**The Challenge of Decentralized Finance**
A critical perspective from Stacy Muur highlights a fundamental contradiction in Ethereum's DeFi ecosystem: true censorship resistance cannot exist when the primary stablecoins remain subject to centralized freezing mechanisms.
**BOLD's Approach**
- Earned an **A- rating** from Bluechip with perfect 1.0 decentralization scores
- 100% backed by staked ETH with immutable, unstoppable protocol design
- No admin keys, governance, or ability to freeze user funds
- Passes Vitalik Buterin's five critical tests for decentralized systems
**Key Distinction**
The analysis emphasizes that crypto-backed stablecoins fundamentally differ from bank-backed alternatives, even when ratings appear similar. Technical implementation determines whether money can truly be censorship-resistant.
[Read full analysis](http://www.liquity.org/blog/bold-receives-a--rating-from-bluechip) | [Get BOLD](https://liquity.app/borrow)