Liquid Loans documentation

Liquid Loans runs the same protocol twice. Base takes ETH. PulseChain takes PLS. Both mint USDL, both pay fees to staked LOAN, and both liquidate a vault that falls through the collateral floor. These pages are that protocol, written once. Where the two chains differ, the page says so. The 0% figure is the ongoing interest rate. The fee, the reserve, and the 110% floor are here.

The protocol

• Vaults and borrowing — one vault per address, the 2,000 USDL minimum, the 200 USDL reserve, and the 0.5% to 5% issuance fee.
• Stability Pool, liquidations, and Recovery Mode — who absorbs the debt, and what changes when the system ratio falls under 150%.
• Redemptions and the peg — swapping USDL for a dollar of collateral, and why the lowest-ratio vault pays it.
• LOAN — how it is earned, what staking pays, and the 5.5 trillion supply.

Reference

• Contracts — USDL, LOAN, the pools, and the vault manager on Base and on PulseChain.

The same topics exist for each chain: general terms, borrowing, the Stability Pool, redemptions, LOAN rewards, LOAN staking, Recovery Mode, the audit, deployment, and contracts. The pages above cover the mechanism once. The contract page keeps both address tables.