BOLD, issued by the Liquity V2 Protocol smart contracts under the governance of LQTY tokenholders, is an overcollateralized decentralized stablecoin that maintains a one-to-one peg to the U.S. dollar (USD) through redemption arbitrage against onchain crypto collateral [S1][S2].

BOLD tracks the U.S. dollar (USD) at a value of 1 USD and is backed only by Wrapped Ether (WETH), Lido wrapped staked ETH (wstETH) and Rocket Pool staked ETH (rETH) locked in user-owned Troves [S1][S2]. The token is non-rebasing. Holders may deposit BOLD into Stability Pools to earn 75% of each borrow market's interest revenue plus liquidation gains paid in staked ETH [S1]. Borrowers bear an upfront borrowing fee equal to seven days of average interest [S3].

Liquity AG, of Zurich, Switzerland, developed and published the protocol software but states it is not the operator of and does not control any version of the protocol, which runs autonomously onchain [S4][S5]. BOLD is minted by immutable smart contracts, not by a single corporate entity, and confers no ownership right, stake, security, or claim toward any legal entity, all functionalities being of purely technical nature [S4]. Minting and holding are permissionless with no eligibility gate disclosed [S1][S4]. Any address holding BOLD may redeem it for backing collateral at 1 USD face value, less a redemption fee [S6].

BOLD is an Ethereum token issued by immutable, non-upgradeable smart contracts running on the Ethereum network [S4][S1]. Users mint BOLD by opening a Trove with a minimum debt of 2,000 BOLD and a refundable gas deposit of 0.0375 ETH [S3]. Redemptions swap BOLD for collateral starting with the lowest-interest Troves; all minting, redemption, and settlement is onchain and immediate [S6][S3].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.liquity.org/v2-faq/bold-and-earn" },
    { id: "S2", url: "https://docs.liquity.org/v2-faq/general" },
    { id: "S3", url: "https://docs.liquity.org/v2-faq/borrowing-and-liquidations" },
    { id: "S4", url: "https://www.liquity.org/protocol-disclaimer" },
    { id: "S5", url: "https://www.liquity.org/" },
    { id: "S6", url: "https://docs.liquity.org/v2-faq/redemptions-and-delegation" },
  ]}
/>


# DEX trading volume methodology

## 1. Overview

DEX trading volume is the total value of trades involving a specific asset executed on decentralized exchanges, broken out by the exchange and product where the trade was executed (venue). Integrated venues include Uniswap, Aerodrome, PancakeSwap, and Fluid, among others, with coverage expanding as more are added.

## 2. Data sources

- **EVM chain events**: Swap and trade events from decentralized exchange contracts, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Swap and trade instructions from decentralized exchange programs, covering Solana
- **Hyperliquid native spot**: Spot trading data from Hyperliquid
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract trade events and instructions

- **Purpose**: Retrieve raw trade data from decentralized exchange contracts, programs, and native spot feeds.
- **Logic**: On EVM-compatible chains, swap and trade events are parsed from decentralized exchange contracts. On Solana, swap and trade instructions are parsed from decentralized exchange programs. For each trade, the raw amounts of both traded tokens (the token sold and the token bought) are extracted along with the pool address, chain, and product identifier. For Hyperliquid, native spot trading volume is retrieved directly.
- **Key fields**: `amount_0` (raw quantity of first token), `amount_1` (raw quantity of second token), `token_address_0` (address of first token), `token_address_1` (address of second token), `timestamp` (block timestamp), `trading_volume` (raw trading volume for native spot)

### Component B: Normalize amounts and apply valuation

- **Purpose**: Normalize token quantities and calculate the USD value of the trade.
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. Normalized amounts are multiplied by end-of-day price feeds from the price pipeline. To mitigate wash trading and mispricing, a conservative valuation is typically applied where the total trading volume of the trade is determined by taking the lesser USD value of the two legs (the token sold and the token bought). However, for trades involving exactly one tokenized stock, the valuation is determined solely by the tokenized-stock leg to prevent mispricing from unpriced counterparties. Hyperliquid native spot trading volume is retrieved pre-valued and is not subject to this valuation logic.
- **Key fields**: `trading_volume` (calculated USD value of the trade), `token_address_0` (address of first token), `token_address_1` (address of second token)

### Component C: Resolve trade legs and final aggregation

- **Purpose**: Attribute trading volume to each individual asset and aggregate by venue.
- **Logic**: Each trade is typically split into two distinct legs to represent both sides of the transaction, where one leg is categorized as a sell for the token sold by the trader, and the other leg is categorized as a buy for the token bought by the trader. Hyperliquid native spot trading volume is excluded from this split as it is retrieved pre-split by trade direction. The trading volume is then aggregated by summing the USD values across trade directions, assets, chains, and venues.
- **Key fields**: `trade_direction` (direction of the trade leg), `token_address` (resolved token address), `trading_volume` (aggregated USD volume)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of trades involving the asset on decentralized exchanges, counted on both sides of each trade, broken out per venue.

DEX trading volume

Stablecoins

Overcollateralized borrowers deposit funds into Liquity and receive LUSD stablecoin.

Liquity is a non-custodial stablecoin protocol built on Ethereum. Liquity was founded by Robert Lauko & Rick Pardoe and launched in 2020.

LQTY tokenholders own & govern the protocol. They currently take all of the total borrow & redemption fees paid by borrowers (revenue). Liquity’s investors include Lemniscap, Polychain, Alameda Research, etc.

github

twitter

discord

etherscan

website

Stablecoin issuers

Liquity

Liquity BOLD (BOLD) is a U.S. dollar stablecoin issued by Liquity.

Each token is redeemable one-for-one for U.S. dollars and is a collateral-backed contractual exposure rather than a direct claim on the issuer.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Liquity in WETH, wstETH, and rETH, and holders have a contractual right to redeem at par.

BOLD has been issued on Ethereum as an ERC-20 token since May 2025, with bridged versions on eight more.

Liquity BOLDBOLD