CDPs · Review
ActiveHedge Review 2026: 0% Interest USH Loans on Solana
Hedge is a Solana CDP protocol that lets users borrow its USH stablecoin at 0% interest against collateral. TVL is very small, so treat it as a niche, higher-risk option.
By the DappsAtlas editorial team · Updated
DappsAtlas score
4.8/10
Weak
Our verdict on Hedge
4.8/10Hedge suits experienced Solana DeFi users who want to borrow against collateral without paying interest and who are comfortable with small, niche protocols. The main strength is the 0% interest loan with low collateral ratios. The main caveat is the tiny TVL of about $50,700, which points to limited adoption and liquidity, and low ratios raise liquidation risk. Read the audits and start with a small position.
Score breakdown
How Hedge scores
- Security
- 4.5/10
- Ease of use
- n/a
- Fees
- 6.0/10
- Features
- 5.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Hedge?
Hedge is a collateralized debt position protocol on Solana. Its main product is USH, a CDP stablecoin that users borrow at 0% interest, and the project says it offers the lowest collateral ratios available on Solana.
DefiLlama has tracked Hedge since July 2022 and lists total value locked of about $50,700, down roughly 0.9% over the past week. The protocol has a token, HDG, and two audits are listed. The homepage describes it as 0% interest liquidity on Solana.
The small TVL means the protocol has limited adoption compared with larger stablecoin and lending platforms. Public sources reviewed do not give details on team, governance or recent development activity.
How Hedge works
Hedge is a collateralized debt position (CDP) protocol. A user locks collateral in a smart contract on Solana and borrows USH, a stablecoin, against it. The loan stays open as long as the collateral value stays above the required ratio.
Hedge states that it charges 0% interest on these loans and offers low collateral ratios. A lower ratio means you can borrow more against the same collateral, but the position gets closer to liquidation when prices fall. If the ratio is breached, the collateral can be liquidated to cover the debt.
To get your collateral back, you repay the USH debt. How USH holds its peg to the dollar is not detailed publicly.
5 features
Key features
01
0% interest loans
Borrowers pay no ongoing interest on USH loans, according to the project description.
02
USH CDP stablecoin
USH is a stablecoin minted against deposited collateral on Solana.
03
Low collateral ratios
The project says it offers the lowest collateral ratios available on Solana, which increases borrowing power per dollar of collateral.
04
Solana-native
The protocol runs on Solana, so transactions use Solana wallets and its network fees.
05
Audits listed
DefiLlama lists two audits for the protocol, though details are not public.
Pros and cons
What we like
- Advertises 0% interest on USH loans, so borrowing costs do not accrue over time.
- Low collateral ratios give borrowers more capital efficiency.
- Runs natively on Solana with its low transaction costs.
- Two audits are listed on DefiLlama.
- Tracked since 2022, so it has some history.
Watch out for
- TVL is only about $50,700, which is very small for a lending protocol and suggests limited adoption.
- Low collateral ratios leave less buffer against price drops, raising liquidation risk.
- Fee structure, such as borrowing or redemption fees, is not described.
- USH peg mechanics and stability track record are not documented publicly reviewed.
- Only a single chain (Solana) is supported, and the project does not show whether the project is still being actively developed.
Hedge fees
Hedge advertises 0% interest on loans. The project does not list other fees, such as minting, redemption or liquidation penalties, and no numbers are published in the material reviewed.
Users would normally see any such fees in the borrowing interface before confirming a transaction. Solana network fees also apply to each transaction.
Is Hedge safe?
DefiLlama lists two audits, but the auditors, dates and findings are not public, so readers should find and review the reports. CDP protocols carry smart-contract risk, oracle risk and liquidation risk, and a stablecoin can lose its peg.
TVL of roughly $50,700 is very small, which can mean thin liquidity for USH and limited battle-testing. Hedge is non-custodial in the usual CDP sense, but the project does not describe admin keys, upgradeability or past incidents. This is not financial advice.
6 steps
How to get started with Hedge
- 1
Check the official site and confirm you are on the correct domain.
- 2
Read the documentation and audit reports, and confirm the current collateral ratios and any fees.
- 3
Set up a Solana wallet and fund it with a supported collateral asset plus a little SOL for network fees.
- 4
Connect the wallet to the Hedge app.
- 5
Deposit collateral and borrow a small amount of USH first, keeping a wide margin above the liquidation threshold.
- 6
Monitor your position and repay or add collateral if prices fall.
Who Hedge is for
Hedge is for experienced Solana DeFi users who understand CDP liquidation mechanics and want zero-interest borrowing in USH. It is not well suited to beginners or anyone who needs a deep, established stablecoin market.
Hedge FAQs
What is USH?
USH is the CDP stablecoin issued by Hedge on Solana. Users mint it by depositing collateral and borrowing against it.
Does Hedge really charge 0% interest?
According to the DefiLlama description, Hedge offers 0% interest loans. The project does not say whether there are one-time fees or other charges, so check the app before borrowing.
Which blockchain does Hedge use?
Hedge runs on Solana. No other chains are listed publicly.
Does Hedge have a token?
DefiLlama lists a token with the ticker HDG. The project does not describe its utility, supply or distribution.
Is Hedge safe?
DefiLlama lists two audits, but the auditors and findings are not public. Any CDP carries smart-contract, oracle and liquidation risk, and the low TVL suggests limited usage. Read the audit reports yourself and only risk money you can afford to lose.
Compare
Hedge alternatives
Reservoir Protocol issues the rUSD stablecoin and yield assets srUSD and trUSD across 17 chains, for DeFi users seeking stable yield.
Hubble is a small Solana CDP protocol where users borrow the USDH stablecoin against crypto collateral for a fixed fee, with no ongoing interest.
crvUSD is Curve Finance's overcollateralized, USD-pegged CDP stablecoin on Ethereum, minted against crypto collateral by DeFi borrowers.
Liquity V2 is an immutable Ethereum borrowing protocol where users set their own interest rate and mint the BOLD stablecoin against ETH, wstETH or rETH.
Frankencoin is an over-collateralized, oracle-free Swiss franc stablecoin (ZCHF) on Ethereum for borrowing, saving and payments.
Liquity V1 is an immutable Ethereum protocol offering 0% interest LUSD loans against ETH collateral, for DeFi users comfortable with liquidation risk.
Same category
More CDPs
Sky is the rebranded MakerDAO, a DeFi protocol issuing the USDS and DAI stablecoins, governed by SKY token holders, for DeFi users and stablecoin holders.
Liquity is an Ethereum borrowing protocol where ETH holders mint USD stablecoins (LUSD, BOLD) against their collateral, with the LQTY token for incentives.
River Omni-CDP is a multi-chain CDP protocol that issues the satUSD stablecoin against cross-chain collateral without bridging, for experienced DeFi users.
Felix is a Hyperliquid protocol that issues the feUSD stablecoin against collateral, with lending and perps for DeFi traders.
Bima is a Bitcoin-backed credit protocol offering fixed-term collar loans and the USBD stablecoin for BTC holders who want liquidity without selling.
Inverse Finance Frontier is an Ethereum lending market from the Inverse DAO, aimed at DeFi users who borrow, lend or follow the DOLA ecosystem.
Same chain
More on Solana
Lido is a liquid staking protocol where users stake ETH and receive stETH, a reward-earning token usable across DeFi, governed by LDO holders.
OKX is a major centralized crypto exchange for spot and derivatives trading, earn products and a Web3 wallet, with its own OKB token.
LayerZero V2 is a cross-chain messaging protocol and bridge infrastructure for developers and asset issuers, connecting dozens of blockchains.
Jito Liquid Staking lets Solana users stake SOL for JitoSOL, a liquid token that accrues staking and MEV rewards.
Marinade is a Solana staking protocol offering native and liquid staking (mSOL) via an auction where validators bid for delegated SOL.
Across is an intent-based cross-chain bridge and swap protocol for moving tokens between Ethereum, rollups and other chains, with an API for apps.
Guides
Guides about Hedge
NFT
Do Strong NFT Collections Hedge Crypto Turmoil? A 2026 ExplainerNFT collections are often described as a store of value, but in most crypto sell-offs they fall alongside the rest of the market. This guide explains why, what the available evidence shows, and how to test a collection before treating it as a hedge.
How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.