Liquid Loans USDL

PulseChain's Liquid Loans lets holders of the chain's native coin, PLS, lock it as collateral and draw USDL at zero interest, minting a dollar-pegged token against their position and burning it later to release the PLS. The protocol is deliberately barebones: immutable, non-custodial and governance-free, with no admin keys and no company behind it, so redemption is purely mechanical - any holder can trade USDL back for underlying collateral at face value through the smart contract. A minimum collateral ratio of 110 percent and permissionless liquidations are what hold the peg, in the mold of the interest-free borrowing model that inspired it. Living only on PulseChain, an Ethereum fork with a small ecosystem, USDL is a long-tail crypto-backed dollar whose stability tracks PLS volatility and the depth of its liquidation backstop rather than any external reserve.