# General

### What is SpiceUSD? <a href="#what-is-liquity-v2" id="what-is-liquity-v2"></a>

SpiceUSD is an official fork of Liquity v2.

Liquity v2 is a decentralized borrowing protocol that lets users deposit tokens as collateral, and mint the stablecoin BOLD. In SpiceUSD, the stable coin to mint is SPICE.

There are two main use-cases:

* Borrow SPICE
* Earn yield by depositing SPICE

### Does SpiceUSD have governance? <a href="#does-liquity-v2-have-governance" id="does-liquity-v2-have-governance"></a>

SpiceUSD is subject to minimal governance which is solely tasked with distributing Protocol Liquidity Incentives (PIL), directing 25% of the protocol's revenue to external initiatives.

Governance has no other functions or powers, as SpiceUSD's smart contracts are immutable and not upgradeable.


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