Webster's English Dictionary

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lye

lye \'li-\ n [ME, fr. OE le-ag, akin to OHG louga lye, L lavare, lav]ere to 
   wash, Gk louein : a strong alkaline liquor rich in potassium carbonate 
   leached from wood a shes and used esp. in soapmaking and washing; broadly : 
   a strong alkaline solution (as of sodium hydroxide or potassium hydroxide)