Darli is a decentralized protocol that allows Ether holders to obtain maximum liquidity against their collateral without paying interest. After locking up ETH as collateral in a smart contract and creating an individual position called a “Trove”, the user can get instant liquidity by minting DaUSD, a USD-pegged stablecoin. Each Trove is required to be collateralized at a minimum of 110%. Any owner of DaUSD can redeem their stablecoins for the underlying collateral at any time. The redemption mechanism along with algorithmically adjusted fees guarantee a minimum stablecoin value of $1.
Here you can read Darli Whitepaper in pdf.