Overview

Make your crypto work for you with Hubble Protocol.

Hubble is a decentralized finance (DeFi) protocol built on Solana. Hubble's core product is USDH, a decentralized stablecoin that can be borrowed against your crypto assets.

Users can deposit multiple crypto assets like SOL, BTC, ETH, and others, to borrow USDH. In turn, USDH can be used to serve various purposes across Solana DeFi.

Hubble will offer multiple USDH borrowing vaults, with various asset combinations and vault-specific parameters such as Stability Fees and Deposit Caps. USDH borrows are guaranteed by a combination of Hubble's USDH Vault (Stability Vault), and bots that facilitate market-based liquidations.

The USDH that users deposit into the USDH Vault is used to pay off bad loans, while depositors earn a net positive ~10% difference in liquidated assets. In addition, users who deposit USDH in the USDH Vault earn HBB, Hubble's native token.

In the coming phases of development, the protocol will launch various products and services to bring further utility to the platform, and USDH itself.

What is the story behind Hubble Protocol?

Hubble was born when our founder Marius joined a Solana Hackathon and realized the potential of DeFi on Solana. Marius' expertise in Rust, and his eight years of experience working in TradFi, made him keen to enter DeFi as soon as possible.

Are there projects that inspired Hubble?

Hubble takes a lot of inspiration from Liquity and MakerDAO. We've made a few improvements to the models they pioneered by accepting multi-asset collateral and letting users earn yield on their collateral while borrowing. Hubble Protocol has also been built on Solana to improve user experience through low costs and high speeds for transactions.

Conclusions

1. User activity and added new users has been decreasing.
2. Total mints has been decreasing over time.
3. Mint rate has been increasing over time and obviously burn rate has been decreasing over time.
4. USDC-USDH is most responsible pool for USDH usage.
5. The volume is gaining adoption because of the most important peaks are being registered during the recent times.

What are Hubble's Security Practices?

Hubble is obsessed with security. There are way more lines of code for testing than actual smart contract functionality. Code reviews are extremely strict and security audits are performed regularly, with five having been completed thus far. Hubble works with the "Move slow and don't break things" attitude, as the smart contracts involve users' funds.

• Integration tests
• Stress tests
• Security tests
• The Soteria audit tool
• Property based tests, fuzzing
• Asset-based Deposit caps
• Withdrawal flow caps

• Since June we don’t see any more spikes and its around 50 unique users per day

• We witness huge dip since late April that last until July 11th and deepen most on May 11th which UST de-peg and market crash occurred, other than that mint rate is around 0.95 mostly which means more than 95% of transactions were mint transactions for most of days.

• Since mid June we see that this amount has been increasing which maxed on September 13th with 149 which means on that day number of mints was 149 times of number of burns.

Daily chart of $USDH amount shows volume activity on two ends of the time frame with two major peeks which happened on Mar 16, 2022 with 1.4M $USDH and on Apr 14, 2022 with 1.26M $USDH