Liquid LoansVault, pool, peg, and LOAN
Read these pages as the rules of the two deployments. Base collateral is ETH. PulseChain collateral is PLS. USDL is what a vault mints, LOAN is what the Stability Pool earns, and a vault under the floor can be liquidated. The interest rate stays at zero. The one-time fee, the 200 USDL reserve, and the 110% line are the parts that actually change a position.
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.