As old supporters of Tezos, we are pleased with the active ecosystem developing and growing with new projects And now we are glad to announce that another exciting project is going live on the mainnet – Kolibri! Kolibri is a pegged to USD algorithmic stablecoin provided By Hover Labs an honourable gentlemen and well known contributors to the TeZ network. Based on Collateralized Debt Positions, referred to here as ovens, this project provides kUSD coin the reliability of which is provided by XTZ, and now let’s figure out how it works and mint some coins. Okay, we’re going to kolibri.finance website, and to get started, we will need a Thanos wallet and a few TEZ it it If you don't have a Thanos wallet yet, you should create one. After that, click the Connect button, and then your Kusd and XTZ holdings will be displayed here. Now we are ready to create our own oven. Before we start, a few words about these numbers. Here we see the total number of Ovens created, the total balance on them, and the number of KUSD generated. Stability fee is the annual rate that the network receives to control the Kusd turnover.
The collateral ratio is the thing making a stablecoin secured, id est every kUSD must be backed by $2 in XTZ Below, we see the latest XTZ price shown by Harbinger Oracle So, first of all, we need to delegate oven funds to the baker. Tessellated Geometry is suggested as the preferred baker, but you can choose anyone, and just paste the baker's address here.
Next, click on the button and a confirmation pop-up window will appear. Click Confirm and wait until our new oven is ready. So, oven created, and the first thing to do is to deposit. Set an amount and go on in the Thanos wallet pop-ups. Now we need to wait for the transaction to be completed, and finally! We have the balance on our oven and we are able to borrow some kUSD, depending on our XTZ value. Here we can see current borrowed kUSD and the max available amount, so i can set any value within these limits, sooo let it be two hundred. Wow, there is a warning that this amount is not recommended. Tip: when setting "amount to borrow”, watch the “current collateral utilization" value. Remember, the lower this value, the less likely it is that your loan will be liquidated due to the TeZ price drop. Liquidation can occur if this value exceeds 100%. If your “current collateral utilization" value is going close to 100%, you should precisely monitor the tez price. So, if it’s recommended to be less than 80, let’s set 150 Click the borrow button; again, confirm a wallet pop-up, aand now it has to be done.
Yeah, it is, and we can check the wallet balance to ensure that a hunred n fifty kUSD is already available to use. That’s it. As u can see, Kolibri is pretty simple to use, and also should notice a nice and smooth interface of its website, i really enjoyed it. And yes, we have already started some work, so you’ll be able to use kUSD in the atomex wallet, really soon. Oh, something happened, while we were shooting this video, and Kolibri is already available in the atomex wallet.
Here we go! Click receive, copy the address and load your kUSD here.
Notice that the network fees of the kUSD transactions are paid in XTZ. After sending it, we can nervously poke the update button So, when the transaction is finished, you can move on to swaps. Click Convert and select the asset you want. For example, let’s take the Tezos. I’ll send everything. Check the result. Here’s the total network commissions for a swap executing. The value is considered with reserve, and in fact, it is usually lower. Okay, convert, confirm, and all that's left is to wait for the swap to finish. And it’s gone. I’m kidding. In the Tezos case, it took 4 minutes for swap to complete. So that’s it! one more thing – If you are using and enjoying our products, here’s a little tip, how to support us. Goodbye!.