{"id":"bold","title":"BOLD","content":"**BOLD** is a decentralized, USD-pegged [stablecoin](https://iq.wiki/wiki/stablecoin) issued by the [Liquity](https://iq.wiki/wiki/liquity) V2 protocol. It is designed for resilience by being fully overcollateralized and backed exclusively by crypto-native assets, including [Wrapped Ether (WETH)](https://iq.wiki/wiki/weth-wrapped-eth), [Lido Wrapped Staked Ether (wstETH)](https://iq.wiki/wiki/wrapped-steth-wsteth), and [Rocket Pool ETH (rETH)](https://iq.wiki/wiki/reth). The [stablecoin's](https://iq.wiki/wiki/stablecoin) architecture is founded on principles of immutability, complete on-chain operation without reliance on [real-world assets (RWAs)](https://iq.wiki/wiki/real-world-assets-rwas) or centralized custodians, and direct redeemability for its underlying collateral. [\\[1\\]](#cite-id-2hCNMrfcdtAojk6g) [\\[2\\]](#cite-id-gBluRDcfYI8cOwJp) [\\[3\\]](#cite-id-rLdWOyGMRxbdRnNm)​\n\n## Overview\n\nBOLD was created within the [Liquity](https://iq.wiki/wiki/liquity) V2 ecosystem to provide a decentralized and robust [stablecoin](https://iq.wiki/wiki/stablecoin) for the [decentralized finance (DeFi)](https://iq.wiki/wiki/defi) sector. It aims to maintain a stable value pegged to the US Dollar through a combination of overcollateralization, arbitrage incentives, and a unique interest rate mechanism. The protocol's design explicitly avoids counterparty risk associated with centralized entities and the regulatory complexities of [RWAs](https://iq.wiki/wiki/real-world-assets-rwas) by using only on-chain, decentralized assets as collateral. A core tenet of the BOLD [stablecoin](https://iq.wiki/wiki/stablecoin) is its immutability. The [smart contracts](https://iq.wiki/wiki/smart-contract) governing the protocol are not subject to governance-led upgrades or changes to its collateral types, a feature intended to offer users long-term predictability and trust in the system’s mechanics. The project's developers, [Liquity](https://iq.wiki/wiki/liquity) AG, state that the protocol \"is immutable, unstoppable, and will run until [Ethereum](https://iq.wiki/wiki/ethereum) does.\" This design ensures that all protocol revenue, generated from borrowing fees and liquidations, is distributed directly to BOLD users who stake or provide liquidity.  [\\[2\\]](#cite-id-gBluRDcfYI8cOwJp)​[\\[1\\]](#cite-id-2hCNMrfcdtAojk6g)​[\\[3\\]](#cite-id-rLdWOyGMRxbdRnNm)​\n\n## Ecosystem and Utility\n\n### Borrowing and Leveraging\n\n* **Borrow:** Users can [mint](https://iq.wiki/wiki/minting) BOLD by depositing one of the approved collateral assets ([WETH](https://iq.wiki/wiki/weth-wrapped-eth), [wstETH](https://iq.wiki/wiki/wrapped-steth-wsteth), or [rETH](https://iq.wiki/wiki/reth)) into a vault. This allows users to access liquidity in the form of a [stablecoin](https://iq.wiki/wiki/stablecoin) without selling their underlying ETH-based assets. [\\[2\\]](#cite-id-gBluRDcfYI8cOwJp)\n* **Multiply:** The protocol includes a \"Multiply\" feature that enables users to gain leveraged long exposure to their collateral. In a single transaction, users can take out a BOLD loan, use the BOLD to acquire more of the same collateral, and deposit it back into their vault, achieving up to 11x leverage on their initial deposit. [\\[2\\]](#cite-id-gBluRDcfYI8cOwJp)\n\n### Stability Pools\n\n​[Liquity](https://iq.wiki/wiki/liquity) V2's Stability Pool architecture is an evolution from its first version. While [Liquity](https://iq.wiki/wiki/liquity) V1 used a single, commingled Stability Pool, V2 introduced multiple, separate pools—one for each type of accepted collateral. This design serves two main purposes:\n\n* **Risk Compartmentalization:** It allows BOLD depositors to choose which pool to deposit into, thereby selecting their exposure to a specific collateral asset in the event of liquidations.\n* **Independent Markets:** It establishes distinct borrowing markets for each collateral type, each with its own market-driven interest rate. [\\[3\\]](#cite-id-rLdWOyGMRxbdRnNm)\n\n### Protocol Incentivized Liquidity (PIL) and Fork Rewards\n\nTo ensure deep liquidity for BOLD on external [decentralized exchanges (DEXs)](https://iq.wiki/wiki/decentralized-exchange), the protocol utilizes a mechanism called Protocol Incentivized Liquidity (PIL). Through this system, the [Liquity](https://iq.wiki/wiki/liquity) governance token (LQTY) is used to direct incentives to liquidity providers on key trading venues. Additionally, the protocol design includes \"[Fork](https://iq.wiki/wiki/fork) Rewards,\" a feature that allows projects forking the [Liquity](https://iq.wiki/wiki/liquity) V2 codebase to distribute rewards to BOLD users, creating another potential source of value for holders. [\\[3\\]](#cite-id-rLdWOyGMRxbdRnNm) [\\[2\\]](#cite-id-gBluRDcfYI8cOwJp)​\n\n## Tokenomics\n\n$BOLD’s token supply structure is defined by a circulating and total supply of 46,113,724 tokens, with no maximum supply limit. The token’s [market capitalization](https://iq.wiki/wiki/market-capitalization) and fully diluted valuation were both $\n\n### Liquidity and Trading\n\nBOLD is primarily traded on [decentralized exchanges](https://iq.wiki/wiki/decentralized-exchange) across the [Ethereum](https://iq.wiki/wiki/ethereum) ecosystem. Key trading venues for BOLD liquidity include:\n\n* **Ethereum:** Curve, [Uniswap](https://iq.wiki/wiki/uniswap) (V3 & V4), [Balancer](https://iq.wiki/wiki/balancer) V3\n* **Base:** [Aerodrome Finance](https://iq.wiki/wiki/aerodrome-finance)\n* **Optimism:** [Velodrome Finance](https://iq.wiki/wiki/velodrome-finance) V2 [\\[1\\]](#cite-id-2hCNMrfcdtAojk6g)\n\n### Access and Frontends\n\nUsers interact with the [Liquity](https://iq.wiki/wiki/liquity) V2 protocol to [mint](https://iq.wiki/wiki/minting), redeem, or earn yield with BOLD through various independent frontends developed and hosted by the community. Notable frontends include:\n\n* Liquity.App\n* DeFi Saver\n* LQTY.IO\n* Floe Fund\n* LiquityV2.com [\\[2\\]](#cite-id-gBluRDcfYI8cOwJp)","summary":"BOLD is a decentralized, USD-pegged stablecoin issued by the Liquity V2 protocol. It is overcollateralized exclusively by WETH, wstETH, and rETH, designed to be immutable and directly redeemable.","images":[{"id":"QmRTBe4onPSVRB84AnswYZz42EC9U9oGv8ThSHMZwqVq6Y","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptocurrencies","title":"cryptocurrencies"}],"tags":[{"id":"Stablecoins"},{"id":"Protocols"},{"id":"Ethereum"}],"media":[],"metadata":[{"id":"references","value":"[{\"id\":\"2hCNMrfcdtAojk6g\",\"description\":\"CoinGecko: BOLD stablecoin\",\"timestamp\":1763183291208,\"url\":\"https://www.coingecko.com/en/coins/bold-2\"},{\"id\":\"gBluRDcfYI8cOwJp\",\"description\":\"Liquidity; BOLD stablecoin\",\"timestamp\":1763183311676,\"url\":\"https://www.liquity.org/bold\"},{\"id\":\"rLdWOyGMRxbdRnNm\",\"description\":\"Liquity V2: BOLD Docs\",\"timestamp\":1763183325878,\"url\":\"https://docs.liquity.org/v2-faq/bold-and-earn\"}]"},{"id":"website","value":"https://www.liquity.org/"},{"id":"twitter_profile","value":"https://twitter.com/LiquityProtocol"},{"id":"github_profile","value":"https://github.com/liquity"},{"id":"discord_profile","value":"https://discord.gg/2up5U32"},{"id":"coingecko_profile","value":"https://www.coingecko.com/en/coins/bold-2"},{"id":"contract_url","value":"https://etherscan.io/token/0x6440f144b7e50d6a8439336510312d2f54beb01d"},{"id":"website","value":"https://www.boldprivate.network/"},{"id":"twitter_profile","value":"https://twitter.com/boldprivate"},{"id":"github_profile","value":"https://github.com/theboldtoken"},{"id":"telegram_profile","value":"https://t.me/joinchat/DEB2t0zxzzDgRHMw6-Ngpg"},{"id":"contract_url","value":"http://explorer.boldprivate.network/"},{"id":"etherscan","value":"https://etherscan.io/address/0x6440f144b7e50d6a8439336510312d2f54beb01d"},{"id":"base","value":"https://basescan.org/token/0x03569CC076654F82679C4BA2124D64774781B01D"},{"id":"commit-message","value":"\"Added BOLD stablecoin wiki page\""}],"events":[{"id":"332705d3-6b24-42d9-a90f-fe9da7a8db4c","date":"2024-11","title":"Liquity V2 Whitepaper Published","type":"CREATED","description":"The whitepaper for Liquity V2 was published, outlining the design and mechanics of the new protocol and its stablecoin, BOLD.","link":null,"multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"17f547e0-df16-41eb-b5cf-18cafeb118fb","date":"2025-11","title":"Liquity V2 Relaunch","type":"DEFAULT","description":"Liquity V2 underwent a relaunch following the discovery and resolution of a stability pool issue, which required a protocol redeployment.","link":null,"multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null},{"id":"c7f41639-a6d2-4661-8b59-bc102e36b481","date":"2025-11","title":"Endorsed as 'The @ethereum Dollar'","type":"DEFAULT","description":"The Liquity Protocol officially endorsed and branded BOLD as 'The @ethereum Dollar,' signaling strong backing from the issuing protocol.","link":"https://twitter.com/LiquityProtocol","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"operator":{"id":"0x4a2bC97afBF41a2Cbf4b4628F63420682Ff4CF2a"},"language":"en","version":1,"linkedWikis":{"blockchains":["ethereum","optimism","base"],"founders":["rick-pardoe","robert-lauko"],"speakers":[]}}