About this explorer

Liquity V1 is the original interest-free borrowing protocol. A borrower locks ETH in a Trove (a collateralised loan) and mints LUSD, a dollar stablecoin, against it, paying a one-time fee instead of interest. A Trove below a 110% collateral ratio can be liquidated: the Stability Pool's LUSD clears its debt and takes its ETH. Redemptions, which let anyone swap LUSD for $1 of ETH, reach the Troves with the lowest collateral ratio first. If all Troves together fall below 150%, the system enters Recovery Mode, where more Troves can be liquidated and borrowing is restricted.

Each row of the listing is one Trove (a collateralised loan): its ETH collateral, its exact LUSD debt, and its status. Open Troves show by default — clearing the Status filter brings back six years of closed and liquidated history. Or see the system state and redemption queue.