DeFi

Hubble: DeFi for Solana — Borrowing, Lending & Structured Products

Hubble is a decentralized finance (DeFi) protocol built on the world’s fastest blockchain, Solana. It has some great features.
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Hubble is a decentralized finance (DeFi) protocol built on the world’s fastest blockchain, Solana.

In the blooming era of DeFi and the blockchain, Hubble is the new entrant among other crypto projects to bring different views of blockchain technology to the world. Built on Solana, Hubble protocol is designed to offer multi-asset collateral and yield on deposits.

In an effort to become the leading provider for the next generation of DeFi services, Hubble’s mission is to make sustainable DeFi services available to the world by taking advantage of Solana’s high latency and low costs for its users.

In order to achieve it, Hubble began to democratize DeFi on Solana by launching a crypto borrowing platform allowing users to yield interest on collateral deposits of multiple assets like SOL, BTC, and ETH.

In addition to being a zero-interest platform for borrowing, Hubble also will allow HBB holders to mint USDH for the one-time 0.5% fee.

Besides, liquidated crypto assets for loans that fall below a 110% minimum collateral ratio will be rewarded to guarantors who stake USDH in its stability pool.

What Is Hubble Protocol?

Hubble is a fee-sharing protocol that users who stake HBB or USDH within the protocol are going to share nearly 100% of the fees collected by its services.

A small percentage of these fees are going to return to Hubble to contribute to the development of the protocol, while the majority is going to be delivered to its DeFi community.

Tokenomics

Hubble Token (HBB)

HBB is the native token which powers the protocol. The token holders are able to participate in its governance and receive fees generated by the system.

The token will be rewarded to the community for participating in the protocol, including the protocol’s advisers, investors, its team, among users.

A total of 100,000,000 tokens will be issued as follows:

  • 49% for investors, team, and the company
  • 51% for the community, liquidity providers, and stakers

The token will be rewarded and distributed to those who participate and contribute to the protocol, including the community, advisers, investors, and the team as follows:

  • 51% for the community through rewards to depositors and stakers, LP rewards, public sale, airdrops, service providers
  • 23% for team and company through rewards and salaries, vested linearly for 12 months as well as company operational costs
  • 25% for investors
  • 1% for advisors

Hubble Stablecoin (USDH)

USDH is the stablecoin where H stands for Hubble issued by the protocol to pegged to USD.

In addition, to be backed by crypto assets including SOL, BTC, ETH, RAY, SRM, and FTT, Hubble’s stablecoin is also pegged to a value within 1.005 and 0.995 USD.

Hubble Protocol also uses its stablecoin to increase the stability of loans by depositing USDH in the stability pool.

In order to keep USDH pegged to the dollar, the face value redemption of USDH is facilitated by trades on stable-swap platforms.

The protocol allows users to make gains by keeping USDH successfully pegged to a 1:1 value with USD. When USDH falls below $1, they can buy USDH from the market then redeem USDH for at that time worth of crypto assets like SOL, BTC, ETH on Hubble.

When USDH rises above $1, users can buy crypto assets such as SOL, BTC, and ETH from the market, then deposit these assets on Hubble, and mint USDH at a higher value. Later, higher valued USDH can then be traded for USDT at a profit.

Roadmap

In Phase 2 of the protocol, Hubble will launch structured products that provide the Solana community to choose how much risk or reward they are comfortable with when improving their yield.

In Phase 3, Hubble will focus on the development of collateralized lending services by providing under-collateralized loans to the blockchain.

After that, from phase 4, the protocol will develop other new products for the DeFi Universe on Solana.

The Founder of Hubble

Hubble protocol was founded by Marius Ciubotariu who has spent eight years working as a programmer and project leader at Bloomberg LP’s to develop FinTech solutions.

Early in 2021, Ciubotariu took his first foot to the Solana community through Solana’s first hackathon, Season. With a project called ZeroInterest, he coded the Rust smart contracts that not only gained acclaim from the press but also received an honorable mention.

Ciubotariu was impressed by the new financial primitives that people have come up with on DeFi such as AMMs, games, stablecoins, or synthetics that were a revolution compared to traditional finance. As such, he left Bloomberg to pursue a career in DeFi and founded Hubble.

The founder’s track record for developing financial products makes him an outstanding addition to Solana’s DeFi ecosystem and developer community.

His Rust smart contracts have built a reputation for their performance, speed, and security, which makes them excellent for blockchain-based financial protocols.

Rust has been chosen as the world’s most beloved programming language for six years in a row. In addition, 86% of the programmers surveyed in 2021 put Rust at the top of their list.

The Benefits of Building Hubble on Solana Blockchain

Blockchain technology and DeFi have become the most modern mainstream in the finance industry around the world.

Currently, Solana is popular in the blockchain space as the world’s fastest public blockchain with a current speed of 65,000 TPS. Don’t stop there, Solana is aiming much higher, at 700,000 TPS, soon.

These high speeds delivered at low costs make Solana an ideal infrastructure for the entire world and the use of blockchain technology as well as the development of DeFi.

Compared to other Layer 1, Solana is leading the way towards the mass adoption of blockchain technology. The blockchain has already ranked in the third spot for total value locked (TVL) in DeFi on its blockchain with over $13 billion in TVL.

The combination of the synergy from a secure and fast smart contract like Rust with the speed and economy of Solana could make the coming DeFi 2.0 to be a better system for the crypto community over the world.

The founder of Hubble protocol believes that Solana is a superior chain from many points of view allowing crypto arbitrage and keeping it on a tight peg due to the blockchain’s fast and cheap.

In addition, Solana allows the protocol more freedom to manage transactions and have as much memory as developers want that the most common Ethereum cannot give them.

As a result, Solana seems to be the most technologically advanced at this point, allowing the protocol to open up new possibilities and combine a lot of these primitives in new ways.

A Welcome Addition to the Solana Ecosystem

As a free-sharing DeFi protocol built on Solana, the Hubble protocol allows users to deposit multi-asset collateral to mint USDH for only a 0.5% fee.

In addition to no interest charged for borrowing USDH, deposited assets on Hubble also generate yield, making the potential for users to enjoy zero-cost loans.

Compared to other competitors in the DeFi space, Hubble is on Solana, therefore, the speed and cost of using Hubble are unmatched especially when compared to Ethereum today and other EVM chains.

The protocol has raised $300k in a pre-seed round and $3.6M in a seed round with the participation of several investors such as Solana Capital, DeFiance Capital, DeFi Alliance, Youbi Capital, Three Arrows Capital, among many others.

Hubble does multi-asset collateral, not single, and these collaterals can earn a yield on the platform. To learn more about how the platform works, please click here.




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Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.

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