Liquity BOLD

Liquity's second-generation dollar hands borrowers a control other stablecoins do not: they set their own interest rate. BOLD is minted by locking ETH or liquid-staking tokens like wstETH and rETH as collateral, and each borrower picks a rate anywhere from a fraction of a percent up into the double digits, trading redemption priority for cost. It is fully decentralized and overcollateralized, with no company or fiat behind it; BOLD is an onchain claim redeemed through the protocol, and much of the interest paid flows to a stability pool that backstops liquidations and pays yield to those who deposit there. Borrowers even keep the staking rewards on their collateral. Issued on Ethereum and bridged across Optimism, Arbitrum, Base and other networks, BOLD is Liquity's bid for a censorship-resistant, ETH-backed dollar that runs on fixed rules rather than active governance.