> For the complete documentation index, see [llms.txt](https://docs.defi.money/welcome/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.defi.money/welcome/how-does-it-work.md).

# How does it work?

- [How is $MONEY made](https://docs.defi.money/welcome/how-does-it-work/how-is-usdmoney-made.md)
- [Automated Loan Protection](https://docs.defi.money/welcome/how-does-it-work/automated-loan-protection.md)
- [Collateral conversion](https://docs.defi.money/welcome/how-does-it-work/collateral-conversion.md)
- [Liquidation](https://docs.defi.money/welcome/how-does-it-work/liquidation.md)
- [Loan health](https://docs.defi.money/welcome/how-does-it-work/loan-health.md)
- [Bands](https://docs.defi.money/welcome/how-does-it-work/bands.md)
- [Borrow rate](https://docs.defi.money/welcome/how-does-it-work/borrow-rate.md)