About this explorer

The Rails Liquity V2 explorer shows every Trove on Ethereum, whether still open or closed, and the full history of each one. It also shows the branches, with their debt, their collateral and their shutdown status.

How it works

• Liquity V2 lets a borrower lock collateral, an asset that backs a loan, in a Trove and borrow BOLD against it. A wallet is an account address, and one wallet can hold several Troves. The explorer gives each Trove its own page.
• The borrower sets the interest rate and can change it, or hand it to a batch manager who sets one rate for many Troves. Interest is added to the debt as it accrues, and the minimum debt is 2,000 BOLD. Opening a Trove adds an upfront fee to the debt and holds a liquidation reserve.
• Anyone can make a redemption, which holds BOLD at a dollar. Redemptions work through the redemption queue, lowest rate first, because a higher rate protects a Trove. A redeemed Trove's debt and collateral fall together, and the redemption fee stays with the Trove as extra collateral. A redemption that repays a Trove below the minimum debt leaves a zombie, which the owner can close to collect the collateral or borrow against again.
• Liquity V2 has three branches: WETH, wstETH and rETH, which are forms of ETH. A Trove is liquidated when its collateral ratio falls below 110% on WETH or 120% on the others, and the Stability Pool absorbs it. Any shortfall is a redistribution to the branch's other Troves.
• Each branch has a TCR. Below the shutdown ratio, or when its price feed (the service that reports the collateral's price) fails, the branch goes into shutdown: borrowing, adjustments (changes to a Trove's collateral or debt), rate changes and batch operations stop, while closing and redemptions continue.

Glossary

Trove

: A Trove is one loan. It holds the collateral a borrower locked and the BOLD the borrower owes. One wallet can hold several Troves, and each is adjusted on its own. Each Trove is an NFT, a unique token, so it can be transferred to another wallet. Docs: What is a Trove, Are Troves transferable

BOLD

: BOLD is the stablecoin that Liquity V2 creates when a borrower opens a Trove. Borrowers repay in BOLD, and a redemption swaps BOLD back for collateral. Docs: What is Liquity V2

Collateral ratio

: The collateral ratio is the value of a Trove's collateral divided by its debt. A ratio of 110% means $110 of collateral for every $100 of debt. Docs: Choosing an LTV

Interest rate

: Each borrower sets the interest rate on a Trove and can change it. A change within 7 days of the last change adds an upfront fee. A low rate costs less but puts the Trove earlier in the redemption queue. Docs: User-set rates

Upfront fee

: The upfront fee is charged when a borrower opens a Trove, adds debt, joins a batch, or changes the rate within 7 days of the last change. It equals 7 days of average interest and is added to the debt. Docs: Other borrowing fees

Liquidation reserve

: Opening a Trove also sets aside a reserve of 0.0375 WETH. It pays the gas, the fee for a transaction on Ethereum, if the Trove is ever liquidated. The reserve is returned when the Trove closes. Docs: Refundable gas deposit

Batch manager

: A batch manager sets one interest rate for all the Troves in its batch and charges a yearly management fee, which is added to the debt on top of the interest. A manager can change the rate only within a range set in advance. A Trove that leaves a batch sets its own interest rate again. Docs: Delegation of interest rates

Redemption

: A redemption lets anyone swap BOLD for collateral at a value of 1 dollar per BOLD, which helps keep BOLD near a dollar. It repays the debt of the Troves in the redemption queue, starting with the lowest interest rates. Docs: What are redemptions, If my Trove is redeemed

Redemption queue

: The redemption queue is the Troves of a branch in the order redemptions reach them. The Trove with the lowest interest rate is first, and a higher rate moves a Trove back. Docs: If my Trove is redeemed, How to stay protected

Zombie

: A zombie is a Trove that a redemption left with less than the 2,000 BOLD minimum debt, often none, because the redemption repaid part of its debt. A zombie leaves the redemption queue. Docs: If my Trove is redeemed, Minimum debt

Branch

: A branch is the separate market for one collateral type: WETH, wstETH or rETH, which are forms of ETH. Each branch has its own Stability Pool, interest rates and limits, so a problem in one branch stays there. Docs: How collateral risks are mitigated

Liquidation

: A Trove is liquidated when its collateral ratio falls below 110% on WETH or 120% on wstETH and rETH. The Stability Pool then absorbs the Trove's debt and takes its collateral. The borrower usually pays a 5% penalty and can claim the remaining collateral. Docs: How liquidations work

Stability Pool

: Each branch has a Stability Pool of BOLD that depositors supply. Depositors are people who deposit BOLD to cover liquidations. In a liquidation the pool cancels the Trove's debt with its BOLD, and its depositors receive the collateral. Docs: How liquidations work

Redistribution

: When the Stability Pool cannot cover a liquidated Trove's debt, the shortfall can be spread over the branch's other Troves. Their debt and collateral both rise without any action by their owners. Docs: If the Stability Pool is empty

TCR

: The total collateral ratio (TCR) is the collateral ratio of a whole branch: the value of all its collateral divided by all its debt. It shows the branch's overall health. Docs: Safety Mode

Shutdown

: A branch shuts down when its TCR falls below the shutdown ratio (110% for WETH, 120% for wstETH and rETH) or its price feed, the service that reports the collateral's price, fails. A shutdown is permanent. Docs: Shutdown Mode

You can search by wallet address, ENS name or Trove ID. The listing filters by Status, Collateral, Redemptions (Redeemed or Never redeemed) and Delegation (Delegated or Individual), and sorts by Recent activity, Debt, Collateral, Ratio or Interest Rate.

Tap the (i) beside any figure to see where it comes from. Inside, the ? explains that kind of event in general.