LQTY
LQTY is the secondary token of the Liquity protocol - a decentralised, immutable, and governance-free borrowing protocol that issues the LUSD (V1) and BOLD (V2) stablecoins.
LQTY holders' onchain power is voting on V2 Protocol Incentivized Liquidity (PIL) emissions. The rest of the protocol is described as "Governance Free" with immutable contracts and no admin keys, upgrade paths, or privileged roles.
Stakers earn two live onchain streams: V1 protocol fees (ETH redemption fees + LUSD borrowing fees) routed directly to LQTYStaking, and V2 bribes paid pro-rata to voters who allocate their voting power to initiatives. There is no protocol treasury - V2 sends 100% of revenue straight to users. Fee parameters and revenue routing are immutable and cannot be modified by governance or the team.
Both the LQTY token and core Liquity protocol contracts (V1 and V2) are open source on GitHub and source-verified against their onchain deployments - no closed-source components or unverified bytecode.
LQTY supply is fully circulating - team and investor lockups ended in 2022, leaving only the immutable Stability Pool emission schedule for V1 depositors. Concentration among third parties has not yet been independently verified.
Offchain dependencies for LQTY (trademark/brand, primary domain, and core software licensing) are controlled by Liquity AG, a Swiss company. LQTY tokenholders have no governance rights or control over Liquity AG. The core V1 protocol is immutable and governance-free, but brand, distribution, and V2 IP rights remain with the company.
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