Alidade is a decentralised, non-custodial liquidity market where anyone can take part as a depositor or a borrower. Depositors supply assets to a shared pool and earn a floating rate set by demand, while borrowers draw from that pool against collateral worth more than the amount they take out.

Only in the pool contracts you interact with. Deposits stay on-chain and non-custodial — no company holds the keys, and no balance is moved off to a partner desk. You can withdraw your position whenever the pool has free liquidity, which the market page reports live.

Real ones. Contract bugs, price-feed failure and sudden moves in collateral value can each cost you money, and a borrowing position can be liquidated if its health factor falls below 1. The contracts have cleared five independent audits and carry a standing bounty, but no audit removes risk — size your position accordingly.

ALD is the governance asset. Holders open proposals and vote on risk parameters, new collateral listings and treasury spending. ALD can also be locked in the reserve backstop, which absorbs a shortfall if one ever occurs and pays its depositors a share of protocol fees — currently 6.4% annualised.