A new Decentralized protocol is on the horizon for Solana. This new protocol is backed by many high-profile investors in the crypto sphere and aimed mostly at the Web3 space. The new project is being implemented by Hubble Protocol which is a project that aims to develop a stablecoin that is censorhip resistant and crypto-backed.
Hubble Protocol was founded by ex Bloomberg LP Sr. software engineer Marius Ciubotariu, in August 2021. Hubble is a fee-sharing decentralized finance (DeFi) protocol built on Solana that will offer multiple DeFi services as the protocol and DeFi continue to mature and expand.
Capital and plans
This project has raised $10 Million in funds from Three Arrows, Defiance Capital, Delphi Digital, Digital Currency Group,Crypto.com Capital, ParaFI, Jump Capital, Decentral Park Capital, CMS, Spartan, DeFi Alliance and Mechanism Capital.
There are many plans for the funds now as Hubble intends to extend their team and create more products. There is a launch of it’s mainnet planned for January 2022. Hubble also plans to mint a zero-interest borrowing platform that will mint a stable coin named USDH. USDH will be censorship-resistant and is positioned to become more of a building block for other Solana- based protocols.
Stable and profitable
Stablecoins have for a while been seen as multi-trillion dollar opportunities. Hubble’s low transaction costs and USDH network effects are definitely compelling features and should drive more liquidity to the protocol . Hubble aims to develop undercollateralized lending services in the future.
Before the launch of Hubble’s stablecoin, USDH, the protocol will hold three separate HBB token launches on three different launchpads: SolRazr, Solanium, and DAO Maker.
The Hubble stablecoin is set to be a game changer for Solana backed 150% by decentralized crypto collateral. This means that no central authority can “shut down” USDH like say Tether did when they froze $160 million in assets. Hubble mints USDH using SOL, BTC, ETH, mSOL, and other future tokens on Solana.
Hot for January
Hubble is a few-sharing protocol which means it collects fees for all of its services then redistributes that to the community. In order to be part of that community you must stake the Hubble HBB coin. Hubbles USDH coin will see all revenue from minting of the coin go to those that stake the HBB coin. There will also be a DAO in the future so having the coins allows you to participate in the DAO and governance.
Hubble stands to be a new stepping point for the growth of Solana and stable coins on the Solana blockchain. With the launch of the protocol being set for this January 28, 2022 is already looking to be an interesting year for Solana.