YBOLD, issued by the Liquity Protocol smart contracts under the governance of LQTY tokenholders, is a tokenized representation of yield-bearing exposure to the BOLD stablecoin and its Stability Pool Earn mechanism on the Ethereum network [S1][S2].

Holders gain economic exposure to BOLD, an overcollateralized U.S. dollar (USD) stablecoin backed only by Wrapped Ether, Lido wrapped staked ETH and Rocket Pool staked ETH, that price-tracks 1 USD via redemption arbitrage [S1][S3]. Yield accrues from depositing BOLD into Stability Pools, which distribute 75% of each borrow market's interest revenue in BOLD plus liquidation gains, collateral acquired at roughly a 5% discount paid in staked ETH [S1].

The underlying tokens are issued by immutable Ethereum smart contracts, not by a single corporate entity; Liquity AG, of Dufourstrasse 43, 8008 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 and enters into no legal relationship with users [S4][S2]. BOLD confers no ownership right, share, security, or claim toward any legal entity, functioning as a crypto-collateralized bearer token [S2]. Access is permissionless with no disclosed eligibility gate; any address holding BOLD may redeem it for backing collateral at 1 USD face value [S1][S5].

The tokens are Ethereum tokens issued by smart contracts running on the Ethereum network [S2]. Minting opens a Trove, depositing WETH, wstETH or rETH collateral subject to a 2,000 BOLD minimum debt and a refundable 0.0375 ETH gas deposit per Trove [S6]. Redemption swaps BOLD for collateral against the lowest-interest-rate Troves, settling onchain and immediately [S5][S6].

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


# Asset holders methodology

## 1. Overview

Asset holders is measured as the number of unique addresses that hold a non-zero balance of a project’s assets. This metric is used by investors to track the expansion or contraction of the asset holder base over time. Data is aggregated daily for each tracked asset across all supported blockchain networks.

## 2. Data sources

- **EVM chain data**: Ledger state and ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others).
- **Solana instructions**: SPL token account data and transfer instructions.
- **Other chain types**: Account and balance data from Aptos, Near, and Polkadot Asset Hub.
- **Asset metadata**: Token contract addresses and decimal precision retrieved from asset metadata.

## 3. Step-by-step calculation

### Component A: Address balance identification

- **Purpose**: Identify all unique addresses associated with a specific token and determine their current holdings.
- **Logic**: For EVM-compatible chains, balances are derived by parsing ERC-20 `Transfer` events or by querying the ledger state for all addresses that have interacted with the token contract. On Solana, account balances are retrieved from the SPL token program. Similar account-based balance records are extracted for Aptos, Near, and Polkadot Asset Hub to identify the population of potential holders.
- **Key fields**: `token_address` (the contract address of the asset), `address` (the unique identifier of the holder), `timestamp` (the time of the state record).

### Component B: Normalization and non-zero filtering

- **Purpose**: Ensure token amounts are accurate and exclude addresses that no longer hold the asset.
- **Logic**: Decimal precision is retrieved from token metadata for each asset. All raw amounts are normalized by decimal precision. A filter is applied to exclude any address where the resulting balance is zero. Only addresses with a positive balance are retained for the final count.
- **Key fields**: `amount` (the normalized quantity of tokens held), `decimals` (the precision factor for the asset).

### Component C: Daily aggregation and gap filling

- **Purpose**: Calculate the final daily count and ensure continuity in the time series.
- **Logic**: Unique addresses are counted for each asset per chain on a daily grain. The data is combined across all chains to provide a total holder count per asset. For days where no new balance changes are recorded, the metric is filled with zero values or the previous known state is maintained to ensure a continuous daily record.
- **Key fields**: `asset_holders` (the count of unique addresses), `timestamp` (the day of the observation).

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

Unique addresses holding a non-zero balance of the asset.

Asset holders

Tokenized funds

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.

Liquity yBOLDYBOLD