Solana-based DeFi protocol Hubble raises $10M, prepares for mainnet launch
The mainnet launch of another decentralized finance protocol (DeFi), is scheduled for the Solana network (SOL). This protocol is aimed at Web3 development, and is supported by major players in the crypto industry.
Hubble Protocol is a project that aims to create a crypto-backed stablecoin that can withstand censorship, among other DeFi services. It has raised $10 Million from Three Arrows/DeFiance Capital and Delphi Digital.
According to the announcement, Hubble will expand its team and DeFi products using fresh funds. The mainnet launch is scheduled for Jan. 28. Hubble’s first item on its roadmap is the launch and operation of its zero-interest lending platform that mints USDH. This stablecoin, which is censorship-resistant and crypto-backed, will be “positioned to become an important building block for other protocols” in the Solana ecosystem.
Matthew Beck, DCG director for investments, said that the Hubble team is creating “core DeFi primitives” for the Solana ecosystem. He also added:
These are essential components of the Web3 financial platform on one of most prominent networks in crypto market.”
Anjan Vinod, ParaFi Capital vice-president, stressed that stablecoins are a multi-trillion-dollar market opportunity. He also stated that crypto users will need access to both decentralized and centralized stablecoins. Hubble is where this comes in. Hubble’s low transaction cost and USDH network effects are compelling features that will drive liquidity to the protocol, he said.
Related: Solana could be the ‘Visa of Crypto’: Bank of America
Hubble users will be able to stake HBB, the native token of the platform, in order to receive the bulk of the fees generated by minting USDH. The announcement stated that Hubble plans to create undercollateralized lending services and to “explore further DeFi innovation laying the foundations of a global and open financial market.”
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