connecting…

Trove explorer and redemption tracker for Liquity V2

Follow BOLD redemptions and see where your trove stands in the queue.Get Boldbot Telegram alerts on batch rate changes and debt in front for any trove.

Redemption conditions
 
Redemption activity · last 24 h
–
7 days agonow

BOLD redeemed in the last 24 hours, compared with every 24-hour stretch with redemptions in the last 180 days: Low is less than in half of them, High more than in 9 out of 10. It describes the day that has passed; so far, a busy day has more often been followed by a quieter one.

BOLD vs $1 · Curve BOLD/USDC
–
Historical record
 
Checked hour by hour since launch. A record of the past, not a forecast. How this is measured
Troves
snapshot after every update

Where does your trove stand?

Its place in the redemption queue, the debt in front of it and how far a typical and the busiest week of redemptions would reach. Follow any trove on Telegram: an alert when it is redeemed, or when the queue in front of it changes.

Watch the queue →
Redemptions
net profit

Latest redemptions

BOLD redeemed per week
26 weeks
Check the data →
Telegram alerts

Follow any trove with Boldbot

Find a trove, tap Alerts on Telegram and then Start in the bot. Up to 20 troves per chat, yours or any other.

The queue ahead moves
A batch in front moves its rate above the trove, with the new debt in front.
The batch rate changes
The manager's new rate and what it costs the trove per year.
Redemptions reach it
The trove or its batch is redeemed against: debt repaid and the result for the trove.
Its status changes
It joins or leaves a batch, becomes a zombie or closes.
/status state of your troves /safe lowest rate in the green /digest daily, weekly or monthly summary

Alerts arrive up to about 30 minutes after a change on chain and are for information only.

BOLDBOT Alertsbot
Redemptions

Bots, profit and operators

Weekly volume and profit, the bot leaderboard, each transaction's breakdown and the operators behind them.

Open →
Troves

The redemption queue

Every active trove in redemption order: debt in front, typical and busiest redemption week, batches ahead and borrowing record.

Explore →
Methodology

How it is measured

How redemptions work, from the protocol's mechanics to the bots' profit model, and the data sources behind every figure.

Learn →

BOLD price before each redemption

Pool mid price in the block before. Each point is one redemption tx.

Bot leaderboard

Senders redeeming via a contract or 3+ times · ranked by net profit after gas and tips

Chart range
Applies to the charts, the bot leaderboard and the cards below.

Weekly BOLD redeemed

BOLD redeemed per week, Monday to Sunday (UTC)

Weekly net profit

USD, after gas and builder tips

Weekly breakdown

USD per week: sources of profit above zero, costs below, and the net profit that remains

Net profit per BOLD redeemed

Redemption feed

Select a row for a trove-level breakdown of the redemption. Discount BOLD below $1 · Oracle gap collateral market price above Liquity's redemption price · Gross estimated profit: collateral at the ETH price when the redemption executed, minus BOLD at its price in the block before · Gas base fee burned · Tip priority fee + direct coinbase payment to the builder · Margin net profit over BOLD purchase cost.

Branches

Trove overview

Every open trove in Liquity V2: its health, its place in the redemption queue, what a safer interest rate would cost, its redemption record, its batch manager and who may act on it. Find a trove by owner address or trove ID, or select a row in the list below.

Troves

Debt in front BOLD the branch's redemptions must clear before reaching the trove · System-wide the same distance in BOLD redeemed across all branches, given the branch's current share · CR collateral ratio at Liquity's price · Leverage collateral value over equity · refills borrowed back most of what was redeemed in the last 30 days · Management delegated if a batch manager or an interest delegate sets the rate, self-managed if the owner does.

How it works

Redemptions establish a price floor for BOLD: any holder can exchange 1 BOLD for USD 1 of collateral, net of a dynamic fee.

BOLD is the USD-denominated stablecoin of Liquity V2, minted against WETH, wstETH and rETH collateral. The protocol guarantees redemption at face value: one BOLD can always be exchanged for USD 1 worth of collateral, less a redemption fee. This mechanism anchors the market price of BOLD from below. When BOLD trades at a discount, acquiring and redeeming it becomes economically attractive, and the resulting demand restores the price.

Redemptions are executed almost exclusively by automated arbitrageurs. A redemption is profitable when the value of the collateral received exceeds the cost of the BOLD redeemed plus fees and transaction costs, which occurs when BOLD trades below par, when the protocol's oracle prices lag the market, or both. This section documents the redemption mechanism as implemented in the contracts, the sources of arbitrage profit, and the methodology behind every figure on the dashboard.

Fee floor
0.5%
plus a base rate driven by redemption volume
Base-rate half-life
6 hours
exponential decay between redemptions
Redemption order
Lowest rate first
troves are processed in ascending interest-rate order
BOLD redeemed
–
cumulative since V2 deployment
Key terms

Definitions used throughout this section

1 · The redemption path

A single call, apportioned across branches and troves

A redemption is initiated with a single call to CollateralRegistry.redeemCollateral(). The registry computes the fee and apportions the amount across collateral branches; each branch's TroveManager then redeems against its troves. Trove interest rates in the diagram are illustrative.

① Fee determination. The registry decays the base rate for the time elapsed since the last fee update, adds the redeemed amount as a fraction of total BOLD supply, and adds the 0.5% floor. The caller specifies a maximum acceptable fee; the transaction reverts if the resulting rate exceeds it. The fee model is described in section 3.

② Allocation across branches. The amount is apportioned pro rata to each branch's unbacked debt, defined as total branch debt minus the BOLD held in its Stability Pool. Redemptions therefore draw primarily on the branches least covered by Stability Pool deposits. A single call redeems at most the aggregate unbacked debt; any excess requires a subsequent call.

③ Trove traversal. Each TroveManager processes troves in ascending order of interest rate. For each trove it cancels debt and withdraws collateral of equal value at the redemption price, until the branch allocation is exhausted. Troves with an individual collateral ratio below 100% are skipped, so a redemption never lowers the collateral ratio of a trove it touches.

④ Settlement. The redeemed BOLD is burned and the collateral, net of the fee, is transferred to the caller. The fee is not collected by the protocol: it remains in the redeemed troves and accrues to their owners.

Edge cases. Branches whose total collateral ratio (TCR) is below the shutdown collateral ratio (SCR: 110% for WETH, 120% for wstETH and rETH), or that have been shut down, are excluded from regular redemptions. Debt on a shut-down branch can instead be cleared through urgent redemptions, which carry no fee and pay a 2% collateral bonus; none have occurred to date. If no eligible branch has unbacked debt, the amount is apportioned pro rata to total branch debt.

2 · Inside a branch

Troves are redeemed in ascending interest-rate order

In the example, a 510 BOLD allocation fully redeems the two lowest-rate troves and partially redeems the third. Troves further up the order are unaffected.

Impact on borrowers. A redeemed borrower's debt is reduced by the value of the collateral withdrawn, measured at the redemption price, and the redemption fee is retained in the trove. The borrower's net equity is therefore unchanged or marginally higher. The cost to the borrower is the loss of collateral exposure, together with any cost of re-establishing the position.

Interest rate as redemption protection. Borrowers set their own interest rate; a higher rate moves a trove further back in the redemption order at the cost of higher interest expense. Sustained redemption activity therefore pushes borrower rates up. Because borrower interest is distributed largely to Stability Pool depositors, higher rates also raise the yield on holding BOLD, which supports the peg.

Zombie troves. A trove left with debt below the 2,000 BOLD minimum is flagged as a zombie. It cannot be operated until its owner restores the debt above the minimum or closes it, and the most recent such trove is processed first by the next redemption, which prevents dust positions from obstructing the order.

3 · The redemption fee

The fee rises with redemption volume and decays over time

fee = 0.5% + baseRate. The base rate records recent redemption volume. Each redemption increases it by the redeemed amount as a fraction of total BOLD supply, and the updated rate applies to the redemption that caused the increase. Between redemptions the base rate decays exponentially with a half-life of 6 hours. The fee is capped at 100%.

Example. With a base rate near zero, redeeming 0.5% of BOLD supply incurs a fee of 0.5% + 0.5% = 1.0%. An identical redemption immediately afterwards incurs approximately 1.5%. After a further 6 hours without redemptions, the base rate has halved.

Rationale. The volume-dependent fee rate-limits redemptions: successive redemptions become progressively more expensive, which prevents abrupt drawdowns and gives borrowers time to adjust their interest rates. The fee is charged in collateral and remains with the redeemed troves. At launch the base rate was initialized at 100%, effectively disabling redemptions until it had decayed.

4 · Arbitrage economics

The redemption arbitrage

An arbitrageur acquires BOLD, redeems it for collateral and sells the collateral, typically atomically within a single transaction executed by its own contract. The trade is undertaken when the following condition holds:

BOLD discount + oracle gap > redemption fee + trading costs + gas + builder tip

Percentages in the diagram are shares of the BOLD redeemed, summed over the redemptions at normal on-chain prices (section 5); the net margin is the measured net profit over the capital deployed. The oracle-gap edge is earned on the collateral paid out, which is net of the fee, so it runs slightly below the average oracle gap quoted below.

BOLD discount. Acquiring BOLD below par yields a direct margin: at a market price of USD 0.997, each BOLD costs USD 0.997 and redeems for USD 1 of collateral, a 0.3% gain before costs. The weighted average discount at redemption has been –.

Oracle gap. The protocol sizes collateral payouts using Chainlink prices, which update only when a deviation threshold or heartbeat interval is reached. When the collateral's market price has risen since the last update, the redemption price understates its value, and the redeemer receives collateral worth more than USD 1 per BOLD. The weighted average oracle gap has been –, and it exceeded the discount for – of redeemed volume, making it the dominant source of profit.

Mitigation for staked ETH. For wstETH and rETH, the redemption price uses the higher of two reference prices, which reduces the collateral paid out and hence the oracle-gap arbitrage. WETH redemptions use the Chainlink ETH/USD price directly.

Branch Price for all other operations Price used for redemptions

The canonical rate is the ETH value of one wstETH or rETH as reported by its token contract (Lido, Rocket Pool); the market rate is the price observed on secondary markets. Under normal conditions the two are close. A larger divergence is treated as a potential anomaly, in which case the protocol reverts to the more conservative price.

5 · Profit attribution

Decomposition of an average redemption, scaled to 10,000 BOLD

live · weighted by BOLD redeemed

Gross and net profit are measured: for each redemption, from the redeemer's own transfers in the transaction, valued at Liquity's oracle price. The bars before them show where that profit comes from. The redemption fee, gas and builder payments are exact amounts from the transactions. The BOLD discount and the oracle gap are estimates at reference prices: the discount is the BOLD bought below $1 at the Curve BOLD/USDC price in the block before, and the oracle gap is the collateral's value at ETH's exchange price (Coinbase and Bitstamp) above what Liquity's redemption price paid for it. Together, less the fee, they make the estimated gross profit; On-chain vs exchange price is the measured gross profit minus that estimate: what redeemers got on-chain against the exchange price, which on normal days is their trading costs (pool fees and price impact). Every step is a sum over the same redemptions, so the steps add up exactly. Green bars are sources of profit, red bars costs, blue bars totals, all in USD per 10,000 BOLD redeemed.

Sums over the redemptions at normal on-chain prices, scaled to 10,000 BOLD: those where Uniswap ETH/USDC stayed within 3% of the exchange price (–). Redemptions at distorted on-chain prices, such as those of 29 October 2026, are left out of this decomposition and of the averages above, but included in all profit totals on the dashboard, where the Weekly breakdown shows their gain as on-chain vs exchange price; this margin can therefore differ from the average margin shown on the dashboard.

Reading a redemption's breakdown

Every redemption in the feed opens a breakdown of its result into the same six components as the Weekly breakdown, on two bars at one scale. The Edge bar collects what the trade earned, the Cost bar what it gave up; the net profit (hatched) fills the shorter bar, so both end at the same point. A component that turns negative moves to the other bar under its own name, such as a BOLD premium when BOLD traded above $1. Hover over a segment for its share of its bar.

Component What it is Basis
6 · Sourcing, financing and operators

How the redemption cards are computed

The cards below the weekly charts describe how redeemers operate. All four follow the chart range and are computed from each redemption transaction's own records, with deployers and names added from Etherscan and ENS.

BOLD SOURCING
Where the redeemed BOLD came from

Every BOLD transfer inside the transaction is counted, and each address is credited with the BOLD it sent out minus the BOLD it received. Routers that pass BOLD along, and loans of BOLD repaid within the same transaction, therefore cancel out.

Addresses that supplied BOLD are classified as the Curve BOLD/USDC pool, the Uniswap v3 BOLD/USDC pool, Uniswap v4 (any BOLD pool), the Aero BOLD/USDC pool (since 21 October 2026) or other venues (other pools and DEXs, lending markets where BOLD was borrowed). BOLD the redeemer did not obtain within the transaction counts as already held. Shares are weighted by BOLD redeemed.

FLASH FINANCING
How redemptions are funded

Flash loans are recognised by the event their lender emits, and named only when the event comes from the lender's known contract: Morpho, Balancer, Aave, Spark and Maker, plus Uniswap v3's flash-loan event from any of its pools.

Flash swaps are recognised by their pattern: the redeemer's first token received comes from a pool that it pays back later in the same transaction, usually with the redeemed collateral. Uniswap v4 and Balancer v3 are recognised by their contracts; a pool with Uniswap v3's swap event is named by the factory that created it (Uniswap v3 or Aero, whose Slipstream pools share that event), and any other pool counts as other. Shares are per transaction, and a transaction can combine several methods. "None detected" covers own capital and patterns not recognised.

BATCH-MANAGED TROVES
Troves whose rate a manager set

For each trove hit, the redemption's own logs show whether the trove belonged to an interest-rate batch, and which manager ran it, at that moment. This was checked against the troves' on-chain state just before redemption for 960 trove redemptions, with no mismatch.

Two shares are shown: the BOLD redeemed from batch-managed troves, and the distinct troves hit while batch-managed (a trove hit several times counts if it was managed at any of those hits). Troves whose owner delegated the rate individually, without a batch, cannot be identified.

OPERATORS
Grouping redeemers into operators

Addresses are linked when a sender calls a contract, and when contracts share a deployer or were deployed by one of the group's senders; every linked address belongs to one operator. Deployers come from Etherscan's contract-creation data, and well-known public deployment factories are ignored. Names are ENS primary names that resolve back to the address.

Effective operators is 1 ÷ Σ(share of net profit)², counting profitable operators only. Per operator, financing is the most used method, BOLD source the largest source, and builders the priority fees and direct builder payments as a share of gross profit on its profitable transactions.

7 · Troves

How the trove figures are computed

After every data update, every open trove and every zombie trove is read from Liquity V2's contracts at a single block, together with each branch's debt, Stability Pool deposits, prices and collateral thresholds, and every batch manager's settings. The change in active troves compares that count with the redemption queues read at the block about 30 days earlier; the median trove size is the median debt of the active troves. Redemption records come from this dashboard's redemption history.

Reading a trove's queue bar
The bar that opens with each trove on the Troves tab, here with illustrative figures
REDEMPTION QUEUE
Debt in front and system-wide distance

A branch is redeemed in a fixed order: its most recent zombie trove first, then troves from the lowest interest rate up, as read from Liquity's MultiTroveGetter. Debt in front is the debt of every trove ahead in that order.

Each redemption is split across branches in proportion to their unbacked debt (debt minus Stability Pool deposits), or by total debt if every branch is fully covered. The system-wide distance divides debt in front by the branch's current share: the BOLD that would have to be redeemed across all branches first, if nothing changed. A typical week is the average 7-day redemption volume of the last 180 days, and the busiest week the largest. The schema above shows how the queue bar reads them, and what they do not account for.

SAFER RATE AND BATCHES AHEAD
Rate ladder and leapfrog exposure

The rate ladder gives, for 0.5M to 10M BOLD of debt in front, the lowest rate just above the trove that would leave that much of the branch's debt ahead with the queue as it is now, and the extra interest per year. Liquity charges an upfront fee of about 7 days of average interest when a rate is changed within 7 days of the last change.

Batches ahead lists the largest batches in front of the trove and the debt that would remain in front if one of them moved its rate above the trove's. In our research this was the most common reason why troves deep in the queue were redeemed: for the troves hit unexpectedly, 89% of the debt that had been in front of them had raised its rate above theirs.

HEALTH AND RECORD
Liquidation context and past redemptions

The collateral ratio and liquidation price use Liquity's own price for the branch, as liquidations do; collateral values use the market price (ETH on Uniswap times the LST's exchange rate). The historical liquidation chance is how often ETH fell as far as the liquidation price requires, counted from Coinbase 1-minute prices since May 2025 for every hourly start and the following 7 or 30 days; it is a record of the past, not a forecast; for wstETH and rETH it assumes the token follows ETH.

A redemption's net cost to the borrower is the collateral removed, at its exchange price at the time (ETH on Coinbase and Bitstamp × the LST rate; the Uniswap price where none is available), minus the debt it repaid; the fee stays in the trove. The value change since compares that collateral with today's price.

Leverage is collateral value over the trove's equity (collateral value minus debt): the collateral ratio read the other way, and a true leverage only if the borrowed BOLD bought more collateral. The borrowing record comes from every operation on the trove (Liquity's TroveOperation events, read through Etherscan): BOLD borrowed and repaid and collateral added and withdrawn per week, next to the BOLD redeemed from it. A trove is marked as refilling when it was redeemed for at least 10,000 BOLD in the last 30 days and borrowed back at least 80% of it.

MANAGERS AND PERMISSIONS
Batch managers and who may act on a trove

For a batched trove, the manager's rate, annual fee, allowed range, last change and current batch size come from the contracts; its record counts every redemption that hit one of its troves while in the batch.

Permissions are the trove's add manager, remove manager and receiver, and interest delegate. Liquity's zapper contracts, verified on Etherscan, are named: troves opened through the Liquity app have one as manager and receiver, and it only acts for the owner. Any other address that may withdraw collateral is flagged.

8 · Redemption conditions

How the home page's figures are computed

The home page summarises the other pages. Its figures come from the same data: the redemption history for activity and the 7-day figures, and the latest trove snapshot for the BOLD price, the fee and the troves. All of them are as of the latest data update.

REDEMPTION ACTIVITY
The last 24 hours against the last 180 days

The BOLD redeemed in the 24 hours up to the latest data update, compared with the total of every 24-hour stretch (in hourly steps) of the last 180 days that had at least one redemption: Low below their median, Normal up to their 90th percentile, High above it, and Quiet when there was none. A burst is a run of redemptions less than 2 hours apart. The strip shows the BOLD redeemed per hour over the last 7 days.

The level describes the day that has passed. In the redemption history the level persists from one day to the next, but its change does not: a day busier than the one before has more often been followed by a quieter one, so the level is not presented as a trend.

BOLD VS $1
Today's price and the historical record

The Curve BOLD/USDC price at the latest trove snapshot. The record shows how often a redemption followed within 24 hours when BOLD was in the same band, checked hour by hour from 20 May 2025 to 15 October 2026 (12,317 hours, with the BOLD price at the start of each hour). The bands were set on the hours before 1 May 2026 and checked on the hours after (first / second figure):

BOLD vs $1Share of hoursRedemption within 24 h
above $146%31% / 33%
up to 0.2% below36%63% / 64%
0.2–0.35% below7%93% / 100%
0.35–0.5% below7%97% / 100%
0.5% or more below3%100% / 100%

In the second period, discounts of 0.2% or more came in only two long stretches, so those figures rest on few independent episodes. Above $1, redemptions happen only when ETH moves faster than the oracle, which an hourly price does not show. A record of the past, not a forecast.

FIGURES
Now and the last 7 days

The BOLD price and the redemption fee now come from the latest trove snapshot; the fee is Liquity's own redemption rate at that block (0.5% plus the base rate). Active troves are counted as on the Troves tab. The 7-day figures use the Redemptions tab's definitions: the average discount and oracle gap are weighted by BOLD and leave out redemptions at distorted on-chain prices.

A distorted flag appears on the home page when a redemption of the last 24 hours was tagged distorted (Uniswap ETH/USDC more than 3% from the exchange price; see the measurement rules below).

TROVES AND ALERTS
Examples and the trove search

Before a search, the trove card shows three active troves picked at random on every visit, one per band, with the Troves tab's queue rules. A search lists the active troves whose owner address or trove ID contains the text: the first three on the home page, all of them on the Troves tab.

The Telegram messages shown are examples in the bot's formats; the troves and figures in them are made up.

9 · Methodology

From on-chain data to the dashboard

01 · SCAN
Redemption discovery

Every redemption burns BOLD. All BOLD burns since block 22,516,069 (V2 deployment) are retrieved through Alchemy's asset-transfers API, and each burn's receipt is inspected for Redemption events emitted by the three TroveManagers, which are resolved from the CollateralRegistry.

02 · GROUP
Aggregation per transaction

A redemption emits one Redemption event per branch it touches, and a single transaction may contain several redemptions. Events are aggregated by transaction hash. The per-trove TroveOperation, TroveUpdated and RedemptionFeePaidToTrove logs provide the trove-level breakdown.

03 · ENRICH
Pricing and costs

Per transaction: the receipt (sender, gas used, effective gas price), the block (timestamp, base fee, fee recipient), a single Multicall3 call returning all pool prices at block N−1, the Uniswap ETH/USDC trades earlier in block N (the on-chain ETH price at the moment of the redemption), ETH's exchange price from Coinbase and Bitstamp 1-minute candles (the reference for the oracle gap), and the block's internal ETH transfers (builder payments and the redeemer's ETH flows; read from Etherscan for the rare transaction Alchemy's index misses). The receipt's token transfers and events give the measured profit, the BOLD sources and the flash financing. Newly seen bot contracts are looked up on Etherscan for their deployer, and redeemer addresses on ENS for a name.

04 · SERVE
Storage and refresh

Results are stored in SQLite. The local server syncs new blocks every 5 minutes with 3 confirmations; the hosted version is refreshed by a GitHub Actions job scheduled every 30 minutes, which GitHub can delay, so updates may arrive a few hours apart.

✓ Completeness check. CollateralRegistry.lastFeeOperationTime records the time of the latest redemption and is modified by no other operation. For every block containing a recorded redemption, its value at the preceding block was compared with the timestamp of the previous recorded redemption; no discrepancy was found. Because this value advances only in whole minutes, the five blocks following each recorded redemption were additionally checked for the registry's BaseRateUpdated event, which every redemption emits; all such events belong to recorded transactions. Last verified on 15 October 2026 across 1,858 redemption blocks.

Column definitions

Column Definition Computation

Measurement rules and limitations

    Data sources

    Data Source
    Redemptions and their troves Each redemption transaction's receipt: Liquity's events, token transfers and gas; BOLD burns found through Alchemy's asset-transfers API
    ETH moved inside a transaction Alchemy's internal-transfer index, with Etherscan where Alchemy's index misses a transaction; builder payments from the same records
    Measured profit Each redemption's own token and ETH transfers, valued at Liquity's oracle price
    BOLD price, for the estimated discount Curve BOLD/USDC mid price in the block before each redemption; Uniswap v3, then v4, when Curve has none
    ETH exchange price, for the estimated oracle gap Coinbase ETH-USD and Bitstamp ETH/USD public 1-minute candles at the moment of the redemption
    On-chain ETH price Uniswap v3 ETH/USDC at the moment of the redemption
    Flash financing and BOLD sources Each transaction's own transfers and events
    Operators and names Contract deployers from Etherscan; names from ENS
    Troves Liquity's contracts, read after every data update; each trove's operations from Etherscan
    Historical liquidation chance Coinbase ETH-USD 1-minute prices since May 2025