Key Terms From This Episode
Admin Keys:
Administrative access codes that would allow developers or operators to modify smart contract code after deployment. Liquid Loans has NO admin keys, meaning the protocol is truly immutable and cannot be changed by anyone.
Chainlink:
A decentralized oracle network that provides real-world data to blockchain smart contracts. Liquid Loans uses Chainlink to securely access ETH price feeds.
Counterparty Risk:
The risk that the other party in a financial transaction might default on their obligations. Liquid Loans eliminates counterparty risk through its decentralized, code-based system.
Governance Token:
A token that gives holders voting rights to influence protocol decisions. Unlike many DeFi protocols, Liquid Loans is governance-free, meaning there is no voting or governance mechanism.
Oracle:
A service that provides external data to blockchain smart contracts. Price oracles are essential for protocols like Liquid Loans to know the current value of collateral assets.
Permissionless:
A system that anyone can access and use without needing approval from a central authority. Liquid Loans is permissionless – anyone with ETH can use it.
The LL Librarian
Your Genius Liquid Loans Knowledge Assistant