# Liquity v2: BOLD Supply, Stability Pools and Borrow Rates > Liquity v2 on Ethereum: BOLD supply, user-set borrow rates, collateral and stability pool deposits per branch, redemptions, liquidations and the BOLD peg. Markdown copy of https://voltfincrypto.com/apps/liquity-v2-bold-stability-pool **Question:** What rates do Liquity v2 borrowers pay on their BOLD, and how much of that debt do the stability pools cover? - Kind: Dashboard in Voltfin Vantage - Topic: [DeFi](https://voltfincrypto.com/topics/defi) - Chains: Ethereum - Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is. Liquity v2 lets anyone borrow BOLD, a dollar stablecoin, against ETH, wstETH or rETH at an interest rate they choose themselves. That choice is the protocol's main lever: when BOLD trades below a dollar, holders can redeem it for collateral from the troves paying the lowest rates first, so a borrower who pays too little risks having their debt repaid with their collateral. This dashboard reads every branch's troves, rates, stability pool and redemptions from the contracts. Each collateral type is its own branch, with its own minimum collateral ratio, stability pool and price feed. Stability pool depositors supply BOLD that is burned to repay liquidated debt; in return they receive the liquidated collateral at a discount and earn most of the interest borrowers pay in that branch. The dashboard shows how much BOLD each pool holds against the debt it would have to absorb. The protocol has no governance over rates or collateral: its contracts are immutable, and LQTY stakers only direct the share of interest set aside for liquidity incentives. Liquity v2 was redeployed in May 2025 after an issue was found in the first deployment's stability pools; the dashboard reads the current deployment and keeps the legacy one apart. ## Blueprint ### BOLD and rates BOLD supply, the rates borrowers chose, stability pool coverage and the peg. - **BOLD supply** (BOLD): BOLD in circulation, from the current deployment's BOLD totalSupply() at the latest day-end block. - **Average borrow rate** (%): The debt-weighted average interest rate borrowers chose on the selected branches. - **Stability pool coverage** (%): Stability pool deposits over branch debt on the selected branches, at the same block. - **BOLD price** (USD): BOLD's price against USDC and USDT in on-chain pools, weighted by pool depth. - **Debt by interest rate** (BOLD): Debt in each band of user-set interest rates, with the lowest-rate debt that redemptions reach first marked. - **BOLD supply and pool deposits by day** (BOLD): BOLD supply and stability pool deposits by day, so changes in coverage show as they happen. ### Branches Collateral, debt, stability pools, redemptions and liquidations per branch. - **Collateral locked** (USD): Collateral locked in the selected branches, valued with each branch's price feed. - **Redeemed, 30 days** (BOLD): BOLD redeemed for collateral in the selected branches over the last 30 days. - **Branches side by side**: Each branch with collateral, debt, average rate, stability pool deposits, coverage and open troves. - **Redemptions and liquidations by day** (BOLD): BOLD redeemed and debt liquidated by day and branch, with the collateral each sent out. Filters: Branch (All branches, or one of WETH, wstETH and rETH); Period (Last 30, 90 or 365 days). ## How it will be measured - Each branch's collateral and debt are getEntireBranchColl() and getEntireBranchDebt() on its TroveManager at day-end blocks, valued with the branch's own price feed. - Borrow rates come from every trove's annual interest rate in TroveOperation events, and the branch average is the debt-weighted mean from its ActivePool at the same block. - Stability pool deposits are getTotalBoldDeposits() per branch, and coverage is those deposits over the branch's debt at the same block. - Redemptions and liquidations are the Redemption and Liquidation events, with the BOLD redeemed or offset, the collateral sent out and the price used. - The BOLD peg is BOLD's price in its on-chain pools against USDC and USDT, weighted by pool depth. ## Data it needs - `stablecoin_supply_daily` (published): Native supply of each USD and EUR stablecoin on each covered chain at the chain's last block of each day, from totalSupply() reads, with bridged copies kept apart. - `lending_markets_daily` (to build): Supply, borrow, utilization and rates per lending market (Aave, Morpho, Spark, Compound, Euler and others) at day end. - `liquidations` (to build): Every liquidation on major lending markets and perp venues: collateral seized, debt repaid, liquidator, and the price at the time. - `stablecoin_pegs_daily` (to build): How far each stablecoin trades from its peg, from DEX pool prices and on-chain oracle feeds, with the deepest deviation of each day. - `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time. - Source: TroveManager getEntireBranchColl() and getEntireBranchDebt() per branch at day-end blocks - Source: TroveOperation events with each trove's annual interest rate, and ActivePool aggregate debt for the weighted average - Source: StabilityPool getTotalBoldDeposits() and collateral gains per branch - Source: Redemption and Liquidation events from each TroveManager, and the CollateralRegistry redemption rate - Source: BOLD totalSupply() on Ethereum - Source: BOLD pool prices against USDC and USDT on Curve and Uniswap ## Questions ### What is BOLD? BOLD is the stablecoin of Liquity v2. It is minted when a borrower opens a trove against ETH, wstETH or rETH. It can always be redeemed for a dollar's worth of collateral from the system, which keeps its price near one dollar. ### How do user-set interest rates work in Liquity v2? Each borrower picks the annual rate their trove pays and can change it, paying a fee if they change it again too soon. Redemptions take collateral from the troves with the lowest rates first, so the rate a borrower picks trades interest cost against redemption risk. Borrowers can also delegate the choice to a batch manager. ### What is the Liquity stability pool? A pool of BOLD in each branch that repays the debt of liquidated troves. Depositors' BOLD is burned and they receive the trove's collateral, usually worth more than the debt repaid. They also earn most of the interest paid in that branch. ### What happens in a Liquity redemption? A holder sends BOLD and receives collateral worth its face value, minus a redemption fee. The redemption is split across branches by how much of each branch's debt its stability pool does not cover, then taken from that branch's lowest-rate troves, whose debt and collateral fall by the same value. ### How is Liquity v2 different from Liquity v1? Liquity v1 issues LUSD against ETH only, charges a one-time fee instead of interest and redeems from the troves with the lowest collateral ratio. Liquity v2 adds staked ETH collateral, ongoing user-set interest and redemption by lowest rate. Both are immutable, and v1 still runs. ### Why was Liquity v2 redeployed? In February 2025 the team found an issue in the stability pools of the first deployment and asked depositors to withdraw. A patched version went live in May 2025 after an audit contest and re-audits. The legacy deployment and its BOLD are shown under a legacy label. ## Glossary - **Trove**: A Liquity borrowing position: collateral locked against BOLD debt at the rate its owner chose. - **Branch**: One collateral type in Liquity v2, with its own troves, stability pool and price feed. - **Redemption**: Exchanging BOLD for a dollar's worth of collateral, taken from the troves paying the lowest interest rates. - **Batch manager**: An address a borrower can delegate to set their trove's interest rate, managing many troves together. ## Related apps - [CDP Stablecoins: GHO, crvUSD and BOLD Supply](https://voltfincrypto.com/apps/cdp-stablecoins-gho-crvusd-bold) - [Stablecoin Peg Tracker and Depeg History](https://voltfincrypto.com/apps/stablecoin-peg-depeg-tracker) - [Sky Savings Rate, USDS and DAI Supply](https://voltfincrypto.com/apps/sky-savings-rate-usds-dai) - [DeFi Liquidations Tracker: Lending and Perp DEXs](https://voltfincrypto.com/apps/defi-liquidations-tracker) - [Yield-Bearing Stablecoins Compared: APY and Supply](https://voltfincrypto.com/apps/yield-bearing-stablecoins-compared) - [DeFi TVL by Chain: Total Value Locked Rankings](https://voltfincrypto.com/apps/defi-tvl-by-chain) Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F