Hubble Protocol Launched on Solana Blockchain

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Top News By Agency By Country By Publication Time The Most Read Stories Most Viewed Agencies All News Hubble Protocol Launched on Solana Blockchain © Copyright Image: Blockonomi

Hubble recently launched on Solana bringing users a supercharged way to add liquidity.

According to Hubble – “Where your money works for you. Maximize your portfolio efficiency – while deposited, your crypto continues to earn the best yield available. Use USDH across the Solana ecosystem. We started as a project in the Solana Hackathon. Now supported by top Solana ecosystem investors.”

Hubble (HBB) operates as a Decentralized Autonomous Organization (DAO) with a community supported governance model on the Solana Blockchain.

Hello to Hubble!

Allowing users to borrow USDH, a 100% decentralized stablecoin,with a 0.5% minting fee. Users can borrow at 0% interest by depositing collateral and earn APY on those deposits.

The system uses a collateral ratio formula to give one of the lowest minimum ratios in Defi at 110%. When the ratio drops to 110%, it is liquidated.

Hubble shares the fees generated by the system with the HBB holders and opens up governance in a whole new way.

They will offer structured products and tailored lending to their users, generating customized yield and fees for HBB token holders.

Hubble will start out accepting deposits of seven assets as collateral: Solana (SOL), SOL tokens with Marinade (mSOL), Ethereum (ETH), Bitcoin (BTC), FTX (FTT), Raydium (RAY), and Serum (SRM).

It also intends to expand their multi-asset deposits to other major cryptocurrencies in the near future.

Holders of these assets can lock their holdings and issue USDH, a stablecoin, which they can use to invest, spend or stake somewhere else to earn more yield.

When the loan is repaid, users can unlock their holdings and close out their debt position.

What is USDH?

USDH is a Solana-native token that is used for anything stablecoins are used for in DeFi: pairing for liquidity, bonding for tokens, or held as a store of value.

USDH is programmed and designed to be backed by collateral at all times such as SOL, mSOL, ETH, BTC, FTT, RAY, and SRM. With more to be whitelisted in the near future.

Users can deposit USDH in Hubble’s Stability Pool to earn a share of liquidations when the market turns downwards, keeping the system healthy by helping cover bad debt. Stability Pool providers get access to bluechip tokens at a discount through liquidations.

What Comes Next?

While Hubble has been semi tight lipped about the next phase of their release, they have given a few hints.

One thing they have mentioned is wanting to keep pace with the changing market trends and launch products that will help make DeFi a source for financial services accessible to the whole world.

Keep a close eye on their Discord announcement group as well as their Twitter and Telegram pages. They also have a weekly updates newsletter you can subscribe to for the latest news.

The stability pool helps cover bad debt and repay loans on Hubble. When liquidations occur, users who deposit USDH into the stability pool receive their fair share of around 10% of the leftover collateral after loan repayment.

In other words, users who deposit USDH on Hubble can double-short the market by holding stablecoins and making gains when prices drop.

We’re all tired of high gas fees and slow transaction times and all the nonsense that goes with ethereum. Solana makes it work and Hubble protocol works for you.

Solana is much faster in terms of the number of transactions it can process and has significantly lower transaction fees compared to rival blockchains like Ethereum.

Hubble Protocol brings that to life for you with the backing of the Solana Blockchain. By creating a user friendly loaning protocol.

Read more: https://blockonomi.com/hubble-protocol-launched-on-solana-blockchain/

Text source: Blockonomi

DeFi Written by Nicholas Say On Mon, 31 Jan 2022 Disclaimer: Financial information and news are not financial advice, read the disclaimer. Buy & sell Crypto in minutes

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