BOLD Redemption Dashboard

BOLD price before each redemption

Pool mid price in the block before. Each point is one redemption tx.

Bot leaderboard

Senders redeeming via a contract or 3+ times · ranked by net profit after gas and tips

Weekly BOLD redeemed

Weekly net profit USD, after gas and builder tips

Redemption feed

Discount BOLD below $1 · Oracle gap collateral market price above Liquity's redemption price · Gross collateral at market minus BOLD bought at market · Gas base fee burned · Tip priority fee + direct coinbase payment to the builder · Margin net profit over BOLD purchase cost.

Branches

Tx	Time	BOLD	Branches	Sender	Price	Discount	Oracle gap	Fee	Gross	Gas	Tip	Net profit	Margin

How it works

Redemptions put a floor under BOLD: anyone can swap 1 BOLD for $1 of collateral, minus a fee.

BOLD is borrowed against ETH, wstETH and rETH in Liquity V2. When BOLD trades below $1, buying it on a DEX and redeeming it for collateral becomes profitable. Bots do exactly that, burning the BOLD and pushing the price back up. This page explains the mechanics, where the profit comes from, and how every number on the dashboard is measured.

Fee floor

0.5%

plus a base rate that spikes with volume

Base-rate half-life

6 hours

the fee decays back toward the floor

Queue order

Lowest rate first

troves with the cheapest interest are redeemed first

BOLD burned

–

by redemptions in this dataset

1 · The redemption path

One call, three branches, many troves

The fee is set first. The CollateralRegistry decays the base rate for time passed, adds the share of total BOLD supply being redeemed, and adds the 0.5% floor. The redeemer passes a max fee and the call reverts if it's exceeded.

The BOLD is split across branches in proportion to each branch's unbacked debt: its total debt minus the BOLD sitting in its Stability Pool. Branches below their critical collateral ratio, or shut down, are skipped.

Each branch walks its troves from the lowest interest rate upward, cancelling debt and sending the matching collateral to the redeemer. The redeemed BOLD is burned, shrinking supply.

2 · Inside a branch

The cheapest loans are redeemed first

A redeemed borrower loses debt and an equal value of collateral (at the redemption price), so their net position is unchanged, and the redemption fee is left in their trove as compensation. What they lose is exposure. Borrowers who don't want to be redeemed choose a higher interest rate, which is what pushes rates up when BOLD sits below peg.

3 · The redemption fee

Big redemptions raise the fee, time lowers it

fee = 0.5% + baseRate. Each redemption adds redeemed ÷ BOLD supply to the base rate, which then halves every 6 hours. A burst of redemptions makes the next one more expensive, so the arbitrage throttles itself. The base rate started at 100% at launch to block early redemptions.

4 · Why bots redeem

The arbitrage loop

Percentages are BOLD-weighted averages over every redemption in the dataset.

Two sources of edge. The obvious one is BOLD trading below $1. The bigger one, on average, is the oracle gap: Liquity values collateral with Chainlink feeds, which only update after the price moves a set amount or a set time passes. When ETH has rallied since the last update, a redeemer receives collateral sized at the old, lower price and can sell it for more.

Liquity pushes back on LSTs. For wstETH and rETH the redemption price takes the higher of the market and canonical prices, so redeemers get less collateral. WETH uses Chainlink ETH/USD as is.

Branch	Oracle price	Price used for redemptions

5 · Anatomy of an average redemption

Where the profit on 10,000 BOLD comes from, and where it goes

live · BOLD-weighted over all redemptions

Discount, oracle gap and fee are averages of per-redemption percentages, so they add up to gross profit only approximately. Gross and net bars are the measured totals.

6 · Methodology

From raw chain data to the table

01 · SCAN

Find redemptions

The three TroveManagers are read from the CollateralRegistry. Their Redemption events are fetched from block 22,516,069 (V2 launch) via public RPCs, since Alchemy's free tier limits log queries to 10 blocks.

02 · GROUP

One row per transaction

A redemption emits one event per branch it touches, and bots sometimes redeem several times in one tx. Events are grouped by transaction and summed.

03 · ENRICH

Prices and costs

Via Alchemy: the tx and receipt (sender, gas), the block (time, base fee, builder), one multicall of every pool price at block N−1, and internal ETH transfers to the builder.

04 · SERVE

Store and refresh

Rows go into SQLite. The server syncs new blocks every 5 minutes (3 confirmations) and the dashboard polls its API.

What each column means

Column	Meaning	How it's computed

BOLD Redemptions