By Hover Labs

In February, Hover Labs launched Kolibri, an algorithmic stablecoin protocol on Tezos.

Since launch, we’ve seen incredible interest in the project. At current time, over 728 CDPs have been opened and over 1.4M XTZ (~9M USD) of value is locked in the protocol backing 1.2M kUSD.

We’ve also successfully tweaked economic parameters (the stability fee and debt ceiling) to bring the value of kUSD back to peg. For those curious, we publish and distribute metrics of the system.

Now that we’ve gotten relatively close to peg with the stability fee adjustments, our focus turns to utilization and…

By Hover Labs

The symbol of the Kolibri Stablecoin

Kolibri, the algorithmic stablecoin pegged to the US dollar we’ve been working on for the past few months, is now live on Tezos mainnet! This represents a huge milestone that we’ve been clipping towards, and it’s so exciting to see it finally in a state where we’re opening it to the world.

This week, we deployed a release candidate of the Kolibri production contracts, using the past week or so to perform extensive testing. Today we finally feel confident opening those contracts to the public.

Kolibri represents an independently useful asset which enables trustless stable value payments…

Photo by James Wainscoat on Unsplash

Today, Hover Labs is debuting Kolibri.js, a JavaScript SDK for working with kUSD and the Kolibri protocol.

Kolibri.js is a wrapper for all aspects of the Kolibri protocol, including working with core contracts, ovens, and Harbinger Oracles. The SDK abstracts away details of working with the Kolibri contracts so that developers can simply build.

In fact, Kolibri.js is the same toolchain Hover Labs uses to build the Kolibri front end. One of the most powerful parts of DeFi is that the smart contracts which power the protocols are open by default. Over time, we hope Kolibri.js …

Photo by James Wainscoat on Unsplash

By Keefer Taylor, Luke Youngblood and Ryan Sears

Just over a two weeks ago we announced Kolibri, a new algorithmic stable coin for Tezos. Since our testnet launch, we’ve seen over 140 ovens created and over 700,000 (testnet) XTZ locked in them, backing nearly 250K of kUSD. DeFi is booming on Delphinet!

We’re also incredibly grateful to our community of users and testers who helped us ferret out and fix quite a few bugs in our front end. Thanks to all folks who joined our discord server and suggested new features and have diligently reported and reproduced bugs with us…

By Keefer Taylor, Luke Youngblood and Ryan Sears

In late 2020, we set out to build Kolibri, a set of smart contracts on Tezos which can be used to issue kUSD, a trustless, algorithmic stablecoin that is collateralized by XTZ and soft pegged to the US Dollar.

Today, we’re excited to share the testnet version of Kolibri, accessible on Tezos’ Delphi testnet at We’ve also started a Kolibri Discord where you can come hang out with us and ask any questions you have. To use Kolibri, you’ll need to have the Thanos wallet browser extension installed.


Kolibri is a system of smart contracts on Tezos which issue kUSD, a trustless, algorithmic stablecoin that is collateralized to XTZ and soft pegged to USD.

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