Research corpus Credit and stable valueBLC-STUDY-0088

Liquity: Decentralized Borrowing

Borrow a stable-value token against ether, with a one-time fee instead of an interest rate. Troves are liquidated into a stability pool. Redemptions let the token be swapped for the collateral of the weakest trove. The paper does not promise a peg.

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Record

Authors: Robert Lauko and Rick Pardoe
Date: 2021
Publisher: Robert Lauko and Rick Pardoe
Version: Source cited by the 2021 study. The study is the reading. This page does not add a second essay.
Document ID: BLC-STUDY-0088
DOI: None recorded
Last reviewed: 1 October 2026
Licence: No licence recorded. Rights status under review.

No hash is published. This build does not store those PDF bytes, so a checksum would be invented. Where a legacy path exists, it points at the Internet Archive copy of the old library.

Direct answer

Where to read

Official source — Liquity whitepaper
Blockchain Lab study, the canonical readingOriginal commentary. Not a transcription of the paper.

Metadata and commentary only. The reading is the study page.

Full text

Full text is not published on this page. Public availability is not a licence to republish a document. Blockchain Lab has not recorded a licence that permits an HTML transcription, a training set, or a retrieval corpus of the paper. Text on this page is Blockchain Lab's own wording, or a pointer to a study that is also Blockchain Lab's wording.

What changed

The study separates the text from later network behaviour. This bibliographic page does not repeat that essay.

Relationships

Canonical readingLiquity study
Related paperMaker
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Related paperAave

Cite this record

These citations point at the source document. They are not a licence to copy it.

Author–date

Lauko, R., & Pardoe, R. (2021). Liquity: Decentralized Borrowing. Robert Lauko and Rick Pardoe. https://github.com/liquity/dev/blob/main/papers/Liquity-Whitepaper.pdf

BibTeX

@techreport{liquity2021,
  title = {Liquity: Decentralized Borrowing},
  author = {Robert Lauko and Rick Pardoe},
  year = {2021},
  institution = {Robert Lauko and Rick Pardoe},
  url = {https://github.com/liquity/dev/blob/main/papers/Liquity-Whitepaper.pdf},
  note = {Rights status: Official external source only. Blockchain Lab record: https://blockchainlab.com/research/corpus/papers/liquity}
}

RIS

TY  - RPRT
TI  - Liquity: Decentralized Borrowing
AU  - Robert Lauko
AU  - Rick Pardoe
PY  - 2021
PB  - Robert Lauko and Rick Pardoe
UR  - https://github.com/liquity/dev/blob/main/papers/Liquity-Whitepaper.pdf
N1  - Rights status: Official external source only
ER  -

CSL-JSON

[
  {
    "type": "report",
    "id": "BLC-STUDY-0088",
    "title": "Liquity: Decentralized Borrowing",
    "author": [
      {
        "literal": "Robert Lauko"
      },
      {
        "literal": "Rick Pardoe"
      }
    ],
    "issued": {
      "date-parts": [
        [
          2021
        ]
      ]
    },
    "publisher": "Robert Lauko and Rick Pardoe",
    "URL": "https://github.com/liquity/dev/blob/main/papers/Liquity-Whitepaper.pdf",
    "note": "Rights status: Official external source only. Not a licence to republish the paper."
  }
]

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Rights record

Source status: Official source
Use status: Metadata and commentary only. The reading is the study page.
Rights: Official external source only
Training and retrieval: Not permitted from this site. There is no rights-cleared full text to retrieve or to train on.

Rights and licensing Corrections