Dola

Dola exists only as debt: every token is borrowed into being against collateral, never issued for cash. Inverse Finance's DAO mints it through FiRM, a fixed-rate lending market where borrowers lock assets and take out Dola, plus a peg-stability module that swaps it against reserves. The twist is how interest works. Rather than a floating rate, borrowers hold DBR tokens, each granting the right to borrow one Dola for a year, so the cost of a loan is fixed and tradable up front. The dollar peg is soft, leaning on arbitrage and the collateral behind each loan, and redemption means repaying debt to release that collateral through the protocol rather than cashing out with a company. A staked version, sDOLA, compounds the market's lending revenue into yield. Dola has weathered exploits earlier in its life and stays a mid-sized DeFi dollar.