Watch · CDP stablecoin (BOLD)
Liquity V2 LQTY
MC ~$19–100M (data varies)
Circulating ~96% of 100M cap
Monthly rev $500K+ (BOLD)
Composite43.4 #22 of 25
Buyback yield0.5% $114.8K/yr
P/S38.3× sector 38.3×
Below 1y peak77% 4.3× to reclaim
Float99% FDV $21.5M
Fwd P/S y390.7× base case
Moat44 judgement
Innovation50 judgement
Moat 44. Immutability and governance-minimisation are credible differentiators for the risk-averse, but the protocol is small and the CDP design is mature and widely copied.
Innovation 50. V2's user-set interest rates are a real departure from governance-set CDP parameters - a genuine mechanism change inside an otherwise mature design.
Innovation 50. V2's user-set interest rates are a real departure from governance-set CDP parameters - a genuine mechanism change inside an otherwise mature design.
Measured from live data, except Moat and Innovation which are hand-set judgements · snapshot 2026-08-23 · full model →
What it does
Liquity V2 launched BOLD, a decentralized stablecoin with user-set interest rates and CDP-style ETH-backed borrowing. LQTY stakers directly capture borrowing and redemption fees.
Fundamentals
- V2 launched BOLD with user-set interest rates.
- Hit $500K+ monthly revenue in <3 months post-launch.
- CCIP live on Arbitrum, Base, and Optimism.
- Small TVL vs Sky or Ethena, but the token math is unusually clean.
Tokenomics
- 96% of 100M cap already circulating — almost no dilution risk.
- LQTY stakers directly capture borrowing + redemption fees.
- True micro-cap real-yield token setup.
Catalysts (6–12mo)
- BOLD supply expansion.
- LSD-backed borrowing rails.
- Cross-chain rollout continuing beyond current 3 chains.
Risks
- Small TVL vs Sky / Ethena — needs to keep growing.
- Interest-rate war with cheaper alternatives.
- Niche demand vs mainstream CDP competitors.
- Price/MC data disagrees wildly across feeds — verify before sizing.
Small Buy / Watch. Real V2 revenue growth with almost no dilution risk. Verify current price/MC before sizing — feeds disagree meaningfully on this one.
How it compares to its peers
| Stablecoin / CDP | Mkt cap | Revenue/yr | Growth/yr | Bull y3 rev | P/S | Fwd P/S y3 | Buyback |
|---|---|---|---|---|---|---|---|
| Sky (Maker)peer | $1.5B | $224.2M | 58% | $499.4M | 6.8× | 2.6× | 4.7% |
| Ethena | $1.5B | $5.7M | -12% | $5.3M | 263.1× | 333.4× | — |
| Liquity V2 | $21.3M | $555.7K | -37% | $218.9K | 38.3× | 90.7× | 0.5% |
Sector median P/S is 38.3×. Liquity V2 trades at 38.3× — above the median, worth 0% if it re-rated to it. Peer revenue growth runs at a median of -12% a year, with 2 of 3 shrinking — so this multiple sits inside a contracting sector.