Liquity USD
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What is Liquity USD?
Borrowing and supply
Borrowers deposit ETH into positions called Troves. They draw LUSD against that collateral. The normal minimum collateral ratio is 110%. Liquity V1 does not charge recurring loan interest. Borrowing and redemption fees are handled through the protocol's fee mechanism. New borrowing creates LUSD, while debt repayment removes it.
Stability mechanisms
Anyone can redeem LUSD against the protocol for the corresponding dollar value of ETH under its redemption rules. A Stability Pool holds LUSD to offset liquidated debt. Pool participants receive collateral from the liquidated positions they absorb. Redistribution among borrowers provides an additional liquidation mechanism. Ether price changes affect collateralization and liquidation eligibility. Liquity V1's core contracts are immutable and governance-free. LUSD is separate from LQTY, the protocol's incentive token. It is also separate from BOLD, the stablecoin introduced by Liquity V2.
Where to trade LUSD
13 exchanges · top 10
Live spot quotes from connected exchanges
LUSD funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.