{"license":"CC-BY-4.0","licenseUrl":"https://creativecommons.org/licenses/by/4.0/","attribution":"ChainChoice (https://chainchoice.io)","category":"cdp_stablecoins","evidenceReadAt":"2026-10-22","generatedAt":"2026-11-12","criteria":[{"id":"liquidationMechanics","label":"Liquidation mechanics you actually bear","weight":35},{"id":"collateralIntegrity","label":"What actually backs the coin","weight":25},{"id":"borrowCostPredictability","label":"Cost of the loan and who controls it","weight":20},{"id":"pegResilience","label":"Observed peg behaviour under stress","weight":20}],"providers":{"curve_crvusd":{"liquidationMechanics":{"s":9,"q":"A loan is only eligible for hard-liquidation when the health of the loan is below 0%. | Liquidated in this case does not refer to a \"hard-liquidation\" where your loan is immeadiatly closed, but rather a \"partial liquidation\"","u":"https://docs.curve.finance/developer/crvusd/llamma-explainer","d":"2026-10-22"},"collateralIntegrity":{"s":4,"q":"eth_call at Ethereum block 26246880 (2026-10-22T08:11:59Z): ControllerFactory 0xC9332fdCB1C491Dcc683bAe86Fe3cb70360738BC total_debt() = 68,215,435.35 crvUSD (wstETH 24,910,016.88; WBTC 20,262,534.89; cbBTC 8,346,929.93; tBTC 6,001,328.33; weETH 3,247,934.59; WETH 2,851,072.25; sfrxETH 2,574,120.14…","u":"https://ethereum-rpc.publicnode.com","d":"2026-10-22"},"borrowCostPredictability":{"s":7,"q":"Monetary policy contracts determine the borrow interest rate for each crvUSD mint market. They are called by the Controller on every user interaction ( rate_write ) and can be queried for the current rate at any time ( rate ).","u":"https://docs.curve.finance/developer/crvusd/monetary-policy/overview","d":"2026-10-22"},"pegResilience":{"s":4,"q":"{\"timestamp\":1789984900,\"price\":0.9973116545682948} | {\"timestamp\":1789488100,\"price\":1.0029186096758511}","u":"https://coins.llama.fi/chart/ethereum:0xf939E0A03FB07F59A73314E73794Be0E57ac1b4E?start=1789430400&span=450&period=2h","d":"2026-10-22"}},"liquity_bold":{"liquidationMechanics":{"s":8,"q":"ETH will have a LTV of 90.91% while wstETH and rETH will have it at 83.33%. | A liquidated borrower usually incurs a penalty of 5% and will be able to claim the remaining collateral after liquidation. | For ETH, the loss amounts to 10% of the debt (at most). That corresponds to a max.","u":"https://docs.liquity.org/v2-faq/borrowing-and-liquidations","d":"2026-10-22"},"collateralIntegrity":{"s":8,"q":"eth_call at Ethereum block 26246895 (2026-10-22T08:14:59Z): TroveManager.getEntireBranchDebt() WETH 0x7bcb64B2c9206a5B699eD43363f6F98D4776Cf5A = 12,960,744.47; wstETH 0xA2895d6A3bf110561Dfe4b71cA539d84e1928B22 = 21,360,031.28; rETH 0xb2B2ABEb5C357a234363FF5D180912D319e3e19e = 4,100,895.66 (sum…","u":"https://ethereum-rpc.publicnode.com","d":"2026-10-22"},"borrowCostPredictability":{"s":9,"q":"The interest you pay is determined by the rate you set yourself. | Since redemptions are performed in ascending order of interest rate (for the respective collateral asset), you will typically want to keep a buffer of other borrowers with lower rates in front of you.","u":"https://docs.liquity.org/v2-faq/borrowing-and-liquidations","d":"2026-10-22"},"pegResilience":{"s":4,"q":"{\"timestamp\":1791769984,\"price\":0.993354588329835} | {\"timestamp\":1789437110,\"price\":0.9980129902545588}","u":"https://coins.llama.fi/chart/ethereum:0x6440f144b7e50D6a8439336510312d2F54beB01D?start=1789430400&span=450&period=2h","d":"2026-10-22"}},"liquity_lusd":{"liquidationMechanics":{"s":7,"q":"Loans are paid out in LUSD (a USD pegged stablecoin) and need to maintain a minimum collateral ratio of 110% . In addition to the collateral, the loans are secured by a Stability Pool containing LUSD and by fellow borrowers collectively acting as guarantors of last resort.","u":"https://docs.liquity.org/liquity-v1/faq/general","d":"2026-10-22"},"collateralIntegrity":{"s":7,"q":"eth_call at Ethereum block 26246895 (2026-10-22T08:14:59Z): Liquity V1 TroveManager 0xA39739EF8b0231DbFA0DcdA07d7e29faAbCf4bb2 getEntireSystemDebt() = 25,729,263.412540320651852335 LUSD; LUSD 0x5f98805A4E8be255a32880FDeC7F6728C6568bA0 totalSupply() = 25,729,263.412540320651852335 (identical)…","u":"https://ethereum-rpc.publicnode.com","d":"2026-10-22"},"borrowCostPredictability":{"s":10,"q":"Liquity is a decentralized borrowing protocol that allows you to draw interest-free loans against Ether used as collateral . | The fees cannot become smaller than 0.5% (except in Recovery Mode ) | The borrowing fee is capped at 5%","u":"https://docs.liquity.org/liquity-v1/faq/general","d":"2026-10-22"},"pegResilience":{"s":3,"q":"{\"timestamp\":1790481110,\"price\":1.0343871846491426} | {\"timestamp\":1791726782,\"price\":0.9968270611738843}","u":"https://coins.llama.fi/chart/ethereum:0x5f98805A4E8be255a32880FDeC7F6728C6568bA0?start=1789430400&span=450&period=2h","d":"2026-10-22"}},"aave_gho":{"liquidationMechanics":{"s":6,"q":"Up to 50% of total debt can be liquidated when the health factor is above 0.95 AND both the collateral and debt values are at least $2,000 each. Up to 100% of debt can be liquidated when the health factor is 0.95 or below, OR when either the collateral or debt value is below $2,000.","u":"https://aave.com/help/borrowing/liquidations","d":"2026-10-22"},"collateralIntegrity":{"s":4,"q":"eth_call at Ethereum block 26246923 (2026-10-22T08:20:59Z): GHO 0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f totalSupply() = 699,000,000; getFacilitator() bucketLevel: CoreGhoDirectMinter 135,000,000; LidoGhoDirectMinter 45,000,000; HorizonGhoDirectMinter 59,000,000; GhoDirectFacilitator GSMs Mainnet…","u":"https://ethereum-rpc.publicnode.com","d":"2026-10-22"},"borrowCostPredictability":{"s":6,"q":"If the trailing 30-day average price of GHO stays outside a $0.995 - $1.005 price range, the GHO Stewards are able to adjust the Borrow Rate no more than 500bps per 2-day period, up to a maximum 25% APR.","u":"https://aave.com/docs/ecosystem/gho","d":"2026-10-22"},"pegResilience":{"s":5,"q":"{\"timestamp\":1792223585,\"price\":0.9977908998274733} | {\"timestamp\":1790459500,\"price\":0.9995187537904217}","u":"https://coins.llama.fi/chart/ethereum:0x40D16FC0246aD3160Ccc09B8D0D3A2cD28aE6C2f?start=1789430400&span=450&period=2h","d":"2026-10-22"}},"sky_usds":{"liquidationMechanics":{"s":4,"q":"E.g. if there is a vault ready to be liquidated that has a debt of 1,000 DAI and chop = 1.13 * WAD (13% above), then the max amount to be raised by the auction will be 1,130 DAI.","u":"https://developers.skyeco.com/protocol/vaults/collateral-liquidation/","d":"2026-10-22"},"collateralIntegrity":{"s":2,"q":"eth_call at Ethereum block 26246932 (2026-10-22T08:22:47Z) on Vat 0x35D1b3F3D7966A1DFe207aa4514C12a259A0492B (ilks from IlkRegistry 0x5a464C28D19848f44199D003BeF5ecc87d090F87 list(), debt = Art x rate): Vat.debt() = 12,262,449,825; LITE-PSM-USDC-A 4,937,502,419; ALLOCATOR-SPARK-A 3,655,549,971…","u":"https://ethereum-rpc.publicnode.com","d":"2026-10-22"},"borrowCostPredictability":{"s":3,"q":"Jug stores some sensitive parameters, particularly the base rate and collateral-specific risk premiums that determine the overall stability fee rate for each collateral type.","u":"https://developers.skyeco.com/protocol/rates/jug/","d":"2026-10-22"},"pegResilience":{"s":7,"q":"{\"timestamp\":1791374400,\"price\":0.998719551917872} | {\"timestamp\":1792548000,\"price\":1.0014871389075788}","u":"https://coins.llama.fi/chart/ethereum:0xdC035D45d973E3EC169d2276DDab16f1e407384F?start=1789430400&span=450&period=2h","d":"2026-10-22"}},"ethena_usde":{"liquidationMechanics":{"s":3,"q":"exchanges retain the discretion to forcibly close positions when there is a considerable difference in value between the two assets. | \"Liquidation\" does NOT mean Ethena loses all of the collateral instantly.","u":"https://docs.ethena.fi/protocol-overview/risks/liquidation-risk","d":"2026-10-22"},"collateralIntegrity":{"s":2,"q":"USDe derives its relative peg stability from holding a diversified portfolio of backing assets and hedging the price-change risk of any volatile holdings.","u":"https://docs.ethena.fi/overview/how-usde-works","d":"2026-10-22"},"borrowCostPredictability":{"s":2,"q":"Slippage & execution fees are included in the price when minting & redeeming . Ethena earns no profit from the minting or redeeming of USDe .","u":"https://docs.ethena.fi/overview/how-usde-works","d":"2026-10-22"},"pegResilience":{"s":4,"q":"{\"timestamp\":1789552900,\"price\":0.9989706454350359} | {\"timestamp\":1790006400,\"price\":1.0000908167398663}","u":"https://coins.llama.fi/chart/ethereum:0x4c9EDD5852cd905f086C759E8383e09bff1E68B3?start=1789430400&span=450&period=2h","d":"2026-10-22"}},"reflexer_rai":{"liquidationMechanics":{"s":0,"q":"shutdownSystem() : Freezes user entry-points","u":"https://docs.reflexer.finance/system-contracts/shutdown-module/global-settlement","d":"2026-10-22"},"collateralIntegrity":{"s":0,"q":"eth_call at Ethereum block 26246952 (2026-10-22T08:26:47Z): GlobalSettlement 0xee4Cf96e5359D9619197Fd82B6eF2a9EaE7B91e1 shutdownTime() = 1749490115, contractEnabled() = 0, collateralCashPrice(ETH-A) = 0.001127492814075678616468414 (ray), collateralShortfall(ETH-A) = 0; SAFEEngine…","u":"https://ethereum-rpc.publicnode.com","d":"2026-10-22"},"borrowCostPredictability":{"s":0,"q":"eth_call at Ethereum block 26246952 (2026-10-22T08:26:47Z): GlobalSettlement 0xee4Cf96e5359D9619197Fd82B6eF2a9EaE7B91e1 shutdownTime() = 1749490115, contractEnabled() = 0, collateralCashPrice(ETH-A) = 0.001127492814075678616468414 (ray), collateralShortfall(ETH-A) = 0; SAFEEngine…","u":"https://ethereum-rpc.publicnode.com","d":"2026-10-22"},"pegResilience":{"s":0,"q":"{\"timestamp\":1789710710,\"price\":2.825905376745018} | {\"timestamp\":1790553110,\"price\":3.3259680434077636}","u":"https://coins.llama.fi/chart/ethereum:0x03ab458634910AaD20eF5f1C8ee96F1D6ac54919?start=1789430400&span=450&period=2h","d":"2026-10-22"}}}}