Liqwid
Liqwid is a lending and borrowing protocol on Cardano with algorithmic interest rate curves. It held $9.8 million across 16 pools at the 2026-08-14 survey. The registry rejects it because it is below the size floor, and we will not open an individual review until it clears that floor. One practice advising 100 households moves $1M to $8M into a venue on the same research. That book could crush exits at this size. Size alone decides it, whatever the protocol’s quality. A review at size would also depend on Cardano’s standing in the chain registry.
- TVL sustained above the retired TVL threshold for 30 days
Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.
The research file
Applicability to the surveyed record
Liqwid v2 is a Cardano lending protocol with separate liquidity markets for each asset. Suppliers receive qTokens that represent deposited principal and accrued borrower interest. Borrowers post supported collateral and draw variable-rate loans, with market collateral factors limiting how much they can borrow.
Current observation and perimeter
The DefiLlama API read on 2026-08-15 reported approximately $12.4M supplied, $5.27M borrowed and $608,000 tagged as staking, all on Cardano. The supplied total remains well below the shared v1 size floor, so we will not open an individual review until it clears the floor. Any review also depends on Cardano chain eligibility.
Control and exit applicability
Each market has its own variable utilization rate, supply cap and collateral factor. A qToken holder can redeem for the underlying only when the supply is not locked as borrower collateral and the market has enough current liquidity. If a borrower falls below the health threshold, the public can liquidate the position. Oracle performance, liquidation execution and recovery from collateral sales therefore vary by market.
Why the class rule decides
The shared v1 below-materiality dossier sets the rule. Reopen the individual review after supplied TVL stays at or above the size floor for 30 days and Cardano is eligible. Then review candidate markets by asset, oracle, caps, utilization and rate model. Verify governance and upgrades, audits and incidents, staking dependencies, liquidations and bad debt, stressed qToken redemption, and named Cardano and cross-chain lending alternatives.
Research status
This is a capacity-unproven record for Liqwid, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Liqwid — protocol documentation hub · primary · accessed 2026-08-15
Supports: Cardano lending identity, market deposits, borrower interest, non-custodial loans, staking delegation - Liqwid — supply and earn · primary · accessed 2026-08-15
Supports: qToken receipt, variable rates, market utilization, supply caps, supplier yield - Liqwid — liquidations · primary · accessed 2026-08-15
Supports: collateral factors, health threshold, public liquidation, collateral seizure, loan repayment - DefiLlama — Liqwid survey record · secondary · accessed 2026-08-15
Supports: current supplied TVL, current borrowed value, staking value, Cardano, lending category
Inherited controls
The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.
| Chain | Verdict | Control | Control constraint |
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