trove) связано с адресом в сети Ethereum, а каждый адрес может иметь несколько хранилищ (Troves). Каждое хранилище (Trove) позволяет пользователю управлять займом, устанавливать свою процентную ставку, корректировать стоимость залога и долга по мере необходимости. ### Какие виды залога я могу использовать? Вы можете использовать ETH, Lido ETH (wstETH) and Rocket Pool ETH (rETH). ### Есть ли минимальный долг? Да, для получения займа требуется минимальный долг в размере 2'000 BOLD. ### Когда мне нужно погасить кредит? Кредиты, выданные по протоколу, не имеют графика погашения. Можно оставить свое хранилище (Trove) открытым и погасить долг можно в любое время при поддержке здорового коэффициента LTV. ### Есть ли период блокировки? Нет. Снимать свои залоговые депозиты можно свободно в любое время. Исключением является временная остановка снятия средств заемщиками, если общий LTV рынка заимствований превышает 75%. ### Как определить свой LTV? В первую очередь это зависит от вашей толерантности к риску и от того, насколько активно вы хотите управлять своей позициями (позицией). Чтобы определиться, можно изучить параметры в пользовательском интерфейсе.

LTV quick-selection options

Пример приведен в исключительно иллюстративных целях и не представляют собой окончательные пороги риска или безопасности. Пользователю важно определить собственную толерантность к риску и уровень комфорта. Если ваш LTV станет слишком высоким, ваша позиция будет ликвидирована. ### Что такое зацикливание? Функция зацикливания позволяет вам легко увеличить кр по отношению к ETH и LST всего за несколько кликов. Оно автоматически увеличивает обеспечение, используя только что выпущенный BOLD - и всё это за одну транзакцию. Просто введите сумму залога и отрегулируйте желаемое кредитное плечо с помощью ползунка.

Multiply view

Вы можете изменить все параметры в любое время, что даёт вам полный контроль над ценовым влиянием из одного центрального интерфейса. ### Что происходит под капотом? Ваш риск увеличивается за счет займа BOLD под ваш ETH или LST и обмена его на большее количество того же актива, который затем вносится в вашу позицию. И наоборот, уменьшение риска предполагает использование части вашего ETH или LST для покупки BOLD, который затем используется для погашения части вашего долга. Все обмены выполняются с использованием комбинации ликвидности Curve и Uniswap. ### В чем разница между режимами «Займ» и «Зацикливание»? Liquity V2 предлагает два способа просмотра вашей позиции: займ и зацикливание. Вы можете переключать их в любой момент.

Mode switching

Both use the same underlying mechanics but differ in how they display and adjust your position. Here’s Оба используют одну и ту же базовую механику, но различаются тем, как они отображают и корректируют вашу позицию. Вот их сравнение: Режим займа рассматривает вашу позицию как стандартную схему заимствования: * Акцент: ваш долг BOLD и залоговое обеспечение ETH/LST, поддерживающее его. * Вы можете вносить/уменьшать залог, а также выпускать/погашать BOLD. * Выпущенный BOLD отправляется прямо на ваш кошелек. Режим зацикливания рассматривает вашу позицию как риск с кредитным плечом: * Акцент: ваша чистая стоимость - риск залога минус стоимость долга. * Вы можете увеличить/уменьшить риск, что автоматически изменит ваш долг в BOLD. * Выпущенный BOLD заменяется на ETH/LST и добавляется к вашей позиции, увеличивая риск. Большинству пользователей переключать режимы не потребуется, но в определенных случаях это может быть полезно. Например, если вы взяли взаймы BOLD в режиме «Займ» и потратили их, вы эффективно используете кредитное плечо, но не можете легко погасить его. Переключение на зацикливание позволяет вам понизить риск (уменьшить кредитное плечо) и снизить риск ликвидации - сохраняя некоторое залоговое обеспечение, а не теряя его полностью. ### Каковы ограничения? Когда вы корректируете своё кредитное плечо, стоимость внесённых или выведенных ETH/LST примерно равна BOLD, заимствованных или погашённых, поэтому теоретически чистая стоимость вашей позиции не должна измениться. Однако на практике существуют дополнительные затраты: комиссия за выпуск BOLD при увеличении риска, а также комиссия при обмене BOLD и ETH/LST. Болое крупное кредитное плечо вызывает более сильное влияние на цену, то есть обменный курс ухудшается по мере увеличения размера - это зависит от доступной ликвидности в Curve и Uniswap. Чрезвычайно большое изменение позиции может оказаться невозможным из-за недостаточной ликвидности. Эти затраты уменьшают чистую стоимость вашей позиции, поэтому избегайте слишком частой корректировки риска и всегда отслеживайте влияние цены, прежде чем подтверждать корректировку. ### Как работает ликвидация Liquity V2? Хранилища (Troves) ликвидируются, если LTV превышает максимальное значение (90.91% для ETH и 83.33% для wstETH и rETH). Liquity V2 использует пулы стабильности в качестве основного механизма ликвидации для поглощения ликвидированной задолженности и залога. Каждый рынок займов имеет свой пул стабильности, который получает прибыль от ликвидации (в соответствующем залоге) в обмен на списание задолженности. Ликвидации по принципу “точно в срок” и перераспределение долга и залога между заемщиками одного и того же рынка являются крайними мерами, к которым прибегают только в случае, когда резерв стабильности исчерпан. Ликвидированный заемщик получает штраф в размере 5 % Есть особый случай, когда перераспределение необходимо: * Для ETH убыток составляет 10% от долга (максимум). Это соответствует максимальному убытку в 9,09%, выраженному в залоге. * Для rETH/wstETH убыток составляет 20% от долга, что соответствует максимальному убытку в 16,67%, выраженному в залоге.
### Как я получу компенсацию за ликвидацию хранилища (Trove)? Ликвидация хранилища (Trove) связана с затратами на газ, которые должен покрыть инициатор. Протокол предлагает компенсацию затрат на газ по следующей формуле: `0.0375 WETH + min(0.5% trove_collateral, 2_units_of_LST_or_WETH)` 0,0375 WETH финансируется за счет возвратного депозита за газ, а переменная часть в размере 0,5 % поступает из ликвидированного залога, что немного снижает прибыль от ликвидации для поставщиков ликвидности. ### Какова максимальная стоимость кредита к стоимости (Loan-To-Value или LTV)? Это зависит от используемого типа залога. ETH будет иметь LTV 90,91%, а wstETH и rETH — 83,33%. ### Что такое возвратный депозит за газ? Для открытия нового хранилища (Trove) протокол требует резерв ликвидации в размере 0,0375 ETH независимо от выбранного залога, который откладывается для покрытия газовых затрат потенциальной ликвидации. Депозит возвращается, когда хранилище (Trove) закрывается пользователем (в том числе при выкупе). ### Сколько нужно заплатить за займ? В Liquity V2 вы платите проценты на постоянной основе, что делает его подходящим и для краткосрочных займов. Проценты, которые вы платите, определяются ставкой, которую вы устанавливаете самостоятельно. Например, если вы берете в долг 10 000 BOLD под 5% годовых, через год вы заплатите \~500 BOLD в качестве процентов. Эти проценты добавляются к вашей непогашенной задолженности. При первом открытии займа вы платите авансовую комиссию за заем. Эта комиссия рассчитывается как средняя сумма процентов за 7 дней по соответствующему отделению залога. Применение этой комиссии не поощряет заемщиков постоянно закрывать и открывать Troves, чтобы уклониться от погашения, поскольку это увеличивает стоимость частых корректировок. ### Что такое пользовательские ставки? В Liquity V2 пользователи могут устанавливать свои собственные процентные ставки, что дает им полный контроль над расходами и повышает прогнозируемость. Эта функция позволяет адаптироваться к различным рыночным условиям и помогает стабилизировать привязку BOLD. Установленные пользователями процентные ставки способствуют достижению капиталоэффективного равновесия между заемщиками и держателями BOLD на полностью рыночной основе. Кроме того, эти ставки служат основным источником дохода для держателей BOLD, генерируя постоянную и устойчивую реальную доходность для вкладчиков BOLD и поставщиков ликвидности. Заемщики должны устанавливать свои ставки исходя из своей толерантности к риску погашения. Обратите внимание, что на хранилища (Troves) с делегированными процентными ставками распространяются дополнительные требования к первоначальному коэффициенту обеспечения, что ограничивает их максимальный LTV при открытии или дополнительном заимствовании; однако максимальный LTV до ликвидации остается таким же, как и для хранилищ (Troves) без делегированных процентных ставок. ### Можно ли корректировать ставку? Да, вы всегда можете изменить свою процентную ставку в любое время. Поскольку вы, как пользователь, можете самостоятельно устанавливать свою процентную ставку, вы имеете полную автономию в отношении своих затрат на заем. Однако обратите внимание, что в случае изменения заемщиком своей процентной ставки ранее, чем через 7 дней после последнего изменения, взимается комиссия за досрочное изменение. Этот механизм предотвращает быстрое изменение заемщиками своих ставок с целью избежать приоритетного обслуживания в процессе погашения, особенно когда ставки приближаются к порогу погашения. ### Как определить подходящую ставку? Установка процентной ставки определяет риск погашения для пользователя и должна соответствовать вашим целям и тому, насколько активно вы хотите управлять своей позицией. Пользователи также могут решить делегировать управление процентной ставкой третьей стороне, которая может установить вашу процентную ставку и взимать плату за эту услугу (см. ссылку). Выбрав самостоятельное управление ставкой, вам придется сопоставить экономию от более низкой ставки с более высоким риском погашения и увеличением частоты корректировок с потенциальными дополнительными затратами (сборы за досрочную корректировку и расходы на газ). Поскольку погашения производятся в порядке возрастания процентной ставки (для соответствующего залогового актива), вам, как правило, будет выгодно иметь перед собой буфер из других заемщиков с более низкими ставками. Выбор более высоких ставок может увеличить текущие расходы по вашему кредиту, но даст вам уверенность в отношении неожиданных колебаний рынка. Вы можете увидеть распределение ставок других пользователей в гистограмме и соответствующим образом позиционировать себя.
Выкуп обычно происходит, когда цена BOLD опускается ниже 1 доллара за вычетом текущей комиссии за выкуп. Отслеживание прошлых выкупов может помочь вам оценить общий риск выкупа, служа дополнительным источником данных для выбора ставки. В целом, те, кто готов активно отслеживать свои позиции или брать в долг на более короткие сроки, могут выбрать более низкие ставки. И наоборот, пользователям, которые предпочитают более пассивную долгосрочную позицию, лучше установить более высокую относительную процентную ставку. ### Какой может быть средняя процентная ставка? Они будут устанавливаться рынком на постоянной основе и будут меняться со временем. Мы ожидаем, что в среднем ставки будут аналогичны ставкам по займам в Sky или Aave с использованием ETH или заложенного ETH. Однако из-за гибкости ставок, устанавливаемых пользователями, возможно, что некоторые пользователи будут платить значительно более низкие ставки в определенные периоды. Учитывая, что 75% процентного дохода напрямую выплачивается вкладчикам BOLD, мы также ожидаем, что доходность депозитов в стейблкоинах будет сопоставимой, если не выше, чем та, которую предлагают конкурирующие CDP и рынки кредитования. Благодаря привлекательности BOLD и предполагаемому появлению внешних случаев использования (денежная премия), это может привести к более низким ставкам заимствования в целом, чем те, которые предлагают другие платформы. ### Что определяет рискованность моего хранилища (Trove)? Необходимо учитывать два ключевых параметра: * Соотношение суммы кредита к стоимости залога (LTV): оно основано на соотношении вашего долга к залогу и влияет на риск ликвидации. * Процентная ставка (IR): вы устанавливаете эту ставку самостоятельно, и она влияет на риск погашения. Вы можете гибко устанавливать эти параметры по своему усмотрению, что позволяет вам контролировать относительную рискованность каждого хранилища (Trove). Вы можете создать несколько хранилищ (Troves) под одним адресом, что позволит вам управлять различными профилями риска для разных частей вашего портфеля.
### Есть ли какие-либо другие сборы, связанные с заимствованием? Чтобы предотвратить уклонение от погашения хранилища (Trove), когда заемщики пытаются нечестным образом минимизировать свои процентные выплаты, взимается небольшая «плата за досрочную корректировку» при изменении процентной ставки, происходящем менее чем через 7 дней после последней корректировки (или открытия хранилища (Trove)). Плата за досрочную корректировку равна 7 дням средней процентной ставки на соответствующем рынке заимствований. Обратите внимание, что эта плата отличается от установленной пользователем процентной ставки. Комиссия выражается в BOLD и добавляется к долгу хранилища (Trove). Такая же комиссия взимается при открытии нового Trove или при увеличении его долга (только в отношении добавленного долга). ### Сколько хранилищ (Troves) я могу открыть по одному и тому же адресу? Вы можете иметь несколько открытых хранилищ (Troves) для одного и того же залога или для разных типов залога, все они представлены в виде отдельных NFT. ### Можно ли передавать хранилище (Trove)? Да, они представлены в виде NFT (ERC-721), поэтому их легко переносить между кошельками. Когда вы отправляете NFT, вы также отправляете полный доступ к своему хранилищу (Trove)и всем средствам, которые в нем находятся. Обратите внимание, что более продвинутые стратегии, такие как «продажа» хранилищ (Troves) на вторичных рынках, таких как OpenSea, сопряжены с неотъемлемыми рисками, поэтому рекомендуется проявлять осторожность. ### Как снижаются риски, связанные с залоговым обеспечением? Liquity V2 будет иметь три отдельных рынка заимствований для различных типов залогового обеспечения с собственными пулами стабильности (для эффективной ликвидации), установленными пользователями процентными ставками и коэффициентами LTV для соответствующих активов (ETH, wstETH и rETH). Риски снижаются за счет временных ограничений на заимствование в периоды низкой залоговой стоимости на данном рынке, логики выкупа, приоритезирующей залог с меньшей поддержкой пула стабильности, и отключения залога в качестве чрезвычайной меры для поддержания баланса системы и защиты от нестабильности рынка. Следует иметь в виду, что, несмотря на все эти меры, BOLD по-прежнему зависит от трех упомянутых залоговых активов, и нет строгой гарантии, что он останется перезаложенным в случае внезапного обвала залогового актива. ### Как система распределяет риски между различными LST? Это зависит от конкретной стороны: * Заемщики: риск залога ограничивается залоговым активом, находящимся в распоряжении заемщика. На заемщика не оказывает негативного влияния невыполнение обязательств по другому залоговому активу. * Держатели BOLD: как стабильная монета с несколькими видами залога, BOLD зависит от эффективной ликвидации недозалоговых кредитов на каждом рынке заимствований, чтобы оставаться перезалоговой. Держатели подвержены рискам всех поддерживаемых залоговых активов. * Зарабатывающие: вкладчики пула стабильности подвергаются риску только в отношении выбранного ими актива. Однако, как держатели BOLD, они также подвержены риску потенциального отрыва от привязки. ### Какие механизмы действуют в случае, если резерв стабильности исчерпан? Если пул стабильности не покрывает всю задолженность и полностью опустошается в результате ликвидации, система переходит к следующим режимам ликвидации. Ликвидатор может свободно выбирать между двумя резервными режимами ликвидации для долга, превышающего средства в пуле стабильности: 1. Ликвидация «точно в срок» (JIT): ликвидатор отправляет сумму BOLD, соответствующую (оставшемуся) долгу, в обмен на 105% от его номинальной стоимости в (заложенном) ETH. 2. Перераспределение: ликвидатор инициирует перераспределение, в результате которого весь долг и залог Trove перераспределяются между всеми другими заемщиками соответствующего рынка залогов пропорционально суммам их собственных залогов. Таким образом, соответствующие заемщики получат долю ликвидированного залога и увидят пропорциональное увеличение своих долгов. ### Почему был удален режим восстановления? Удаление режима восстановления в V2 гарантирует, что заемщикам будет выгоден высокий LTV и зацикливание до 11 раз независимо от состояния системы. В Liquity V1 это в основном необходимо из-за отсутствия устойчивой доходности для пула стабильности, что увеличивает зависимость от перераспределения при ликвидации в долгосрочной перспективе. Liquity V2 выплачивает реальную доходность и стремится поддерживать достаточно большой объем пулов стабильности благодаря своей адаптивной логике погашения. В качестве замены режима восстановления система может закрыть рынки заимствований, общий коэффициент обеспечения (TCR) которых падает ниже 110% (для ETH) или 120% (для wstETH и rETH). Закрытие осуществляется путем стимулирования выкупа соответствующего обеспечения (подробнее см. здесь). Кроме того, когда TCR определённого рынка залога падает ниже «критического коэффициента залога» (CCR), система налагает дополнительные ограничения на заимствования, чтобы поддерживать работоспособность системы и избыточное обеспечение ветки. Когда TCR определённого рынка залога падает ниже CCR 150%, применяются следующие ограничения на заимствования: * Открытие хранилища (Trove): разрешено только в том случае, если в результате TCR > 150%. * Закрытие хранилища (Trove): разрешено только в том случае, если в результате TCR становится > 150% * Корректировка хранилища (Trove): любой новый заем должен привести к TCR > 150%, а любое снятие залога на сумму $x USD должно сопровождаться выплатой не менее x BOLD * Корректировка процентной ставки хранилища (Trove): разрешена только в том случае, если она не приводит к появлению нового долга в виде комиссии за досрочную корректировку ### Что делать, если у меня возникли проблемы с интерфейсом? Обычно это вызвано геолокацией на основе ISP или DNS. Попробуйте следующее: * Переключитесь на другого провайдера интерфейса. * Измените местоположение VPN (или отключите его). * Измените RPC в вашем кошельке. * Подключитесь с помощью мобильных данных. * Отключите «безопасный DNS» в настройках браузера.
# BOLD & Заработок ### Что такое BOLD? BOLD - это стабильная монета, привязанная к доллару США, выпущенная в Liquity V2. Она полностью децентрализована, имеет избыточное обеспечение и подкреплена только WETH, wstETH и rETH. В отличие от большинства своих конкурентов, BOLD является устойчивой стабильной монетой по своему дизайну: * обеспечена только криптоактивами (без реальных активов или хранения централизованными игроками) * не подвержена изменениям залога и обновлениям протокола (неизменна) * подлежит непосредственному выкупу (всегда конвертируемая быстрым и ликвидным способом) ### Каковы основные преимущества BOLD по сравнению с другими стейблкоинами? * BOLD использует в качестве залога только наиболее децентрализованные активы — WETH, wstETH и rETH. * Он всегда может быть обменен на базовые активы, что означает, что вы всегда можете обменять его, как если бы он стоил 1 доллар, на залог, который его обеспечивает. * Контракты, используемые для выпуска BOLD, являются неизменяемыми, не допускают никаких изменений и значительно сокращают векторы атак. * BOLD стимулирует ликвидность с помощью (PIL), что вместе с системой управления гарантирует постоянное наличие достаточной ликвидности для обработки транзакций ### Что такое механизм привязки BOLD? Рыночная денежно-кредитная политика Liquity V2, основанная на установленных пользователями процентных ставках, позволяет привязке BOLD динамически реагировать на ситуации, когда токен находится выше или ниже 1 доллара. Когда BOLD торгуется выше 1 доллара, заемщики, как правило, снижают свои ставки из-за более низкого риска погашения, что делает заимствование более привлекательным, а хранение BOLD — менее привлекательным. Это помогает скорректировать цену в сторону понижения. Напротив, когда BOLD торгуется ниже 1 доллара, арбитражники инициируют погашения, чтобы восстановить привязку. Более того, подверженность заемщиков риску погашения побуждает их повышать процентные ставки, что стимулирует спрос на BOLD (и депозиты earn) и подталкивает его цену вверх.
### Как я могу заработать с Liquity V2? * Депозиты в пуле стабильности (заработок): зарабатывайте доход по протоколу, размещая BOLD в различных пулах стабильности. * Ликвидность, стимулируемая протоколом (PIL): Обеспечьте ликвидность для BOLD на стимулируемых внешних DEX. * Stake LQTY: Получайте доход от протокола Liquity V1, одновременно накапливая право голоса по вопросам стимулирования ликвидности, ставя LQTY. Помимо направления дохода и получения комиссий V1, стейкеры LQTY могут потенциально получать взятки (при условии голосования по вопросам управления) от третьих лиц в качестве дополнительного бонуса. ### Откуда берется доходность Earn? Доход поступает из двух источников: * Выплата процентов: каждая заемная платформа направляет 75% своих доходов вкладчикам стабильного пула (зарабатывающим). Выплаты производятся в BOLD. * Доход от ликвидации: ваши BOLD будут использованы для ликвидации недообеспеченных кредитов, фактически покупая их залог с дисконтом \~5%. Выплаты производятся в (заложенных) ETH. Вся доходность является полностью устойчивой, масштабируемой и «реальной», без эмиссии токенов и блокировок. ### Есть ли период блокировки? Период блокировки отсутствует. Пользователи могут свободно снимать свои депозиты в BOLD в любое время. ### Какова предполагаемая доходность Earn? Доходность отражает ставки, которые платят заемщики. Поскольку 75% процентных выплат заемщиков поступают в Earn, эффективная доходность может превышать среднюю процентную ставку, выплачиваемую на рынке заимствований, если менее 75% предложения BOLD депонируется в соответствующий пул стабильности. Это увеличение доходности отличает Liquity V2 от конкурентов и денежных рынков, где ставки по кредитам не могут быть выше ставок по заимствованиям. ### Почему существует несколько пулов стабильности? Цели: * Создать отдельные рынки заимствований для различных залоговых активов с собственными рыночными процентными ставками, используя поддержку пула стабильности для динамического распределения выкупов между доступными залоговыми активами (ссылка на «Выкуп»). * Максимально разделить риски при внесении депозитов в соответствующие пулы стабильности (Заработок), предоставив вкладчикам контроль над тем, какие залоговые активы они хотят использовать в случае ликвидации. ### Как развивались пулы стабильности от версии V1 до версии V2? В V2 концепция пулов стабильности расширена, чтобы включить несколько токенов ликвидного стейкинга (LST) и ETH в качестве залога, сохраняя доход от процентов и выручку от ликвидации внутри соответствующего рынка заимствований (залога). Таким образом, каждый залоговый актив имеет свой собственный пул стабильности для распределения дохода между вкладчиками BOLD. Кроме того, установленные пользователями процентные ставки в V2 влияют на динамику доходности для вкладчиков пулов стабильности (Earn), поскольку доходность теперь полностью поддерживается за счет установленных пользователями процентных ставок (в BOLD), а не за счет эмиссии токенов. ### Чем отличаются риски для разных пулов стабильности? Пользователи могут размещать свои стейблкоины в пуле стабильности по своему выбору, в соответствии со своими предпочтениями в отношении риска и типами залога, с которыми они готовы работать. Выбирая пулы, связанные с конкретными LST или ETH, участники могут адаптировать свою подверженность риску и потенциальный профиль вознаграждения. Предлагая отдельные пулы для разных типов залога, система позволяет пользователям выбирать свою подверженность риску на основе предполагаемого риска и потенциальной доходности каждого LST или ETH. Такая компартаментализация помогает управлять системным риском, гарантируя, что последствия ликвидации одного класса активов не окажут непропорционального влияния на всю экосистему. Важно отметить, что все держатели BOLD, включая вкладчиков, по-прежнему зависят от BOLD для поддержания его привязки, оставаясь подверженными риску как всех LST, так и ETH. ### What is sBOLD? sBOLD — это пул стабильности с автоматическим начислением дохода, созданный и поддерживаемый сторонней командой K3 Capital. Он предназначен для автоматизации реинвестирования вознаграждений для пользователей, которые депонируют BOLD в пул стабильности Liquity V2. * Token address: [0x50bd66d59911f5e086ec87ae43c811e0d059dd11](https://etherscan.io/address/0x50bd66d59911f5e086ec87ae43c811e0d059dd11) * DeDaub audit: * ChainSecurity audit: * Code: * Telegram: [sBOLD Offical](https://t.me/sBOLDofficial) *Дисклеймер: sBOLD не разрабатывается и не поддерживается основной командой Liquity. Перед взаимодействием с контрактами ознакомьтесь с результатами аудита и кодовой базой.* # Погашения и делегирование ### Что такое погашение? Выкуп выполняет важную функцию поддержания привязки BOLD к доллару США, создавая минимальный уровень цены около 1 доллара. Это осуществляется децентрализованным способом, без привлечения централизованных активов или третьих лиц. Выкуп по сути представляет собой обмен BOLD на ETH/LST по номинальной стоимости, как если бы 1 BOLD стоил ровно 1 доллар. Выкуп может инициировать любой, но он будет прибыльным только в том случае, если BOLD <1 доллар. Выкупающий отправляет BOLD в протокол и в ответ получает смесь WETH, wstETH и rETH (за вычетом комиссии за выкуп). Выкупленная сумма распределяется между различными залоговыми активами в зависимости от их текущей поддержки Stability Pool (см. ссылку для получения дополнительной информации).
Выкуп начинается с заемщика, который платит наименьшие проценты. Узнайте больше о том, как защитить себя от выкупа и что произойдет, если вас выкупят. Вы также можете посмотреть это [9-минутное](https://www.youtube.com/watch?v=CQVmjFx987A) видео о выкупе. ### Когда может произойти погашение? Погашение может произойти в любое время, но, скорее всего, произойдет только тогда, когда это будет выгодно. Обычно это происходит, когда цена BOLD составляет менее 1 доллара (за вычетом текущей комиссии за погашение). ### Кто может инициировать погашение? Любой адрес Ethereum может инициировать выкуп, при условии, что у него есть достаточное количество BOLD для этого. Однако мы ожидаем, что выкупы будут в основном осуществляться профессиональными ботами, а не людьми. ### Что произойдет, если мое хранилище (Trove) будет погашено? Вы можете думать о выкупе как о том, как кто-то другой погашает ваш долг и получает в обмен эквивалентную сумму вашего залога. Если ваш залог (ETH или LST) выкупается, эквивалентная сумма вашего долга в долларах США погашается. Выкупающий получает ваш залог за вычетом комиссии за выкуп, которая остается в вашем Trove. Это означает, что на момент выкупа вы, вероятно, понесли минимальные убытки в долларах США. Пример с ETH по цене 3000 долларов: * До выкупа: 10 ETH в качестве залога, 20 000 BOLD в качестве долга. * После выкупа: 5,025 ETH в качестве залога, 5000 BOLD в качестве долга. Вы можете видеть, что ваш залог и долг уменьшились в равной степени (в долларах США), а комиссия за выкуп (0,025 ETH) была добавлена к стоимости вашего залога. Частично затронутые Troves, долг которых остается выше минимального порога в 2000 BOLD, продолжают работать как и раньше, в то время как Troves, долг которых уменьшился до меньшей суммы (или 0), переходят в режим бездействия. ### Как осуществляется погашение с использованием трех залоговых активов? В отличие от LUSD, BOLD обеспечен множеством залогов. Вместо того, чтобы позволить выкупающему свободно выбирать залог для выкупа, Liquity V2 оптимизирует процесс для экономической безопасности. Таким образом, выкупы обслуживаются через комбинацию залогов таким образом, чтобы усилить общую поддержку BOLD. Процесс начинается с того, что хранилища (Troves) получают самые низкие процентные ставки на каждом рынке залогового обеспечения, и продолжается до тех пор, пока вся сумма BOLD не будет обменена на залоговые активы. Погашения могут быть частичными или полными, как показано ниже. В этом примере рынок rETH показывает полное погашение первого хранилища (Trove) и частичное погашение второго. На рынках wstETH и ETH имеется одно частичное и два полных погашения соответственно.

Example redemption across all three collateral markets

### Как определяется распределение залога? Разделение является динамическим и оптимизируется с целью обеспечения экономической безопасности системы. Логика проста: чем рискованнее залог, тем больший объем выкупа направляется на этот рынок. Другими словами, если стабилизационный пул рынка относительно невелик по сравнению с его общим долгом, он считается более рискованным, поскольку вероятность возникновения безнадежных долгов в экстремальных ситуациях выше. Чтобы снизить этот риск, система погашает задолженность пропорционально «внешнему долгу» каждого типа залога. Он рассчитывается как общая задолженность по конкретному залогу за вычетом размера пула стабильности для этого рынка заимствований. Вот пример: при внешнем долге в размере 100 BOLD, 50 BOLD и 100 BOLD соответственно, погашение приведет к разделению 40% (WETH), 20% (wstETH) и 40% (rETH).
### Что произойдет, если несколько хранилищ (Troves) будут иметь одинаковую процентную ставку? Когда ставки идентичны, протокол использует принцип «последний пришел — первый ушел». Последний, кто установил свою ставку (путем открытия или корректировки ставки), будет погашен первым. Пример: * Trove A - 3% * Trove B - 4% (скорректировано ранее) * Trove C - 4% (скорректировано позже) Порядок погашения будет следующим: A, C, B. ### Есть ли комиссия за погашение? Да. Механизм комиссии за выкуп в целом аналогичен механизму Liquity V1, но с адаптированной параметризацией, что приводит к более быстрому снижению комиссии. Комиссия за выкуп взимается в виде части от общей суммы ETH/LST, извлеченной из системы при выкупе. В отличие от V1, комиссия не переходит к стейкерам LQTY, а остается у пользователей как часть их залога. Комиссии за выкуп основаны на переменной состояния baseRate, которая динамически обновляется. BaseRate увеличивается с каждым выкупом и экспоненциально снижается в зависимости от времени, прошедшего с момента последнего выкупа (половина - 6 часов). При каждом выкупе x BOLD: baseRate уменьшается в зависимости от времени, прошедшего с момента последнего события комиссии, и увеличивается на сумму, пропорциональную доле от общего предложения BOLD, подлежащего выкупу, т. е. x/total\_bold\_supply Процент комиссии за выкуп определяется как min by `min (0.5% + baseRate, 100%)`.
### Kак можно защитить себя? Риск погашения зависит от двух факторов: установленной вами процентной ставки и цены BOLD. Установленная вами процентная ставка определяет, сколько BOLD должно быть погашено до вашей очереди. Чем выше ваша ставка, тем больше BOLD подлежит погашению до вас, и наоборот. Вы можете увидеть это на любом интерфейсе, в примере ниже это число составляет 41 млн.
Это означает, что 41 млн BOLD должны быть удалены из системы, прежде чем они дойдут до вас. Однако эта цифра является относительной, и вам также необходимо учитывать недавнюю активность по выкупу. Хотя прошлые события не гарантируют будущих результатов, они могут служить полезным ориентиром. Например, если за последнюю неделю было выкуплено только 200 тыс. BOLD, вы находитесь в относительно более безопасном положении, чем если бы было выкуплено 15 млн. Цена BOLD является вторым важным фактором. Когда она торгуется выше 1 доллара, выкупы становятся невыгодными и должны быть прекращены. Если спрос на BOLD высокий, он может поддерживать цену выше 1 доллара в течение длительного периода, как это часто бывало с LUSD. В такие периоды вы можете спокойно снизить процентную ставку, которую вы платите, не увеличивая риск погашения ### Что такое делегирование процентных ставок? Делегирование процентной ставки — это функция Liquity V2, которая позволяет заемщикам делегировать управление своей процентной ставкой третьей стороне. Это позволяет им создать пассивную позицию, не требующую вмешательства, при этом сохраняя конкурентоспособную ставку и низкий риск погашения. Существует три типа делегирования: * Третьей стороне-управляющему: специализированной организации, которая предоставляет заранее определенные стратегии для партий нескольких хранилиз (Troves) и взимает плату за эту услугу. * Автоматизированной и децентрализованной контрактной стратегии: заранее определенной стратегии, управляющей процентными ставками автономным образом. * Своему собственному кошельку: делегируйте горячему кошельку, когда уезжаете в отпуск, или другу. Важно отметить, что делегат или контрактная стратегия не могут делать ничего, кроме установления процентной ставки в заранее определенном диапазоне, что значительно ограничивает риски заемщиков. Таким образом, заемщики должны следить за диапазоном процентных ставок и максимальной частотой обновления (актуально в случае досрочных корректировок), заранее установленными управляющим. ### Кто в настоящее время является действующими делегатами по процентным ставкам?
DelegateAddress
SummerstoneSee here
Trove Zero0xe707784292289be3aa0fb6f9d33d420291f98695
Bolder CashSeveral strategies, listed on their page.
Autonomous Rate ManagerETH: 0xe507e4d0763851a6287238aadd243948d18ab60a
wstETH: 0x8869a6fb59a8df330f90d9fbf46ebfaff6d4bc14
rETH: 0x7700b2d305f47ae82e9598bab6d7ccb57299a82b
*Обратите внимание, что Liquity AG не несет ответственности за действия любых делегатов. Пожалуйста, проведите собственное исследование.* ### Что произойдет, если я сменю делегатов? Вы присоединитесь к группе этого делегата, унаследовав его процентную ставку. С вас также будет взиматься авансовый сбор, который предназначен для предотвращения «перехода из одной группы в другую» - [подробнее](https://github.com/liquity/bold?tab=readme-ov-file#batches-and-upfront-fees). ### Что произойдет, если возникнут проблемы со смарт-контрактом по делегированию процентных ставок? Ваше хранилище (Trove) не будет затронуто — единственное, что изменится, это процентная ставка, по которой установлена ваша позиция. ### Как я могу делегировать задачи самому себе? Некоторые пользователи делегируют полномочия своим горячим кошелькам, чтобы иметь возможность корректировать ставки в режиме реального времени (например, во время путешествий). Для этого: 1. [Найдите](https://docs.liquity.org/v2-documentation/technical-docs-and-audits#eth-branch) здесь определённый рынок залога вашего кредита. 2. Нажмите на ссылку borrowerOperations в правой ветви. 3. В Etherscan перейдите на вкладку «Контракт» → «Написать контракт» → «Подключить кошелек». 4. Найдите функцию setInterestIndividualDelegate. 5. Заполните необходимые поля и нажмите «Написать». ### Почему выкуп является характеристикой только процентной ставки? Учитывая, что цель погашения заключается в сокращении предложения BOLD в ответ на снижение спроса, а процентные ставки определяют спрос, обработка погашений на основе ставок является более устойчивым и эффективным рычагом для достижения рыночного равновесия. Активное управление как процентными ставками, так и LTV ослабило бы способность обеспечивать рыночные процентные ставки и доходность депозитов, а также усложнило бы процесс для системы и ее пользователей. ### В чем разница между комиссиями за погашение, взимаемыми между V1 и V2? В версии 2, когда заемщики подвергаются влиянию выкупа, комиссия за выкуп, взимаемая с выкупающего, остается в рамках затронутых хранилищ (Troves), а не перенаправляется, как в Liquity. Таким образом, в Liquity `borrower_loss = redemption_fee + redeemer_gain`, while in Bold it’s `borrower_loss = redeemer_gain`. ### Что происходит, когда выкуп облигаций приводит к тому, что долг хранилищ (Troves) становится меньше минимальной суммы? Если выкупленная сумма превышает долг затронутого хранилища (Trove), он не закрывается, как в Liquity V1, а остается открытым с долгом 0 BOLD и оставшимся залогом. Владелец полностью выкупленного хранилища (Trove) может закрыть его, сняв оставшийся залог, или взять новый кредит, чтобы его долг превысил минимум 2000 BOLD, пополнив залог, если необходимо. В случае, если выкупленная сумма Trove не превышает долг хранилища (Trove), но оставляет его в диапазоне от 0 до 2000 BOLD, Trove остается открытым с оставшимся долгом и оставшимся залогом. Владелец хранилища (Trove) может закрыть его, погасив оставшийся долг и сняв оставшийся залог, или взять новый займ, как описано выше. # LQTY Стейкинг & Голосование ### Каковы преимущества стейкинга LQTY? Ставка вашего LQTY в Liquity V2 открывает уникальную возможность двойного вознаграждения. Вы не только получаете влияние на будущее Liquity V2, но и продолжаете зарабатывать вознаграждения LUSD и ETH от Liquity V1. Эта мощная синергия гарантирует, что вы сможете извлечь выгоду как из стабильности V1, так и из инноваций V2. Помимо права голоса, избиратели могут получать выплаты («взятки») от внешних инициатив. ### Есть ли блокировка? Нет, ограничений нет. Вы можете снять LQTY в любое время. Однако имейте в виду, что при снятии средств вы теряете накопленные «дополнительные» права голоса. ### Что такое ликвидность, стимулируемая протоколом (PIL)? Это новый устойчивый и адаптивный механизм стимулирования в Liquity V2. Он направляет 25% доходов протокола на внешние инициативы, направленные на улучшение ликвидности BOLD и стимулирование роста всей экосистемы Liquity. ### Откуда берутся стимулы? Every Trove incurs interest in BOLD every second. The entirety of these proceeds are Каждое хранилище (Trove) приносит проценты в BOLD каждую секунду. Все эти доходы постоянно делятся на две части: доход от пула стабильности и стимулы ликвидности протокола. Процентные доли жестко закреплены на уровне 75% и 25% соответственно, поэтому, пока в системе есть активные заемщики, будет существовать бюджет для механизма PIL. Пример: если рыночная капитализация BOLD составляет 200 млн, а средняя процентная ставка — 10%, то PIL имеет в распоряжении 5 млн BOLD в год. ### Как проголосовать по инициативам? Чтобы проголосовать, вам необходимо отправить в стейкинг свои LQTY на фронтенде. После стейкинга доля пользователя в общем количестве голосов протокола определяется с помощью взвешенного по времени расчета. Пользователи с правом голоса могут оценивать инициативы по своему усмотрению, распределяя свои голоса по своему желанию. Эти пользователи могут выбирать из любого сочетания инициатив, и их выбор остается неизменным в течение будущих периодов голосования, пока они его не изменят. Голосование проходит еженедельно, недельный период начинается с блока на Ethereum, следующего за 00:00 UTC каждый четверг, и заканчиваются последним блоком в следующую среду в 23:59:59 UTC. Процесс голосования делится на две категории: голосование «за» и голосование «против» (вето). В течение каждой недели можно голосовать «за» и «против» инициатив, хотя в последние 24 часа перед окончанием возможно только голосование «против». В последние 24 часа каждого недельного периода существующие голоса все еще можно удалить и перераспределить, чтобы проголосовать «против» инициатив. Предложения и обсуждения по инициативам можно найти в разделе голосования Discourse. Прошлые раунды голосования можно посмотреть в этой панели управления Dune. ### Нужно ли мне голосовать каждую неделю? Нет, голоса из предыдущего раунда переносятся в следующий. Рекомендуется следить как за новыми инициативами, так и за теми, за которые вы уже проголосовали. Ознакомление с новыми инициативами позволяет вам узнать о потенциально более выгодных вариантах распределения ваших голосов. Кроме того, ранее проголосованные инициативы могут быть изменены или усовершенствованы, и в случае таких изменений причины, по которым вы изначально проголосовали за них, могут перестать быть актуальными. ### Как я могу получить право голоса? Право голоса пользователя пропорционально количеству LQTY в стейкинге, но увеличивается со временем, следуя линейному росту. `Voting Power = LQTY Staked × Staking Age`
На приведенном выше графике показаны индивидуальные права голоса четырех пользователей A, B, C и D, которые вложили одинаковую сумму в разное время. Разделив их индивидуальные права голоса на общее количество прав голоса, мы можем определить относительное распределение прав голоса:
Чем дольше пользователь держит стейкинг, тем больше голосов он теряет при отмене стейкинга. ### Могу ли я позже увеличить или частично уменьшить свою ставку? Да, можно увеличить или уменьшить существующую долю. Имейте в виду, что новая добавленная сумма начинает с правом голоса 0, а уменьшение вашей доли не изменит срок вашего участия. Новая сумма, добавленная к существующей доле, начинает с правом голоса 0 (для предотвращения злоупотреблений, подобных флэш-кредитам): поэтому сразу после стейкинга общее право голоса остается неизменным (линия является непрерывной), но наклон увеличивается. И наоборот, при отмене стейкинга происходит немедленное падение (непрерывность) права голоса пользователя, помимо очевидного уменьшения наклона. ### Как распределяются поощрения? Протокол Стимулы за ликвидность накапливаются, а затем распределяются еженедельно между всеми соответствующими требованиям инициативами или целевыми адресами. Чтобы получить право на стимулы, инициатива должна достичь относительного порога в 2% от всех голосов. Распределение стимулов зависит от веса всех соответствующих критериям инициатив: стимулы распределяются пропорционально относительным голосам (без учета отрицательных голосов, если инициативы соответствуют критериям). Стимулы должны быть востребованы в течение той же недели, в противном случае они перераспределяются на следующую неделю. ### Что происходит с инициативами, получившими отрицательные оценки? Инициативы, которые набрали больше голосов «за», чем относительный порог в 2%, и получили больше голосов «против», чем «за», лишаются права на поощрения, если количество голосов «против» превышает количество голосов «за». Такие инициативы могут быть отменены любым пользователем. ### Что происходит с неактивными или непопулярными инициативами? Инициативы, которые не достигают квалификационного порога или минимального еженедельного требования в течение более 4 последовательных эпох (недель), могут быть отменены любым участником. ### Я получаю уведомление о новом контракте в своем кошельке Liquity V2 использует прокси-шаблон для стейкинга, создавая новый контракт «UserProxy», когда кто-то впервые отправляет LQTY в стейкинг. Из-за этого некоторые кошельки могут пометить это как «предупреждение о новом контракте». # Technical Docs & Audits A technical system summary including contract descriptions, function descriptions, and more is available in the V2 developer README. ### Technical papers [Whitepaper](https://bafybeibjommrelqjw22vewpddgfdnm5geoz747gv2zeuy7njwivpfcy3xa.ipfs.w3s.link/Liquity%20v2%20-%20Whitepaper%20rev.%200.3%20\(November%2C%202024\)%20\(1\).pdf) ### Code base (Github) [Bold Core](https://github.com/liquity/bold)\ [Governance](https://github.com/liquity/V2-gov/tree/main) ### Audit reports [ChainSecurity - Code Assessment](https://www.chainsecurity.com/security-audit/liquity-bold-smart-contracts), several audits between Aug 2024 and May 2025 [Dedaub - Core Protocol Audit Report I](https://dedaub.com/audits/liquity/liquity-v2-aug-28-2024/), August 2024 [Dedaub - Core Protocol Audit Report II](https://dedaub.com/audits/liquity/liquity-v2-second-audit-nov-11-2024/), November 2024 [Certora - Formal Verification](https://certora.cdn.prismic.io/certora/Z1tLJJbqstJ98b8J_LiquityVerificationReport.pdf), December 2024 [Coinspect - Bold Core Smart Contract Audit](https://www.coinspect.com/doc/Coinspect%20-%20Smart%20Contract%20Audit%20-%20Liquity%20-%20Bold%20-%20v241231.pdf), December 2024 [Coinspect - Bold Governance Audit](https://www.coinspect.com/doc/Coinspect%20-%20Smart%20Contract%20Audit%20-%20Liquity%20-%20Bold%20Governance%20-%20v250120.pdf), January 2025 [ChainSecurity - Governance Smart Contract Audit](https://www.chainsecurity.com/security-audit/liquity-v2-governance), January 2025 [Dedaub - Governance Audit 1](https://dedaub.com/audits/liquity/liquity-v2-governance-1st-audit-aug-12-2024/), August 2024 [Dedaub - Governance Audit 2](https://dedaub.com/audits/liquity/liquity-v2-governance-2nd-audit-nov-11-2024/), November 2024 [Dedaub - Governance Audit 3](https://dedaub.com/audits/liquity/liquity-v2-governance-3rd-audit-dec-22-2024/), January 2025 [Recon - Liquity Security Review](https://github.com/GalloDaSballo/bold-review), October 2024 [Dedaub - Cantina fixes review](https://dedaub.com/audits/liquity/liquity-v2-cantina-fixes-review-may-13-2025/), May 2025 [Cantina Competiton](https://cantina.xyz/portfolio/fca4f98a-7d24-49f1-9a3b-80e5e65b2b30), March-April 2025 [Coinspect - Redemption Helper](https://drive.google.com/file/d/1tKLYZj_peUnUKCBmfWbmdi1KvCYJ7WfV/view), October 2025 ### Economic modelling and simulation [Chaos Labs: Mechanism Design Review](https://cdn.sanity.io/files/zmh9mnff/production/ca6a4815e62b05f33fb3ec56c5a4c42d6b7ddbec.pdf), October 2024 ### Contract addresses #### BOLD Token | Contract | Address | | -------------- | -------------------------------------------------------------------------------------------------------------------------------- | | BOLD Mainnet | [0x6440f144b7e50D6a8439336510312d2F54beB01D](https://etherscan.io/address/0x6440f144b7e50D6a8439336510312d2F54beB01D) | | BOLD Base | [0x03569CC076654F82679C4BA2124D64774781B01D](https://basescan.org/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Arbitrum | [0x03569CC076654F82679C4BA2124D64774781B01D](https://arbiscan.io/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD HyperEVM | [0x84533b1512A3A23F0c9668D88FDf86FEffdbb11A](https://hyperevmscan.io/address/0x84533b1512A3A23F0c9668D88FDf86FEffdbb11A) | | BOLD Optimism | [0x03569CC076654F82679C4BA2124D64774781B01D](https://optimistic.etherscan.io/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Scroll | [0x03569CC076654F82679C4BA2124D64774781B01D](https://scrollscan.com/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Avalanche | [0x03569CC076654F82679C4BA2124D64774781B01D](https://snowtrace.io/address/0x03569CC076654F82679C4BA2124D64774781B01D) | | BOLD Sonic | [0xf05a207442f14E446b0e32b12D2043bfc68Cb1C9](https://sonicscan.org/address/0xf05a207442f14E446b0e32b12D2043bfc68Cb1C9) | | BOLD Berachain | [0xf05a207442f14E446b0e32b12D2043bfc68Cb1C9](https://berascan.com/address/0xf05a207442f14e446b0e32b12d2043bfc68cb1c9) | | BOLD Swell | [0x1a17b22d762c8cf2ca0f07e2b3c32e7481bb0d8c](https://swellchainscan.io/address/0x1a17b22d762c8cf2ca0f07e2b3c32e7481bb0d8c) | #### Shared contracts | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collateralRegistry | [0xf949982b91c8c61e952b3ba942cbbfaef5386684](https://etherscan.io/address/0xf949982b91c8c61e952b3ba942cbbfaef5386684) | | boldToken | [0x6440f144b7e50d6a8439336510312d2f54beb01d](https://etherscan.io/address/0x6440f144b7e50d6a8439336510312d2f54beb01d) | | hintHelpers | [0xf0cae19c96e572234398d6665cc1147a16cbe657](https://etherscan.io/address/0xf0cae19c96e572234398d6665cc1147a16cbe657) | | multiTroveGetter | [0xfa61db085510c64b83056db3a7acf3b6f631d235](https://etherscan.io/address/0xfa61db085510c64b83056db3a7acf3b6f631d235) | | exchangeHelpers | [0x2f60bab0072abec7058017f48d7256ec288c8686](https://etherscan.io/address/0x2f60bab0072abec7058017f48d7256ec288c8686) | #### ETH branch | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collToken | [0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2](https://etherscan.io/address/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2) | | addressesRegistry | [0x20f7c9ad66983f6523a0881d0f82406541417526](https://etherscan.io/address/0x20f7c9ad66983f6523a0881d0f82406541417526) | | activePool | [0xeb5a8c825582965f1d84606e078620a84ab16afe](https://etherscan.io/address/0xeb5a8c825582965f1d84606e078620a84ab16afe) | | borrowerOperations | [0x372abd1810eaf23cb9d941bbe7596dfb2c46bc65](https://etherscan.io/address/0x372abd1810eaf23cb9d941bbe7596dfb2c46bc65) | | collSurplusPool | [0xedbe2509e502c0320d2e7f8b6746a49b4b50e2bf](https://etherscan.io/address/0xedbe2509e502c0320d2e7f8b6746a49b4b50e2bf) | | defaultPool | [0xd4558240d50c2e219a21c9d25afd513bb6e5b1a0](https://etherscan.io/address/0xd4558240d50c2e219a21c9d25afd513bb6e5b1a0) | | sortedTroves | [0xa25269e41bd072513849f2e64ad221e84f3063f4](https://etherscan.io/address/0xa25269e41bd072513849f2e64ad221e84f3063f4) | | stabilityPool | [0x5721cbbd64fc7ae3ef44a0a3f9a790a9264cf9bf](https://etherscan.io/address/0x5721cbbd64fc7ae3ef44a0a3f9a790a9264cf9bf) | | troveManager | [0x7bcb64b2c9206a5b699ed43363f6f98d4776cf5a](https://etherscan.io/address/0x7bcb64b2c9206a5b699ed43363f6f98d4776cf5a) | | troveNFT | [0x1a0fc0b843afd9140267d25d4e575cb37a838013](https://etherscan.io/address/0x1a0fc0b843afd9140267d25d4e575cb37a838013) | | metadataNFT | [0x9b36c3b16299d68c79f174df7e728e35b6af4a12](https://etherscan.io/address/0x9b36c3b16299d68c79f174df7e728e35b6af4a12) | | priceFeed | [0xcc5f8102eb670c89a4a3c567c13851260303c24f](https://etherscan.io/address/0xcc5f8102eb670c89a4a3c567c13851260303c24f) | | gasPool | [0x7b9ab3de4036cae51f1fa4ec0a2c2fd606bcf921](https://etherscan.io/address/0x7b9ab3de4036cae51f1fa4ec0a2c2fd606bcf921) | | interestRouter | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | wethZapper | [0x7022a4f4a2b9f0c30a5eb0b0073a8bb4c8e70c1f](https://etherscan.io/address/0x7022a4f4a2b9f0c30a5eb0b0073a8bb4c8e70c1f) | | gasCompZapper | [0x0000000000000000000000000000000000000000](https://etherscan.io/address/0x0000000000000000000000000000000000000000) | | leverageZapper | [0xdccbd7a365aee086aa3b4ede8afe895b20770ae3](https://etherscan.io/address/0xdccbd7a365aee086aa3b4ede8afe895b20770ae3) | #### wstETH branch | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collToken | [0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0](https://etherscan.io/address/0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0) | | addressesRegistry | [0x8d733f7ea7c23cbea7c613b6ebd845d46d3aac54](https://etherscan.io/address/0x8d733f7ea7c23cbea7c613b6ebd845d46d3aac54) | | activePool | [0x531a8f99c70d6a56a7cee02d6b4281650d7919a0](https://etherscan.io/address/0x531a8f99c70d6a56a7cee02d6b4281650d7919a0) | | borrowerOperations | [0xa741a32f9dcfe6adba088fd0f97e90742d7d5da3](https://etherscan.io/address/0xa741a32f9dcfe6adba088fd0f97e90742d7d5da3) | | collSurplusPool | [0x36e6cbdf68f64cf00fc3a6c634a25be32dd0a235](https://etherscan.io/address/0x36e6cbdf68f64cf00fc3a6c634a25be32dd0a235) | | defaultPool | [0xd796e1648526400386cc4d12fa05e5f11e6a22a1](https://etherscan.io/address/0xd796e1648526400386cc4d12fa05e5f11e6a22a1) | | sortedTroves | [0x84eb85a8c25049255614f0536bea8f31682e86f1](https://etherscan.io/address/0x84eb85a8c25049255614f0536bea8f31682e86f1) | | stabilityPool | [0x9502b7c397e9aa22fe9db7ef7daf21cd2aebe56b](https://etherscan.io/address/0x9502b7c397e9aa22fe9db7ef7daf21cd2aebe56b) | | troveManager | [0xa2895d6a3bf110561dfe4b71ca539d84e1928b22](https://etherscan.io/address/0xa2895d6a3bf110561dfe4b71ca539d84e1928b22) | | troveNFT | [0x857aecebf75f1012dc18e15020c97096aea31b04](https://etherscan.io/address/0x857aecebf75f1012dc18e15020c97096aea31b04) | | metadataNFT | [0x362f822df79790c8077e61110484fffa48f682a1](https://etherscan.io/address/0x362f822df79790c8077e61110484fffa48f682a1) | | priceFeed | [0xe7aa2ba9e086a379d3beb224098bc634a46e314e](https://etherscan.io/address/0xe7aa2ba9e086a379d3beb224098bc634a46e314e) | | gasPool | [0x8c44fba379d8a8608c0e29b2729deb75a981db1f](https://etherscan.io/address/0x8c44fba379d8a8608c0e29b2729deb75a981db1f) | | interestRouter | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | wethZapper | [0x0000000000000000000000000000000000000000](https://etherscan.io/address/0x0000000000000000000000000000000000000000) | | gasCompZapper | [0xbd69d3e0ea967d146e925b7572b765c8e9c4127d](https://etherscan.io/address/0xbd69d3e0ea967d146e925b7572b765c8e9c4127d) | | leverageZapper | [0xe85230de04147c4ea363b21cdb801c1c19df0a56](https://etherscan.io/address/0xe85230de04147c4ea363b21cdb801c1c19df0a56) | #### rETH branch | Contract | Address | | ------------------ | --------------------------------------------------------------------------------------------------------------------- | | collToken | [0xae78736cd615f374d3085123a210448e74fc6393](https://etherscan.io/address/0xae78736cd615f374d3085123a210448e74fc6393) | | addressesRegistry | [0x6106046f031a22713697e04c08b330ddaf3e8789](https://etherscan.io/address/0x6106046f031a22713697e04c08b330ddaf3e8789) | | activePool | [0x9074d72cc82dad1e13e454755aa8f144c479532f](https://etherscan.io/address/0x9074d72cc82dad1e13e454755aa8f144c479532f) | | borrowerOperations | [0xe8119fc02953b27a1b48d2573855738485a17329](https://etherscan.io/address/0xe8119fc02953b27a1b48d2573855738485a17329) | | collSurplusPool | [0xba4a2bd8b76df84cac98eba3f4b967d8423192bf](https://etherscan.io/address/0xba4a2bd8b76df84cac98eba3f4b967d8423192bf) | | defaultPool | [0x5cc5cefd034fdc4728d487a72ca58a410cddcd6b](https://etherscan.io/address/0x5cc5cefd034fdc4728d487a72ca58a410cddcd6b) | | sortedTroves | [0x14d8d8011df2b396ed2bbc4959bb73250324f386](https://etherscan.io/address/0x14d8d8011df2b396ed2bbc4959bb73250324f386) | | stabilityPool | [0xd442e41019b7f5c4dd78f50dc03726c446148695](https://etherscan.io/address/0xd442e41019b7f5c4dd78f50dc03726c446148695) | | troveManager | [0xb2b2abeb5c357a234363ff5d180912d319e3e19e](https://etherscan.io/address/0xb2b2abeb5c357a234363ff5d180912d319e3e19e) | | troveNFT | [0x7ae430e25b67f19b431e1d1dc048a5bcf24c0873](https://etherscan.io/address/0x7ae430e25b67f19b431e1d1dc048a5bcf24c0873) | | metadataNFT | [0x3400874305e1547020fb8e80eaf1308b757171af](https://etherscan.io/address/0x3400874305e1547020fb8e80eaf1308b757171af) | | priceFeed | [0x34f1e9c7dcc279ec70d3c4488eb2d80fba8b7b2b](https://etherscan.io/address/0x34f1e9c7dcc279ec70d3c4488eb2d80fba8b7b2b) | | gasPool | [0x45c81dce308389e1bee63ae30a04fb1e148dad41](https://etherscan.io/address/0x45c81dce308389e1bee63ae30a04fb1e148dad41) | | interestRouter | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | wethZapper | [0x0000000000000000000000000000000000000000](https://etherscan.io/address/0x0000000000000000000000000000000000000000) | | gasCompZapper | [0xbe8b230dcd12e246f5edc5c103cc98be68ab636f](https://etherscan.io/address/0xbe8b230dcd12e246f5edc5c103cc98be68ab636f) | | leverageZapper | [0x75036b1d6de5665c60f5c33bb4a64e8e123211a2](https://etherscan.io/address/0x75036b1d6de5665c60f5c33bb4a64e8e123211a2) | #### Governance | Contract | Address | | ------------------------ | --------------------------------------------------------------------------------------------------------------------- | | governance | [0x807def5e7d057df05c796f4bc75c3fe82bd6eee1](https://etherscan.io/address/0x807def5e7d057df05c796f4bc75c3fe82bd6eee1) | | curveUsdcBoldPool | [0xefc6516323fbd28e80b85a497b65a86243a54b3e](https://etherscan.io/address/0xefc6516323fbd28e80b85a497b65a86243a54b3e) | | curveUsdcBoldGauge | [0x07a01471fa544d9c6531b631e6a96a79a9ad05e9](https://etherscan.io/address/0x07a01471fa544d9c6531b631e6a96a79a9ad05e9) | | curveUsdcBoldInitiative | [0xba415afa8fcd65196764b5e08cb4dbf90bee33b4](https://etherscan.io/address/0xba415afa8fcd65196764b5e08cb4dbf90bee33b4) | | curveLusdBoldPool | [0x7ed17e037b7d88a8270c89b3afa9c38e5218f12b](https://etherscan.io/address/0x7ed17e037b7d88a8270c89b3afa9c38e5218f12b) | | curveLusdBoldGauge | [0xa37cdce0207127204682d3235ead2c7a4c5d6c5c](https://etherscan.io/address/0xa37cdce0207127204682d3235ead2c7a4c5d6c5c) | | curveLusdBoldInitiative | [0x0c76eae597afa2aa163a8c845f7e7e870256ac7e](https://etherscan.io/address/0x0c76eae597afa2aa163a8c845f7e7e870256ac7e) | | defiCollectiveInitiative | [0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690](https://etherscan.io/address/0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690) | | stakingV1 | [0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d](https://etherscan.io/address/0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d) | | LQTYToken | [0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d](https://etherscan.io/address/0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d) | | LUSDToken | [0x5f98805a4e8be255a32880fdec7f6728c6568ba0](https://etherscan.io/address/0x5f98805a4e8be255a32880fdec7f6728c6568ba0) | # \[Old] Friendly Fork Program
### Program Background Liquity V2 is published under a [Business Source License (BUSL)](https://github.com/liquity/bold/blob/main/contracts/LICENSE) such that, while the codebase is source available, any commercial deployment needs to be approved by Liquity AG. A number of friendly forks catering to blockchain networks and collateral asset types not supported for BOLD minting have thus entered into licensing agreements with Liquity AG. In exchange for the right to deploy their own stablecoins using Liquity V2 code, these projects have committed to incentivize collaboration between their users and BOLD users. You can learn more about the program in this [blog post](https://www.liquity.org/blog/bootstrapping-liquity-v2). ### Rewards All forks will reward BOLD users by incentivizing core use cases such as the main liquidity pools and the V2 Stability Pools.\ While allocation size and execution will vary, each fork will share its plan in a dedicated announcement (linked below). The [V2 Leaderboard](https://dune.com/liquity/v2-leaderboard) assigns users a score based on their activity. Forks can use it as a reference when distributing rewards, though they are free to adjust parameters as they see fit. ### Licensed Friendly Forks **Aesyx** * Launch: TBD * Stablecoin: USXY * Governance Token: SXY * Network: Avalanche * Reward Details: TBD * Relevant Links: [Website](https://aesyx.fi/) | [Docs](http://docs.aesyx.fi) **Asymmetry Finance** * Launch: TBD * Stablecoin: USDaf * Governance Token: ASF * Network: Ethereum Mainnet * Reward Details: TBD * Relevant Links: [Website](https://www.asymmetry.finance/) | [Docs](https://docs.asymmetry.finance/) **Beraborrow** * Launch: TBD * Stablecoin: NECT * Governance Token: POLLEN * Network: Berachain * Reward Details: TBD * Relevant Links: [Website ](https://www.beraborrow.com/)| [Docs](https://beraborrow.gitbook.io/docs) **DeFi Dollar** * Launch: TBD * Stablecoin: DUSD * Governance Token: DEFI * Network: Ethereum Mainnet * Reward Details: TBD * Relevant Links: [Website](https://defidollar.io/) | [Docs](https://docs.defidollar.io/) **Ebisu Money** * Launch: TBD * Stablecoin: ebUSD * Governance Token: EBISU * Network: Ethereum Mainnet * Reward Details: TBD * Relevant Links: [Website](https://ebisu.money/) **Felix** * Launch: LIVE * Stablecoin: feUSD * Governance Token: TBD * Network: Hyperliquid * Reward Details: TBD * Relevant Links: [Website ](https://usefelix.xyz/)| [Docs](https://usefelix.gitbook.io/felix-docs) **Nerite** * Launch: End of May * Stablecoin: USDN * Governance Token: NERI * Network: Arbitrum * Reward Details: * Relevant Links: [Website](https://www.nerite.org/) | [Docs](https://github.com/NeriteOrg/nerite/blob/main/README.md) **Orki Finance** * Launch: LIVE * Stablecoin: USDK * Governance Token: ORKI * Network: Swell * Reward Details: TBD * Relevant Links: [Website](https://www.orki.finance/) | [Docs](https://orki-finance.gitbook.io/orki-finance-docs) **Soneta** * Launch: TBD * Stablecoin: ONE * Governance Token: STA * Network: Sonic * Reward Details: TBD * Relevant Links: [Website](https://soneta.xyz/) | [Docs](https://docs.soneta.xyz/) **Quill Finance** * Launch: LIVE * Stablecoin: USDQ * Governance Token: QUILL * Network: Scroll * Reward Details: * Relevant Links: [Website](https://www.quill.finance/) | [Docs](https://quill-finance.gitbook.io/faq) ### Program Rules All friendly forks are responsible for communicating the details and implementation of their commitments, as well as distributing any program rewards. The following points apply to all friendly forks: * Each friendly fork is required to audit any changes made to the Liquity V2 codebase in their specific deployment. * Each friendly fork is minting its own respective stablecoin, not BOLD. * Each friendly fork has the right to implement mutability as it sees fit. * Liquity AG is not in an ongoing partnership with any licensing entity. # Friendly Fork Program
### Program Background Liquity V2 is published under a [Business Source License (BUSL)](https://github.com/liquity/bold/blob/main/contracts/LICENSE) such that, while the codebase is source available, any commercial deployment needs to be approved by Liquity AG. A number of friendly forks catering to blockchain networks and collateral asset types not supported for BOLD minting have thus entered into licensing agreements with Liquity AG. In exchange for the right to deploy their own stablecoins using Liquity V2 code, these projects have committed to incentivize collaboration between their users and BOLD users. You can learn more about the program in this [blog post](https://www.liquity.org/blog/bootstrapping-liquity-v2). ### Rewards All forks will reward BOLD users by incentivizing core use cases such as the main liquidity pools and the V2 Stability Pools. While allocation size and execution will vary, each fork will share its plan in a dedicated announcement. Forks allocate and distribute their incentives directly to users by their discretion - the [Leaderboard](https://dune.com/liquity/v2-leaderboard) tracks all that activity. ### Resources * [Forqty](https://www.forqty.com/) provides an overview of all launched and upcoming forks (Provided by Summerstone). * [V2 Leaderboard](https://dune.com/liquity/v2-leaderboard) is used to track your BOLD usage, and provided to forks as guidance for rewards. * [Yield Calculator](https://docs.google.com/spreadsheets/d/1Zi_2rU7Ktwd4qF9AZuFbgz7W8uIEN6ta5n-LHOE44oM/edit?gid=0#gid=0) can be used to estimate your APR based on data you can enter. ### Announced Friendly Forks * [**Aesyx**](https://x.com/Aesyx_Fi/status/1950952447175954762) on Avalache * [**Alpen**](https://x.com/AlpenLabs/status/1920485228599992389) on Strata (Bitcoin) * [**Asymmetry**](https://www.asymmetry.finance/) on Mainnet * [**Beraborrow**](https://x.com/beraborrow/status/1843305523472380189) on Berachain * [**DeFi Dollar** ](https://defidollar.io/)on Mainnet * [**Ebisu**](https://ebisu.money/) on Mainnet * [**Felix**](https://www.usefelix.xyz/) on HyperEVM * [**Nerite**](https://www.nerite.org/) on Arbitrum * [**Orki**](https://www.orki.finance/) on Swell * [**Quill**](https://www.quill.finance/) on Scroll **Outlook** August * Ebisu: BOLD/ebUSD pool on Mainnet * Aesyx on Avalanche to launch + BOLD >< AXD pool to follow * Soneta on Sonic to launch + ONE >< BOLD pool to follow * Felix on HyperEVM to launch feUSD >< BOLD pool Q3 & Q4 * Bitvault to launch on Katana * Alpen to launch on Strata * Gnosis fork * Plasma fork * BSC fork * Base fork ### Announcements * [Saga fork - Announcement](https://x.com/Sagaxyz__/status/1949892889456050207) (2025/07/28) * [Nerite - Friendly Fork #6 goes live on Arbitrum](https://x.com/LiquityProtocol/status/1944771396183183731) (2025/07/14) * [Nerite - Incentive announcement](https://www.nerite.org/writing/bold-incentive-program) (2025/07/18) * [Quill - Incentive announcement](https://x.com/LiquityProtocol/status/1943703345363058899) (2025/07/11) * [Aesyx - Friendly Fork #5 goes live on Avalanche](https://x.com/LiquityProtocol/status/1943402636444889450) (2025/07/10) * [Asymmetry - Potential Issue Announcement](https://x.com/asymmetryfin/status/1935869427783729188) (2025/06/20) * [Ebisu - coming soon](https://x.com/LiquityProtocol/status/1932527468679696398) (2026/06/10) * [Asymmetry - Friendly Fork #4 goes live on mainnet](https://x.com/LiquityProtocol/status/1925955594973835496) (2025/05/23) * [Liquity V2 - Relaunch announcement](https://x.com/LiquityProtocol/status/1924465010925056106) (2025/05/19) * [Orki - going live on Swell](https://x.com/LiquityProtocol/status/1923019704605737130) (2025/05/15) * [Quill - going live on Scroll](https://x.com/LiquityProtocol/status/1920130975708901601) (2025/05/07) * [Felix - going live on Hyperliquid](https://x.com/LiquityProtocol/status/1909634552852795574) (2025/04/08) ### Program Rules All friendly forks are responsible for communicating the details and implementation of their commitments, as well as distributing any program rewards. The following points apply to all friendly forks: * Each friendly fork is required to audit any changes made to the Liquity V2 codebase in their specific deployment. * Each friendly fork is minting its own respective stablecoin, not BOLD. * Each friendly fork has the right to implement mutability as it sees fit. * Liquity AG is not in an ongoing partnership with any licensing entity. # Bug Bounty Any submissions should be done via [Cantina](https://cantina.xyz/bounties/7aa23a2b-7e8b-4b88-a9bb-713dc102a11a). # Security For any security related inquiries please email # Brand Assets ## Logos [Liquity Logos](https://drive.google.com/drive/folders/1PTvYgvjvuTZurRWvICPuGAzjDpo53y8z) [BOLD Stablecoin Logos](https://drive.google.com/drive/folders/1DkwbRlHI7Uyz0HTeTfahJmKBK-92v9Mf) [Other Visual Assets](https://drive.google.com/drive/folders/1O5eo2QD8307140jtoz2-rP71S73WNONS) ## Colors
## Fonts Standard Font: [NB InternationalTM Pro Speciem](https://neubauladen.com/product/nb-international-pro/) Alternative Free Font: [Inter Tight](https://fonts.google.com/specimen/Inter+Tight)
# Risk Disclosure ### **Dependencies** * Oracles: Chainlink for collaterals * Incentive allocation by LQTY stakers (25% of borrowers interest) ### Chain Risk * Deployment chain: Ethereum Mainnet * Cross-chain: none (native to Mainnet and no cross-chain risks) * Bridging: CCIP through Chainlink While BOLD itself is native to Ethereum, it may eventually be supported by Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for bridging. Once BOLD gets bridged to to other chains through CCIP, it will inherit security from Chainlink's existing network of decentralized nodes on the bridged Layer 2s. ### **Smart Contract Risks** Liquity V2 has no manual pause, freeze, or shutdown functions. However, the protocol is capable of initiating an automatic shutdown of a borrow market in case of an extreme price drop of the respective collateral asset leading to insufficient collateralization, or an oracle failure of that particular collateral asset. * See our audits for more information: DeDaub and ChainSecurity * Pause function: none * Protocol freeze function: none * Protocol shutdown function: Yes, it would be algorithmically targeted towards a specific branch * BOLD whitelist or blacklist: none * BOLD transfer freeze functionality: none ### Collateral Risk * Collaterals assets accepted: WETH, wstETH, and rETH only * Collaterals assets accepted within the protocol are non-upgradeable and cannot be changed **What’s the shared-collateral risks?**\ Each supported collateral asset constitutes an individual borrow market with its own group of borrowers and a separate Stability Pool backing their debts. This separation impacts user groups differently: * Borrowers: Collateral risk is limited to the collateral asset held by the borrower. A borrower isn’t negatively affected by a failure of another collateral asset. * BOLD Holders: As a multi-collateral stablecoin, BOLD is reliant on effective liquidations of undercollateralized loans in every borrow market to remain overcollateralized. Holders are subject to the risks of all supported collateral assets. * Earners: SP depositors only get exposure to the asset they have opted for. However, as BOLD holders, they are similarly affected by potential depegging. **Are there any safety mechanisms in place for potential de-pegs of the underlying collateral asset?**\ \ The protocol aims to protect each borrow market from becoming undercollateralized by throttling debt creation and collateral withdrawal in unhealthy markets and by shutting down the entire market as a last resort. There are two safety thresholds: * Critical Threshold (CT): If the TCR of a borrow market falls below the CT (e.g., 150%), new debt creation is prohibited. Collateral withdrawal is allowed as long as it goes along with a debt repayment greater than or equal to the collateral withdrawn. * Shutdown Threshold (ST): If the TCR drops below the ST (e.g., 110%), the protocol triggers the shutdown of the borrow market and disables all borrowing operations except for closing Troves. Users can redeem BOLD against the respective collateral at a more favorable exchange rate than the current oracle price. ### Oracle Risk If Chainlink oracles fail, collateral markets might get priced inaccurately, leading to unfavorable redemptions or excessive or delayed liquidations. Oracle staleness could also cause problems by using out-of-date prices during shutdowns, leading to improper liquidations or redemptions. **Mitigation:** * The system tracks staleness thresholds and shuts down a branch if the price hasn't been updated for a preset period (e.g., 48 hours for rETH). * Upon shutdown, redemptions use the last recorded price, limiting the time window for exploiters to take advantage of a stale oracle. ### Infrastructure Risk * Onchain infrastructure: None other than Infura nodes (transactions could get delayed or dropped) None for on-chain functionality. * Open-source and publicly accessible off-chain infrastructure. The Graph integration will allow for indexing and querying, but remains publicly accessible. ### Governance and Economic Risk * Core protocol: is immutable - nothing can updated or changed * Upgradable code: none * Upgradable parameters: none * Timelocks: none * LQTY stakers can only direct 25% of the revenues e.g. as liquidity incentives to LP pools. More information can be found [here](https://github.com/liquity/V2-gov/blob/main/README.md). **Bad Debt mitigation and Branch Shutdown:**\ In extreme cases, such as a severe drop in collateral value or failure of a supported collateral, the system may become undercollateralized. This could lead to the shutdown of a specific collateral branch or market, and the remaining debt could become "bad debt"—unbacked by sufficient collateral. This could in the worst case lead to bank runs: a portion of the system debt can not be cleared, and hence a portion of the BOLD supply can never be redeemed. **Mitigation:**\ Liquity V2 has built-in shutdown thresholds. When a collateral market's total collateral ratio (TCR) falls below the *Critical Threshold (CT)*, debt creation is paused, and collateral withdrawals are restricted. If the TCR drops further to the *Shutdown Threshold (ST)*, the protocol shuts down the market, freezes new borrowing, and triggers urgent redemptions. These redemptions are designed to clear as much debt as possible by allowing users to redeem BOLD at favorable rates.\ \ Additionally, redemptions are split in proportion to the "outside" portion of the respective debt, which is defined as the total debt borrowed against a certain collateral minus the size of the SP of the respective borrowing market. That way, redemptions primarily reduce the debt of the borrowing market with the lowest SP backing, reducing the risks that the market ever drops below the thresholds. This triggers the liquidation of all collateral within that market to buy back and burn as much BOLD as possible. However, if the collateral price crash is severe, some portion of BOLD may become unbacked. If this unbacked portion is small, the system can still function with BOLD retaining its peg, assuming no major loss of confidence. However, if confidence erodes, BOLD may depeg, leading to mass redemptions across healthier markets. In the worst-case scenario, the remaining debt-backed BOLD supply could be fully redeemed, leaving only the unbacked portion, potentially reducing BOLD's value to zero.This could happen even if the failed collateral represented a small portion of the entire market. The outcome ultimately depends on the market’s confidence in BOLD and the system’s ability to mitigate further risks. ### Liquidity Risk Liquity V2 operates three distinct borrow markets, each backed by its own collateral types (ETH, wstETH, and rETH). Each market features separate stability pools, user-set interest rates, and individual Loan-to-Value (LTV) ratios tailored to the specific asset. This market structure allows for precise risk management, ensuring that liquidations and redistributions occur independently within each collateral market. To support the stability of BOLD, Liquity V2 uses borrower-paid interest to create demand and facilitate liquidations. Borrower interest is directed into two primary venues: 1. Stability Pool (75%): Each borrow market is linked to a corresponding Stability Pool, where 75% of the interest paid by borrowers is deposited. BOLD depositors in the Stability Pool earn a portion of this interest, along with liquidation gains in the respective collateral asset. This structure helps maintain liquidity and solvency in each borrow market by absorbing liquidation events. Potential risk:\ There's no guarantee that the liquidation gains are actually gains. In the worst case, e.g. when the oracle lags behind or an LST flash-crashes within a few blocks, the gains could turn into losses. 2. Protocol-Incentivized Liquidity (25%): The remaining 25% of interest goes to liquidity providers (LPs) as incentives, with the allocation split determined through weekly gauge voting. This incentivizes liquidity on decentralized exchanges, enhancing overall protocol stability and BOLD liquidity. **Redemption mechanism and risk for BOLD Stability** To prevent BOLD from falling below $1, Liquity V2 includes a redemption mechanism. Any BOLD holder can redeem 1 BOLD for $1 worth of collateral, ensuring that BOLD remains pegged to its intended value. Redemptions are prioritized by the lowest interest rate Troves first, allowing borrowers to maintain their positions while keeping the system balanced. Importantly, redemptions do not result in a net loss for borrowers but ensure the peg remains intact. **Liquidation Process** In the event of liquidations, the system first looks to the Stability Pool associated with the liquidated collateral type. If the Pool contains sufficient BOLD, it burns an amount equivalent to the borrower’s debt and redistributes the borrower’s collateral (105% of the debt) to the Pool’s depositors. These depositors receive both collateral and debt shares, proportional to their deposits. If the Stability Pool is depleted and cannot cover the entire debt, the system falls back on two other liquidation modes: * Just-in-Time (JIT) Liquidation: A liquidator deposits the amount of BOLD needed to cover the remaining debt directly into the Stability Pool, immediately triggering liquidation in exchange for 105% of the nominal debt in the collateral asset (e.g., WETH). * Redistribution Mode: If JIT liquidation is not chosen, the entire debt and 110% of it in collateral is redistributed to fellow borrowers who hold the same type of collateral. Their debt increases proportionally, but they also receive a share of the liquidated collateral, ensuring system-wide balance. This multi-layered liquidation process ensures that each collateral market is isolated from the others, minimizing systemic risk and allowing users to manage their positions independently. ### MEV Risks **Frontrunning risk**\ Borrowers may attempt to evade redemptions by either adjusting their Trove’s interest rate or closing and reopening their Trove. This "frontrunning" could occur when the BOLD price falls below $1, as savvy borrowers try to protect their positions from redemptions that would otherwise target them based on their user-set interest rates. Both “hard” frontrunning (directly from mempool observations) and “soft” frontrunning (reacting to the BOLD peg) could negatively affect redemption efficiency and system stability, while also unfairly affecting borrowers that are playing by the rules. **Mitigation:**\ Two fees are applied to disincentivize this behavior: 1. Upfront Borrowing Fee: Charged when a borrower opens a Trove or increases its debt, this fee is calculated as 7 days’ worth of average interest on the respective collateral branch. By applying this fee, borrowers are discouraged from continually closing and reopening Troves to evade redemptions, as it increases the cost of frequent adjustments. 2. Premature Adjustment Fee: When a borrower changes their interest rate too soon after the last adjustment (within a predefined cooldown period), they incur an additional opening fee. This mechanism prevents borrowers from rapidly adjusting their rates to avoid being prioritized in redemption processes, especially when rates are moving toward their redemption thresholds. These measures help ensure that borrowers cannot easily front-run system redemptions. **Flash Loans risk**\ In Liquity V2, redemption routing reduces the outside debt of each collateral branch proportionally. Flash loans could allow attackers to temporarily deposit BOLD into Stability Pools (SPs) of branches they wish to avoid, redirecting redemptions toward more favorable collateral branches. This could lead to arbitrage opportunities where the attacker selects assets with lower slippage on external markets. However, while this strategy might increase profits for the attacker, it does not extract direct value from the protocol or impact the overall system health. The protocol’s design, with competitive redemption fees and the use of flash loan fees, naturally mitigates the risks associated with this manipulation. Flash loan fees reduce the profitability of such actions, and the competitive nature of redemption arbitrage further limits the potential benefits. Mitigation: No fix is required because the risks are contained by the high costs of flash loans and the minimal impact on the protocol’s stability. Redemption routing is a soft measure designed to nudge the system toward balance, and the protocol remains reliant on the broader health of all collateral markets. Therefore, the system’s resilience is maintained despite these isolated arbitrage opportunities. ### NFT loan transfer risk Troves are now represented as NFTs, enabling improved transferability and management of positions while maintaining the core stability mechanisms of the protocol. Troves are meant to be transferred between different owner accounts (e.g. hot and cold wallets), however, trading them in a marketplace poses additional risks. For example, Trove delegations and management accounts are not cleared after a transfer, the trove owner is able to reduce the trove's collateral before a trade, among other adversarial scenarios that could be used by malicious sellers on marketplaces. # Legacy V2 and Testnet Here you can find the contract addresses for the V2 legacy deployment and the Sepolia testnet. #### BOLD Token | Contract | Address | | ------------------- | -------------------------------------------------------------------------------------------------------------------------------- | | boldToken Mainnet | [0xb01dd87B29d187F3E3a4Bf6cdAebfb97F3D9aB98](https://etherscan.io/address/0xb01dd87B29d187F3E3a4Bf6cdAebfb97F3D9aB98) | | boldToken Base | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://basescan.org/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | | boldToken Arbitrum | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://arbiscan.io/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | | boldToken Optimism | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://optimistic.etherscan.io/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | | boldToken Scroll | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://scrollscan.com/address/0x087c440f251ff6cfe62b86dde1be558b95b4bb9b) | | boldToken Avalanche | [0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b](https://snowtrace.io/address/0x087C440F251Ff6Cfe62B86DdE1bE558B95b4bb9b) | #### Shared contracts | Contract | Address | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | collateralRegistry | [0xd99de73b95236f69a559117ecd6f519af780f3f7](https://etherscan.io/address/0xd99de73b95236f69a559117ecd6f519af780f3f7#code) | | hintHelpers | [0xe3bb97ee79ac4bdfc0c30a95ad82c243c9913ada](https://etherscan.io/address/0xe3bb97ee79ac4bdfc0c30a95ad82c243c9913ada#code) | | multiTroveGetter | [0xa4a99f8332527a799ac46f616942dbd0d270fc41](https://etherscan.io/address/0xa4a99f8332527a799ac46f616942dbd0d270fc41#code) | | exchangeHelpers | [0x28c9decfacee0e796409b4b63eb263610e5e38dc](https://etherscan.io/address/0x28c9decfacee0e796409b4b63eb263610e5e38dc#code) | #### ETH branch | addressesRegistry | [0x38e1f07b954cfab7239d7acab49997fbaad96476](https://etherscan.io/address/0x38e1f07b954cfab7239d7acab49997fbaad96476#code) | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | activePool | [0xacece9a6ff7fea9b9e1cdfeee61ca2b45cc4627b](https://etherscan.io/address/0xacece9a6ff7fea9b9e1cdfeee61ca2b45cc4627b#code) | | borrowerOperations | [0x0b995602b5a797823f92027e8b40c0f2d97aff1c](https://etherscan.io/address/0x0b995602b5a797823f92027e8b40c0f2d97aff1c#code) | | collSurplusPool | [0x46720b3d63e38583d8f6d77d52c52df32604ef4b](https://etherscan.io/address/0x46720b3d63e38583d8f6d77d52c52df32604ef4b#code) | | defaultPool | [0x075e0c707097c4c071056687b0b87cd9392c7bbd](https://etherscan.io/address/0x075e0c707097c4c071056687b0b87cd9392c7bbd#code) | | sortedTroves | [0x879474cfbb980fb6899aaaa9b5d5ee14ffbf85a9](https://etherscan.io/address/0x879474cfbb980fb6899aaaa9b5d5ee14ffbf85a9#code) | | stabilityPool | [0xf69eb8c0d95d4094c16686769460f678727393cf](https://etherscan.io/address/0xf69eb8c0d95d4094c16686769460f678727393cf#code) | | troveManager | [0x81d78814df42da2cab0e8870c477bc3ed861de66](https://etherscan.io/address/0x81d78814df42da2cab0e8870c477bc3ed861de66#code) | | troveNFT | [0x84ed456a8074652130dfc4fe1fadb140e0f8ce2b](https://etherscan.io/address/0x84ed456a8074652130dfc4fe1fadb140e0f8ce2b#code) | | metadataNFT | [0x05e6a5aa1c0dfefe83a8df37f1a9fa0c17c5f375](https://etherscan.io/address/0x05e6a5aa1c0dfefe83a8df37f1a9fa0c17c5f375#code) | | priceFeed | [0x3279e2b49ff60dafb276fbaff847383b67a7ec2d](https://etherscan.io/address/0x3279e2b49ff60dafb276fbaff847383b67a7ec2d#code) | | gasPool | [0xaafd627156a28153e4066cd3a062bbf9e8707c5c](https://etherscan.io/address/0xaafd627156a28153e4066cd3a062bbf9e8707c5c#code) | | interestRouter | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | wethZapper | [0xd929c1927988625f834b9a39b562018cf6daeda5](https://etherscan.io/address/0xd929c1927988625f834b9a39b562018cf6daeda5#code) | | leverageZapper | [0x978d7188ae01881d254ad7e94874653b0c268004](https://etherscan.io/address/0x978d7188ae01881d254ad7e94874653b0c268004#code) | #### wstETH branch | Contract | Address | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x2d4ef56cb626e9a4c90c156018ba9ce269573c61](https://etherscan.io/address/0x2d4ef56cb626e9a4c90c156018ba9ce269573c61#code) | | activePool | [0x2fcf4e86594aadd744f82fd80d5da9b72ab50d7c](https://etherscan.io/address/0x2fcf4e86594aadd744f82fd80d5da9b72ab50d7c#code) | | borrowerOperations | [0x94c1610a7373919bd9cfb09ded19894601f4a1be](https://etherscan.io/address/0x94c1610a7373919bd9cfb09ded19894601f4a1be#code) | | collSurplusPool | [0xc8e5bda2efc25f04d5feb56eee80e3d8af74cb7f](https://etherscan.io/address/0xc8e5bda2efc25f04d5feb56eee80e3d8af74cb7f#code) | | defaultPool | [0x4fd6b1d48900e41710db9f219e153bb56727192b](https://etherscan.io/address/0x4fd6b1d48900e41710db9f219e153bb56727192b#code) | | sortedTroves | [0x15dda27e28f49c392067f285157b82c1a4539978](https://etherscan.io/address/0x15dda27e28f49c392067f285157b82c1a4539978#code) | | stabilityPool | [0xcf46dab575c364a8b91bda147720ff4361f4627f](https://etherscan.io/address/0xcf46dab575c364a8b91bda147720ff4361f4627f#code) | | troveManager | [0xb47ef60132deabc89580fd40e49c062d93070046](https://etherscan.io/address/0xb47ef60132deabc89580fd40e49c062d93070046#code) | | troveNFT | [0xf7cf4efcdaacab0c3f21931501133501fff51781](https://etherscan.io/address/0xf7cf4efcdaacab0c3f21931501133501fff51781#code) | | metadataNFT | [0xa33980796254f1daaff5423a1951d8060da93a14](https://etherscan.io/address/0xa33980796254f1daaff5423a1951d8060da93a14#code) | | priceFeed | [0x4c275608887ad2eb049d9006e6852bc3ee8a00fa](https://etherscan.io/address/0x4c275608887ad2eb049d9006e6852bc3ee8a00fa#code) | | gasPool | [0x38e721262a77637e673d756f2faf44a8363e8aea](https://etherscan.io/address/0x38e721262a77637e673d756f2faf44a8363e8aea#code) | | interestRouter | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | gasCompZapper | [0x3c45fc2b161d1c7f486d30442fe59975fe98c715](https://etherscan.io/address/0x3c45fc2b161d1c7f486d30442fe59975fe98c715#code) | | leverageZapper | [0xc3d864adc2a9b49d52e640b697241408d896179f](https://etherscan.io/address/0xc3d864adc2a9b49d52e640b697241408d896179f#code) | #### rETH branch | Contract | Address | | ------------------ | -------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x3b48169809dd827f22c9e0f2d71ff12ea7a94a2f](https://etherscan.io/address/0x3b48169809dd827f22c9e0f2d71ff12ea7a94a2f#code) | | activePool | [0x4b0739071d85444121b17b7d0ee23672825d7cff](https://etherscan.io/address/0x4b0739071d85444121b17b7d0ee23672825d7cff#code) | | borrowerOperations | [0xa351d5b9cda9eb518727c3ceff02208915fda60d](https://etherscan.io/address/0xa351d5b9cda9eb518727c3ceff02208915fda60d#code) | | collSurplusPool | [0xc6f43d9eea6f9955038959a34ea5002f346e2cad](https://etherscan.io/address/0xc6f43d9eea6f9955038959a34ea5002f346e2cad#code) | | defaultPool | [0x26b1d8571560c7942e6dd79377721be81ae817a4](https://etherscan.io/address/0x26b1d8571560c7942e6dd79377721be81ae817a4#code) | | sortedTroves | [0x581705163884ae5f21e946cdc9888bdcb2ed0c0a](https://etherscan.io/address/0x581705163884ae5f21e946cdc9888bdcb2ed0c0a#code) | | stabilityPool | [0xc4463b26be1a6064000558a84ef9b6a58abe4f7a](https://etherscan.io/address/0xc4463b26be1a6064000558a84ef9b6a58abe4f7a#code) | | troveManager | [0xde026433882a9dded65cac4fff8402fafff40fca](https://etherscan.io/address/0xde026433882a9dded65cac4fff8402fafff40fca#code) | | troveNFT | [0xee922ebafe945b4f933cd556f8d9a006fb3b8192](https://etherscan.io/address/0xee922ebafe945b4f933cd556f8d9a006fb3b8192#code) | | metadataNFT | [0x850800f3bc4a485516d3c8156ef8795c174b5b5c](https://etherscan.io/address/0x850800f3bc4a485516d3c8156ef8795c174b5b5c#code) | | priceFeed | [0x93d3a2234e67c2ad494735cd6676fb4b79a6de97](https://etherscan.io/address/0x93d3a2234e67c2ad494735cd6676fb4b79a6de97#code) | | gasPool | [0x522efadc150d9fa30633b60c1ec45f03171f8c32](https://etherscan.io/address/0x522efadc150d9fa30633b60c1ec45f03171f8c32#code) | | interestRouter | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | gasCompZapper | [0x2b644ea568a574b1e61135e7694626941996d3d3](https://etherscan.io/address/0x2b644ea568a574b1e61135e7694626941996d3d3#code) | | leverageZapper | [0x7d5f19a1e48479a95c4eb40fd1a534585026e7e5](https://etherscan.io/address/0x7d5f19a1e48479a95c4eb40fd1a534585026e7e5#code) | #### Governance | Contract | Address | | ------------------------ | -------------------------------------------------------------------------------------------------------------------------- | | governance | [0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac](https://etherscan.io/address/0x636deb767cd7d0f15ca4ab8ea9a9b26e98b426ac#code) | | curveUsdcBoldPool | [0xadb6851875b7496e3d565b754d8a79508480a203](https://etherscan.io/address/0xadb6851875b7496e3d565b754d8a79508480a203#code) | | curveUsdcBoldGauge | [0xa8bb51606db8e81f0ac964f0855c20d9e474ab63](https://etherscan.io/address/0xa8bb51606db8e81f0ac964f0855c20d9e474ab63#code) | | curveUsdcBoldInitiative | [0xa76434d58ccc9b8277180a691148a598fd073035](https://etherscan.io/address/0xa76434d58ccc9b8277180a691148a598fd073035#code) | | curveLusdBoldPool | [0x29a760138fa530d51a100171cb5ce4ddf506af2e](https://etherscan.io/address/0x29a760138fa530d51a100171cb5ce4ddf506af2e#code) | | curveLusdBoldGauge | [0x3ac4b6da715e7963bbcfb31de39a1b139f426223](https://etherscan.io/address/0x3ac4b6da715e7963bbcfb31de39a1b139f426223#code) | | curveLusdBoldInitiative | [0x4347d2d28a3428ddf1b7cfc7f097b2128a1a0059](https://etherscan.io/address/0x4347d2d28a3428ddf1b7cfc7f097b2128a1a0059#code) | | defiCollectiveInitiative | [0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690](https://etherscan.io/address/0xdc6f869d2d34e4aee3e89a51f2af6d54f0f7f690#code) | | stakingV1 | [0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d](https://etherscan.io/address/0x4f9fbb3f1e99b56e0fe2892e623ed36a76fc605d#code) | | LQTYToken | [0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d](https://etherscan.io/address/0x6dea81c8171d0ba574754ef6f8b412f2ed88c54d#code) | | LUSDToken | [0x5f98805a4e8be255a32880fdec7f6728c6568ba0](https://etherscan.io/address/0x5f98805a4e8be255a32880fdec7f6728c6568ba0#code) | *** ### Sepolia Testnet Frontend You can run Liquity V2 on testnet here: ### Sepolia Contract Addresses #### **Shared contracts** | Contract | Address | | ------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | collateralRegistry | [0xec0f62913efa850bf7fab03663ef7364afa9e481](https://sepolia.etherscan.io/address/0xec0f62913efa850bf7fab03663ef7364afa9e481#code) | | boldToken | [0x620ce1130f7c63457784cdfa31cfccbfb6be5029](https://sepolia.etherscan.io/address/0x620ce1130f7c63457784cdfa31cfccbfb6be5029#code) | | hintHelpers | [0x71d43e3ce3c8c593773dd9b843e9db949384adc7](https://sepolia.etherscan.io/address/0x71d43e3ce3c8c593773dd9b843e9db949384adc7#code) | | multiTroveGetter | [0xd55dbe705404242cda541390361ce28ce7f50b95](https://sepolia.etherscan.io/address/0xd55dbe705404242cda541390361ce28ce7f50b95#code) | | exchangeHelpers | [0xbf0257d28388738705196887ca1deba8b70f55e1](https://sepolia.etherscan.io/address/0xbf0257d28388738705196887ca1deba8b70f55e1#code) | | USDC | [0x375a88c7ba42507b597579a99170c854b7ef1f38](https://sepolia.etherscan.io/address/0x375a88c7ba42507b597579a99170c854b7ef1f38#code) | #### **ETH branch** | Contract | Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0xea55ac45b7527e0069c14579a256a0a07b3e4235](https://sepolia.etherscan.io/address/0xea55ac45b7527e0069c14579a256a0a07b3e4235#code) | | priceFeed | [0xafccd3a66c50ccd64fb7bf22c9bd1cd6ddfe9467](https://sepolia.etherscan.io/address/0xafccd3a66c50ccd64fb7bf22c9bd1cd6ddfe9467#code) | | borrowerOperations | [0x2377b5a07bdfa02812203bab749e7bd43e4c596c](https://sepolia.etherscan.io/address/0x2377b5a07bdfa02812203bab749e7bd43e4c596c#code) | | troveManager | [0x70fa06222e169329f7a2f386ed70ad69a61228a5](https://sepolia.etherscan.io/address/0x70fa06222e169329f7a2f386ed70ad69a61228a5#code) | | troveNFT | [0xe9b841c5d2a6a1cc927ee081f1e3bd976416f387](https://sepolia.etherscan.io/address/0xe9b841c5d2a6a1cc927ee081f1e3bd976416f387#code) | | metadataNFT | [0x910ca11f5481e9bf6082fbd826c1cb395974ba8a](https://sepolia.etherscan.io/address/0x910ca11f5481e9bf6082fbd826c1cb395974ba8a#code) | | stabilityPool | [0x590991d63d081f140228c3c9fc5228cbd17b4f7d](https://sepolia.etherscan.io/address/0x590991d63d081f140228c3c9fc5228cbd17b4f7d#code) | | activePool | [0x30ed61d88e79f52ee7833335acfb8b261f472d50](https://sepolia.etherscan.io/address/0x30ed61d88e79f52ee7833335acfb8b261f472d50#code) | | defaultPool | [0x0b876a481c0d886da5cad623b60b209732cc58ce](https://sepolia.etherscan.io/address/0x0b876a481c0d886da5cad623b60b209732cc58ce#code) | | gasPool | [0x3a41fed42b1bc03e665e2e4930c9b98755566145](https://sepolia.etherscan.io/address/0x3a41fed42b1bc03e665e2e4930c9b98755566145#code) | | collSurplusPool | [0x7d04df3db7255f38546667b845fc13bdfa9a68cb](https://sepolia.etherscan.io/address/0x7d04df3db7255f38546667b845fc13bdfa9a68cb#code) | | sortedTroves | [0x4e99614ce2b74b3ed44ba391a6ec81fd8c8d453e](https://sepolia.etherscan.io/address/0x4e99614ce2b74b3ed44ba391a6ec81fd8c8d453e#code) | | balancerFlashLoan | [0x05293047baa198a368ed57033d0cb11299cb534a](https://sepolia.etherscan.io/address/0x05293047baa198a368ed57033d0cb11299cb534a#code) | | hybridCurveUniV3Exchange | [0x573630f3fbd265dac489f01bc9766590c54bc30a](https://sepolia.etherscan.io/address/0x573630f3fbd265dac489f01bc9766590c54bc30a#code) | | wethZapper | [0x40d4330501e09b5e98cc13c3f07c43d89f95d549](https://sepolia.etherscan.io/address/0x40d4330501e09b5e98cc13c3f07c43d89f95d549#code) | | leverageZapper | [0x611d0b89d7a6053e474aca719ba8435e81c4804f](https://sepolia.etherscan.io/address/0x611d0b89d7a6053e474aca719ba8435e81c4804f#code) | | interestRouter | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | collToken | [0x2442ca14d1217b4dd503e47dfdf79b774b56ea89](https://sepolia.etherscan.io/address/0x2442ca14d1217b4dd503e47dfdf79b774b56ea89#code) | #### **wstETH branch** | Contract | Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x9b751dbbd3310b490a11dd8c5754d998ad939fdf](https://sepolia.etherscan.io/address/0x9b751dbbd3310b490a11dd8c5754d998ad939fdf#code) | | metadataNFT | [0xf7f1b556f02c747749ca161f07a4a8539fc71f08](https://sepolia.etherscan.io/address/0xf7f1b556f02c747749ca161f07a4a8539fc71f08#code) | | priceFeed | [0xd204bbb0db0dfa99e218a4d4b4d3904ba7515b21](https://sepolia.etherscan.io/address/0xd204bbb0db0dfa99e218a4d4b4d3904ba7515b21#code) | | borrowerOperations | [0xee9390dd1ada7b2acd4922879f1a90f743d371ea](https://sepolia.etherscan.io/address/0xee9390dd1ada7b2acd4922879f1a90f743d371ea#code) | | troveManager | [0x71aca0d1c8ad87ced23d5816c2988d8d8a912ac3](https://sepolia.etherscan.io/address/0x71aca0d1c8ad87ced23d5816c2988d8d8a912ac3#code) | | troveNFT | [0x805e8e1cd47ae7356682b43896e1c2fcffc5979b](https://sepolia.etherscan.io/address/0x805e8e1cd47ae7356682b43896e1c2fcffc5979b#code) | | stabilityPool | [0x6e75086c9336ed7d8ab445d6458b0840dcd6c839](https://sepolia.etherscan.io/address/0x6e75086c9336ed7d8ab445d6458b0840dcd6c839#code) | | activePool | [0xf4754b41428bd79abc71a71bad1de0dea934fbab](https://sepolia.etherscan.io/address/0xf4754b41428bd79abc71a71bad1de0dea934fbab#code) | | defaultPool | [0xe9056ef43eaf59d2682bf244c5af1e1bf9474ec5](https://sepolia.etherscan.io/address/0xe9056ef43eaf59d2682bf244c5af1e1bf9474ec5#code) | | gasPool | [0x6d25cf5e7aa5eaf70a16dba6831cdd1ffb69a21d](https://sepolia.etherscan.io/address/0x6d25cf5e7aa5eaf70a16dba6831cdd1ffb69a21d#code) | | collSurplusPool | [0x7fb0cb41260df876faedb7e64a5468286a04be0f](https://sepolia.etherscan.io/address/0x7fb0cb41260df876faedb7e64a5468286a04be0f#code) | | sortedTroves | [0xd85acae94be8f94c4fc30318f8b651b2987ca37c](https://sepolia.etherscan.io/address/0xd85acae94be8f94c4fc30318f8b651b2987ca37c#code) | | balancerFlashLoan | [0x16abfe2700396cde719b5e313091c8ad460ec320](https://sepolia.etherscan.io/address/0x16abfe2700396cde719b5e313091c8ad460ec320#code) | | hybridCurveUniV3Exchange | [0xa5ccde5af851d78206cdf6e1b9d9287d58426bb3](https://sepolia.etherscan.io/address/0xa5ccde5af851d78206cdf6e1b9d9287d58426bb3#code) | | gasCompZapper | [0x9c600e1f10891133088bf427cd84ddf4e6c0c90a](https://sepolia.etherscan.io/address/0x9c600e1f10891133088bf427cd84ddf4e6c0c90a#code) | | leverageZapper | [0xde780649ec22108d970ff1b79f5f8884610821f0](https://sepolia.etherscan.io/address/0xde780649ec22108d970ff1b79f5f8884610821f0#code) | | interestRouter | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | collToken | [0x4d5627c9f87b094a0a78a9fed0027e1a701be0ea](https://sepolia.etherscan.io/address/0x4d5627c9f87b094a0a78a9fed0027e1a701be0ea#code) | #### **rETH branch** | Contract | Address | | ------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- | | addressesRegistry | [0x062a494967b691682b18f42854c990f97fe789a8](https://sepolia.etherscan.io/address/0x062a494967b691682b18f42854c990f97fe789a8#code) | | metadataNFT | [0x079899f15ef59fc2c28f8f1e32686c341cd67151](https://sepolia.etherscan.io/address/0x079899f15ef59fc2c28f8f1e32686c341cd67151#code) | | priceFeed | [0x75e613ba221c70d22ee7f0868ba9b117a55ea458](https://sepolia.etherscan.io/address/0x75e613ba221c70d22ee7f0868ba9b117a55ea458#code) | | borrowerOperations | [0xcd251e282c0ee7c8e3e687303f14c0facf8487c7](https://sepolia.etherscan.io/address/0xcd251e282c0ee7c8e3e687303f14c0facf8487c7#code) | | troveManager | [0xa8a2446696d9f3f49c39f020a5d6d34cbf3d81f4](https://sepolia.etherscan.io/address/0xa8a2446696d9f3f49c39f020a5d6d34cbf3d81f4#code) | | troveNFT | [0xfb3293ce0cdb40341716d845701476ea9d713a51](https://sepolia.etherscan.io/address/0xfb3293ce0cdb40341716d845701476ea9d713a51#code) | | stabilityPool | [0x4225a65051b71980333b9afddb7b2b8d41d07c0f](https://sepolia.etherscan.io/address/0x4225a65051b71980333b9afddb7b2b8d41d07c0f#code) | | activePool | [0x085280ae23ec9366fca52d898c2097f555ce76a6](https://sepolia.etherscan.io/address/0x085280ae23ec9366fca52d898c2097f555ce76a6#code) | | defaultPool | [0x8bc86c4f73fd3ae9e2a7857b606189a87dc1f35e](https://sepolia.etherscan.io/address/0x8bc86c4f73fd3ae9e2a7857b606189a87dc1f35e#code) | | gasPool | [0x706810d9050380339a4efe25e3a65643e226c8b1](https://sepolia.etherscan.io/address/0x706810d9050380339a4efe25e3a65643e226c8b1#code) | | collSurplusPool | [0xa8d6015e862293cd3884b8143d9d805ba080d7a9](https://sepolia.etherscan.io/address/0xa8d6015e862293cd3884b8143d9d805ba080d7a9#code) | | sortedTroves | [0x9efa62bcf2b329c54e70f8d9ca028a7afa5035f7](https://sepolia.etherscan.io/address/0x9efa62bcf2b329c54e70f8d9ca028a7afa5035f7#code) | | balancerFlashLoan | [0x14699779ad6ea3d972b561f543e849ddf1122914](https://sepolia.etherscan.io/address/0x14699779ad6ea3d972b561f543e849ddf1122914#code) | | hybridCurveUniV3Exchange | [0xc1849f54e225495b9638dfcc5379b278377d20a9](https://sepolia.etherscan.io/address/0xc1849f54e225495b9638dfcc5379b278377d20a9#code) | | gasCompZapper | [0xa57fa8ad19e63ebdfc1f31de7e7f608e8a53f532](https://sepolia.etherscan.io/address/0xa57fa8ad19e63ebdfc1f31de7e7f608e8a53f532#code) | | leverageZapper | [0x13fc23b17ad52a9a0baae6ceb506f7d85e92b0a8](https://sepolia.etherscan.io/address/0x13fc23b17ad52a9a0baae6ceb506f7d85e92b0a8#code) | | interestRouter | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | collToken | [0x10f8d8422a36ba75ae3381815ea72638dda0088c](https://sepolia.etherscan.io/address/0x10f8d8422a36ba75ae3381815ea72638dda0088c#code) | #### **Governance** | Contract | Address | | ----------------------------- | ---------------------------------------------------------------------------------------------------------------------------------- | | governance | [0x16fda5823f296c24125be4976fd6cec9fab9da2e](https://sepolia.etherscan.io/address/0x16fda5823f296c24125be4976fd6cec9fab9da2e#code) | | uniV4DonationsInitiative | [0x0d5f5dc35ffaf4ed1cab53b44e09e6c5e845d400](https://sepolia.etherscan.io/address/0x0d5f5dc35ffaf4ed1cab53b44e09e6c5e845d400#code) | | curveV2GaugeRewardsInitiative | N/A | | curvePool | N/A | | gauge | N/A | | LQTYToken | [0xce6363411f571fc947e82f415458ae6e6731049d](https://sepolia.etherscan.io/address/0xce6363411f571fc947e82f415458ae6e6731049d#code) | # Audit upload {% file src="/files/LNLLARfZDlAyU26bS2Ra" %} # Official Liquity Documentation
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#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#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="" %} 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/). # General ### **What is Liquity?** Liquity is a decentralized borrowing protocol that allows you to draw [interest-free loans](/liquity-v1/faq/borrowing) against Ether used as [collateral](/liquity-v1/faq/borrowing#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#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](/liquity-v1/faq/stability-pool-and-liquidations#what-is-the-stability-pool) containing LUSD and by fellow borrowers collectively acting as guarantors of last resort. Learn more about these mechanisms under [Liquidation](/liquity-v1/faq/stability-pool-and-liquidations#what-are-liquidations). Liquity as a protocol is non-custodial, immutable, and governance-free. ### **What’s the motivation behind Liquity?** Stable-value assets are an essential building block for Ethereum applications and have grown to represent tens of billions of dollars in value. However, the vast majority of this value is in the form of fiat-collateralized stablecoins like Tether and USDC. Decentralized stablecoins like DAI and sUSD make up only a small portion of the total stablecoin supply, meaning the vast majority of stablecoins are centralized. Liquity addresses this by creating a more capital efficient and user-friendly way to borrow stablecoins. Furthermore, Liquity is governance-free, ensuring that the protocol remains decentralized. ### **What are the key benefits of Liquity?** Liquity’s key benefits include: * [0% interest rate](/liquity-v1/faq/borrowing#how-can-you-offer-borrowing-at-a-0-interest-rate) — as a borrower, there’s no need to worry about constantly accruing debt * [Minimum collateral ratio](/liquity-v1/faq/borrowing#what-is-the-minimum-collateral-ratio-mcr-and-the-recommended-collateral-ratio) of `110%` — more efficient usage of deposited ETH * Governance free — all operations are algorithmic and fully automated, and protocol parameters are set at time of contract deployment * Directly [redeemable](/liquity-v1/faq/lusd-redemptions#what-are-redemptions) — LUSD can be redeemed at face value for the underlying collateral at any time * Fully decentralized — Liquity contracts have no admin keys and will be accessible via multiple interfaces hosted by different [Frontend Operators](/liquity-v1/faq/frontend-operators), making it censorship resistant ### **Can Liquity be upgraded or changed?** No. Liquity has no admin key, and nobody can alter the rules of the system in any way. The smart contract code is completely immutable. ### **How can I use Liquity?** You first need to choose a web interface (aka [frontend](/liquity-v1/faq/frontend-operators)) to access the system. The core team building the protocol **will not** operate a frontend. Liquity is instead accessed by third-party frontend applications and integration services. You can find a list of frontends [here](https://www.liquity.org/frontend). ### What are the main use cases of Liquity? 1. Borrow LUSD against ETH by opening a [Trove](/liquity-v1/faq/borrowing#what-is-a-trove) 2. Secure Liquity by providing LUSD to the [Stability Pool](/liquity-v1/faq/stability-pool-and-liquidations#what-is-the-stability-pool) in exchange for rewards 3. Stake LQTY to earn the fee revenue paid for borrowing or redeeming LUSD 4. Redeem `1 LUSD` for `1 USD` worth of ETH when the LUSD peg falls below `$1` ### What are LUSD and LQTY? LUSD is the USD-pegged stablecoin used to pay out loans on the Liquity protocol. At any time it can be redeemed against the underlying [collateral](/liquity-v1/faq/borrowing#what-do-you-mean-by-collateral) at face value. Learn more about the [stability mechanism](https://docs.liquity.org/faq/lusd-redemptions). LQTY is the secondary token issued by Liquity. It captures the fee revenue that is generated by the system and incentivizes early adopters and frontends. The total LQTY supply is capped at `100,000,000 tokens`. For more information on how the tokens are allocated and released over time, please refer to [LQTY Rewards and Distribution](https://docs.liquity.org/faq/lqty-distribution-and-rewards). ### What do I need in order to use Liquity? To borrow LUSD, all you need is a wallet (e.g. MetaMask) and sufficient Ether to open a [Trove](/liquity-v1/faq/borrowing#what-is-a-trove) and pay the gas fees. To become a [Stability Pool](/liquity-v1/faq/stability-pool-and-liquidations#what-is-the-stability-pool) depositor or LQTY staker, you need to have LUSD and/or LQTY tokens. LUSD can be borrowed by opening a Trove while LQTY can be earned as a Stability Pool depositor. You can also use Uniswap or another (decentralized) exchange to buy the tokens on the open market. ### Does Liquity charge any fees? There is a one-off fee whenever LUSD is borrowed, and when LUSD is redeemed: * For borrowers, there is a borrowing fee on loans as a percentage of the drawn amount (in LUSD). * For redeemers, there is a redemption fee on the amount paid to users by the system (in ETH) when exchanging LUSD for ETH. Note that redemption is separate from repaying your loan as a borrower, which is free of charge. Both fees depend on the redemption volumes, i.e. they increase upon every redemption in function of the redeemed amount, and decay over time as long as no redemptions take place. The intent is to throttle large redemptions with higher fees, and to throttle borrowing directly after large redemption volumes. The fee decay over time ensures that the fee for both borrowers and redeemers will “cool down”, while redemptions volumes are low. The fees cannot become smaller than `0.5%` (except in [Recovery Mode](https://docs.liquity.org/faq/recovery-mode#what-are-the-fees-during-recovery-mode)), which protects the redemption facility from being misused by arbitrageurs front-running the price feed. The borrowing fee is capped at `5%`, keeping the system (somewhat) attractive for borrowers even in phases where the monetary is contracting due to redemptions. Other than that, the two fees are identical and are depicted as "Fee" in the following exemplary chart: ![](/files/HhZeVWyltq3Dds5Zd28q) ### How can I earn money using Liquity? There are two different ways to generate revenue using Liquity: * Deposit LUSD to the [Stability Pool](/liquity-v1/faq/stability-pool-and-liquidations#what-is-the-stability-pool) and earn liquidation gains (in ETH) and LQTY rewards. * [Stake](/liquity-v1/faq/staking) LQTY and earn LUSD and ETH revenue from borrowing and redemption fees. ### Can I lose my funds? As a non-custodial system, all the tokens sent to the protocol will be held and managed algorithmically without the interference of any person or legal entity. That means your funds will only be subject to the rules set forth in the smart contract code, which has been audited twice by Trail of Bits and once by Coinspect (find their reports [here](https://docs.liquity.org/documentation/resources)). There are two scenarios under which you may lose a part of your funds: * You are a borrower (Trove owner) and your collateral in ETH is [liquidated](/liquity-v1/faq/stability-pool-and-liquidations#what-are-liquidations). You will still keep your borrowed LUSD, but your Trove will be closed and your collateral will be used to compensate [Stability Pool](/liquity-v1/faq/stability-pool-and-liquidations#what-is-the-stability-pool) depositors. * You are a Stability Pool depositor and your deposited LUSD is used to repay debt from liquidated borrowers. Since liquidations are triggered any time borrowers’ collateral drops below `110%`, you will receive more ETH in return with a very high probability. However, if ETH decreases in price and you maintain exposure, you may lose value in your total pool deposits. Please note that LUSD isn't perfectly pegged to the USD, and can deviate slightly in both directions under certain market conditions. See [On Price Stability of LUSD](https://www.liquity.org/blog/on-price-stability-of-liquity) for more details. Although the system is diligently audited, a hack or a bug that results in losses for the users can never be fully excluded (see [disclaimer](https://liquity.org/disclaimer)). # Borrowing ### **Why would I use Liquity for borrowing?** Liquity protocol offers interest-free loans and is more capital efficient than other borrowing systems (i.e. less collateral is needed for the same loan). Instead of selling Ether to have liquid funds, you can use the protocol to lock up your Ether, borrow against the collateral to withdraw LUSD, and then repay your loan at a future date. For example: Borrowers speculating on future Ether price increases can use the protocol to leverage their Ether positions up to `11 times`, increasing their exposure to price changes. This is possible because LUSD can be borrowed against Ether, sold on the open market to purchase more Ether — rinse and repeat.\* \**Note: This is not a recommendation for how to use Liquity. Leverage can be risky and should be used only by those with experience.* ### **What do you mean by collateral?** Collateral is any asset which a borrower must provide to take out a loan, acting as a security for the debt. Currently, Liquity only supports ETH as collateral. ### Is Ether (ETH) the only collateral accepted by Liquity? Yes, ETH is the *only* collateral type accepted by Liquity. ### **How can the protocol offer interest-free borrowing?** The protocol charges one-time borrowing and redemption fees that algorithmically adjust based on the last redemption time. For example: If more redemptions are happening (which means LUSD is likely trading at less than 1 USD), the borrowing fee would continue to increase, discouraging borrowing. Other systems (e.g. MakerDAO) require variable interest rates to make borrowing more or less favorable, but do so implicitly since borrowers would not feel the impact upfront. Given that this also needs to be managed via governance, Liquity instead opts for a fully decentralized and direct feedback mechanism via one-off fees. ### **How can I borrow with Liquity?** To borrow you must open a Trove and deposit a certain amount of collateral (ETH) to it. Then you can draw LUSD up to a collateral ratio of `110%`. A **minimum debt** of `2,000 LUSD` is required. ### **What is a Trove?** A Trove is where you take out and maintain your loan. Each Trove is linked to an Ethereum address and each address can have just one Trove. If you are familiar with Vaults or CDPs from other platforms, Troves are similar in concept. Troves maintain two balances: one is an asset (ETH) acting as collateral and the other is a debt denominated in LUSD. You can change the amount of each by adding collateral or repaying debt. As you make these balance changes, your Trove’s collateral ratio changes accordingly. You can close your Trove at any time by fully paying off your debt. ### **Do I have to pay fees as a borrower?** Every time you draw LUSD from your Trove, a one-off borrowing fee is charged on the drawn amount and added to your debt. Please note that the borrowing fee is variable (and determined algorithmically) and has a minimum value of `0.5%` under normal operation. The fee is `0%` during [Recovery Mode](https://docs.liquity.org/faq/recovery-mode).\ \ A `200 LUSD` [Liquidation Reserve](#what-is-the-liquidation-reserve) charge will be applied as well, but returned to you upon repayment of debt. Another consideration is the price of LUSD at the time of repayment. If at the time you want to repay your loan LUSD is trading at $1.02 on the market and you need to buy it, you are incurring a 2% 'fee'. You can avoid this by having your borrowed funds readily available or by being able to wait for LUSD to return to peg. ### **How is the borrowing fee calculated?** The borrowing fee is added to the debt of the Trove and is given by a `baseRate` . The fee rate is confined to a range between `0.5%` and `5%` and is multiplied by the amount of liquidity drawn by the borrower. For example: The borrowing fee stands at `0.5%` and the borrower wants to receive `4,000 LUSD` to their wallet. Being charged a borrowing fee of `20.00 LUSD`, the borrower will incur a debt of`4,220 LUSD` after the Liquidation Reserve and issuance fee are added. ### **When do I need to pay my loan back?** Loans issued by the protocol do not have a repayment schedule. You can leave your Trove open and repay your debt any time, as long as you maintain a collateral ratio of at least `110%`. ### What is the collateral ratio? This is the ratio between the Dollar value of the collateral in your Trove and its debt in LUSD. The collateral ratio of your Trove will fluctuate over time as the price of Ether changes. You can influence the ratio by adjusting your Trove’s collateral and/or debt — i.e. adding more ETH collateral or paying off some of your debt. For example: Let’s say the current price of ETH is `$3,000` and you decide to deposit `10 ETH`. If you borrow `10,000 LUSD`, then the collateral ratio for your Trove would be `300%`. $$\frac{10 ETH \ \* \ $3.000}{10.000 \ LUSD} \* 100% = 300%$$ If you instead took out `25,000 LUSD` that would put your ratio at `120%`. ### **What is the minimum collateral ratio (MCR) and the "recommended" collateral ratio?** The minimum collateral ratio (or MCR for short) is the lowest ratio of debt to collateral that will not trigger a liquidation under normal operations (aka Normal Mode). This is a protocol parameter that is set to `110%`. So if your Trove has a debt `10,000 LUSD`, you would need at least `$11,000` worth of Ether posted as collateral to avoid being liquidated. To avoid liquidation during [Recovery Mode](https://docs.liquity.org/faq/recovery-mode), it is recommended to keep ratio comfortably above `150%` (e.g. `200%` or better `250%`). ### **What happens if my Trove is liquidated?** You lose your collateral as your debt is paid off through [liquidation](https://docs.liquity.org/faq/stability-pool-and-liquidations#what-are-liquidations), i.e. you will no longer be able to retrieve your collateral by repaying your debt. A liquidation thus results in a net loss of `9.09% (= 100% * 10 / 110)` of your collateral’s Dollar value. ### **What is the Liquidation Reserve?** When you open a Trove and draw a loan, `200 LUSD` is set aside as a way to compensate gas costs for the transaction sender in the event your Trove being liquidated. The Liquidation Reserve is fully refundable if your Trove is not liquidated, and is given back to you when you close your Trove by repaying your debt. The Liquidation Reserve counts as debt and is taken into account for the calculation of a Trove's collateral ratio, slightly increasing the actual collateral requirements. ### **What happens if my Trove is redeemed against?** When LUSD is redeemed, the ETH provided to the redeemer is allocated from the Trove(s) with the lowest collateral ratio (even if it is above `110%`). If at the time of redemption you have the Trove with the lowest ratio, you will give up some of your collateral, but your debt will be reduced accordingly. The USD value by which your ETH collateral is reduced corresponds to the nominal LUSD amount by which your Trove’s debt is decreased. You can think of redemptions as if somebody else is repaying your debt and retrieving an equivalent amount of your collateral. As a positive side effect, redemptions improve the collateral ratio of the affected Troves, making them less risky. Redemptions that do not reduce your debt to 0 are called partial redemptions, while redemptions that fully pay off a Trove’s debt are called full redemptions. In such a case, your Trove is closed, and you can claim your collateral surplus and the Liquidation Reserve at any time. Let’s say you own a Trove with `2 ETH` collateralized and a debt of `3,200 LUSD`. The current price of ETH is `$2,000`. This puts your collateral ratio (CR) at `125% (= 100% * (2 * 2,000) / 3,200)`. Let’s imagine this is the lowest CR in the Liquity system and look at two examples of a partial redemption and a full redemption: **Example of a partial redemption** Somebody redeems `1,200 LUSD` for `0.6 ETH` and thus repays `1,200 LUSD` of your debt, reducing it from `3,200 LUSD` to `2,000 LUSD`. In return, `0.6 ETH,` worth `$1,200`, is transferred from your Trove to the redeemer. Your collateral goes down from `2 to 1.4 ETH`, while your collateral ratio goes up from `125%` to `140% (= 100% * (1.4 * 2,000) / 2,000)`. **Example of a full redemption** Somebody redeems `6,000 LUSD` for `3 ETH`. Given that the redeemed amount is larger than your debt minus `200 LUSD` (set aside as a Liquidation Reserve), your debt of `3,200 LUSD` is entirely cleared and your collateral gets reduced by `$3,000` of ETH, leaving you with a collateral of`0.5 ETH (= 2 - 3,000 / 2,000)`. ### How can you offer a collateral ratio as low as 110%? By making liquidation instantaneous and more efficient, Liquity needs less collateral to provide the same security level as similar protocols that rely on lengthy auction mechanisms to sell off collateral in liquidations. ### **How can I take advantage of leverage?** You can sell the borrowed LUSD on the market for ETH and use the latter to top up the collateral of your Trove. That allows you to draw and sell more LUSD, and by repeating the process you can reach the desired leverage ratio. Assuming perfect price stability (`1 LUSD = $1`), the maximum achievable leverage ratio is `11x`. It is given by the formula: maximum leverage ratio =$$\frac{MCR}{(MCR - 100%)}$$where MCR is the Minimum Collateral Ratio. ### **Why did the collateral and debt of my Trove increase without my intervention?** If Troves are liquidated and the Stability Pool is empty (or gets emptied due to the liquidation), every borrower will receive a portion of the liquidated collateral and debt as part of a redistribution process. # Stability Pool and Liquidations ### What is the Stability Pool? The Stability Pool is the first line of defense in maintaining system solvency. It achieves that by acting as the source of liquidity to repay debt from [liquidated](#what-are-liquidations) Troves—ensuring that the total LUSD supply always remains backed. When any [Trove](/liquity-v1/faq/borrowing#what-is-a-trove) is liquidated, an amount of LUSD corresponding to the remaining debt of the Trove is burned from the Stability Pool’s balance to repay its debt. In exchange, the **entire collateral** from the Trove is transferred to the Stability Pool. The Stability Pool is funded by users transferring LUSD into it (called Stability Providers). Over time Stability Providers lose a pro-rata share of their LUSD deposits, while gaining a pro-rata share of the liquidated collateral. However, because Troves are likely to be liquidated at just below `110%` collateral ratios, it is expected that Stability Providers will receive a greater dollar-value of collateral relative to the debt they pay off. ### Why should I deposit LUSD to the Stability Pool? Stability Providers will make liquidation gains ([see below](#how-do-i-benefit-as-a-depositor-from-liquidations)) and receive early adopter rewards in form of LQTY tokens. ### What are liquidations? To ensure that the entire stablecoin supply remains fully backed by collateral, [Troves](/liquity-v1/faq/borrowing#what-is-a-trove) that fall under the minimum collateral ratio of `110%` will be closed (liquidated). The debt of the Trove is canceled and absorbed by the Stability Pool and its collateral distributed among Stability Providers. The owner of the Trove still keeps the full amount of LUSD borrowed but loses `~10%` value overall hence it is critical to always keep the ratio above `110%`, ideally above `150%`. ### Who can liquidate Troves? Anybody can liquidate a Trove as soon as it drops below the Minimum Collateral Ratio of `110%`. The initiator receives a gas compensation (`200 LUSD` + `0.5%` of the Trove's collateral) as reward for this service. ### How am I compensated for liquidating a Trove? The liquidation of Troves is connected with certain gas costs which the initiator has to cover. The cost per Trove was reduced by implementing batch liquidations of up to 160 **-** 185 Troves but with the aim of ensuring that liquidations remain profitable even in times of soaring gas prices the protocol offers a gas compensation given by the following formula: `gas compensation = 200 LUSD + 0.5% of Trove's collateral (ETH)` The `200 LUSD` is funded by a [Liquidation Reserve](/liquity-v1/faq/borrowing#what-is-the-liquidation-reserve) while the variable `0.5%` part (in ETH) comes from the liquidated collateral, slightly reducing the liquidation gain for Stability Providers.� ### How do I benefit as a Stability Provider from liquidations? As liquidations happen just below a collateral ratio of `110%`, you will most likely experience a net gain whenever a [Trove](/liquity-v1/faq/borrowing#what-is-a-trove) is liquidated. Let’s say there is a total of `1,000,000 LUSD` in the Stability Pool and your deposit is `100,000 LUSD`. Now, a Trove with debt of `200,000 LUSD` and collateral of `400 ETH` is liquidated at an Ether price of `$545`, and thus at a collateral ratio of `109% (= 100% * (400 * 545) / 200,000)`. Given that your pool share is `10%`, your deposit will go down by `10%` of the liquidated debt (`20,000 LUSD`), i.e. from `100,000` to `80,000 LUSD`. In return, you will gain `10%` of the liquidated collateral, i.e. `40 ETH`, which is currently worth `$21,800`. Your net gain from the liquidation is `$1,800`. Note that depositors can immediately withdraw the collateral received from liquidations and sell it to reduce their exposure to ETH, if the USD value of ETH is expected to decrease (for an exception see[ Can I withdraw my deposit whenever I want?](#can-i-withdraw-my-deposit-whenever-i-want)). ### How do I benefit as a Stability Provider from early adopter rewards? First you need to open a Trove, borrow LUSD, and deposit it to the Stability Pool. After making your deposit, you will start accumulating a reward (in LQTY) proportional to the size of your deposit on a continuous basis. The reward is calculated according to the rewards schedule and the [kickback rate](/liquity-v1/faq/frontend-operators#what-is-the-kickback-rate) of the front end that you used for making the deposit. Rewards will be the highest for early adopters of the system. At any point in time, you can withdraw your pending rewards to your Ethereum address. ### Can I withdraw my deposit whenever I want? As a general rule, you can withdraw the deposit made to the Stability Pool at any time. There is no minimum lockup duration. However, withdrawals are temporarily suspended whenever there are liquidatable [Troves](/liquity-v1/faq/borrowing#what-is-a-trove) with a collateral ratio below `110%` that have not been liquidated yet. ### What oracle are you using to determine the price of ETH? The protocol uses [Chainlink’s ETH:USD](https://data.chain.link/ethereum/mainnet/crypto-usd/eth-usd) price feed, falling back to the [Tellor](https://www.tellor.io) ETH:USD oracle under the following (extreme) conditions: * Chainlink price has not been updated for more than `4 hours` * Chainlink response call reverts, returns an invalid price or an invalid timestamp * The price change between two consecutive Chainlink price updates is `>50%`. ### Can I lose money by depositing funds to the Stability Pool? While liquidations will occur at a collateral ratio well above `100%` most of the time, it is theoretically possible that a [Trove](/liquity-v1/faq/borrowing#what-is-a-trove) gets liquidated below `100%` in a flash crash or due to an oracle failure. In such a case, you may experience a loss since the collateral gain will be smaller than the reduction of your deposit. If LUSD is trading above `$1`, liquidations may become unprofitable for Stability Providers even at collateral ratios higher than `100%`. However, this loss is hypothetical since LUSD is expected to return to the peg, so the “loss” only materializes if you had withdrawn your deposit and sold the LUSD at a price above `$1`. Please note that although the system is diligently audited, a hack or a bug that results in losses for the users can never be fully excluded. ### What happens if the Stability Pool is empty when liquidations occur? If the Stability Pool is empty, the system uses a secondary liquidation mechanism called redistribution. In such a case, the system redistributes the debt and collateral from liquidated Troves to all other existing Troves. The redistribution of debt and collateral is done in proportion to the recipient Trove's collateral amount. Here's an example from our [whitepaper](https://docsend.com/view/bwiczmy): ![](/files/0fT3Z6D0l7otLtVMehNT) # Redemptions and LUSD Price Stability ### How does LUSD closely follow the price of USD? The ability to redeem LUSD for ETH at face value (i.e. 1 LUSD for $1 of ETH) and the minimum collateral ratio of `110%` create a price floor and price ceiling (respectively) through arbitrage opportunities. We call these "hard peg mechanisms" since they are based on direct processes. LUSD also benefits from less direct mechanisms for USD parity — called "soft peg mechanisms". One of these mechanisms is parity as a Schelling point. Since Liquity treats LUSD as being equal to USD, parity between the two is an implied equilibrium state of the protocol. Another of these mechanisms is the borrowing fee on new debts. As redemptions increase (implying LUSD is below $1), so too does the `baseRate` — making borrowing less attractive which keeps new LUSD from hitting the market and driving the price below $1. Read more about the price stability of LUSD [here](https://www.liquity.org/blog/on-price-stability-of-liquity). ### What are redemptions? A redemption is the process of exchanging LUSD for ETH at face value, as if 1 LUSD is exactly worth $1. That is, for x LUSD you get x Dollars worth of ETH in return. Users can redeem their LUSD for ETH at any time without limitations. However, a redemption fee might be charged on the redeemed amount. For example, if the current redemption fee is 1%, the price of ETH is $500 and you redeem 100 LUSD, you would get 0.198 ETH (0.2 ETH minus a redemption fee of 0.002 ETH). Note that the redeemed amount is taken into account for calculating the base rate and might have an impact on the redemption fee, especially if the amount is large. Read more about redemptions [here](https://www.liquity.org/blog/understanding-liquitys-redemption-mechanism). ### Is a redemption the same as paying back my debt? No, redemptions are a completely separate mechanism. All one has to do to pay back their debt is adjust their Trove's debt and collateral. ### How is the redemption fee calculated? Under normal operation, the redemption fee is given by the formula `(baseRate + 0.5%) * ETHdrawn` ### How is the `baseRate` calculated? Redemption fees are based on the `baseRate` state variable in Liquity, which is dynamically updated. The `baseRate` increases with each redemption, and decays to 0 over time with a 12 hour half life. Upon each redemption: * `baseRate` is decayed based on time passed since the last fee event * `baseRate` is incremented by an amount proportional to the fraction of the total LUSD supply that was redeemed * The redemption fee is given by `(baseRate + 0.5%) * ETHdrawn` `baseRateNew = baseRateOld + redeemedLUSD / (2 * totalLUSD)` Where `baseRateOld` is the value just prior to this redemption, and `baseRateNew` is the new value (and gets applied to this redemption). ### As a borrower, do I lose money if I'm redeemed against? If your Trove is redeemed against, you *do not* incur a net loss. However, you will lose some of your ETH exposure. Your Trove's collateral ratio will also improve after a redemption. ### How can I avoid being redeemed against? The best way to avoid being redeemed against is by maintaining a high collateral ratio relative to the rest of the Trove's in the system. Remember: The riskiest Troves (i.e. lowest collateralized Troves) are first in line when a redemption takes place. # Frontend Operators ### **Why should I become a Frontend Operator?** Frontend Operators provide a web interface to the end-user enabling them to interact with the Liquity protocol. For that service, they will be rewarded with a share of the LQTY tokens their users generate. LQTY rewards are being awarded to Stability Pool depositors and then proportionally shared between the users themselves and the Frontend Operator. How much each party gets is determined by the Kickback Rate which is set by the Frontend Operator and can range between 0% and 100%. Setting a *high* Kickback Rate will make the Frontend Operator attractive to users\*\*,\*\* but offering a nice interface and additional functionalities might allow for a lower kickback rate while still garnering user interest. Check the [Liquity Runs on Decentralized Frontends](https://youtu.be/ipbNQMiIy1M) video for more details. ### How can I run a frontend? You can either install our [front end launch kit](https://github.com/liquity/liquity) or integrate our protocol in your environment using our [Frontend SDK](https://docs.liquity.org/documentation/sdk). ### What type of rewards do I receive as a frontend? Frontend rewards are paid out in LQTY. Learn more about LQTY [here](/liquity-v1/faq/general#what-are-lusd-and-lqty). ### How is a frontend’s reward share calculated? Rewards are calculated based on the total deposits tagged by the frontend. In a LQTY reward event generating `LQTY_d` for a deposit `d` made through a frontend with kickback rate`k`, the frontend receives`(1-k)*LQTY_d` and the user receives`k * LQTY_d`. ### Where do frontend rewards come from? Frontend rewards come from the same pool as user rewards. Frontends earn a share of the 32,000,000 LQTY being distributed to users based on the frontend's kickback rate and the total rewards accrued by its users. ### How are frontend rewards paid out? Each [Stability Pool ](/liquity-v1/faq/stability-pool-and-liquidations#what-is-the-stability-pool)deposit is tagged by the Ethereum address of the front end through which the deposit was made. This address is where the frontend’s LQTY rewards accrue. ### How do frontend tags work? A frontend tag is applied to a Stability Pool deposit when a user calls `provideToSP(uint _amount, address _frontEndTag)`. This tag will remain attached to a user's deposit *even if they use another frontend*. The tag can also be a 0 address, meaning the user will receive 100% of their accrued LQTY rewards. In order to add a new frontend tag and benefit from a different kickback rate, a user will have to completely withdraw their Stability Pool deposit, and redeposit using the new frontend and new tag. As a Frontend Operator, keeping this dynamic in mind is important. ### Do frontends have to be pre-approved? No, registering with Liquity's smart contracts as a frontend is a trustless process. This is done by calling the `registerFrontEnd(uint _kickbackRate)` function on the Stability Pool smart contract. The kickback rate is a value between \[0,1] (e.g. 0.8 = 80% kickback rate). ### How does a frontend get added to the liquity.org registry? Frontends can view the registry listing process [here](https://github.com/liquity/frontend-registry). ### What is the kickback rate? In order to ensure that the Liquity protocol is decentralized from day 1, the Liquity team will not host or run a frontend to interact with the Liquity contracts. As such, it is incumbent upon Liquity community members to act as Frontend Operators and run interfaces for users. In order to incentivize this behavior, each Frontend Operator may set a rate between 0 and 100% that determines the fraction of LQTY that will be paid out as a kickback to the Stability Providers using the frontend. If a frontend set the kickback rate to 60%, their users would receive 60% of their earned rewards while the frontend receives the remaining 40%. ### Can a Frontend Operator change their kickback rate? Yes and no. Once an address is registered as a frontend with the Stability Pool and has a specified kickback rate, *it cannot be changed*. However, if a Frontend Operator wishes to change their kickback rate, they must register a *new frontend address* with a new kickback rate. For user's to take advantage of the new kickback rate, they will have to withdraw their deposit and deposit again with the new frontend tag. ### Why doesn’t the Liquity team run a frontend? Not running our own frontend increases censorship resistance and decentralization, but also helps us bootstrap a distributed ecosystem. # LQTY Rewards and Distribution ### What is LQTY? LQTY is the secondary token issued by the Liquity protocol. It captures the fee revenue that is generated by the system and incentivizes early adopters and Frontend Operators. LQTY rewards will only accrue to Stability Providers — i.e. users who deposit LUSD to the Stability Pool, frontends who facilitate those deposits, and liquidity providers of the LUSD:ETH Uniswap pool. *As technical rewards, they are based on a preprogrammed functionality of the protocol and not on a claim towards Liquity AG or any third party.* ### What is LQTY's max supply? LQTY has a max supply of 100,000,000 tokens. ### Is LQTY a governance token? No. LQTY is not a governance token, as there is no Liquity governance. ### How can I earn LQTY? LQTY is earned in three ways: * Depositing LUSD into the [Stability Pool](/liquity-v1/faq/stability-pool-and-liquidations#what-is-the-stability-pool). * Facilitating Stability Pool deposits through your [frontend](/liquity-v1/faq/frontend-operators). * Providing liquidity to the LUSD:ETH Uniswap pool. ### What can I do with LQTY? LQTY holders can stake their tokens to earn the fees generated by loan issuance and LUSD [redemptions](/liquity-v1/faq/lusd-redemptions#what-are-redemptions). Learn more about [staking](/liquity-v1/faq/staking). ### What is LQTY's distribution schedule? LQTY's community issuance (outside of LP incentives and the Community Reserve) follows a yearly halving schedule, described by the following function: `32,000,000 * (1–0.5^year)`. The purpose of this issuance curve is to favorably incentivize early adopters while also maintaining incentives for the long term. ### What are LQTY's genesis allocations? Information on LQTY's genesis allocations can be found [here](https://medium.com/liquity/liquity-launch-details-4537c5ffa9ea). ### Was there an LQTY airdrop? No. LQTY could only be earned by the methods mentioned above. # LQTY Staking All of the revenue the protocol makes is diverted to LQTY stakers. By staking LQTY you are entitled to a pro-rate share of it. ### How does staking work in Liquity? To start staking all you need to do is deposit your LQTY token to the Liquity staking contract. Once done you will start earning a pro rata share of the borrowing and redemption fees in LUSD and ETH. For more details watch this step-by-step [video](https://youtu.be/hlUoHh_5Jn8). ### How much will my staked LQTY earn? Your LQTY stake will earn a share of the fees equal to your share of the total LQTY staked, at the instant the fee occurred. ### Is there a lock-up period? No, you can withdraw your staked funds at any time. ### Can I stake LUSD? You can only stake LQTY tokens. LUSD can be deposited into the [Stability Pool](/liquity-v1/faq/stability-pool-and-liquidations#what-is-the-stability-pool) instead. ### Are staked LQTY tokens used to backstop the system (like Maker) or for governance? No, staked LQTY are not used to backstop the Liquity system and are not used for governance as there is no Liquity governance. # Recovery Mode ### What is Recovery Mode? Recovery Mode kicks in when the [Total Collateral Ratio (TCR)](https://docs.liquity.org/faq/recovery-mode#what-is-the-total-collateralization-ratio) of the system falls below `150%`. During Recovery Mode, Troves with a collateral ratio **below 150%** can be liquidated. Moreover, the system blocks borrower transactions that would further decrease the TCR. New LUSD may only be issued by adjusting existing Troves in a way that improves their collateral ratio, or by opening a new Trove with a collateral ratio`>=150%`. In general, if an existing Trove's adjustment reduces its collateral ratio, the transaction is only executed if the resulting TCR is above `150%`. ### What is the Total Collateral Ratio? The Total Collateral Ratio or TCR is the ratio of the Dollar value of the entire system collateral at the current ETH:USD price, to the entire system debt. In other words, it's the sum of the collateral of all Troves expressed in USD, divided by the debt of all Troves expressed in LUSD. ### What is the purpose of Recovery Mode? The goal of Recovery Mode is to incentivize borrowers to behave in ways that promptly raise the TCR back above 150%, and to incentivize LUSD holders to replenish the Stability Pool. Economically, Recovery Mode is designed to encourage collateral top-ups and debt repayments, and also itself acts as a self-negating deterrent: the possibility of it occurring actually guides the system away from ever reaching it. Recovery Mode is not a desirable state for the system. ### **What are the fees during Recovery Mode?** While Recovery Mode has no impact on the redemption fee, the borrowing fee is set to `0%` to maximally encourage borrowing (within the limits described [above](https://docs.liquity.org/faq/recovery-mode#what-is-recovery-mode)). ### **How can I make my Trove safe in Recovery Mode?** By increasing your collateral ratio to `150%` or greater, your Trove will be protected from liquidation. This can be done by adding collateral, repaying debt, or both. ### Can I be liquidated if my collateral ratio is below `150%` in Recovery Mode? Yes, you can be liquidated below `150%` in Recovery Mode if your Trove’s collateral ratio is below that level. In order to avoid liquidation regardless of system mode, a user should keep their collateral ratio above `150%` ### How do liquidations work in Recovery Mode? * ICR = Individual Collateral Ratio * MCR = Minimum Collateral Ratio * TCR = Total Collateral Ratio * SP = Stability Pool | Condition | Liquidation Behavior | | ----------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | ICR <=100% | Redistribute all debt and collateral (minus ETH gas compensation) to active Troves. | | 100% < ICR < MCR & SP LUSD > Trove debt | LUSD in the Stability Pool equal to the Trove's debt is offset with the Trove's debt. The Trove's ETH collateral (minus ETH gas compensation) is shared between depositors. | | 100% < ICR < MCR & SP LUSD < Trove debt | The total Stability Pool LUSD is offset with an equal amount of debt from the Trove. A fraction of the Trove's collateral (equal to the ratio of its offset debt to its entire debt) is shared between depositors. The remaining debt and collateral (minus ETH gas compensation) is redistributed to active Troves. | | MCR <= ICR < 150% & SP LUSD >= Trove debt | The Stability Pool LUSD is offset with an equal amount of debt from the Trove. A fraction of ETH collateral with dollar value equal to `1.1 * debt` is shared between depositors. Nothing is redistributed to other active Troves. Since its ICR was `> 1.1`, the Trove has a collateral remainder, which is sent to the `CollSurplusPool` and is claimable by the borrower. The Trove is closed. | | MCR <= ICR < 150% & SP LUSD < Trove debt | Do nothing. | | ICR >= 150% | Do nothing. | ### How much of a Troves collateral can be liquidated in Recovery Mode? In Recovery Mode, liquidation loss is capped at `110%` of a Trove's collateral. Any remainder, i.e. the collateral above `110%` (and below the TCR), can be reclaimed by the liquidated borrower using the standard web interface. This means that a borrower will face the same liquidation “penalty” (`10%`) in Recovery Mode as in Normal Mode if their Trove gets liquidated. # Technical Resources Collection of technical resources about the Liquity protocol. A technical system summary including contract descriptions, function descriptions, and more is available in the [**Liquity developer README**](https://github.com/liquity/dev#readme). ## Technical papers #### [Whitepaper](https://bafybeigikrpz2eu32afyvvdxas5f5lddnkc7izakjlundh2j4fplxuld3e.ipfs.w3s.link/2021.04.05%20Liquity%20whitepaper%20v0.3.pdf) [**Scalable Reward Distribution with Compounding Stakes**](https://github.com/liquity/liquity/blob/master/papers/Scalable_Reward_Distribution_with_Compounding_Stakes.pdf) (see this [article](https://medium.com/liquity/scaling-liquitys-stability-pool-c4c6572cf275) for a simpler introduction) #### [Efficient Order-Preserving Redistribution of Troves](https://github.com/liquity/liquity/blob/master/papers/Efficient_Order-Preserving_Redistribution_of_Troves.pdf) ## Economic modelling and simulation #### [Liquity Market Risk Assessment by Gauntlet Networks](https://liquity-report.gauntlet.network/) #### [Macroeconomic Model of Liquity by Prof. Yulin Liu](https://colab.research.google.com/drive/1AyhFfE_EKCcMO6HeG04Se3hbraTxODWU?usp=sharing) ## Security audits [**Trail of Bits Security Assessment**](https://github.com/trailofbits/publications/blob/master/reviews/Liquity.pdf) January 2021 [**Audit by Coinspect**](https://www.coinspect.com/liquity-audit/) March 2021 [**Trail of Bits Liquity Protocol and Stability Pool Final Report**](https://github.com/trailofbits/publications/blob/master/reviews/LiquityProtocolandStabilityPoolFinalReport.pdf) March 2021 [**Trail of Bits Liquity Proxy Contracts Report**](https://github.com/trailofbits/publications/blob/master/reviews/LiquityProxyContracts.pdf) March 2021 ## Matrix of audit applicability
AuditorDateCommit(s) provided
Trail of BitsJanuary 2021All core system contracts except the PriceFeedf0df3ef
CoinspectMarch 2021All core system contracts and peripheral LQTY lockup contractsdd7f59b9
Trail of BitsMarch 2021All core system contracts, peripheral LQTY lockup contracts, and peripheral Unipool LP staking contract8cec3fd, dce38b7
Trail of BitsMarch 2021Peripheral DSProxy and bundled actions contractsb90440d
## Risk assertions [**On the Price Stability of LUSD**](https://medium.com/liquity/on-price-stability-of-liquity-64ce8420f753) [**Addressing Concerns about Liquity**](https://medium.com/liquity/addressing-concerns-about-liquity-2af3e1d0a946) ## Code base #### [Github Repository](https://github.com/liquity/dev) ## Contract Addresses | **Mainnet** | **Address** | | --------------------- | ------------------------------------------------------------------ | | activePool | 0xDf9Eb223bAFBE5c5271415C75aeCD68C21fE3D7F | | borrowerOperations | 0x24179CD81c9e782A4096035f7eC97fB8B783e007 | | troveManager | 0xA39739EF8b0231DbFA0DcdA07d7e29faAbCf4bb2 | | collSurplusPool | 0x3D32e8b97Ed5881324241Cf03b2DA5E2EBcE5521 | | communityIssuance | 0xD8c9D9071123a059C6E0A945cF0e0c82b508d816 | | defaultPool | 0x896a3F03176f05CFbb4f006BfCd8723F2B0D741C | | hintHelpers | 0xE84251b93D9524E0d2e621Ba7dc7cb3579F997C0 | | lockupContractFactory | 0x2eBeF24dA09489218Ba2BECb01867F6DaAeDcD4B | | lqtyStaking | 0x4f9Fbb3f1E99B56e0Fe2892e623Ed36A76Fc605d | | priceFeed | 0x4c517D4e2C851CA76d7eC94B805269Df0f2201De | | sortedTroves | 0x8FdD3fbFEb32b28fb73555518f8b361bCeA741A6 | | stabilityPool | 0x66017D22b0f8556afDd19FC67041899Eb65a21bb | | gasPool | 0x9555b042F969E561855e5F28cB1230819149A8d9 | | unipool | 0xd37a77E71ddF3373a79BE2eBB76B6c4808bDF0d5 | | lusdToken | 0x5f98805A4E8be255a32880FDeC7F6728C6568bA0 | | lqtyToken | 0x6DEA81C8171D0bA574754EF6F8b412F2Ed88c54D | | multiTroveGetter | 0xFc92d0E9Fa35df17E3A6d9F40716ca2cE749922B | | uniToken | 0xF20EF17b889b437C151eB5bA15A47bFc62bfF469 | | Chanlink LUSD feed | 0x3D7aE7E594f2f2091Ad8798313450130d0Aba3a0 | | **Optimism** | **Address** | | LUSD | 0xc40F949F8a4e094D1b49a23ea9241D289B7b2819 | | **Arbitrum** | **Address** | | LUSD | 0x93b346b6BC2548dA6A1E7d98E9a421B42541425b | | **zkSync ERA** | **Address** | | LUSD | 0x503234F203fC7Eb888EEC8513210612a43Cf6115 | | **Polygon zkEVM** | **Address** | | LUSD | 0x01E9A866c361eAd20Ab4e838287DD464dc67A50e | | **Starknet** | **Address** | | LUSD | 0x070a76fd48ca0ef910631754d77dd822147fe98a569b826ec85e3c33fde586ac | | **Base** | **Address** | | LUSD | 0x368181499736d0c0CC614DBB145E2EC1AC86b8c6 | | **Mantle** | **Address** | | LUSD | 0xf93a85d53e4af0d62bdf3a83ccfc1ecf3eaf9f32 | | **Linea** | **Address** | | LUSD | 0x63bA74893621d3d12F13CEc1e86517eC3d329837 | # Community Resources ## Liquity Stats * [Dune Analytics](https://dune.com/liquity/liquity) * [Token Terminal](https://tokenterminal.com/terminal/projects/liquity) * [Liquity on DefiLlama](https://defillama.com/protocol/liquity) * [LUSD & LQTY staking APR's](https://dune.com/zanzai/LQTY) ## Videos **Community** * [**The Defiant:** How to take out an interest-free loan using Liquity](https://www.youtube.com/watch?v=vZb8MIBfrUk) * [**Ceazor's Snack Sandwich:** Liquity - LUSD - Explainer Video](https://www.youtube.com/watch?v=kLA21f0y9KU) * [**Justin Bram -** Liquity: High-Yield Staking and Interest-Free Loans on Ethereum](https://www.youtube.com/watch?v=1z9dxvkqF7E) * [**MrBlock:** (區塊先生) Liquity 下一個MakerDAO? (259集)](https://www.youtube.com/watch?v=jZjNePfHojU) * [**MrBlock:** (區塊先生) DeFi 借貸協議 Liquity - Kovan 測試網 (260集)](https://www.youtube.com/watch?v=TcDDwma2kx4) * [**DKU:** First Cloud Field Trip to Liquity - Robert Lauko and Yulin Liu](https://www.youtube.com/watch?v=GUF0n9ZFyLY) * [**SciEcon:** AMA with Robert Lauko](https://www.youtube.com/watch?v=Jr_1RScaIvo) **Official Liquity YouTube** * [Liquity Use Cases](https://www.youtube.com/watch?v=bxWhnZKulD8) * [Liquity: The Long-term Vision](https://www.youtube.com/watch?v=vimgedRV2Jk) * [Liquity Runs on Decentralized Frontends](https://www.youtube.com/watch?v=ipbNQMiIy1M) * [Liquity vs Maker — 10 Key Differences](https://www.youtube.com/watch?v=bXLTE-5BkhA) * [DeFi Gamma Leaks ft. Gauntlet and Liquity](https://www.youtube.com/watch?v=CJykvNY2gxA\&t=1s\&ab_channel=Liquity) * [Meet the Liquity Team](https://www.youtube.com/watch?v=JhpfRysxYZM) * [Liquity Live: Fei Protocol and Rari Capital Discussion](https://www.youtube.com/watch?v=y-jtQlS_XzM) * [Liquity Live: Visor Finance Discussion](https://www.youtube.com/watch?v=uHXbhOCAEc0) * [Liquity Live: OlympusDAO Discussion](https://youtu.be/gD-5eFmva7Q) * [Liquity Live: B.Protocol V2 Discussion](https://youtu.be/t81WxsStfD4) * [Liquity Office Hour #2](https://youtu.be/l0xd3ZQLsaY) * [Liquity Office Hour #3](https://youtu.be/Z0p9KQoBqQo) * [Liquity Office Hour #4](https://youtu.be/T887H37sVK4) * [Liquity Office Hour #5](https://youtu.be/rHCYbFRwG0E) ## Podcasts * [**Bankless Meet the Nation:** Liquity with Robert Lauko](https://www.youtube.com/watch?v=NjwS1hmtqAQ\&t=343s\&ab_channel=Bankless) * [**Epicenter:** The Decentralized Borrowing Protocol with Kolten & Robert Lauko](https://epicenter.tv/episodes/384) * [**Bankless AMA:** Liquity & LUSD with Robert Lauko](https://www.youtube.com/watch?v=j06VUnt8Z94\&t=631s\&ab_channel=Bankless) * [**DeFi By Design:** Spotting Signals in the DeFi Ecosystem with Kolten & Robert Lauko](https://youtu.be/SwDz2UQhx4U) * [**Economics Design:** Solving Maker's DAI Problem and No Governance with Robert Lauko](https://www.youtube.com/watch?v=HS5TUKgHLmo\&ab_channel=EconomicsDesign) * [**Reimagine:** Tellor Panel ft. Robert Lauko](https://www.youtube.com/watch?v=FiWu9dvKYVY\&ab_channel=REIMAGINE-The%231CryptoMediaCompany) * [**Mission DeFi:** Breaking the Rules of Lending and Decentralization with Robert Lauko](https://anchor.fm/missiondefi/episodes/Ep-7---Breaking-the-Rules-of-Lending--Decentralization-with-Robert-Lauko-of-Liquity-e166aeh) * [**Olympus Agora Podcast:** I.O.W. with Kolten](https://rss.com/podcasts/agorapod/319324/) * [**Proof of Decentralization with Chris Blec:** Liquity](https://anchor.fm/proof-of-decentralization/episodes/Liquity-e1bvvac) [with Kolten](https://anchor.fm/proof-of-decentralization/episodes/Liquity-e1bvvac) ## Presentations * [**ETHOnline:** "Liquity: Interest-free borrowing" - Robert Lauko](https://youtu.be/TYYB741SGvA) * [**GR9 Hackathon:** Intro to Liquity Workshop - Kolten Bergeron](https://www.youtube.com/watch?v=UjD9dzPUINc) * [**JustStable:** Stablecoins Are Killing It - Episode #5 June 4, 2020](https://www.youtube.com/watch?v=0s-nYEUS8xM) * [**yl581-** Macroeconomics and the Future of Decentralized Finance](https://youtu.be/OtneQC_qzS8) * [**Token Engineering -** **Stable Coins Demystified:** The Why, How, and Where](https://www.youtube.com/watch?v=hZbOyiNpD74\&t=4703s) * [**IOSG Scaling Summit:** Scaling DeFi - Robert Lauko and more](https://www.youtube.com/watch?v=PYD0HSPdK9g) ## Blog Posts **Beginner** * [Tutorial: How to Borrow LUSD](https://medium.com/@DerrickN_/how-to-borrow-lusd-using-liquity-d5df73c13421) * [Tutorial: Stability Pool Deposits & LQTY Staking](https://medium.com/@DerrickN_/how-to-earn-rewards-using-liquity-1d12a63c8eee) * [A Beginner's Guide to Trove Management](https://www.liquity.org/blog/a-beginners-guide-to-trove-management) * [Understanding Liquity’s Redemption Mechanism](https://www.liquity.org/blog/understanding-liquitys-redemption-mechanism) * [Understanding Liquity's Stability Pool](https://www.liquity.org/blog/understanding-liquitys-stability-pool) **Integration Tutorials** * [Tutorial: Curve Finance - LUSD+3Pool](https://medium.com/@DerrickN_/how-to-earn-rewards-using-curve-finances-lusd-3pool-d0f896bdab65) * [Tutorial: Yearn Finance - crvLUSD Vault](https://medium.com/@DerrickN_/how-to-earn-rewards-using-yearns-crvlusd-vault-936543fc2d9b) * [Tutorial: Element Finance - Earn and Save on crvLUSD](https://www.liquity.org/blog/how-to-use-your-crvlusd-on-element-finance) * [Tutorial: Saddle Finance - D4Pool](https://www.liquity.org/blog/how-to-earn-rewards-with-the-saddle-d4-pool) * [Tutorial: DeFi Saver - Frontend and Tools](https://www.liquity.org/blog/how-to-use-liquity-on-defi-saver) * [Tutorial: B.Protocol V2 - Stability Pool](https://www.liquity.org/blog/how-to-earn-stability-pool-rewards-using-b-protocol-v2) * [Tutorial: PowerIndex - Yearn Lazy Ape](https://www.liquity.org/blog/how-to-earn-rewards-using-powerpools-yearn-lazy-ape-index) * [Tutorial: Instadapp for Frontend Operators](https://www.liquity.org/blog/instadapp-for-frontend-operators) * [Tutorial: Instadapp - Frontend, Tools, and Rewards](https://www.liquity.org/blog/how-to-use-liquity-on-instadapp-and-earn-inst-rewards) * [Tutorial: Crucible - LUSD/OHM Pool](https://www.liquity.org/blog/how-to-earn-rewards-on-the-lusd-ohm-pool-using-alchemists-crucible) * [Tutorial: OlympusDAO - LUSD and LUSD-OHM SLP Bonds](https://www.liquity.org/blog/how-to-use-lusd-on-olympusdao) * [Tutorial: Rari Capital - Liquity Fuse Pool](https://www.liquity.org/blog/how-to-use-the-liquity-fuse-pool-on-rari-capital) * [Tutorial: Visor Finance - LQTY-ETH Hypervisor](https://www.liquity.org/blog/how-to-use-lqty-on-visor-finance) **General/Technical** * [How Synthetix Uses LUSD](https://www.liquity.org/blog/how-synthetix-uses-lusd) * [LUSD as a Treasury Asset](https://www.liquity.org/blog/lusd-as-a-dao-treasury-asset) * [Comparison Series: Liquity Protocol and MakerDAO Pt. 2](https://www.liquity.org/blog/comparison-series-liquity-protocol-vs-makerdao-pt-2) * [How EIP-1559 changes the transaction fees of Ethereum](https://www.liquity.org/blog/how-eip-1559-changes-the-transaction-fees-of-ethereum) * [Comparison Series: Liquity Protocol and Reflexer Finance](https://www.liquity.org/blog/comparison-series-liquity-protocol-and-reflexer-finance) * [Addressing Concerns about Liquity](https://www.liquity.org/blog/addressing-concerns-about-liquity) * [Comparison Series: Liquity Protocol and MakerDAO](https://medium.com/@DerrickN_/liquity-protocol-vs-makerdao-84ed9f3440d5) * [How Liquity Handled its First Big Stress Test (5/19/2021)](https://www.liquity.org/blog/how-liquity-handled-its-first-big-stress-test) * [Price Oracles in Liquity](https://www.liquity.org/blog/price-oracles-in-liquity) * [Greenfield One’s Liquity Thesis: Interest-free algorithmic leverage and stability through complete contracts](https://medium.com/greenfield-one/greenfield-ones-liquity-thesis-interest-free-algorithmic-leverage-and-stability-through-complete-ecb56c2eb72a) * [How Liquity Replaces Floating Interest Rates](https://www.liquity.org/blog/how-liquity-replaces-floating-interest-rates) * [Overview: Liquity Use Cases](https://www.liquity.org/blog/overview-liquity-use-cases) * [How Faster Liquidations Improve Capital Efficiency](https://www.liquity.org/blog/how-faster-liquidations-improve-capital-efficiency) * [Scaling Liquity’s Stability Pool](https://www.liquity.org/blog/scaling-liquitys-stability-pool) * [On price stability of Liquity](https://www.liquity.org/blog/on-price-stability-of-liquity) * [Liquidations and Redemptions in Liquity](https://www.liquity.org/blog/liquidations-and-redemptions-in-liquity) **Quarterly Reports** * [Liquity Q4 2021 Report](https://www.liquity.org/blog/liquity-q4-2021-report) **Weekly Wrap Ups / Monthly Newsletters** * [Liquity Newsletter — January 2021](https://www.liquity.org/blog/liquity-newsletter-january-2021) * [Liquity Newsletter — February 2021](https://www.liquity.org/blog?5820489e_page=8) * [Liquity Newsletter — March 2021](https://www.liquity.org/blog/liquity-newsletter-march-2021-launch-edition) * [Liquity — Weekly Wrap Up #3](https://www.liquity.org/blog/liquity-weekly-wrap-up-3) * [Liquity Newsletter — April 2021](https://www.liquity.org/blog/liquity-newsletter-april-2021) * [Liquity — Weekly Wrap Up #4](https://www.liquity.org/blog/liquity-weekly-wrap-up-4) * [Liquity — Weekly Wrap Up #5](https://www.liquity.org/blog/liquity-weekly-wrap-up-5) * [Liquity — Weekly Wrap Up #6](https://www.liquity.org/blog/liquity-weekly-wrap-up-6) * [Liquity — Weekly Wrap Up #7](https://www.liquity.org/blog/liquity-weekly-wrap-up-7) * [Liquity Newsletter — May 2021](https://www.liquity.org/blog/liquity-newsletter-may-2021) * [Liquity — Weekly Wrap Up #8](https://www.liquity.org/blog/liquity-weekly-wrap-up-8) * [Liquity — Weekly Wrap Up #9](https://www.liquity.org/blog/liquity-weekly-wrap-up-9) * [Liquity — Weekly Wrap Up #10](https://www.liquity.org/blog/liquity-weekly-wrap-up-10) * [Liquity — Weekly Wrap Up #11](https://www.liquity.org/blog/liquity-weekly-wrap-up-11) * [Liquity Newsletter — June 2021](https://www.liquity.org/blog/liquity-newsletter-june-2021) * [Liquity — Weekly Wrap Up #12](https://www.liquity.org/blog/liquity-weekly-wrap-up-12) * [Liquity — Weekly Wrap Up #13](https://www.liquity.org/blog/liquity-weekly-wrap-up-13) * [Liquity Newsletter — July 2021](https://www.liquity.org/blog/liquity-newsletter-july-2021) * [Liquity — Weekly Wrap Up #14](https://www.liquity.org/blog/liquity-weekly-wrap-up-14) * [Liquity Newsletter — August 2021](https://www.liquity.org/blog/liquity-newsletter-august-2021) * [Liquity — Weekly Wrap Up #15](https://www.liquity.org/blog/liquity-weekly-wrap-up-15) * [Liquity — Weekly Wrap Up #16](https://www.liquity.org/blog/liquity-weekly-wrap-up-16) * [Liquity — Weekly Wrap Up #17](https://www.liquity.org/blog/liquity-weekly-wrap-up-17) * [Liquity — Weekly Wrap Up #18](https://www.liquity.org/blog/liquity-weekly-wrap-up-18) * [Liquity Newsletter — October 2021](https://www.liquity.org/blog/liquity-newsletter-october-2021) * [Liquity — Weekly Wrap Up #19](https://www.liquity.org/blog/liquity-weekly-wrap-up-19) * [Liquity — Weekly Wrap Up #20](https://www.liquity.org/blog/liquity-weekly-wrap-up-20) * [Liquity — Weekly Wrap Up #21](https://www.liquity.org/blog/liquity-weekly-wrap-up-21) * [Bi-Weekly Wrap Up #22](https://www.liquity.org/blog/bi-weekly-wrap-up-22) ### **Twitter Threads** * [@DerrickN\_'s thread on Liquity's ecosystem](https://twitter.com/DerrickN_/status/1433469408043806726?s=20) (9/2/2021) * [@KoltenB\_'s thread on Liquity's Stability Pool ](https://twitter.com/KoltenB_/status/1379253343260921856?s=20)(4/6/2021) * [Gauntlet's thread on their Liquity assessment](https://twitter.com/gauntletnetwork/status/1379477499915210753?s=20) (4/6/2021) * [@Jonwu\_'s Liquity overview thread](https://twitter.com/jonwu_/status/1380974900807143437?s=20) (4/10/2021) * [@Jonwu\_'s thread on LUSD's price stability](https://twitter.com/jonwu_/status/1382203961030086659?s=20) (4/14/2021) ## Diagrams **Overview of Liquity Protocol (Normal Mode)** ![](/files/UYGEsyPO8QOCrYzyf1kZ) **Overview of Liquity Protocol (Recovery Mode)** ![](/files/c4rdlqtIopi84AcuAiBw) **How Funds Flow in Liquity**\ **(Stability Pool Deposits and LQTY Staking)**
# Liquity 中文社區 ### 欢迎订阅Liquity官方中文社区微信公众号
### **欢迎加入Liquity官方中文社区微信群** ![](/files/fWCgjS0Dsb3YMwhbjzGi) ### [Liquity 中文社區 Telegram](https://t.me/joinchat/FHUpr7TiwC2IfI_n) # Frontend SDK A technical system summary including contract descriptions, function descriptions, and more is available in the [**Liquity README**](https://github.com/liquity/beta/blob/main/README.md). Our technical documentation (SDK) and middleware library enables you to build your own Liquity frontend or integrate Liquity with your existing service, abstracting away some the underlying contract calls. It consists of two libraries, written in TypeScript: | [**lib-base**](https://github.com/liquity/dev/tree/main/packages/lib-base) | | ------------------------------------------------------------------------------ | | Common interfaces and classes shared by the other lib- packages. | | [API Reference](https://github.com/liquity/dev/blob/main/docs/sdk/lib-base.md) | | [**lib-ethers**](https://github.com/liquity/dev/tree/main/packages/lib-ethers) | | --------------------------------------------------------------------------------------------------------------------- | | [Ethers](https://github.com/ethers-io/ethers.js/)-based middleware that can read Liquity state and send transactions. | | [API Reference](https://github.com/liquity/dev/blob/main/docs/sdk/lib-ethers.md) | # Bug Bounty With the launch of Liquity V2, the V1 bug bounty program has been discontinued after four years. * Bug submissions for V2 can be done on [Cantina](https://cantina.xyz/bounties/7aa23a2b-7e8b-4b88-a9bb-713dc102a11a) * For any V1 related questions, please contact security\[at]liquity.org. # Brand Assets ### LQTY and LUSD Icons You can download LQTY and LUSD icons [here](https://drive.google.com/file/d/1dUIE-Cx6wRJEHGv8UfSw9mLaBwrKJc5g/view?usp=sharing). ### Logos * [Logo — no text](https://drive.google.com/file/d/1LRMblHay8nkOxSgUOE6QPQ0hvmcR8pHg/view?usp=sharing) * [Logo — black text](https://drive.google.com/file/d/1fbHETkBVGkVgipp7rpUe91JODu1GJQkl/view?usp=sharing) * [Logo — white text](https://drive.google.com/file/d/1qxxhA8amqvoMCCrOe7EjqIidwzUaC8fK/view?usp=sharing) * [Colors](https://colorpeek.com/#293147,2eb6ea,1542cd,745ddf) ### Press Kit You can download and view the Liquity press kit [here](https://uploads-ssl.webflow.com/5fd883457ba5da4c3822b02c/6011885fae7ee22bd6732e34_liquity_press_kit.pdf). # Liquity官方说明
Liquity是一种去中心化的借贷协议，让您用以太币作抵押提取无息贷款。 贷款以LUSD（一种与美元挂钩的稳定币）的形式支付，并且要求110％的最低抵押率。 除了用户的抵押外，Liquity的贷款还由一个LUSD的稳定池以及所有借款人的集体作为最后担保人提供担保。 您可以在我们的说明中了解有关这些机制的更多信息。 作为一个协议，Liquity是非保管性的，不可改变的且无治理的。 点击以下链接了解协议概述： {% embed url="" %} 如果在浏览我们的常见问题和文档后仍有疑问，请加入我们的[Discord](https://discord.gg/2up5U32)小组！您也可以在这里加入我们的微信群： ![](https://lh3.googleusercontent.com/bZzlJbnc6HCG_WD-3XyP4UHBQ_P-ouaHLFXRYSOXk0y3QsheB7v-2_HPZ72hABfnMx2M5H4RpAHIIDh92C2ZQfvKIcGz7rvkpV1etI2H4ANQg1HrmgERan_RDgWBg4U2m2ErWfSG) # 概述 ### **Liquity是什么？** Liquity是一种去中心化的借贷协议，允许您用以太币作[抵押](https://docs.liquity.org/faq/borrowing#what-do-you-mean-by-collateral)提取[无息贷款](https://docs.liquity.org/faq/borrowing)。 贷款以LUSD（一种与美元挂钩的稳定币）的形式支付，并要求110%的[最低抵押率](https://docs.liquity.org/faq/borrowing#what-is-the-minimum-collateral-ratio-mcr-and-the-recommended-collateral-ratio)。 除了用户的抵押外，Liquity的贷款还由一个LUSD的[稳定池](https://docs.liquity.org/faq/stability-pool-and-liquidations#what-is-the-stability-pool)和所有借款人集体作为最后担保人提供担保。 您可以在我们关于[清算](https://docs.liquity.org/faq/stability-pool-and-liquidations#what-are-liquidations)的说明文件中了解有关这些机制的更多信息。 作为一个协议，Liquity是非保管性的，不可改变的且无治理的。 ### **Liquity背后的动机是什么？** 具有稳定价值的资产是以太坊应用的重要组成部分，并且已经发展成为一个价值数百亿美元的资产类别。 然而，绝大部分的这类资产是以法币作抵押的稳定币形式出现的，如Tether和USDC。 DAI和sUSD等去中心化稳定币仅占稳定币总供应量的一小部分，这意味着绝大多数稳定币都是中心化的。 通过创建一种更具资本效率，更容易使用的借入稳定币的方式，Liquity解决了这个问题。 此外，Liquity是无治理的，可确保协议保持去中心化。 ### **Liquity的强项是什么？** Liquity的主要优势包括： ● [利率为0％](https://docs.liquity.org/faq/borrowing#how-can-you-offer-borrowing-at-a-0-interest-rate)——作为借款人，您无需担心不断产生新的债务。 ● 110％的[最低抵押率](https://docs.liquity.org/faq/borrowing#what-is-the-minimum-collateral-ratio-mcr-and-the-recommended-collateral-ratio)——更有效地利用储蓄的ETH。 ● 无治理——所有操作都是算法化的和自动化的，并且在协议部署时就已经设置好了协议参数。 ● [可直接赎回](https://docs.liquity.org/faq/lusd-redemptions#what-are-redemptions)——LUSD可以随时按面值赎回相关抵押品。 ● 完全去中心化——Liquity协议没有管理密钥，并且可以通过由不同前端运营商提供的多个接口进行访问，从而使其不受审查。 ### **Liquity是否可以升级或更改？** 不可以。Liquity没有管理员密钥。没有人可以以任何方式更改系统规则。 智能合约的代码是完全不变的。 ### **如何使用Liquity？** 首先，您需要选择一个Web界面（又名[前端](https://docs.liquity.org/faq/frontend-operators)）来访问系统。 构建该协议的核心团队将不会运行前端。 但是您可以通过第三方前端应用程序和集成服务来访问Liquity。您可以在[此处](https://www.liquity.org/frontend)找到前端列表\*\*。\*\* ### Liquity的主要应用案例有哪些？ 1. 通过打开[金库](https://docs.liquity.org/faq/borrowing#what-is-a-trove)，用ETH作抵押借入LUSD 2. 通过向[稳定池](https://docs.liquity.org/faq/borrowing#what-is-a-trove)提供LUSD来换取奖励，以确保Liquity的安全性 3. 质押LQTY以赚取其他用户借入或赎回LUSD所支付的费用收入 4. 当LUSD价格低于1美元时，用1 LUSD兑换价值1 USD的ETH ### LUSD和LQTY是什么？ LUSD是与美元挂钩的稳定币，可以用于偿还Liquity协议里的贷款。您在任何时候都可以按面值赎回[抵押品](https://docs.liquity.org/faq/borrowing#what-do-you-mean-by-collateral)。在[此处](https://docs.liquity.org/faq/lusd-redemptions)了解有关稳定机制的更多信息。 LQTY是Liquity发行的辅助令牌。它捕获了系统产生的费用收入，并激励早期用户和前端开发商。 LQTY的总供应量上限为100,000,000个代币。有关如何随时间分配和释放令牌的更多信息，请参阅[LQTY奖励和分配](https://docs.liquity.org/faq/lqty-distribution-and-rewards)。 ### 使用Liquity有什么条件？ 要借入LUSD，您所需要的只是一个钱包（如MetaMask）和足够的以太币以开设[金库](https://docs.liquity.org/faq/borrowing#what-is-a-trove)并支付交易费。 要想稳定池中存款或者质押LQTY，您需要拥有LUSD和/或LQTY代币。您可以通过开设金库借入LUSD，而LQTY可以通过在稳定池中存款来赚取。您还可以使用Uniswap或其他（去中心化）交易所在公开市场上购买代币。 ### Liquity是否收取任何费用？ 每当借入LUSD以及赎回LUSD时，都必须支付一笔一次性的费用： * 对于借款人，贷款的借款费占实际借款的一定比例（以LUSD为单位）。 * 对于赎回者，将LUSD兑换为ETH时，系统会将赎回费（以ETH为单位）分给用户。请注意，赎回与偿还您作为借款人的贷款是分开的，后者是免费的。 两种费用都取决于赎回的数量。它们随每次赎回而增加，但如果没有新的赎回发生就随时间推移而递减。这样做的目的是用较高的费用限制大量的赎回，并在大量赎回后直接限制借入。随着时间的流逝，费用的减少使得在赎回量很低的时候对借款人和赎回者的收费“降温”。费用不得低于0.5％（在[恢复模式](https://docs.liquity.org/faq/recovery-mode#what-are-the-fees-during-recovery-mode)下除外），这可以保护赎回工具免于被套利交易者抢先使用。借款费用的上限为5％，即使在大量赎回导致货币收缩时，该系统（某种程度上）也对借款人保持吸引力。此外，这两个费用是相同的，并在以下例图中被描述为“费用”： ![](/files/zY4k9Ejx9uYXxLY9yy8m) ### 如何使用Liquity赚钱？ 使用Liquity有两种不同的创收方式： * 将LUSD存入稳定池，并获得清算收益（以ETH为单位）和LQTY奖励。 * 抵押LQTY，并从借入和赎回费中赚取LUSD和ETH收入。 ### 我会亏本吗？ 作为非保管性的系统，发送给协议的所有令牌都将通过算法进行保存和管理，不会受到任何人或机构的干扰。这意味着您的资金将仅受智能合约代码中规定的规则约束。Liquity的代码由Trail of Bits进行过两次审核，由Coinspect进行过一次审核（点击[此处](https://docs.liquity.org/documentation/resources)查看其报告）。 在以下两种情况下，您可能会损失一部分资金： * 您是借款人（金库所有者），您的以太坊抵押品已被清算。您将保留您借入的 LUSD，但您的金库已经被关闭，而您的抵押品将用于补偿稳定池的存款者\*\*。\*\* * 您是稳定池的存款人，您所存的LUSD用于偿还被清算的借款人的债务。通常只要借款人的抵押率跌到110％以下就会触发清算，所以您很有可能获得更多以太坊的回报。但是，如果以太坊价格持续下跌并且您维持仓位，您可能会损失一部分稳定池存款的价值。 请注意，尽管我们对系统进行了非常认真的审核，但我们无法完全排除黑客或系统漏洞导致的用户损失（请参阅[免责声明](https://liquity.org/disclaimer)）。 # 借贷 ### **为什么我要使用Liquity进行借贷？** Liquity协议提供无息贷款，而且比其他借贷系统有更高的资本效率（Liquity上同一笔贷款所需的抵押品更少）。您可以使用该协议来锁定您的以太坊，以此为抵押品向Liquity借款以提取LUSD，然后再在未来偿还您的贷款。这样您就无需出售以太坊以获取流动资金。 比如说：如果借款人推测未来以太币的价格会上涨，那就可以使用该协议将其以太币的头寸提高至多11倍，从而增加其受价格变动的影响程度。借款人可以用以太币作抵押借入LUSD，将LUSD在公开市场上出售，以购买更多的以太币-如此反复，就可以使这成为可能。 (注意：这不是有关如何使用Liquity的建议。杠杆可能会带来风险，只有有经验的人才应该考虑使用杠杆。) ### **所谓的抵押品是什么意思？** 抵押品是任何借款人为提取贷款而提供的资产，以作为债务的担保。目前，Liquity仅支持ETH作为抵押。 ### **以太币（ETH）是Liquity唯一接受的抵押品吗？** 是的，ETH是Liquity接受的唯一抵押品类型。 ### **该协议如何提供免息借贷？** 该协议收取一次性借入和赎回费用。这一费用会根据最近的赎回时间在算法上进行调整。例如：如果近期发生更多的赎回（这意味着LUSD的交易价格可能低于1美元），则借贷费用将增加，从而阻碍借贷。 其他系统（例如MakerDAO）通过浮动利率制使用户偏好多或少借贷，但这样的效果并不直接，因为借贷者不会事先感觉到影响。由于借贷也需要通过治理来管理，Liquity选择了支付一次性费用的完全去中心化的和直接的反馈机制。 ### **我如何向Liquity借款？** 要借贷，您必须开设一个金库（Trove）并向其中存入一定数量的抵押品（ETH）。然后，您可以提取一定数量的LUSD使您的抵押率不高于110%。最低债务为2,000 LUSD。 ### **什么是金库（Trove）？** 金库是您获取和维护贷款的地方。每个金库都链接到一个以太坊地址，而每个地址只能拥有一个金库。如果您熟悉其他平台的保管库或CDP，金库和它们在概念上是相似的。 金库记录两项账户余额：一项是作为抵押的资产（ETH），另一项是以LUSD计价的债务。您可以通过添加抵押品或偿还债务来更改每一项账户的金额。当您更改这些余额时，您的金库的抵押率也会相应更改。 您可以随时清偿债务以关闭Trove。 ### **作为借款人，我是否需要支付费用？** 每次您从Trove提取LUSD时，Liquity都会从提取的金额中扣除一笔一次性的借入费用，并将其添加到您的债务中。请注意，借贷费用是可变的（通过算法确定）。在正常运行情况下，借入费的最小值为0.5％。在[恢复模式](https://docs.liquity.org/faq/recovery-mode)下，费用为0％。\ \ Liquity也将收取200 LUSD的[清算准备金](https://docs.liquity.org/faq/borrowing#what-is-the-liquidation-reserve)，但在您偿还债务后会退还。 ### **借入费如何计算？** 借入费被添加到Trove的债务中，数额由基准费率决定。基准费率在0.5％至5％之间波动，乘以借款人提取的流动性金额就是借入费。 例如：借入费率为0.5％时，借款人想从其未偿还的Trove中提取4,000 LUSD，则借款人需要支付18.91LUSD的费用，在扣除清算准备金和借入费后，借款人将获3,781.09 LUSD。 ### **我什么时候需要还清贷款？** 协议发行的贷款没有还款时间表。只要您保持至少110％的抵押比率，您就可以保持金库运行并在任何时间偿还债务。 ### **抵押率是多少？** 这是金库中抵押品的美元价值与其以LUSD为单位的债务之间的比率。随着以太币价格的变化，金库的抵押率会随时间波动。您可以通过调整Trove的抵押品和/或债务数量（即增加更多的ETH抵押品或还清部分债务）来影响抵押率。 例如：假设以太坊的当前价格为$ 3,000，而您决定存入10 ETH。如果您借入10,000 LUSD，那么Trove的抵押物比率将为300％。 ![](https://lh5.googleusercontent.com/i7FLh6pmQAKu84YVRvt9_FtBLR8sylEgkM8FpJjmTvXLmZbF_134txbRLsOHGQxC7Rm0ruUvdmKeo-7IJlS2RDRvo0_VJvj9ODSsB4IVEdvAVawBYrn2VHG9fKwyr2oYSnqMTxID) 如果您借入25,000 LUSD，则您的比率为120％。 ### **最低抵押率（MCR）和“推荐”抵押率是多少？** 最小抵押率（或简称MCR）是在正常操作（即正常模式）下不会触发清算的债务与抵押物的最低比率。这是设置为110％的协议参数。因此，如果您的金库中有10,000 LUSD的负债，则您需要至少价值$ 11,000的以太币作为抵押，以避免被清算。 为避免在[恢复模式](https://docs.liquity.org/faq/recovery-mode)期间清算，建议将比率​​保持在150％以上（例如200％或更安全的250％）。 ### **如果我的金库被清算了怎么办？** 由于Liquity通过[清算](https://docs.liquity.org/faq/stability-pool-and-liquidations#what-are-liquidations)抵押品偿还了债务，您失去了抵押品，即您将无法再通过偿还债务来收回抵押品。因此，清算会导致您的抵押品美元价值净损失9.09％（= 100％\* 10/110）。 ### **什么是清算准备金？** 当您打开金库并获得贷款时，Liquity需要预留200 LUSD。一旦您的金库被清算时，这笔资金将用来补偿以太坊交易发送方的燃气成本(gas fee)。如果没有清算您的金库，清算准备金将在您通过偿还债务关闭金库时全额退还给您。清算准备金计为债务的一部分，在计算金库抵押率时也被考虑在内，从而略微增加了实际抵押物需求。 ### **如果我的金库被赎回了怎么办？** 赎回LUSD时，提供给赎回者的ETH将以最低抵押率（即使高于110％）从金库中分配。如果在赎回时您拥有的Trove处于最低抵押率，您将放弃部分抵押品，但您的债务也将相应减少。 您的ETH抵押品在赎回过程中减少的美元价值和您的金库中的债务所减少的名义LUSD价值是相等的。您可以认为赎回就像其他人正在偿还您的债务并收回等额的抵押品一样。赎回可以改善受影响的Troves的抵押品比率，从而降低其风险。这是它一个积极的副作用。 部分赎回是不会将金库债务减少到0的赎回，而完全偿还金库债务的赎回称为完全赎回。在完全赎回的情况下，您的金库已关闭，您可以随时取回抵押品盈余和清算准备金。 假设您拥有一个金库，抵押了2 ETH，债务为3,200 LUSD。 ETH的当前价格为2,000美元。这样您的抵押率（CR）为125％（= 100％\*（2 \* 2,000）/ 3200）。假设这是Liquity系统中最低的CR，然后看一下部分赎回和完全赎回的两个示例： ### **部分赎回的例子** 有人用0.6 ETH赎回1,200 LUSD，从而偿还了1,200 LUSD的债务，将其从3,200 LUSD减少到2,000 LUSD。作为回报，价值1200美元的0.6 ETH从您的Trove转移到了赎回者。您的抵押品从2 ETH下降到1.4 ETH，而抵押品比率从125％上升到140％（= 100％\*（1.4 \* 2,000）/ 2,000）。 ### **完全赎回的例子** 有人用6,000 LUSD兑换3 ETH。鉴于赎回的金额大于您的债务减去200 LUSD（用作清算准备金的部分），您的3,200 LUSD的债务将全部清算，抵押品减少3,000美元的ETH，从而为您保留0.5 ETH的抵押品（ = 2-3,000 / 2,000）。 ### **Liquity如何提供低至110％的抵押品比率？** 通过使清算即时且更有效，Liquity需要更少的抵押品就可以使安全性匹敌于依赖于冗长的拍卖机制来出售清算抵押品的类似协议。 ### **我如何利用杠杆作用？** 您可以在市场上出售借入的LUSD为ETH，并使用ETH再次充值您的金库抵押品。这使您可以借入和出售更多的LUSD，并且通过重复此过程，您可以达到所需的杠杆率。 假设LUSD价格稳定（1 LUSD = $ 1），则可达到的最大杠杆比率为11倍。它由以下公式推出： ![](https://lh5.googleusercontent.com/8Q8H-9kxLZ0x4NP1f9dnJmWJxpiqryFdzT7D8WpGXxXEpog4llQXvzQkejJWnUYS43PBIAbl7aXUZFRIEJPwi6OQD2T4qv19SnHjfSm7rkfvdsAua5uNTglBHqwXNL7fypsn6e7n) 其中，MCR是最低抵押物比率。 ### **为什么在没有我干预的情况下我的Trove的抵押品和债务增加了？** 如果有金库被清算并且稳定池为空（或由于清算而被清空），则作为再分配过程的一部分，每个借款人都将获得一部分清算的抵押品和债务。\\ # 稳定池和清算 ### **什么是稳定池？** 稳定池是维持系统偿付能力的第一道防线。通过提供流动性，稳定池用来偿还被清算的金库的债务，从而确保LUSD的总供应始终获得支持。 当一个[金库](https://docs.liquity.org/v/cn/faq/borrowing#what-is-a-trove)被清算时，对应于金库剩余债务的 LUSD 从稳定池的余额中被烧毁以偿还金库的债务。作为交换，来自金库的全部抵押品都被转移到稳定池中。 稳定池中的资金通过用户将 LUSD 存入其中（称为稳定提供者）获得。随着时间的推移，稳定提供者会按比例失去其 LUSD 存款的份额，同时按比例获得清算抵押品的份额。由于 Troves 可能会以略低于 110% 的抵押品比率被清算，稳定提供者将预计获得相对于他们偿还的债务更高的美元价值的抵押品。 ### **为什么要把LUSD存入稳定池** 稳定性提供者将获得清算收益（见[下文](https://docs.liquity.org/faq/stability-pool-and-liquidations#how-do-i-benefit-as-a-depositor-from-liquidations)）并以 LQTY 代币的形式获得早期采用者奖励。 ### **什么是清算？** 为确保抵押品能够完全支持所有稳定币的供应，低于 110% 最低抵押品比率的[金库](https://docs.liquity.org/faq/borrowing#what-is-a-trove)将被关闭（清算）。 金库的债务被取消，由稳定池吸收。其抵押品则在稳定提供者之间分配。 金库的所有者仍然保留借入的 LUSD 的全部金额，但总体上将损失约 10% 的价值。因此，始终将抵押率保持在 110% 以上是至关重要的，理想情况下高于 150%。 ### **谁可以清算金库？** 一旦金库的抵押率低于 110% 的最低抵押率，任何人都可以清算它。发起人将获得交易费补偿（200 LUSD + Trove 抵押品的 0.5%）作为这项服务的奖励。 ### **如何获得清算金库的补偿？** 金库的清算与发起人必须支付的某些交易费用有关。用户可以通过实施最多 95 个 金库的批量清算来降低清算每个金库的成本，但为了确保即使在交易费用飙升时清算仍然有利可图，协议提供了由以下公式给出的交易费补偿： 交易费补偿 = 200 LUSD + Trove 抵押品 (ETH) 的 0.5%200 LUSD 由[清算准备金](https://docs.liquity.org/faq/borrowing#what-is-the-liquidation-reserve)提供资金，而 0.5% 的可变部分（以 ETH 计）来自清算抵押品。这略微降低了稳定性提供商的清算收益。 ### **作为稳定提供者，我如何从清算中受益？** 由于清算在金库抵押率小于110%时发生，每当[金库](https://docs.liquity.org/faq/borrowing#what-is-a-trove)被清算时，您很可能会获得净收益。 假设稳定池中共有 1,000,000 LUSD，而您的存款为 100,000 LUSD。 现在，有一个金库，债务为 200,000 LUSD ，抵押品为 400 ETH ，正以 545 美元的以太币价格被清算。此时抵押率为 109% (= 100% \* (400 \* 545) / 200,000)。由于您的稳定池份额为 10%，您的存款将减少已清算债务 (20,000 LUSD) 的 10%，即从 100,000 到 80,000 LUSD。作为回报，您将获得清算抵押品的 10%，即 40 ETH，目前价值 21,800 美元。所以，您从清算中获得的净收益为 1,800 美元。 请注意，如果用户预计 ETH 的美元价值会下降，他们可以立即提取从清算中收到的抵押品，并将其出售以减少他们的ETH头寸（例外情况参见[我可以随时提取我的存款吗？](https://docs.liquity.org/faq/stability-pool-and-liquidations#can-i-withdraw-my-deposit-whenever-i-want)）。 ### **作为稳定提供者，我如何从早期采用者奖励中受益？** 首先，您需要开设一个金库，借入 LUSD，并将其存入稳定池。存款后，您将开始连续累积与存款规模成比例的奖励（以 LQTY 为单位）。奖励是根据奖励时间表和您用于存款的前端的[回扣率](https://docs.liquity.org/faq/frontend-operators#what-is-the-kickback-rate)计算的。对于系统的早期采用者，奖励将是最高的。 您可以随时将待处理的奖励提取到您的以太坊地址。\\ ### **我可以随时提取存款吗？** 一般来说，您可以随时提取存入稳定池的存款。没有最短锁定时间。但是，如果有抵押率低于 110% 的待清算[金库](https://docs.liquity.org/faq/borrowing#what-is-a-trove)尚未清算，提款就会暂停。 ### **您使用什么预言机来确定 ETH 的价格？** 该协议使用[ Chainlink 的 ETH:USD](https://feeds.chain.link/eth-usd) 价格馈送，但是在以下（极端）条件下回溯到 [Tellor](https://www.tellor.io/) ETH:USD 预言机： ● Chainlink 价格已超过 4 小时未更新 ● Chainlink 响应调用恢复，回应了无效的价格或无效的时间戳● 两次连续的 Chainlink 价格更新之间的价格变化 > 50%。 ### **将资金存入稳定池会赔钱吗？** 虽然大多数时候清算将在远高于 100% 的抵押品比率下发生，但理论上有可能在ETH价格闪电崩盘或由于预言机故障导致[金库](https://docs.liquity.org/faq/borrowing#what-is-a-trove)被清算时抵押率低于100%。在这种情况下，您可能会遭受损失，因为此时抵押品的收益将小于您减少的存款。 如果 LUSD 的交易价格高于 1 美元，即使抵押率高于 100%，清算对稳定提供者来说也可能无利可图。然而，这种损失是假设性的，因为 LUSD 预计将回归锚定价值，因此“损失”只有在您提取存款并以高于 1 美元的价格出售 LUSD 时才会发生。 请注意，尽管系统经过认真审核，但我们仍然无法完全排除可能导致用户损失的黑客攻击或系统错误。 ### **如果在清算发生时稳定池是空的，会发生什么？** 如果稳定池为空，系统将使用称为重新分配的二级清算机制。在这种情况下，系统会将已清算的金库中的债务和抵押品重新分配到所有其他现有金库。债务和抵押品的再分配与接收者金库中的抵押品价值成比例。 以下是我们[白皮书](https://docsend.com/view/bwiczmy)中的一个示例： ![](https://lh4.googleusercontent.com/ZxlL3ajOdkvQcd0nIiMVTiMtt0QhBEkCmN08LqMLnYx20sbs6p0Bqci0DJkh4DsM3olIQi2bzj6HuhvJqcQzsKM8t6vhz-W0bY9p4ug95gddJdM4Q0-VXoG5x_dRJ9mJIw-mUYIa) # 赎回和 LUSD 价格稳定 ### **LUSD 是怎么锚定美元的？** 稳定币Lusd的上下区间是由两个机制保证的：1）LUSD 刚兑 ETH 的能力（即 1 LUSD 兑换 价值1 美元的 ETH）。2）110% 的最低抵押率保证。他们都由用户主导的套利机制来实现，我们称这些为“硬挂钩机制”。 LUSD 还受益于间接的的美元平价机制——称为“软挂钩机制”。将LUSD美元平价作为谢林点是其中之一，由于 Liquity 将 LUSD 视为等同于美元，因此两者之间的平价是协议的隐含均衡状态。另一机制，则是动态调整铸造稳定币（新增债务）所需要的费用。当LUSD低于1USD的时候，这时候用户可以进行赎回套利，用低于1USD的LUSD（面值为1USD）去兑换价值1USD的ETH，这时候赎回量会增加。与此同时，铸造稳定币（新增债务）的基本费率也会增加，这会降低借贷的吸引力，从而阻止新的 LUSD 进入市场，避免LUSD继续贬值。 关于LUSD 价格稳定机制，[此处](https://medium.com/liquity/on-price-stability-of-liquity-64ce8420f753)可以了解更多信息。 ### **什么是赎回？** 赎回是将 LUSD 以面值兑换 ETH 的过程，就好像 1 LUSD 正好值 1 美元。也就是说，如果您支付x LUSD，您将获得价值 x 美元的 ETH 作为回报。 用户可以随时自由地将 LUSD 兑换为 ETH。但是，Liquity可能会对赎回的金额收取赎回费。 例如，如果当前赎回费为 1%，ETH 的价格为 500 美元，您赎回 100 LUSD，则您将获得 0.198 ETH（0.2 ETH 减去 0.002 ETH 的赎回费）。 请注意，Liquity在计算基本费率时也会考虑当前操作的赎回金额。在金额较大的情况下，赎回金额本身也可能会对赎回费用产生影响。 ### **赎回与偿还债务相同吗？** 不，赎回是一种完全独立的机制。偿还债务所需要做的就是调整他们的 Trove 的债务和抵押品。 ### **赎回费是如何计算的？** 正常操作下，赎回费用由公式 基本费率 \* 赎回的ETH 给出。 ### **基准利率是如何计算的？** 赎回费用基于 Liquity 中基本费率这一状态变量。该变量是动态更新的，随着每次赎回而增加，并随着距上次费用事件（即最后一次赎回或 LUSD 发行）的时间增加而衰减。 每次兑换时： 基本费率根据自上次费用事件以来经过的时间衰减。 基本费率增加的幅度与赎回的LUSD占总供应量的比例成正比。 赎回费用由 基本费率 \* 取出的ETH 给出。 ### **作为借款人，如果我被赎回，我会赔钱吗？** 如果您的 Trove 被赎回，您不会遭受净损失。但是，您将失去部分ETH的头寸。赎回后，您的 Trove 的抵押率也会提高。 ### **我怎样才能避免被赎回？** 避免被赎回的最佳方法是保持相对于系统中其余金库而言较高的抵押率。请记住：当赎回发生时，风险最高的金库（即最低抵押的金库）排在第一位。\\ # 前端运营商 ### **我为什么会想成为前端运行商？** 前端运营商为终端用户提供了一个网页界面，使他们能够与Liquity协议进行交互。他们将获得由用户产生的LQTY代币的一部分作为此项服务的奖励。 LQTY奖励发放给稳定池的存款人，然后在用户自己和前端运营商之间按比例分配。双方各自获得多少由前端操作员设置的回扣率决定，范围在 0% 到 100% 之间。 设置高回扣率会使前端运营商吸引更多的用户，但优雅的界面和附加功能能够允许回扣率的降低，并同时获得用户的兴趣。 查看[在去中心化前端上运行Liquity](https://youtu.be/ipbNQMiIy1M)视频了解更多详情。 ### **如何运行前端？** 您可以使用我们的[前端SDK](https://docs.liquity.org/documentation/sdk)来安装我们的[前端启动套件](https://github.com/liquity/liquity)，或将我们的协议集成到您的运行环境中。 ### **作为前端运营商，我会收到什么样的奖励？** 前端奖励以LQTY支付。在[此处](https://docs.liquity.org/faq/general#what-are-lusd-and-lqty)了解有关LQTY的更多信息。 ### **前端运营商的奖励份额是如何计算的？** 奖励是根据前端标记的总存款计算的。假设在LQTY奖励事件中，Liquity通过前端以 k 的回扣率为存款者 d 生成 LQTY\_d的奖励 ，那么前端运营商收到 (1-k)\*LQTY\_d的LQTY，而用户收到 k \* LQTY\_d 的LQTY。 ### **前端奖励从何而来？** 前端奖励与用户奖励来自同一个资产池。根据前端的回扣率和用户累积的总奖励，前端可以从分配给用户的 32,000,000个LQTY中获得份额。 ### **前端奖励如何支付？** 每个[稳定池](https://docs.liquity.org/faq/stability-pool-and-liquidations#what-is-the-stability-pool)存款都由其前端的以太坊地址标记。这个地址是前端的LQTY奖励累积的地方。 ### **前端标签有什么用？** 当用户调用provideToSP(uint \_amount, address \_frontEndTag)时，前端标签将被打在稳定池的存款上。即使用户之后使用其他前端，此标签仍会保留在用户的存款上。标签也可以是一个0地址，这意味着用户将获得 100% 的累积LQTY奖励。 为了添加新的前端标签并从不同的回扣率中受益，用户必须将他们的稳定池存款完全提取出来，并使用新的前端和新标签重新存款。对前端运营商而言，留意这种动态很重要。 ### **前端是否必须预先批准？** 不，将Liquity的智能合约注册为前端是一个无需信任的过程。这是通过调用Liquity稳定池智能合约上的registerFrontEnd(uint \_kickbackRate)函数来完成的。回扣率是一个 \[0,1] 之间的值（例如 0.8 = 80% 回扣率）。 ### **如何将前端添加到 liquity.org 注册表？** 点击[此处](https://github.com/liquity/frontend-registry)查看注册表的列表过程。 ### **什么是回扣率？** 为了确保Liquity协议从第一天起就是去中心化的，Liquity团队将不会托管或运行前端来与Liquity合约进行交互。因此，Liquity社区成员有责任充当前端操作员并为用户运行界面。 为了激励这种行为，每个前端运营商可以设置一个介于 0 和 100% 之间的比率，用于确定作为回扣支付给使用前端的稳定性提供者的LQTY的比例。如果前端将回扣率设置为 60%，他们的用户将获得 60% 的奖励，而前端将获得剩余的 40%。 ### **前端操作员可以更改他们的回扣率吗？** 可以，也不可以。一旦一个地址在稳定池中注册为前端并具有指定的回扣率，就无法再更改了。 但是，如果前端运营商希望更改其回扣率，他们必须使用新的回扣率注册新的前端地址。为了让用户使用新的回扣率，用户必须去提取原先的存款并使用新的前端标签再次存款。 ### **为什么 Liquity 团队不运行前端？** 不运行我们自己的前端会增加Liquity的抗审查能力和去中心化性，也有助于我们引导分布式生态系统。 # LQTY奖励和分配 ### **什么是LQTY？** LQTY是Liquity协议发行的二级代币。它捕获系统产生的费用收入并以此激励早期用户和前端运营商。 LQTY奖励只会累积发放给稳定提供者，即将LUSD存入稳定池的用户、促成这些存款的前端以及LUSD:ETH Uniswap池的流动性提供者。 作为技术奖励，LQTY基于协议的预编程功能发放，而不是对Liquity AG或任何第三方进行索赔。 ### **LQTY的最大供应量是多少？** LQTY的最大供应量为100,000,000个代币。 ### **LQTY是治理代币吗？** 不，LQTY不是治理代币，因为Liquity系统没有治理。 ### **我如何赚取 LQTY？** LQTY 可以通过三种方式获得： * 将LUSD存入[稳定池](https://docs.liquity.org/faq/stability-pool-and-liquidations#what-is-the-stability-pool)。 * 通过您的[前端](https://docs.liquity.org/faq/frontend-operators)促成稳定池存款。 * 为LUSD:ETH Uniswap池提供流动性。 ### **我可以用LQTY做什么？** LQTY持有者可以质押他们的代币来赚取贷款发行和LUSD[赎回](https://docs.liquity.org/faq/lusd-redemptions#what-are-redemptions)产生的费用。了解有关[质押](https://docs.liquity.org/faq/staking)的更多信息。 ### **LQTY的配送时间表是什么？** LQTY的社区发行（在LP激励和社区储备之外）遵循每年减半的时间表，由以下函数描述：32,000,000\*(1–0.5^year)。设置这条发行曲线的目的是有力地激励早期采用者，同时保持一定的长期激励。 ### **LQTY的创世分配是什么？** 关于LQTY创世分配的信息可以在[这里](https://medium.com/liquity/liquity-launch-details-4537c5ffa9ea)找到。 ### **有LQTY空投吗？** 没有。LQTY只能通过上述方法赚取。 # LQTY 质押 ### **在 Liquity 中如何进行质押操作？** 要开始质押，您需要将您的 LQTY 代币存入 Liquity 质押合约。 完成操作后，您将开始按比例赚取 LUSD 和 ETH 的借贷和赎回费用。 ### **我质押的 LQTY 能带来多少收益？** 在费用产生的那一刻，您的 LQTY 股份将获得一部分费用，其份额等于您在 LQTY 股份总额中所占的份额。 ### **有锁仓期吗？** 没有，您可以随时提取您的抵押资金。 ### **我可以质押 LUSD 吗？** 您只能质押 LQTY 代币。 但LUSD 可以存入[稳定池](https://docs.liquity.org/v/cn/faq/stability-pool-and-liquidations)。 ### **质押的 LQTY 代币是用于支持系统（如 Maker）还是用于治理？** 不，质押的 LQTY 既不用于支持 Liquity 系统，也不用于治理，因为Liquity没有治理。 # 复原模式 ### **什么是复原模式？** 当系统的[总抵押品比率 (TCR)](https://docs.liquity.org/faq/recovery-mode#what-is-the-total-collateralization-ratio) 低于150% 时，复原模式就会启动。 在复原模式下，抵押率低于TCR（即在最坏情况下高达150%）借贷人的宝库会被清算。 此外，该系统会阻止借贷人的交易，从而进一步减少TCR。新的LUSD只能通过增加现有宝库抵押率或开设抵押率 >=150%的新宝库来实现。一般来说，如果现有宝库想减少其抵押品比率，则只有在TCR高于150%时才可以操作执行。\\ ### **什么是总抵押品比率？** 总抵押品比率或TCR是指在整个系统中抵押品在当前ETH:USD价格下的美元总价值与整个系统中总债务的比率。换句话说，它是以美元表示的所有Troves的抵押品总和，除以以LUSD表示的所有Troves的债务。\\ ### **复原模式的目的是什么？** 复原模式的目标是鼓励借款人迅速地将TCR提高到150%以上，并激励LUSD持有者迅速补充稳定池。 从经济上讲，复原模式是在鼓励抵押品充值和偿还债务，并且本身也起到了否定自我的震慑作用，即：它发生的可能性实际上会促使系统不发生此类情况。因为复原模式并不是系统的最佳理想状态。\\ ### **复原模式期间的费用是多少？** 虽然复原模式对赎回费用没有影响，但借款费用设置为0%以最大限度地鼓励借款（在[上述](https://docs.liquity.org/faq/recovery-mode#what-is-recovery-mode)限制范围内）。\\ ### **如何在复原模式下使我的宝库安全？** 通过将您的抵押品比率提高到150%或更高，您的宝库将免受清算。这可以通过添加抵押品、偿还债务或两者同时操作来实现。\\ ### **如果在复原模式下我的抵押品比率低于 150%，我会被清算吗？** 是的，如果您的宝库的抵押品比率小于TCR，您会在低于150%的情况下被清算。为了避免在正常模式和复原模式下被清算，用户应将其抵押品比率保持在150%以上。 ### **清算在复原模式下如何执行？** * ICR = 个人抵押品比率 * MCR = 最低抵押品比率 * TCR = 总抵押品比率 * SP = 稳定池 | 条件 | 清算行为 | | ---------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | ICR <=100% | 将所有债务和抵押品（减去 ETH gas 费用）重新分配给活跃的 Troves。 | | 100% < ICR < MCR & SP LUSD > Trove debt | 稳定池中的 LUSD 等于 Trove 的债务，用 Trove 的债务抵消。 Trove 的 ETH 抵押品（减去 ETH gas 费用）在存款人之间共享。 | | 100% < ICR < MCR & SP LUSD < Trove debt | 总稳定池 LUSD 被来自 Trove 的等量债务所抵消。 Trove 抵押品的一小部分（等于其抵消债务与其全部债务的比率）在存款人之间共享。 剩余的债务和抵押品（减去 ETH gas 费用）被重新分配给活跃的 Troves。 | | MCR <= ICR < TCR & SP LUSD >= Trove debt | 稳定池 LUSD 被来自 Trove 的等量债务所抵消。 存款人之间共享一小部分美元价值等于 1.1 \* 债务的 ETH 抵押品。 不会将任何内容重新分配给其他活跃的 Trove。 由于其 ICR > 1.1，Trove 有一个抵押余款，它被发送到 CollSurplusPool 并且可由借款人索回。 Trove 已关闭。 | | MCR <= ICR < TCR & SP LUSD < Trove debt | 没有清算 | | ICR >= TCR | 没有清算 | ### **在复原模式下可以清算多少宝库中的抵押品？** 在复原模式下，清算损失的上限为宝库中抵押品的110%。任何剩余部分，即高于110%（和低于TCR）的抵押品，可以由被清算的借款人使用标准网络界面收回。 这意味着，如果他们的宝库被清算，借款人在复原模式下将面临与正常模式相同的清算“罚款”（10%）。 # Uniswap 流动性挖矿 (完结) \*\*\* 该文档最后一章 \*\*\* ### **Liquity协议会奖励Uniswap LP吗？** 是的。从发行日（4月5日）开始，1,333,333个LQTY 将在6周内将奖励给LUSD:ETH Uniswap池的流动性提供者。 ### **6周后LP(流动性提供者)会有奖励吗？** 在6周之后(5月16日)，暂时没有立即的/公开的额外LP奖励计划。 ### **我该如何获得LP奖励？** 用户可以通过以下方式获得LP奖励： * 为LUSD:ETH Uniswap池增加流动性，并在交换中获得UNIv2代币 * 通过Liquity前端将这些UNIv2代币放入Liquity的Unipool奖励合约中 * 获得与质押代币数量和质押时间成正比的奖励 流动性提供者可以在需要时解除UNIv2代币以退出该计划（即停止获得奖励）。 ### **我的 Liquity 前端不支持LP奖励？** 如果您选择的前端不支持 LP 奖励，请尝试在[liquity.org 前端列表](https://www.liquity.org/frontend)中寻找另一个。 ### **我的前端的回扣率与我收到的奖励有关吗？** 没有关系。回扣率仅与稳定池存款相关。 # Technical Resources Collection of technical resources about the Liquity protocol. A technical system summary including contract descriptions, function descriptions, and more is available in the [**Liquity README**](https://github.com/liquity/beta/blob/main/README.md). ## Technical papers #### [Whitepaper](https://docsend.com/view/bwiczmy) [**Scalable Reward Distribution with Compounding Stakes**](https://github.com/liquity/liquity/blob/master/papers/Scalable_Reward_Distribution_with_Compounding_Stakes.pdf) (see this [article](https://medium.com/liquity/scaling-liquitys-stability-pool-c4c6572cf275) for a simpler introduction) #### [Efficient Order-Preserving Redistribution of Troves](https://github.com/liquity/liquity/blob/master/papers/Efficient_Order-Preserving_Redistribution_of_Troves.pdf) ## Economic modelling and simulation #### [Liquity Market Risk Assessment by Gauntlet Networks](https://liquity-report.gauntlet.network/) #### [Macroeconomic Model of Liquity by Prof. Yulin Liu](https://colab.research.google.com/drive/1AyhFfE_EKCcMO6HeG04Se3hbraTxODWU?usp=sharing) ## Security audits [**Trail of Bits Security Assessment**](https://github.com/trailofbits/publications/blob/master/reviews/Liquity.pdf) January 2021 [**Audit by Coinspect**](https://www.coinspect.com/liquity-audit/) March 2021 ## Code base #### [Github Repository](https://github.com/liquity/liquity) # Community Resources ## Videos * [How to take out an Interest-Free Loan using Liquity | The Defiant](https://www.youtube.com/watch?v=vZb8MIBfrUk\&ab_channel=TheDefiant) * [Liquity - LUSD - Explainer Video](https://www.youtube.com/watch?v=kLA21f0y9KU\&ab_channel=Ceazor%27sSnackSandwich) * [Liquity: High-Yield Staking and Interest-Free Loans on Ethereum](https://youtu.be/1z9dxvkqF7E) * [Liquity Use Cases](https://www.youtube.com/watch?v=bxWhnZKulD8) * [Liquity: The Long-term Vision](https://www.youtube.com/watch?v=vimgedRV2Jk) * [Liquity Runs on Decentralized Frontends](https://www.youtube.com/watch?v=ipbNQMiIy1M) * [Liquity vs Maker — 10 Key Differences](https://www.youtube.com/watch?v=bXLTE-5BkhA) * [(區塊先生) Liquity 下一個MakerDAO? (259集)](https://youtu.be/jZjNePfHojU) * [(區塊先生) DeFi 借貸協議 Liquity - Kovan 測試網 (260集)](https://youtu.be/TcDDwma2kx4) ## Podcasts * [Liquity - Founder Robert Lauko | Meet the Nation](https://youtu.be/NjwS1hmtqAQ) * [Liquity – The Decentralized Borrowing Protocol with Kolten & Robert Lauko](https://epicenter.tv/episodes/384) * [Liquity - Founder Robert Lauko | Bankless AMA](https://youtu.be/j06VUnt8Z94) * [Liquity - DeFi By Design: Spotting Signals in the DeFi Ecosystem with Kolten & Robert Lauko](https://youtu.be/SwDz2UQhx4U) ## Presentations * [ETHOnline: "Liquity: Interest-free borrowing" - Robert Lauko](https://youtu.be/TYYB741SGvA) * [Intro to Liquity Workshop - GR9 Hackathon](https://youtu.be/UjD9dzPUINc) * [Stablecoins Are Killing It - Episode #5 June 4, 2020](https://www.youtube.com/watch?v=0s-nYEUS8xM) * [yl581- Macroeconomics and the Future of Decentralized Finance](https://youtu.be/OtneQC_qzS8) * [Stable Coins Demystified: The Why, How, and Where](https://www.youtube.com/watch?v=hZbOyiNpD74\&t=4703s) ## Blog Posts **Beginner** * [Tutorial: How to Borrow LUSD](https://medium.com/@DerrickN_/how-to-borrow-lusd-using-liquity-d5df73c13421) * [Tutorial: Stability Pool Deposits & LQTY Staking](https://medium.com/@DerrickN_/how-to-earn-rewards-using-liquity-1d12a63c8eee) * [A Beginner's Guide to Trove Management](https://medium.com/liquity/a-beginners-guide-to-trove-management-5d876891e1cd) * [Understanding Liquity’s Redemption Mechanism](https://medium.com/liquity/understanding-liquitys-redemption-mechanism-b9f2fc78cddb) * [Understanding Liquity's Stability Pool](https://medium.com/liquity/understanding-liquitys-stability-pool-212cec402db5) **General/Technical** * [Comparison Series: Liquity Protocol and MakerDAO](https://medium.com/@DerrickN_/liquity-protocol-vs-makerdao-84ed9f3440d5) * [Pri](https://medium.com/liquity/price-oracles-in-liquity-1aaff2ae53df)[ce Oracles in Liquity](https://medium.com/liquity/price-oracles-in-liquity-1aaff2ae53df) * [Greenfield One’s Liquity Thesis: Interest-free algorithmic leverage and stability through complete contracts](https://medium.com/greenfield-one/greenfield-ones-liquity-thesis-interest-free-algorithmic-leverage-and-stability-through-complete-ecb56c2eb72a) * [How Liquity Replaces Floating Interest Rates](https://medium.com/liquity/how-liquity-replaces-floating-interest-rates-a3e6ad16ece0) * [Overview: Liquity Use Cases](https://medium.com/liquity/overview-liquity-use-cases-a37204877672) * [How Faster Liquidations Improve Capital Efficiency](https://medium.com/liquity/how-faster-liquidations-improve-capital-efficiency-5589174f75c0) * [Scaling Liquity’s Stability Pool](https://medium.com/liquity/scaling-liquitys-stability-pool-c4c6572cf275) * [On price stability of Liquity](https://medium.com/liquity/on-price-stability-of-liquity-64ce8420f753) * [Liquidations and Redemptions in Liquity](https://medium.com/liquity/liquidations-and-redemptions-in-liquity-protocol-171a4e914bbe) ## Twitter Threads * [@KoltenB\_'s thread on Liquity's Stability Pool](https://docs.liquity.org/documentation/community-resources#diagrams) * [Gauntlet's thread on their Liquity assessment](https://twitter.com/gauntletnetwork/status/1379477499915210753?s=20) * [@Jonwu\_'s Liquity overview thread](https://twitter.com/jonwu_/status/1380974900807143437?s=20) * [@Jonwu\_'s thread on LUSD's price stability](https://twitter.com/jonwu_/status/1382203961030086659?s=20) ## Liquity Office Hours * [Liquity Office Hour #2](https://youtu.be/l0xd3ZQLsaY) * [Liquity Office Hour #3](https://youtu.be/Z0p9KQoBqQo) * [Liquity Office Hour #4](https://youtu.be/T887H37sVK4) * [Liquity Office Hour #5](https://youtu.be/rHCYbFRwG0E) ## Diagrams **Overview of Liquity Protocol (Normal Mode)** ![](/files/LIAbXLwR7KXDW0cezTgv) **Overview of Liquity Protocol (Recovery Mode)** ![](/files/MSCGmrgis3vpzCIRzX2m) **How Funds Flow in Liquity**\ **(Stability Pool Deposits and LQTY Staking)**
# Bug Bounty - Cantina Bug Bounty paused for the duration of the Liquity V2 audit competition, all findings should be submitted via [Cantina](https://cantina.xyz/competitions). # Frontend SDK A technical system summary including contract descriptions, function descriptions, and more is available in the [**Liquity README**](https://github.com/liquity/beta/blob/main/README.md). Our technical documentation (SDK) and middleware library enables you to build your own Liquity frontend or integrate Liquity with your existing service, abstracting away some the underlying contract calls. It consists of two libraries, written in TypeScript: | [**lib-base**](https://github.com/liquity/dev/tree/main/packages/lib-base) | | ------------------------------------------------------------------------------ | | Common interfaces and classes shared by the other lib- packages. | | [API Reference](https://github.com/liquity/dev/blob/main/docs/sdk/lib-base.md) | | [**lib-ethers**](https://github.com/liquity/dev/tree/main/packages/lib-ethers) | | --------------------------------------------------------------------------------------------------------------------- | | [Ethers](https://github.com/ethers-io/ethers.js/)-based middleware that can read Liquity state and send transactions. | | [API Reference](https://github.com/liquity/dev/blob/main/docs/sdk/lib-ethers.md) | # Brand Assets ### LQTY and LUSD Icons You can download LQTY and LUSD icons [here](https://drive.google.com/file/d/1dUIE-Cx6wRJEHGv8UfSw9mLaBwrKJc5g/view?usp=sharing). ### Logos * [Logo — no text](https://drive.google.com/file/d/1LRMblHay8nkOxSgUOE6QPQ0hvmcR8pHg/view?usp=sharing) * [Logo — black text](https://drive.google.com/file/d/1fbHETkBVGkVgipp7rpUe91JODu1GJQkl/view?usp=sharing) * [Logo — white text](https://drive.google.com/file/d/1qxxhA8amqvoMCCrOe7EjqIidwzUaC8fK/view?usp=sharing) * [Colors](https://colorpeek.com/#293147,2eb6ea,1542cd,745ddf) ### Press Kit You can download and view the Liquity press kit [here](https://uploads-ssl.webflow.com/5fd883457ba5da4c3822b02c/6011885fae7ee22bd6732e34_liquity_press_kit.pdf). # Documentación Oficial de Liquity
Liquity es una plataforma descentralizada que permite tomar un préstamo [libre de interés](https://liquity.gitbook.io/spanish/faq/prestamo#como-puede-el-protocolo-ofrecer-prestamos-sin-intereses) usando Ethereum como [garantía](https://liquity.gitbook.io/spanish/faq/prestamo#a-que-te-refieres-con-garantia). Los préstamos se toman en LUSD (una moneda estable vinculada al USD) y tienen que mantener un [índice de mínimo de garantía](https://liquity.gitbook.io/spanish/faq/prestamo#cual-es-la-relacion-minima-de-garantia-rmg-y-el-relacion-de-garantia-recomendada) de 110%. Además de la garantía, los préstamos están asegurados por el Fondo de Estabilidad que contiene LUSD y por los otros prestatarios que colectivamente funcionan como garantes de última instancia. Se puede aprender más sobre estos mecanismos en nuestros documentos. Liquity es un protocolo que no mantiene custodia de tus assets, es inmutable y no tiene gobernanza. Revisión general del protocolo (en inglés): {% embed url="" %} Si todavía tienes preguntas después de revisar la documentación - únete a [nuestro Discord](https://discord.gg/2up5U32). \\ \\ # General ### ¿Qué es Liquity? Liquity es una plataforma descentralizada que permite tomar un préstamo libre de interés usando Ethereum como garantía. Los préstamos se toman en LUSD (una moneda estable vinculada al USD) y tienen que mantener una relación mínima de garantía de 110%. Además de la garantía, los préstamos están asegurados por el Fondo de Estabilidad que contiene LUSD y por los otros prestatarios que colectivamente funcionan como garantes de última instancia. Se puede aprender más sobre estos mecanismos en nuestros documentos. Liquity es un protocolo sin custodia, inmutable y no tiene gobernanza. ### ¿Cúal es la motivación detrás de Liquity? Los activos con valor estable (Stable Coins) son la base fundacional y esencial para las aplicaciones del ecosistema Ethereum y han crecido para representar miles de billones de dólares en valor. Sin embargo, la gran mayoría de este valor está representado por monedas estables colateralizadas por fiat, como pueden ser Tether o USDC. Estables descentralizar como DAI o sUSD representan una porción menor de todo el universo de estables, lo que significa que la gran mayoría de las monedas estables son centralizadas. Liquity aborda esto al crear una manera más eficiente y más amigable al usuario de tomar un préstamo denominado en una moneda estable. Además, Liquitiy no tiene gobernanza, asegurando que el protocolo se mantiene descentralizado. ### ¿Cuáles son los beneficios de Liquity? Los beneficios de Liquity son: * Tasa de interés de 0% - como tomador, no hay necesidad de preocuparse por una deuda creciente * Relación mínima de garantía de 110% - uso más eficiente para ETH * Sin gobernanza - todas las operación de Liquity son definidas por los contratos inteligentes y totalmente automatizadas, no pudiendo cambiarse ningun parametro * Directamente Redimible - LUSD puede ser redimido por su valor nominal contra la garantía base en cualquier momento * Totalmente descentralizado - Los contratos de Liquity no tienen ninguna llave de administración y son accesibles desde diferentes interfaces mantenidas por los Operadores de Frontend, convirtiéndose en resistente a la censura ### ¿Puede Liquity cambiarse? No. Liquity no tiene ninguna llave de administración, y nadie puede cambiar las reglas seteadas en los contratos. Son inmutables. ### ¿Cómo puedo usar Liquity? Lo primero es elegir una interfaz (es decir un Frontend) para acceder al protocolo. El equipo que creó Liquity no opera ningún frontend. En vez de eso, se accede a Liquity desde frontend mantenidos por terceros. La lista de frontend está [aquí](https://www.liquity.org/frontend). ### ¿Cuáles son los casos de uso para Liquity? * Tomar un préstamo de LUSD contra ETH al abrir un Trove * Asegurar a Liquity en su conjunto al proveer LUSD al Fondo de Estabilidad a cambio de recompensas * Stakear LQTY para conseguir ingresos de los prestatarios o por redimir LUSD * Redimir 1 LUSD a 1 USD de ETH cuando el valor de LUSD baja de $1 ### ¿Qué son LUSD y LQTY? LUSD es una moneda estable vinculada al valor del USD, usada para tomar los préstamos en Liquity. En cualquier momento puede ser usada para redimir la garantia a su valor nominal. Aprendan más sobre el [mecanismo de estabilización](https://liquity.gitbook.io/spanish/faq/lusd-redenciones). LQTY es el token secundario emitido por Liquity. Captura los ingresos que son generados por el protocolo, e incentiva a los primeros en adoptar y a los frontends. El total de LQTY es de 100,000,000 tokens. Para más información de cómo estos tokens fueron colocados y liberados en el tiempo, por favor mirar [Distribución y Colocación de LQTY](https://liquity.gitbook.io/spanish/faq/recompensas-y-distribucion-de-lqty). ### ¿Qué necesito para usar Liquity? Para pedir prestado LUSD, solo necesitas una billetera (por ejemplo, Metamask) y suficiente Ether para abrir un Trove y pagar el gas. Para depositar en el Fondo de Estabilidad se requiere LUSD. Para stakear LQTY, se requieren tokens LQTY. Se puede tomar prestado LUSD al abrir un Trove y LQTY puede ganarse depositando en el Fondo de Estabilidad. Se pueden usar Uniswap u otro exchange (descentralizado) para comprar los tokens en el mercado. ### ¿Cobra Liquity alguna tarifa? Hay una tarifa por única vez al pedir prestado LUSD, y cuando el LUSD es redimido: * Para prestatarios, se paga un gasto por única vez al pedir un préstamo que es un porcentaje del total de LUSD solicitado. * Para los que redimen, hay una tarifa sobre lo que se paga (en ETH) al intercambiar LUSD a ETH. Esta redención es diferente que repagar tu préstamo, que no tiene costo. Ambas tarifas dependen del volumen de redención, un incremento en la función significa una tarifa mayor, que va decayendo en el tiempo.La intención es acelerar los grandes rescates con tarifas más altas y acelerar los préstamos directamente después de grandes volúmenes de rescate. La disminución de la tarifa con el tiempo garantiza que la tarifa tanto para los prestatarios como para los canjeadores se "enfriará", mientras que los volúmenes de canje son bajos. La tarifa no puede ser inferior al 0.5% (excepto en Modo de Recuperación), lo que protege el rescate de ser mal usado para arbitraje al adelantarse a la actualización de precios. La tarifa para pedir préstamo tiene un tope de 5%, manteniendo el sistema atractivo (de alguna manera) para los prestatarios incluso cuando hay muchos rescates. Excepto lo anterior ambas tarifas son idénticas y aparecen como “Fee” en el siguiente gráfico:
### ¿Cómo puedo ganar dinero usando Liquity? Hay dos formas diferentes de generar ingresos usando Liquity: * Deposite LUSD en el Fondo de Estabilidad y obtenga ganancias de liquidación (en ETH) y recompensas LQTY. * Stakee LQTY y obtenga ingresos de LUSD y ETH de las tarifas de préstamo y reembolso. ### ¿Puedo perder mis fondos? Al ser un sistema sin custodia, todos los tokens enviados al protocolo serán retenidos y gestionados algorítmicamente sin la interferencia de ninguna persona física o jurídica. Eso significa que sus fondos sólo estarán sujetos a las reglas establecidas en el código de contrato inteligente, que está siendo auditado dos veces por Trail of Bits y una vez por Coinspect (encuentre sus informes [aquí](https://docs.liquity.org/documentation/resources)). Hay dos escenarios en los que puede perder una parte de sus fondos: * Usted es un prestatario (propietario de Trove) y su garantía en ETH fue liquidada. Aún conservará su LUSD prestado, pero su Trove se cerrará y su garantía se utilizará para compensar a los depositantes del Fondo de Estabilidad. * Usted es un depositante del Fondo de Estabilidad y su LUSD depositado se usa para pagar la deuda de los prestatarios liquidados. Dado que las liquidaciones se activan cada vez que la garantía de los prestatarios cae por debajo del 110%, recibirá más ETH a cambio con una probabilidad muy alta. Sin embargo, si el precio de ETH disminuye y usted mantiene la exposición, puede perder valor en sus depósitos totales del grupo. Tenga en cuenta que LUSD no está perfectamente vinculado al USD y puede desviarse ligeramente en ambas direcciones bajo ciertas condiciones de mercado. Consulte [Sobre la estabilidad de precios de LUSD](https://www.liquity.org/blog/on-price-stability-of-liquity) para obtener más detalles. Aunque el sistema se audita diligentemente, nunca se puede descartar por completo un hackeo o un error que resulte en pérdidas para los usuarios (ver [descargo de responsabilidad](https://liquity.org/disclaimer)) # Préstamo ### ¿Por qué usaría Liquity para pedir prestado? El protocolo de liquidez ofrece préstamos sin intereses y es más eficiente en términos de capital que otros sistemas de préstamo (es decir, se necesita menos garantía para el mismo préstamo). En lugar de vender Ether para tener fondos líquidos, puede usar el protocolo para bloquear su Ether, pedir prestado contra la garantía para retirar LUSD y luego pagar su préstamo en una fecha futura. Por ejemplo: los prestatarios que especulan sobre futuros aumentos de precios de Ether pueden usar el protocolo para aprovechar sus posiciones de Ether hasta 11 veces, aumentando su exposición a los cambios de precios. Esto es posible porque LUSD puede tomarse prestado contra Ether, venderse en el mercado abierto para comprar más Ether. Nota: Esta no es una recomendación sobre cómo usar Liquity. El apalancamiento puede ser arriesgado y debe ser utilizado sólo por personas con experiencia. ### ¿A qué te refieres con garantía? La garantía es cualquier activo que un prestatario debe proporcionar para obtener un préstamo, actuando como garantía de la deuda. Actualmente, Liquity solo admite ETH como garantía. ### ¿Es Ether (ETH) la única garantía aceptada por Liquity? Sí, ETH es el único tipo de garantía aceptado por Liquity. ### ¿Cómo puede el protocolo ofrecer préstamos sin intereses? El protocolo cobra tarifas únicas de préstamo y canje que se ajustan algorítmicamente en función del último tiempo de canje. Por ejemplo: si se realizan más canjes (lo que significa que es probable que LUSD se negocie a menos de 1 USD), la tarifa de préstamo continuaría aumentando, lo que desalentaría los préstamos. Otros sistemas (por ejemplo, MakerDAO) requieren tasas de interés variables para que los préstamos sean más o menos favorables, pero lo hacen implícitamente ya que los prestatarios no sentirán el impacto por adelantado. Dado que esto también debe gestionarse a través de la gobernanza, Liquity opta por un mecanismo de retroalimentación directa y totalmente descentralizado a través de tarifas únicas. ### ¿Cómo puedo pedir prestado con Liquity? Para pedir prestado, debe abrir un Trove y depositar una cierta cantidad de garantía (ETH) en él. Entonces puede retirar LUSD hasta una proporción de garantía del 110%. Se requiere una deuda mínima de 2000 LUSD. ### ¿Que es un Trove? Un Trove es donde saca y mantiene su préstamo. Cada Trove está vinculado a una dirección de Ethereum y cada dirección puede tener solo un Trove. Si está familiarizado con Vaults o CDP de otras plataformas, Troves tiene un concepto similar. Troves mantiene dos saldos: uno es un activo (ETH) que actúa como garantía y el otro es una deuda denominada en LUSD. Puede cambiar la cantidad de cada uno agregando garantías o pagando la deuda. A medida que realiza estos cambios de saldo, la relación de garantía de su Trove cambia en consecuencia. Puede cerrar su Trove en cualquier momento pagando completamente su deuda.(Se editó) ### ¿Tengo que pagar cuotas como prestatario? Cada vez que retira LUSD de su Trove, se cobra una tarifa de préstamo única sobre el monto retirado y se agrega a su deuda. Tenga en cuenta que la tarifa de préstamo es variable (y determinada algorítmicamente) y tiene un valor mínimo de 0,5% en condiciones normales de operación. La tarifa es de 0 % durante el [Modo de Recuperación](https://liquity.gitbook.io/spanish/faq/modo-de-recuperacion). También se aplicará un cargo de reserva de liquidación de 200 LUSD, pero se le devolverá al pagar la deuda. Otra consideración es el precio de LUSD en el momento del reembolso. Si en el momento en que desea pagar su préstamo, LUSD se cotiza a $1.02 en el mercado y necesita comprarlo, incurre en una 'comisión' del 2%. Puede evitar esto al tener sus fondos prestados fácilmente disponibles o al poder esperar a que LUSD regrese a la paridad. ### ¿Cómo se calcula la comisión de un préstamo? La tarifa de préstamo se agrega a la deuda del Trove y se determina mediante una tasa base. La tasa de la comisión se limita a un rango entre 0,5% y 5% y se multiplica por la cantidad de liquidez utilizada por el prestatario. Por ejemplo: la tarifa del préstamo es del 0,5 % y el prestatario quiere recibir 4000 LUSD en su monedero. Al cobrarle una tarifa de préstamo de 20 LUSD, el prestatario incurrirá en una deuda de 4220 LUSD después de agregar la Reserva de liquidación y la tarifa de emisión. ### ¿Cuándo debo devolver mi préstamo? Los préstamos emitidos por el protocolo no tienen vencimiento. Puede dejar su Trove abierto y pagar su deuda en cualquier momento, siempre que mantenga una relación de garantía de al menos el 110 %. ### ¿Cuál es la relación de garantía? Esta es la relación entre el valor en dólares de la garantía en su Trove y su deuda en LUSD. La relación colateral de su Trove fluctúa con el tiempo a medida que cambia el precio de Ether. Puede influir en la proporción ajustando la garantía y/o la deuda de su Trove, es decir, agregando más garantía ETH o pagando parte de su deuda. Por ejemplo: Digamos que el precio actual de ETH es de $3000 y decides depositar 10 ETH. Si pide prestados 10.000 LUSD, la relación de garantía de su Trove sería del 300%. ![](https://lh6.googleusercontent.com/LfiLDDSCpftfaG6EkErYDnDs0OyI6qseScifxRQx3AAFnsZmMg80WmkiI4PoVIwxmMCSStoQ9ZZ-g8cOeFZfibX_Or-jaw6iy3PAcxQsywz1uko8uy2P6tvcpThxdeeaGkrBZOIT0An-Lnu-bWNnLv16ZHJjDs9oJq25O-YM529mmSucQmpE3adLOEe3RA) Si, en cambio, sacara 25 000 LUSD, su proporción sería del 120 %. ### ¿Cuál es la relación mínima de garantía (RMG) y el relación de garantía "recomendada"? La relación mínima de garantía (o RMGpara abreviar) es la relación más baja de deuda a garantía que no desencadenará una liquidación en operaciones normales (también conocido como Modo Normal). Este es un parámetro de protocolo que se establece en 110%. Entonces, si su Trove tiene una deuda de 10,000 LUSD, necesitaría al menos $11,000 en Ether como garantía para evitar ser liquidado. Para evitar la liquidación durante el modo de recuperación, se recomienda mantener la relación cómodamente por encima del 150 % (por ejemplo, 200 % o mejor 250 %). ### ¿Qué sucede si se liquida mi Trove? Pierde su garantía a medida que su deuda se paga mediante la liquidación, es decir, ya no podrá recuperar su garantía al pagar su deuda. Por lo tanto, una liquidación da como resultado una pérdida neta del 9,09 % (= 100 % \* 10/110) del valor en dólares de su garantía. ### ¿Qué es la Reserva de Liquidación? Cuando se abre un Trove y obtiene un préstamo, se reservan 200 LUSD como una forma de compensar los costos de gas para el remitente de la transacción en caso de que se liquide su Trove. La Reserva de liquidación es totalmente reembolsable si su Trove no se liquida y se le devuelve cuando cierra su Trove pagando su deuda. La Reserva de liquidación cuenta como deuda y se tiene en cuenta para el cálculo de garantía del Trove, lo que aumenta ligeramente los requisitos reales de garantía. ### ¿Qué sucede si se redime contra mi Trove? Cuando se canjea LUSD, el ETH proporcionado al canjeador se asigna de los Trove(s) con el índice de garantía más bajo (incluso si está por encima del 110%). Si en el momento del rescate tiene el Trove con la proporción más baja, renunciará a parte de su garantía, pero su deuda se reducirá en consecuencia. El valor en USD por el que se reduce su garantía ETH corresponde al monto nominal en LUSD por el que se reduce la deuda de su Trove. Puede pensar en los rescates como si alguien más estuviera pagando su deuda y recuperando una cantidad equivalente de su garantía. Como efecto secundario positivo, los canjes mejoran la relación colateral de los Troves afectados, haciéndolos menos riesgosos. Los canjes que no reducen su deuda a 0 se denominan canjes parciales, mientras que los canjes que pagan por completo la deuda de Trove se denominan canjes completos. En tal caso, su Trove está cerrado y puede reclamar su excedente colateral y la Reserva de Liquidación en cualquier momento. Supongamos que posee un Trove con 2 ETH garantizados y una deuda de 3200 LUSD. El precio actual de ETH es de $ 2,000. Esto pone su índice de garantía (CR) en 125% (= 100% \* (2 \* 2,000) / 3,200). Imaginemos que este es el CR más bajo en el sistema Liquity y veamos dos ejemplos de un rescate parcial y un rescate completo: Ejemplo de redención parcial Alguien canjea 1200 LUSD por 0,6 ETH y así paga 1200 LUSD de su deuda, reduciéndola de 3200 LUSD a 2000 LUSD. A cambio, se transfieren 0,6 ETH, por un valor de $1200, de su Trove al redentor. Su garantía baja de 2 a 1,4 ETH, mientras que su índice de garantía aumenta del 125 % al 140 % (= 100 % \* (1,4 \* 2000) / 2000). Ejemplo de redención completa Alguien canjea 6000 LUSD por 3 ETH. Dado que el monto redimido es mayor que su deuda menos 200 LUSD (apartados como reserva de liquidación), su deuda de 3200 LUSD se liquida por completo y su garantía se reduce en $3000 de ETH, lo que le deja una garantía de 0,5 ETH ( = 2 - 3000 / 2000). ### ¿Cómo puede ofrecer un índice de garantía tan bajo como 110%? Al hacer que la liquidación sea instantánea y más eficiente, Liquity necesita menos garantías para proporcionar el mismo nivel de seguridad que protocolos similares que se basan en mecanismos de subasta prolongados para liquidar las garantías en las liquidaciones. ### ¿Cómo puedo aprovechar el apalancamiento? Puede vender el LUSD prestado en el mercado por ETH y utilizar este último para recargar la garantía de su Trove. Eso le permite sacar y vender más LUSD y, al repetir el proceso, puede alcanzar el índice de apalancamiento deseado. Suponiendo una estabilidad de precios perfecta (1 LUSD = $1), el índice de apalancamiento máximo alcanzable es 11x. Está dada por la fórmula: Índice de Apalancamiento Máximo= (RMG/ RMG-100%) donde RMG es la relación mínima de garantía. ### ¿Por qué la garantía y la deuda de mi Trove aumentaron sin mi intervención? Si se liquidan Troves y el Fondo de Estabilidad está vacío (o se vacía debido a la liquidación), cada prestatario recibirá una parte de la garantía y la deuda liquidada como parte de un proceso de redistribución. \\ # Fondo de Estabilidad ### ¿Qué es el Fondo de Estabilidad? El Fondo de Estabilidad es la primera línea de defensa en el mantenimiento de la solvencia del sistema. Lo logra al actuar como fuente de liquidez para pagar la deuda de Troves liquidados, asegurando que el suministro total de LUSD siempre permanezca respaldado. Cuando se liquida cualquier Trove, se quema una cantidad de LUSD correspondiente a la deuda restante del Trove del saldo del Fondo de Estabilidad para pagar su deuda. A cambio, toda la garantía del Trove se transfiere al Fondo de Estabilidad. El Fondo de Estabilidad está financiado por los usuarios que le transfieren LUSD (llamados proveedores de estabilidad). Con el tiempo, los proveedores de estabilidad pierden una parte prorrateada de sus depósitos LUSD, mientras ganan una parte prorrateada de la garantía liquidada. Sin embargo, debido a que es probable que Troves se liquide con índices de garantía justo por debajo del 110%, se espera que los proveedores de estabilidad reciban un mayor valor en dólares de garantía en relación con la deuda que pagan. ### ¿Por qué debería depositar LUSD en el Fondo de Estabilidad? Los proveedores de estabilidad obtendrán ganancias de liquidación (ver a continuación) y recibirán recompensas de adopción temprana en forma de tokens LQTY. ### ¿Qué son las liquidaciones? Para garantizar que todo el suministro de monedas estables permanezca totalmente respaldado por garantías, se cerrarán (liquidarán) los Troves que se encuentren por debajo del índice mínimo de garantías del 110 %. La deuda del Trove es cancelada y absorbida por el Fondo de Estabilidad y su garantía se distribuye entre los Proveedores de Estabilidad. El propietario del Trove aún conserva la cantidad total de LUSD prestada, pero pierde \~10 % del valor general, por lo que es fundamental mantener siempre la proporción por encima del 110 %, idealmente por encima del 150 %. ### ¿Quién puede liquidar Troves? Cualquiera puede liquidar un tesoro tan pronto como caiga por debajo de la relación mínima de garantía del 110 %. El iniciador recibe una compensación de gas (200 LUSD + 0,5% de la garantía de Trove) como recompensa por este servicio. ### ¿Cómo me compensan por liquidar un Trove? La liquidación de Troves está relacionada con ciertos costos de gas que el iniciador debe cubrir. El costo por Trove se redujo mediante la implementación de liquidaciones por lotes de hasta 160 - 185 Troves, pero con el objetivo de garantizar que las liquidaciones sigan siendo rentables incluso en tiempos de aumento de los precios del gas, el protocolo ofrece una compensación de gas dada por la siguiente fórmula: compensación de gas = 200 LUSD + 0,5% de la garantía de Trove (ETH) Los 200 LUSD están financiados por una Reserva de Liquidación, mientras que la parte variable del 0,5 % (en ETH) proviene de la garantía liquidada, lo que reduce ligeramente la ganancia de liquidación para los Proveedores de Estabilidad. ### ¿Cómo me beneficio como Proveedor de Estabilidad de las liquidaciones? Como las liquidaciones ocurren justo por debajo de una relación de garantía del 110%, lo más probable es que experimente una ganancia neta cada vez que se liquide un Trove. Digamos que hay un total de 1 000 000 LUSD en el fondo de estabilidad y su depósito es de 100.000 LUSD. Ahora, un Trove con una deuda de 200 000 LUSD y una garantía de 400 ETH se liquida a un precio de Ether de $545 y, por lo tanto, a una relación de garantía del 109 % (= 100 % \* (400 \* 545) / 200 000). Dado que su participación en el fondo es del 10 %, su depósito se reducirá en un 10 % de la deuda liquidada (20.000 LUSD), es decir, de 100.000 a 80.000 LUSD. A cambio, obtendrá el 10 % de la garantía liquidada, es decir, 40 ETH, que actualmente tiene un valor de $21 800. Su ganancia neta de la liquidación es de $1,800. Tenga en cuenta que los depositantes pueden retirar inmediatamente la garantía recibida de las liquidaciones y venderla para reducir su exposición a ETH, si se espera que el valor en USD de ETH disminuya (para ver una excepción, consulte [¿Puedo retirar mi depósito cuando lo desee?](https://liquity.gitbook.io/spanish/faq/fondo-de-estabilidad#puedo-retirar-mi-deposito-cuando-quiera)). ### ¿Cómo me beneficio como proveedor de estabilidad de las recompensas de los primeros usuarios? Primero debe abrir un Trove, pedir prestado LUSD y depositarlo en el Stability Pool. Después de realizar su depósito, comenzará a acumular una recompensa (en LQTY) proporcional al tamaño de su depósito de forma continua. La recompensa se calcula de acuerdo con el cronograma de recompensas y la tasa de soborno del front-end que utilizó para realizar el depósito. Las recompensas serán las más altas para los primeros usuarios del sistema. En cualquier momento, puede retirar sus recompensas pendientes a su dirección de Ethereum. ### ¿Puedo retirar mi depósito cuando quiera? Como regla general, se puede retirar el depósito realizado en el Fondo de Estabilidad en cualquier momento. No hay una duración mínima de bloqueo. Sin embargo, los retiros se suspenden temporalmente siempre que haya Troves liquidables con un índice de garantía inferior al 110% que aún no hayan sido liquidados. ### ¿Qué oráculo está utilizando para determinar el precio de ETH? El protocolo utiliza el feed de precios [ETH:USD de Chainlink](https://feeds.chain.link/eth-usd), recurriendo al oráculo ETH:USD de [Tellor](https://www.tellor.io) en las siguientes condiciones (extremas): * El precio de Chainlink no se ha actualizado durante más de 4 horas * La llamada de respuesta de Chainlink se revierte, devuelve un precio no válido o una marca de tiempo no válida * El cambio de precio entre dos actualizaciones consecutivas de precios de Chainlink es> 50%. ### ¿Puedo perder dinero al depositar fondos en el Fondo de Estabilidad? Si bien las liquidaciones se producirán con una proporción de garantía muy por encima del 100 % la mayor parte del tiempo, es teóricamente posible que un Trove se liquide por debajo del 100 % en un colapso repentino o debido a una falla del oráculo. En tal caso, puede experimentar una pérdida ya que la ganancia colateral será menor que la reducción de su depósito. Si LUSD cotiza por encima de $1, las liquidaciones pueden dejar de ser rentables para los proveedores de estabilidad, incluso con índices de garantía superiores al 100 %. Sin embargo, esta pérdida es hipotética ya que se espera que LUSD regrese a la paridad, por lo que la "pérdida" solo se materializa si retiró su depósito y vendió LUSD a un precio superior a $1. Tenga en cuenta que aunque el sistema se audita diligentemente, nunca se puede excluir por completo un ataque o un error que resulte en pérdidas para los usuarios. ### ¿Qué sucede si el Fondo de Estabilidad está vacío cuando se producen las liquidaciones? Si el Fondo de Estabilidad está vacío, el sistema utiliza un mecanismo de liquidación secundario llamado redistribución. En tal caso, el sistema redistribuye la deuda y la garantía de Troves liquidados a todos los demás Troves existentes. La redistribución de la deuda y la garantía se realiza en proporción al monto de la garantía del receptor Trove. Aquí hay un ejemplo de nuestro [whitepaper](https://docsend.com/view/bwiczmy).
TroveDeudaETH en GarantiaIndiceIncremento de DeudaIncrement de GarantiaNueva DeudaNueva GarantiaNuevo IndiceGanancia neta en USD
A20001.5150%9600.5229602.02136%72
B40004200%25601.3865605.38164%192
C60007233%44802.41104809.41180%336
D80004.3108%-8000-4.3000n/a-600
Total2000016.8168%002000016.8168%0
\\ # Redenciones y estabilidad de precios de LUSD ### ¿Cómo sigue LUSD de cerca el precio del USD? La capacidad de canjear LUSD por ETH al valor nominal (es decir, 1 LUSD por $1 de ETH) y la relación de garantía mínima del 110 % crean un precio mínimo y un precio máximo (respectivamente) a través de oportunidades de arbitraje. Los llamamos "mecanismos de vinculación dura" ya que se basan en procesos directos. LUSD también se beneficia de mecanismos menos directos para la paridad del USD, llamados "mecanismos de vinculación blanda". Uno de estos mecanismos es la paridad como punto de Schelling. Dado que Liquity trata a LUSD como equivalente a USD, la paridad entre los dos es un estado de equilibrio implícito del protocolo. Otro de estos mecanismos es la comisión de endeudamiento de las nuevas deudas. A medida que aumentan los reembolsos (lo que implica que LUSD está por debajo de $1), también lo hace la tasa base, lo que hace que los préstamos sean menos atractivos, lo que evita que nuevos LUSD lleguen al mercado y lleven el precio por debajo de $1. Lea más sobre la estabilidad de precios de LUSD [aquí](https://www.liquity.org/blog/on-price-stability-of-liquity). ### ¿Qué son los canjes? Un canje es el proceso de intercambiar LUSD por ETH al valor nominal, como si 1 LUSD valiera exactamente $1. Es decir, por x LUSD obtienes x dólares en ETH a cambio. Los usuarios pueden canjear sus LUSD por ETH en cualquier momento sin limitaciones. Sin embargo, es posible que se cobre una tarifa de canje sobre el monto canjeado. Por ejemplo, si la tarifa de canje actual es del 1 %, el precio de ETH es de $500 y canjeas 100 LUSD, obtendrás 0,198 ETH (0,2 ETH menos una tarifa de canje de 0,002 ETH). Tenga en cuenta que la cantidad canjeada se tiene en cuenta para calcular la tasa base y puede tener un impacto en la tarifa de redención, especialmente si la cantidad es grande. ### ¿Es lo mismo un rescate que el pago de mi deuda? No, los canjes son un mecanismo completamente separado. Todo lo que uno tiene que hacer para pagar su deuda es ajustar la deuda y la garantía de Trove. ### ¿Cómo se calcula la tarifa de rescate? Bajo operación normal, la tarifa de redención viene dada por la fórmula (tasa base + 0.5%) \* ETH retirado ### ¿Cómo se calcula la tasa base? Las tarifas de redención se basan en la variable de estado baseRate en Liquity, que se actualiza de forma dinámica. La tasa base aumenta con cada canje y disminuye según el tiempo transcurrido desde el último evento de tarifa, es decir, el último canje o emisión de LUSD. En cada redención: * La tasa base se reduce en función del tiempo transcurrido desde el último evento de tarifa * La tasa base se incrementa en una cantidad proporcional a la fracción del suministro total de LUSD que se canjeó * La tarifa de canje está dada por (tasa base + 0.5%) \* ETH retirado ### Como prestatario, ¿pierdo dinero si me canjean? Si se canjea su Trove, no incurre en una pérdida neta. Sin embargo, perderá parte de su exposición a ETH. La relación de garantía de su Trove también mejorará después de un canje. ### ¿Cómo puedo evitar que me rediman? La mejor manera de evitar ser redimido es manteniendo una alta proporción de garantías en relación con el resto de los Trove en el sistema. Recuerde: los Troves más riesgosos (es decir, los Troves con menor garantía) son los primeros en la fila cuando se lleva a cabo un canje. \\ # Operadores de front-end ### ¿Por qué debería convertirme en un Operador Frontend? Los operadores frontend proporcionan una interfaz web al usuario final que les permite interactuar con el protocolo Liquity. Por ese servicio, serán recompensados con una parte de los tokens LQTY que generen sus usuarios. Las recompensas LQTY se otorgan a los depositantes del Fondo de Estabilidad y luego se comparten proporcionalmente entre los propios usuarios y el Operador Frontend. La cantidad que obtiene cada parte está determinada por la Tasa de Retorno que establece el Operador de frontend y puede oscilar entre 0% y 100%. Establecer una tasa de retorno alta hará que el operador de frontend sea atractivo para los usuarios, pero ofrecer una interfaz agradable y funcionalidades adicionales podría permitir una tasa de soborno más baja sin dejar de atraer el interés de los usuarios. Consulte el video [Liquity Runs on Decentralized Frontends](https://youtu.be/ipbNQMiIy1M) para obtener más detalles. ### ¿Cómo puedo hacer funcionar una interfaz? Puede instalar nuestro [kit](https://github.com/liquity/liquity) de lanzamiento de front-end o integrar nuestro protocolo en su entorno utilizando nuestro [SDK de front-end](https://docs.liquity.org/documentation/sdk). ### ¿Qué tipo de recompensas recibo como frontend? Las recompensas de frontend se pagan en LQTY. Obtenga más información sobre LQTY [aquí](https://liquity.gitbook.io/spanish/faq/general#que-son-lusd-y-lqty). ### ¿Cómo se calcula el reparto de recompensas de una interfaz? Las recompensas se calculan en función de los depósitos totales etiquetados por la interfaz. En un evento de recompensa LQTY que genera LQTY\_d por un depósito d realizado a través de una interfaz con tasa de retorno, la interfaz recibe ((1-k)\*LQTY\_d) y el usuario recibe (k \* LQTY\_d). ### ¿De dónde vienen las recompensas de frontend? Las recompensas de frontend provienen del mismo grupo que las recompensas de usuario. Las interfaces ganan una parte de los 32 000 000 LQTY que se distribuyen a los usuarios en función de la tasa de retorno de la interfaz y las recompensas totales acumuladas por sus usuarios. ### ¿Cómo se pagan las recompensas de frontend? Cada depósito en el Fondo de Estabilidad está etiquetado por la dirección Ethereum del front-end a través del cual se realizó el depósito. Esta dirección es donde se acumulan las recompensas LQTY de la interfaz. ### ¿Cómo funcionan las etiquetas de frontend? Se aplica una etiqueta de frontend a un depósito de Stability Pool cuando un usuario llama a provideToSP(uint \_amount, address \_frontEndTag). Esta etiqueta permanecerá adjunta al depósito de un usuario incluso si usa otra interfaz. La etiqueta también puede ser una dirección 0, lo que significa que el usuario recibirá el 100 % de sus recompensas LQTY acumuladas. Para agregar una nueva etiqueta de interfaz y beneficiarse de una tasa de soborno diferente, un usuario deberá retirar completamente su depósito de Stability Pool y volver a depositar utilizando la nueva interfaz y la nueva etiqueta. Como Operador Frontend, es importante tener en cuenta esta dinámica. ### ¿Las interfaces tienen que ser aprobadas previamente? No, registrarse con los contratos inteligentes de Liquity como interfaz es un proceso sin intermediarios. Esto se hace llamando a la función registerFrontEnd(uint\_kickbackRate) en el contrato inteligente del Fondo de Estabilidad. La tasa de retorno es un valor entre \[0,1] (por ejemplo, 0,8 = tasa de retorno del 80 %). ### ¿Cómo se agrega una interfaz al registro de liquity.org? Las interfaces pueden ver el proceso de listado del [registro aquí](https://github.com/liquity/frontend-registry). ### ¿Cuál es la tasa de retorno? Para garantizar que el protocolo de Liquity esté descentralizado desde el día 1, el equipo de Liquity no alojará ni ejecutará una interfaz para interactuar con los contratos de Liquity. Como tal, corresponde a los miembros de la comunidad de Liquity actuar como operadores de interfaz y ejecutar interfaces para los usuarios. Para incentivar este comportamiento, cada Operador de Frontend puede establecer una tasa entre 0 y 100% que determina la fracción de LQTY que se pagará como retorno a los Proveedores de Estabilidad que utilizan el frontend. Si una interfaz establece la tasa de soborno en 60 %, sus usuarios recibirán el 60 % de las recompensas obtenidas, mientras que la interfaz recibe el 40 % restante. ### ¿Puede un Operador Frontend cambiar su tasa de sobornos? Si y no. Una vez que una dirección se registra como frontend con Fondo de Estabilidad y tiene una tasa de soborno específica, no se puede cambiar. Sin embargo, si un operador de frontend desea cambiar su tasa de retorno, debe registrar una nueva dirección de frontend con una nueva tasa de retorno. Para que los usuarios aprovechen la nueva tasa de retorno, deberán retirar su depósito y volver a depositar con la nueva etiqueta de interfaz. ### ¿Por qué el equipo de Liquidity no ejecuta una interfaz? No ejecutar nuestra propia interfaz aumenta la resistencia a la censura y la descentralización, pero también nos ayuda a iniciar un ecosistema distribuido. # Recompensas y distribución de LQTY ### ¿Qué es LQTY? LQTY es el token secundario emitido por el protocolo Liquity. Captura los ingresos por tarifas que genera el sistema e incentiva a los primeros usuarios y operadores de frontend. Las recompensas LQTY solo se acumularán para los proveedores de estabilidad, es decir, los usuarios que depositan LUSD en el grupo de estabilidad, las interfaces que facilitan esos depósitos y los proveedores de liquidez del grupo LUSD:ETH Uniswap. Como recompensas técnicas, se basan en una funcionalidad preprogramada del protocolo y no en un reclamo hacia Liquity AG o cualquier tercero. ### ¿Cuál es el suministro máximo de LQTY? LQTY tiene un suministro máximo de 100.000.000 tokens. ### ¿LQTY es un token de gobernanza? No. LQTY no es un token de gobernanza, ya que no existe una gobernanza de Liquity. ### ¿Cómo puedo ganar LQTY? LQTY se gana de tres maneras: * Depositando LUSD en el Fondo de Estabilidad. * Facilitar los depósitos de Stability Pool a través de su interfaz. * Proporcionar liquidez al grupo de Uniswap LUSD:ETH. ### ¿Qué puedo hacer con LQTY? Los titulares de LQTY pueden stakear sus tokens para ganar las tarifas generadas por la emisión de préstamos y los canjes de LUSD. Obtenga más información sobre el staking. ### ¿Cuál es el programa de distribución de LQTY? La emisión comunitaria de LQTY (fuera de los incentivos de LP y la Reserva Comunitaria) sigue un cronograma de reducción a la mitad anual, descrito por la siguiente función: 32.000.000 \* (1–0.5^año). El propósito de esta curva de emisión es incentivar favorablemente a los primeros usuarios y al mismo tiempo mantener los incentivos a largo plazo. ### ¿Cuáles son las asignaciones de génesis de LQTY? Puede encontrar información sobre las asignaciones de génesis de LQTY aquí. ### ¿Hubo un airdrop de LQTY? No. LQTY solo puede obtenerse mediante los métodos mencionados anteriormente. # LQTY Staking ### ¿Cómo funciona el staking en Liquity? Para comenzar a hacer staking, todo lo que necesita hacer es depositar su token LQTY en el contrato de staking de Liquity. Una vez hecho esto, comenzará a ganar una parte prorrateada de las tarifas de préstamo y reembolso en LUSD y ETH. ### ¿Cuánto ganará mi staking de LQTY? Su staking de LQTY ganará una parte de las tarifas igual a su parte del total de LQTY stakeado, en el momento en que se produjo la tarifa. ### ¿Existe un periodo de bloqueo? No, puede retirar sus fondos stakeados en cualquier momento. ### ¿Puedo apostar LUSD? Solo puede stakear tokens LQTY. LUSD se puede depositar en el Fondo de Estabilidad. ### ¿Se utilizan tokens LQTY stakeados para respaldar el sistema (como Maker) o para la gobernanza? No, los LQTY stakeados no se utilizan para respaldar el sistema de Liquity y no se utilizan para la gobernanza, ya que no hay gobernanza de Liquity. # Modo de recuperación ### ¿Qué es el Modo Recuperación? El modo de recuperación se activa cuando el Índice de Garantía Total (IGT) del sistema cae por debajo del 150 %. ### Durante el modo de recuperación, se pueden liquidar Troves con una relación de garantía inferior al 150 %. Además, el sistema bloquea las transacciones de los prestatarios que disminuirían aún más el IGT. Solo se pueden emitir nuevos LUSD ajustando los Troves existentes de una manera que mejore su índice de garantía, o abriendo un nuevo Trove con un índice de garantía> = 150%. En general, si el ajuste de un Trove existente reduce su índice de garantía, la transacción solo se ejecuta si el TCR resultante es superior al 150%. ### ¿Cuál es el Índice de Garantía Total? El Índice de Garantía Total o IGT es la relación entre el valor en dólares de la garantía del sistema completo al precio actual de ETH:USD, a la deuda del sistema completo. En otras palabras, es la suma de la garantía de todos los Troves expresada en USD, dividida por la deuda de todos los Troves expresada en LUSD. ### ¿Cuál es el propósito del modo de recuperación? El objetivo del modo de recuperación es incentivar a los prestatarios a comportarse de manera que eleven rápidamente el IGT por encima del 150 % e incentivar a los titulares de LUSD a reponer el fondo de estabilidad. Económicamente, el modo de recuperación está diseñado para fomentar la recarga de garantías y el pago de deudas, y también actúa como un elemento disuasorio de autonegación: la posibilidad de que ocurra en realidad aleja al sistema de alcanzarlo. El modo de recuperación no es un estado deseable para el sistema. ### ¿Cuáles son las tarifas durante el modo de recuperación? Si bien el Modo de recuperación no tiene impacto en la tarifa de reembolso, la tarifa de préstamo se establece en 0% para alentar al máximo el préstamo (dentro de los límites descritos anteriormente). ### ¿Cómo puedo hacer que mi Trove sea seguro en modo de recuperación? Al aumentar su índice de garantía al 150% o más, su Trove estará protegido contra la liquidación. Esto se puede hacer agregando garantías, pagando la deuda o ambos.\\ ### ¿Puedo ser liquidado si mi índice de garantía es inferior al 150 % en el modo de recuperación? Sí, se le puede liquidar por debajo del 150 % si el índice de garantía de su Trove es inferior al 150 %. Para evitar la liquidación en Modo Normal y Modo de Recuperación, un usuario debe mantener su índice de garantía por encima del 150%.\\ ### ¿Cómo funcionan las liquidaciones en Modo Recuperación? * IGI= Índice de Garantía Individual * IMG= Índice Mínimo de Garantía * IGT= Índice de Garantia Total * FE= Fondo de Estabilidad
CondiciónComportamiento al Liquidar
IGT<=100%Redistribuye todas las deudas y garantías (menos la compensación de gas) a Troves activos.
100% < IGI < IMG & FE LUSD > DeudaLUSD en el Fondo de Estabilidad igual a la deuda de Trove se compensa con la deuda de Trove. La garantía ETH de Trove (menos la compensación de gas ETH) se comparte entre los depositantes.
100% < IGI < IMG & FE LUSD < DeudaEl LUSD del Fondo de Estabilidad total se compensa con una cantidad igual de deuda del Trove. Una fracción de la garantía de Trove (igual a la relación entre su deuda compensada y su deuda total) se comparte entre los depositantes. La deuda restante y la garantía (menos la compensación de gas ETH) se redistribuyen a Troves activos.
IMG <= IGI < 150% & FE LUSD >= DeudaEl LUSD del Fondo de Estabilidad se compensa con una cantidad igual de deuda del Trove. Una fracción de la garantía de ETH con un valor en dólares igual a 1,1 * deuda se comparte entre los depositantes. Nada se redistribuye a otros tesoros activos. Dado que su IGI fue > 1,1, el Trove tiene un remanente de garantía, que se envía a CollSurplusPool y es reclamable por el prestatario. El Trove está cerrado.
IMG <= ICR < 150% & FE LUSD < DeudaNo es necesaria ninguna acción
IMG >= 150%No es necesaria ninguna acción
### ¿Cuánto de una garantía de Troves se puede liquidar en modo de recuperación? En el modo de recuperación, la pérdida por liquidación tiene un tope del 110 % de la garantía de Trove. Cualquier remanente, es decir, la garantía por encima del 110 % (y por debajo del IGT), puede ser reclamado por el prestatario liquidado mediante la interfaz web estándar. Esto significa que un prestatario se enfrentará a la misma "penalización" de liquidación (10 %) en el modo de recuperación que en el modo normal si su Trove se liquida.\\