Glossary
LUSD
Liquity's USD stablecoin — over-collateralized only by ETH (no governance, no admin keys, no fee changes), with one-time issuance fees and zero ongoing interest.
LUSD, issued by Liquity since 2021, is one of the most credibly decentralized stablecoins. The protocol has no admin keys, no upgradeability, no governance — the contracts are immutable and will run as deployed forever.
Users mint LUSD by opening a Trove backed by at least 110% ETH collateral. There is no recurring interest; minters pay a small one-time issuance fee. Liquidations are processed via a Stability Pool that LUSD holders deposit into. Liquity v2 (BOLD) is a multi-collateral successor that started rolling out in 2024.