Borrow BOLD on your own terms

Liquity V2 is an immutable borrowing protocol that lets users deposit ETH, wstETH, or rETH as collateral to mint BOLD, a USD-pegged stablecoin. Unlike V1, borrowers in V2 set their own interest rates, giving them full control over costs and redemption risk. The protocol offers up to 91% LTV on ETH and has no admin keys or upgrade capabilities.

BOLD is the stablecoin of Liquity V2, pegged to 1 USD. It is overcollateralized by ETH, wstETH, and rETH. BOLD maintains its peg through two mechanisms: direct redemption (holders can always redeem BOLD for $1 worth of collateral) and Protocol Incentivized Liquidity that directs protocol revenue toward maintaining deep BOLD markets. BOLD has no off-chain backing and is governed by immutable protocol rules.

In Liquity V2, you choose your own annual interest rate when opening a loan. You can adjust it at any time. Higher rates provide better protection from redemptions, while lower rates reduce borrowing costs. The rate you set determines your position in the redemption queue — the lowest rates get redeemed first. This creates a market-driven equilibrium that balances the needs of borrowers and BOLD holders.

Liquity V2 supports three collateral types: ETH (native Ether), wstETH (Lido wrapped staked ETH), and rETH (Rocket Pool staked ETH). Each type has its own independent pool, Stability Pool, and risk parameters. This multi-collateral approach allows users to maintain their staking yield while borrowing BOLD.

The maximum loan-to-value ratio is approximately 91% for ETH collateral (corresponding to a minimum collateralization ratio of 110%). This makes Liquity V2 one of the most capital-efficient borrowing protocols available. Staked ETH collaterals (wstETH, rETH) have slightly different parameters reflecting their risk profile.

Multiply automates the process of borrowing BOLD and using it to acquire more collateral, allowing you to increase your ETH or staked ETH exposure by up to 11x in a single transaction. This is useful for users who want to amplify their yield from staking or gain leveraged exposure to ETH price movements.

There are multiple ways to earn yield with BOLD: deposit into Stability Pools to earn liquidation rewards and protocol incentives, provide liquidity on external venues that receive Protocol Incentivized Liquidity allocations, or explore integrations across the wider ecosystem. All yield comes from real protocol revenue — interest paid by borrowers — not from inflationary emissions.

Staking LQTY in V2 gives you voting power over how Protocol Incentivized Liquidity is allocated across external venues. LQTY stakers can earn protocol fees, potential bribes from venues seeking allocations, and continue to receive LUSD and ETH rewards from Liquity V1. This dual-reward structure means your staked LQTY earns across both protocol versions.

Yes, Liquity V2 is fully immutable. Once deployed, the protocol code cannot be changed, upgraded, or modified by anyone — including the Liquity team. There are no admin keys, no proxy contracts, and no governance-controlled upgrade paths. The only external dependency is price oracles for collateral valuation. This design maximizes predictability and trust.

BOLD holders can redeem their BOLD for $1 worth of collateral at any time. In V2, redemptions target positions with the lowest interest rates first. This gives borrowers direct control: by setting a higher rate, you move further from the front of the redemption queue. Unlike V1, where redemptions targeted the lowest collateral ratios, V2's rate-based mechanism is more predictable and controllable.

Key differences: V2 introduces user-set interest rates (replacing V1's one-time borrowing fee), multi-collateral support (adding wstETH and rETH), rate-based redemption ordering, Protocol Incentivized Liquidity for better BOLD peg stability, and lower liquidation penalties. V1 continues to operate independently — it is also immutable and cannot be shut down. LUSD and BOLD coexist as separate products.

The Stability Pool is where BOLD holders deposit their stablecoins to serve as the first line of defense for liquidations. When a position is liquidated, Stability Pool depositors receive the liquidated collateral at a discount. Each collateral type (ETH, wstETH, rETH) has its own dedicated Stability Pool. Depositors earn from liquidation discounts and may receive additional protocol incentives.

Liquity V2 is available through independent, community-operated frontend applications. The protocol itself does not operate a frontend. You can choose from several frontends and interact with the protocol through any of them. Visit liquity-v2.com for the latest list of available frontends.

BOLD is directly redeemable for collateral, 100% on-chain with no off-chain or real-world asset backing, governed by immutable code with no admin or governance control, and backed exclusively by ETH and staking derivatives. Unlike most stablecoins, BOLD generates sustainable real yield for holders from protocol interest revenue, not from inflationary token emissions.

Yes. Liquity V2 has been audited by seven independent security firms: ChainSecurity, Dedaub, Chaos Labs, Hats Finance, Certora, Coinspect, and Recon. The protocol has undergone formal verification and the code is open-source on GitHub. All audit reports are publicly available for review.