---
title: "Hydrated Dollar (HOLLAR) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/hollar-hydrated/"
description: "Build-time stablecoin profile for Hydrated Dollar (HOLLAR). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Hydrated Dollar (HOLLAR)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

Aave V3 fork on Hydration with diversified DOT/ETH/BTC/stablecoin collateral and HSM-anchored peg swaps; chain risk caps the ceiling. HOLLAR is an Aave V3 fork running on Hydration, Polkadot's largest DeFi protocol, backed by a diversified basket of DOT, ETH, vDOT, wrapped BTC, and stablecoins with automated partial liquidations that fire every block. The C grade at 55 has improved since launch, while the Stability Module's backstop design earns structural marks — but everything runs on a chain Pharos classifies as unproven, which anchors the ceiling. At $11.7M circulating and gently contracting (down 4% monthly), HOLLAR isn't growing so much as stabilizing in place, with $2.7M in DEX liquidity concentrated entirely in a single pool. Seven depeg events with a worst deviation of -691 bps show the peg holds most of the time but can slip when liquidity thins. HOLLAR's viability ultimately tracks whether Polkadot's DeFi ecosystem expands or contracts — a bet that has not paid off for most Polkadot-native projects to date. The core mechanics are a multi-collateral {{term:cdp}}CDP{{/term}} with per-block partial {{term:liquidation}}liquidation{{/term}}, {{term:overcollateralization}}overcollateralization{{/term}}, and an HSM swap module acting like a {{term:psm}}PSM{{/term}}.

## Collateral

Overcollateralized by DOT, ETH, vDOT, WBTC, tBTC, USDT, USDC, and giga-token variants (GIGADOT, GIGAETH) on the Hydration appchain; built on Aave v3-forked code

## Peg Mechanism

Overcollateralized CDP with automated partial liquidations per block; peg stabilized by the HOLLAR Stability Module (HSM), which enables direct stablecoin swaps near $1 and deploys received stablecoins into yield strategies

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| hydration | `0x531a654d1696ed52e7275a8cede955e82620f99a` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/hollar-hydrated.