Chain snapshot · block 25,884,727 · 26.52M LUSD outstanding against $177,377,733.13 of ETH
One ETH market, one LUSD debt — there are no branches to compare and no per-market settings: every Trove here answers to the same 110.0% minimum, the same price, and the same 150.0% recovery line.
A liquidated Trove’s debt is cancelled against these deposits and its ETH handed to the depositors, at a discount. What the pool can’t absorb is redistributed to the remaining Troves instead — collateral and debt both — so the pool’s depth is what stands between a liquidation and everyone else’s balance sheet. The bar is the whole book against the pool, not a forecast: liquidations arrive one Trove at a time, and only the ones below 110.0% arrive at all.
Liquity V1 charges no interest and has no per-Trove rate. These three figures are the protocol’s entire rate surface, and they are shared by every borrower: one base rate that redemptions push up and time decays back down, and the two one-time fees that derive from it. Liquity V2 and its forks replaced this with a rate each borrower sets — which is also what orders their redemption queues. Here, nothing about the queue below is chosen.
Anyone holding LUSD can redeem it against Liquity V1 for ETH at $1 face value — the peg mechanism. Redemptions take the LOWEST collateral ratio first, so the queue is ordered by ratio, not by any rate: a Trove’s place is an outcome of the ETH price and its own collateral, and the only way to move back is to add collateral or repay. Being redeemed isn’t a penalty — the Trove gives up ETH and sheds the same value of debt, and its ratio rises as a result.
That queue is the Trove listing sorted by ratio, so it is shown there rather than twice: the link below opens every open Trove, lowest ratio first, front of the queue at the top. Two things it leaves out, both because they need the ETH price the listing doesn’t read — a Trove’s own collateral ratio, and how much LUSD is redeemed before it. Both are on that Trove’s own page.
No Trove in the queue is below the 110.0% minimum, so none is liquidatable at this price.
Open the queue in the listing