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Hedge Labs (🏝,🏝)
@HedgeLabs
Never sell your Sβ—ŽL. 0% interest loans on Solana Discord: discord.gg/hedge Medium: hedgelabs.medium.com
MetaverseπŸ›Έ|Miami 🌴|NYC πŸ—½hedge.soJoined October 2021

Hedge Labs (🏝,🏝)’s Tweets

6️⃣ Hedge Labs did not any treasury funds on FTX. A small amount of funds deposited in FTX US was successfully withdrawn in time. Hedge Labs did not have any further associations with FTX or Alameda.
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5️⃣ While in constant contact with regarding potential bad debt on cUSDC and cUSDT, debt limits have been decreased accordingly to reduce exposure. Given Solend's bad debt will likely be covered, no further limitations have been taken.
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The whale account has been fully liquidated, stabilizing the situation on Solend. There is ~$6.5M of bad debt in the Main Pool, and ~$22M USDC in the treasury. A DAO vote will follow soon.
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4️⃣ The remaining USH debt of ~400 USH will be repaid by the team once permissionless repayments are enabled, a feature that has been worked on prior to the incident already. The total debt taken against soETH and soBTC was <1,000 USH.
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3️⃣ As it became clear that Sollet bridged assets were under risk, the team decided to use Hedge's built-in Redemption feature to repay the debt on behalf of the vault owners to avoid bad debt for USH.
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As you all aware the last week has been intense, here is a summary of what steps the team has taken to mitigate risk and exposure for Hedge. 🧡 1️⃣ $USH has remained overcollateralized and maintained peg through last weeks extreme market movements.
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Hats off to the team for managing to contain the situation to this extent! Thanks for all the hard work and tireless efforts keeping comms up and team 🫑🫑🫑
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The whale account has been fully liquidated, stabilizing the situation on Solend. There is ~$6.5M of bad debt in the Main Pool, and ~$22M USDC in the treasury. A DAO vote will follow soon.
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We are aware of current market movements, as well as Solana network congestions causing delays in oracle updates and RPC issues when using the Hedge dApp. We are in contact with all relevant teams and will update accordingly
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3/ Transaction V2 We’ve implemented Transaction V2 on Hedge and this implementation will be made live once most wallets support this new standard. With this new standard, basic interactions would not require multiple transactions, improving your user experience. ✨
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2/ Oracle updates At Hedge, security is of our upmost importance. As we onboard more assets, we’ll be focusing on using more oracles to bound prices in order to avoid price manipulation which would result in bad debt and excessive liquidations.
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1/ HDG Staking changes To better sustain the price of HDG, we’ll be shifting to a token buyback staking model. With this new model, rewards will be auto-compounded and you won’t need to continuously claim rewards which simplifies the process.πŸ‘Œ
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7/ Similarly to Port Finance, users can supply and/or borrow assets to earn rewards in ’s Nazare Stablecoin pool. For more information, do view πŸ‘‡
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.@NazareFinance rewards in the Nazare pool have been changed to the following. Deposit Nazare LPs as collateral and borrow stablecoins such as USH, UXD and USDC to earn additional incentives. These rewards will be distributed over the course of 1 month. solend.fi/dashboard?pool
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4/ We’ve just launched our most recent farm on ’s. Deposit your $HDG - $USH LP tokens on Raydium to earn $HDG and $ZFLEX (HDG Option rewards)! To gain a better understanding of how this works, do check out πŸ‘‡
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Rewards from $HDG - $USDC will be shifted to $HDG - $USH on Raydium’s Ecosystem Farm. raydium.io/farms/?tab=Eco
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πŸ“† Hedge’s Bi-weekly update: In this week’s update, we have some new updates alongside a compilation of protocols offering Hedge’s liquidity mining rewards. Let's begin ✨ 🧡
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Soon with notifications from Hedge as wellπŸ˜‰
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Happy Friday πŸ‘‹ Sign up for alerts on Notifi Hub with your @phantom @solflare_wallet @sollet or @MetaMask wallet yet?πŸ‘‡ Our web3 Inbox is your cross-chain messaging solution for users to create, manage, and store their alerts in one place πŸ’¬πŸ” notifi.network
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