Provide a concise narrative that clearly states each of (a)–(e) below.
Liquity V2 solves the need for decentralized, on-chain liquidity against ETH and staked ETH collateral. It is a decentralized borrowing and stablecoin protocol that enables users to unlock liquidity against ETH, wstETH, and rETH, borrow at a rate they choose, and use BOLD, a USD stablecoin redeemable for $1-worth of protocol collateral.
Liquity V2 supports ongoing operations through an immutable protocol that exists completely on-chain and cannot be changed or upgraded; collateral price oracles remain the sole external dependency. Liquity does not run its own frontend, so users access the protocol by choosing independent, community-hosted frontends. Ongoing development and user support are supported through Docs and GitHub as build resources, and Support, FAQ, and Whitepaper as help resources.
Liquity V2 is a decentralized borrowing and stablecoin protocol. Users can borrow against ETH and staked ETH from Lido (wstETH) and Rocket Pool (rETH), minting BOLD against their collateral at an interest rate they choose, with borrowing available up to 91% loan-to-value. Users control their borrowing costs and can fix and adjust their interest rate at any time. BOLD is the protocol’s Ethereum-native stablecoin and is redeemable for $1-worth of protocol collateral. Liquity V2 exists completely on-chain, with collateral price oracles as the sole external dependency, and cannot be changed or upgraded. Liquity does not run its own frontend; users choose from independent, community-hosted frontends to use the protocol.
BOLD’s primary function is to serve as a decentralized stablecoin. Users can mint BOLD against their collateral at an interest rate they choose, and BOLD is redeemable for $1-worth of protocol collateral. BOLD can also be staked, with protocol revenues returned to BOLD stakers, and users can hold sBOLD and ysyBOLD and use them in DeFi while earning yield. BOLD has no governance or admin function.
Liquity V2 exists completely on-chain and cannot be changed or upgraded. Collateral price oracles remain the sole external dependency. BOLD is immutable and has no governance or admins.
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the:
For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Full Name | Official Title | Prior Experience |
|---|---|---|
Samrat Lekhak | CEO | Head of growth |
Full Name | Official Title | Prior Experience |
|---|---|---|
No Foundation exists. |
Full Name | Official Title | Prior Experience |
|---|---|---|
No DAO or onchain governance leadership exists. |
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so for each sub question. Even if there is no DAO, there must be an answer to (d). Address the lettered items below.
There is no DAO.
Liquity V2 is immutable, nothing can be changed by anyone. No pause, upgrade, governance-executor, multisig, admin or veto authority exists over Liquity V2. The contracts are immutable and no party holds any administrative role.
LQTY stakers directs 25% of protocol revenue. Stakers vote weekly on which initiatives receive the fixed 25% of protocol revenue routed to incentives, and earn Liquity V1 fees plus any bribes. They cannot change that 25% split or any protocol parameter.
Holders hold no treasury, fee-routing or buyback rights.
You can stake your LQTY with no lockup.
Stakers vote on where weekly incentives are directed. They also earn revenue from Liquity V1 and bribes (when active) from Liquity V2. They cannot alter any protocol parameter, since Liquity V2 is immutable. Holders hold no treasury, fee-routing, buyback or other protocol-resource rights
No DAO exists, and no evolution of the governance model is anticipated. Liquity V2 is immutable and cannot be changed or upgraded
No DAO exists, so no dissolution authority or mechanism exists
For the Primary Foundation do the following independently. If a Foundation does not exist, state so for each sub question. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definition: The primary Foundation can be explained as the entity which is directly involved in the issuance of the native token at launch.
There is no foundation.
NA
NA
NA
NA
NA
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly across each sub-question. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definition: The primary DevCo can be explained as the entity which is directly involved in the issuance of the native token at launch.
Liquity AG, Switzerland.
No such powers.
No such powers.
No such powers.
No such powers.
Download the Worksheet, enable macros, complete the Initial Allocation sheet, then use Convert To CSV to export the file for import here. To make edits after importing, update the worksheet, use Convert To CSV again, then re-import the new CSV.
State the project's airdrop status plainly, and back it up:
The project has never conducted one and none is planned.
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly. For each market maker, include in a table:
If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for (b).
Market Maker Name | Token Allocation Committed | Term Duration | Structure Name |
|---|---|---|---|
No market-making arrangements are disclosed in this filing. |
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
Exchange Name | Token Allocation Committed | Term Duration | Native Token Listing Fees |
|---|---|---|---|
No CEX or DEX listing agreements or deals are disclosed in this filing. |
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
Series Name | Investment Instrument | Date Of Sale | Number of tokens sold | Vesting Schedule |
|---|---|---|---|---|
Seed | SAFT | September 2020 | Raised $2.4M | Fully vested |
Series A | SAFT | March 2021 | Raised $8M | Fully vested |
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
No exploits affecting the token, supply, contract, minting controls or custody as of 2026-09-11.
No exploits affecting the token, supply, contract, minting controls or custody as of 2026-09-11.
No exploits affecting the token, supply, contract, minting controls or custody as of 2026-09-11.
No exploits affecting the token, supply, contract, minting controls or custody as of 2026-09-11.
No exploits affecting the token, supply, contract, minting controls or custody as of 2026-09-11.
No exploits affecting the token, supply, contract, minting controls or custody as of 2026-09-11.
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
(c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
Not applicable.
https://docs.liquity.org/v2-documentation/risk-disclosure
Not applicable, it's 98.5% liquid/floating.
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Liquity is solely responsible for the content, accuracy, and legality of its disclosures.