> For the complete documentation index, see [llms.txt](https://steakhouse.financial/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://steakhouse.financial/docs/risk-management/zh/collateral/layers-pillars-and-criteria/market-rating-layer-3/lltv.md).

# LLTV

LLTV 是 Steakhouse Financial 的市场评级层中的四项标准之一。LLTV 标准会从 94.5% 开始，每降低一个 LLTV 步长，就将价格波动评分提高一个档位。

货币市场使用清算贷款价值比（LLTV）来定义可针对给定抵押资产借入的最大金额。如果抵押品的价值跌破 LLTV 所暗示的阈值，该仓位就有资格被清算。

在大多数系统中，任何用户都可以作为清算人，偿还债务并没收抵押品，以换取一笔奖金（在 Morpho 上称为清算激励）。这种开放参与模式结合自动化清算机制，有助于确保及时清算，并限制损失和坏账的产生。当未偿贷款超过所提供抵押品的价值，且借款人没有偿还动机时，就会产生坏账。

LLTV 较低的市场在本质上降低了坏账风险，通常也会向清算人提供更高的清算奖金，从而激励高效行动。

LLTV 标准会提高 [价格波动](/docs/risk-management/zh/collateral/layers-pillars-and-criteria/market-rating-layer-3/jia-ge-bo-dong.md) 评分，每降低一个 LLTV 步长，就提高一个档位，从 94.5% 开始。


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## Querying This Documentation
If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter:

```
GET https://steakhouse.financial/docs/risk-management/zh/collateral/layers-pillars-and-criteria/market-rating-layer-3/lltv.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.