Liquity is a decentralized borrowing protocol that allows users to draw interest-free credit against ETH as collateral. Funds are paid out in LUSD (USD-pegged stablecoin), and users need to maintain a minimum collateral ratio of just 110%. The protocol generates revenue via fees, and 100% of it is distributed among $LQTY stakers. Liquity is governance-free, immutable, and maximally decentralized.