Comparison · Updated
Angle vs Liquity V2: which borrowing protocol fits? (2026)
Angle suits users seeking euro-denominated DeFi across several chains. Liquity V2 is the stronger fit for Ethereum borrowers who want to set their own rate and borrow BOLD against ETH or staked ETH.
Liquity V2
CDPs
TVL $86.7M · 1 chains
Side by side
Angle vs Liquity V2 at a glance
| Angle | Liquity V2 | |
|---|---|---|
| Category | CDP and stablecoin protocol | CDP and borrowing protocol |
| Chains | Ethereum, Arbitrum, Polygon, Optimism, Avalanche, BNB Chain, Celo and Gnosis | Ethereum |
| TVL | About $1.63 million | About $93.9 million |
| Token | ANGLE | LQTY |
| Borrowing and stablecoins | Mints agEUR; also offers collateralized borrowing, perpetuals and yield deposits | Mints BOLD against ETH, wstETH or rETH; borrowers set their own interest rate |
| Fees | Withdrawal fees shown as 0%; minting, borrowing, perpetual and swap fees are not published | Borrower-set rates; other costs, including one-time fees and liquidation penalties, are not published |
| Security and audits | Two audits listed; risks include contracts, collateral, liquidations and oracles | Two audits listed; immutable contracts have no admin keys, but bugs cannot be patched by upgrade |
| Ease of use | Ease-of-use score: 7/10 | Ease-of-use score: 6.5/10 |
| Standout feature | Euro stablecoin and features across eight chains | User-set borrowing rates and immutable contracts with no admins |
| Best for | Users seeking euro-denominated DeFi and multiple stablecoin services across chains | Ethereum borrowers seeking BOLD and control over their loan rate |
How Angle and Liquity V2 differ
Angle and Liquity V2 both use over-collateralized borrowing, but they serve different needs. Angle centers on agEUR, a euro stablecoin, and combines minting with borrowing, perpetuals and yield deposits. It is deployed across eight chains, including Ethereum and several layer-2 networks. Liquity V2 is Ethereum-only and lets users mint BOLD against ETH, wstETH or rETH. Its defining borrowing feature is that users choose and can change their own interest rate. Angle's wider chain support and broader set of services may suit users who want a stablecoin app with several functions. Liquity V2 is more focused on ETH-backed borrowing and BOLD.
Fees and borrowing costs
Angle shows 0% withdrawal fees, but fees for minting agEUR, borrowing, perpetuals and swaps are not published. A separate 0% figure appears without a clear label, so it should not be treated as a confirmed fee for a specific action. Liquity V2 does not have a fixed borrowing rate: each borrower sets a rate, and the cost depends on that choice and market conditions. Other costs, including one-time fees, liquidation penalties and community frontend charges, are not published. Both protocols also involve network gas: Angle transactions incur gas on the chosen chain, while Liquity V2 transactions use Ethereum. Check the relevant app or frontend for displayed costs before confirming a transaction.
Safety and risks
Both protocols list two audits, but audits do not eliminate smart-contract risk. Angle's risks include its contracts, collateral and liquidation mechanics, oracle design, and the additional contracts and bridges involved in its multi-chain deployment. Its TVL is about $1.63 million, which can mean thinner liquidity in stressful conditions. Liquity V2's contracts are immutable and have no admin keys, reducing the risk of an operator changing them but also preventing upgrades to fix a flaw. Its named external dependency is price oracles. Users also choose a community-run frontend: Liquity AG does not operate one or vet its operators. Borrowers on either protocol can face liquidation, and leverage can increase the risk.
Which protocol should you choose?
Choose Angle if you want agEUR, access to multiple chains, or a protocol that combines stablecoin minting with borrowing, perpetuals and yield deposits. Its smaller TVL is an important trade-off, and the fees for several actions are not published. Choose Liquity V2 if you want to borrow BOLD against ETH, wstETH or rETH and value choosing your own interest rate. Its much higher TVL may be relevant to your decision, but it does not remove collateral, liquidation, oracle or frontend risks. Liquity V2 is not the right fit if you need non-ETH collateral or do not want to select and assess a community-run interface. Consider your collateral, chain and risk tolerance before choosing.
Verdict: Angle or Liquity V2?
Pick Angle if you want agEUR, multiple chain options and a broader mix of stablecoin services, including perpetuals and yield deposits. Its small TVL and unpublished fees for several actions are meaningful drawbacks. Pick Liquity V2 if you are comfortable using Ethereum, want to borrow BOLD against ETH or staked ETH, and value setting your own interest rate. Liquity V2 has much higher TVL, but you must choose a community-run frontend and account for liquidation risk. Neither protocol removes smart-contract or market risk.
Frequently asked questions
What is the main difference between Angle and Liquity V2?
Angle supports eight chains and offers agEUR, borrowing, perpetuals and yield deposits. Liquity V2 runs on Ethereum and focuses on borrowing BOLD against ETH, wstETH or rETH.
Which protocol supports more collateral types?
Liquity V2 supports ETH, wstETH and rETH as collateral. Angle supports collateralized borrowing, but its supported collateral assets are not listed here.
Which protocol has higher TVL?
Angle's TVL is about $1.63 million, while Liquity V2's is about $93.9 million. TVL can change and does not remove the risks of using either protocol.
Which protocol has lower fees?
Neither protocol publishes a complete fee schedule. Angle shows 0% withdrawal fees, while Liquity V2 borrowers set their own interest rate; users should check the app or chosen frontend for transaction-specific costs, plus network gas.