introduction

Hubble Protocol

Hubble is a DeFi protocol built on Solana. Its stablecoin, USDH, is able to be borrowed against a user’s assets, providing more liquidity in their long-term holdings. HBB is Hubble’s governance token which can be staked and will become the protocol’s governance token when it transitions to be a DAO.

How does Hubble work?

Hubble’s features sit neatly under one dApp, where users can deposit assets in return for USDH, stake HBB (Hubble’s native token), and more. All a user needs is a Solana wallet, SOL for gas fees, and the supported tokens to use as collateral for borrowing.

Currently, Hubble supports the depositing of SOL, ETH, FTT, BTC, RAY, SRM, and mSOL for use as collateral.

Hubble’s borrowing protocol

Hubble allows users that have locked tokens in Hubble’s vaults to take loans of up to 80% of their collateral value. Giving users ultimate flexibility, Hubble allows these debts to be paid off whenever, only charging borrowers a one time 0.5% fee of the loan issued.

The platform also gives users a powerful economic incentive to keep their tokens locked up and use Hubble to borrow USDH, as a user’s collateral can also keep upside as well as earn yield. What’s more, users may be able to opt to have collateral allocated to partner protocols in order to earn yield in the near future.

With this borrowing model Hubble provides users a smooth entry and exit for yield farming.

USDH

USDH, a Solana-native stablecoin on Hubble’s protocol, is an overcollateralized stablecoin pegged to USD. The overcollateralization consists of a diverse collection of assets including SOL, mSOL (Solana’s liquidity token), BTC, ETC, etc.

In order to get USDH, a user must deposit crypto on the Hubble platform. Depositing Hubble’s supported cryptos, like SOL, BTC, ETH, RAY and others allows one to mint USDH for use.

Once a user has USDH, they can stake it in Hubble’s USDH Vault in order to earn rewards. They can also deposit it in other protocols that pay yield for stablecoins. Currently, USDH holders can use platforms such as Mercurial, Saber, and Crema to earn yield.

Users can also deposit USDH in Hubble’s Stability Vault in order to earn HBB, Hubble’s native token.

How Hubble defends USDH’s peg

With the recent Terra LUNA crash, resultant of the UST depegging, it is important to look at how a stablecoin keeps, and defends, its peg.

USDH is a crypto-backed stablecoin overcollateralized by a group of crypto assets. As it stands, Hubble utilizes seversal stabelswap liquidity pools to bolster liquidity and thus defend USDH against short-term pressure on its peg (i.e. massive transactions swaps of USDH for other tokens). Hubble’s Stability Vault also decreases the need for users to get USDH from the market.

In order to return USDH to its peg, Hubble employs the oft-used method of swapping above-peg USDH for other crypto, and buying below-peg USDH in order to repay loans.

OBSERVATIONS

we can see the increase rate of the Hubble protocol in population through the years.The huge reducing fashion of the quantity of daily new customers on Hubble protocol is virtually visible on this chart specifically at some stage in latest days.The maximum range of latest customers on Hubble protocol has executed on 1st February 2022 with total 510 new interacted users with this protocol. there is additionally some other spike of recent Hubble protocol users on April 2022. however after this date, we will see very low variety of daily new customers on Hubble.

Methodology

In this dashboard, We are going to check Hubble and its stablecoin, USDH activity on Solana ecosystem.

• Hubble Program ID = HubbLeXBb7qyLHt3x7gvYaRrxQmmgExb7fCJgDqFuB6T

• USDH Contract = USDH1SM1ojwWUga67PGrgFWUHibbjqMvuMaDkRJTgkX

• HBB Contract = HBB111SCo9jkCejsZfz8Ec8nH7T6THF8KEKSnvwT6XK6

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The main tables that we are going to use to analyze data are solana.core.fact_events and solana.core.fact_transactions.

Hubble Protocol Overall Stats

Mint and Burn and Transfer Events on Hubble

The following numbers show: general wide variety of transactions performed in Hubble Protocol is 141223 TX made by way of 4550 unique users.

OBSERVATIONS

we can see 13.27% of all transactions on Hubble protocol are Mint activities whilst handiest 0.253% of all transactions is Burn occasion. additionally, we can see 61.7% of all transactions on Hubble emit the switch occasion.

OBSERVATIONS

we will see high activity of Mint and transfer transactions all through the first days of the chart with a complete reducing fashion through the years. furthermore, we are able to see the highest spike of Burn activities on eleventh can also 2022, the identical time when the big crash within the crypto marketplace (due to Luna) passed off that's rational.

on the right chart, i've analysed the Mint and Burn activities for 2 Hubble protocol native tokens (HBB and USDH). \n As we see there may be almost equal quantity of USDH and HBB Mints on Hubble protocol (USDH is a bit better). \n however in terms of burns, all transactions belong to USDH.

USDH Activity on Programs

OBSERVATIONS

we will see a high activity of USDH on Solana swap packages through the years. \n This token became doing in reality precise until mid-June however after this date, we will see a big unexpected decline in USDH swaps, swappers and quantity of swaps on Solana change packages over time. \n we will see numerous excessive spikes of USDH switch extent all through may additionally and June (the identical time whilst Crypto marketplace become crashing due to Luna).

OBSERVATIONS

we can see Jupiter is the most famous change software on Solana for USDH in nearly all days. \n Saber change program changed into seeking to overtake Jupiter for the duration of the primary months of the chart but USDH activity in this protocol has declined after weeks to the extent that we barely see any fashion of USDH glide in this application in the course of latest weeks. \n After April, we will see USDH flow on Raydium too.

USDH Flow

OBSERVATIONS

we can see quite increasing flow of USDH over time, specifically during recent months after August. \n there has been excessive glide of USDH on Solana in the course of the primary days of the chart (as well as Hubble protocol) however after some time and till August, there has been pretty lowering trend of this Stablecoin go with the flow on Solana, once more after August, we can see enormous increasement of USDH pastime on Solana through the years in each phrases of transactions and users rely. \n In phrases of quantity, we can also see growing fashion over time specially at some stage in latest weeks after September.

OBSERVATIONS

we can see decreasing fashion of each day quantity of energetic users on Hubble protocol. \n The most quantity of lively customers have performed within the first days of chart throughout February 2022. \n We can also see a few high lively customers until June, however after this timespan, there is a tremendous decrease in quantity of active Hubble customers.

OBSERVATIONS

we can also see the reducing fashion of transactions on Hubble protocol through the years. \n \n same as preceding charts, maximum quantity of transactions on Hubble protocol has achieved during February 2022 and after this date we are able to see pretty decreasing trend through the years.

OBSERVATIONS

we will see top programs with most glide of USDH stablecoin on them in the course of the beyond month. \n As we see, USDH changed into most energetic on Kamino finance software for the duration of beyond month and there are also some other protocols which most of them are switch programs which include Jupiter, Raydium and Orca Whirpool. \n There are also a few strains of USDH waft on Solend protocol. \n The thrilling issue is that USDH hobby on its very own builder protocol, Hubble Protocol, is less than many different packages ! \n So, seems this stablecoin is gaining adoption with the aid of Solana applications !

OBSERVATIONS

we can see interest of USDH on exceptional Solana applications over time at some point of the beyond month. As we see, USDH is most active on Kamino finance in most of the times. \n the entire fashion of USDH hobby on these programs at some point of current month is kinda lightly decreasing.

OBSERVATIONS

USDH drift on Hubble protocol became high at some point of the primary days of the chart but after a while, its glide has reduced through the years until September 2022. \n After September, we can see excessive pastime of USDH flow on Hubble over time until nowadays. \n In terms of extent, we also can see growing drift of USDH on Hubble mainly for the reason that starting of the September.

Kamino Program

Kamino Finance is a protocol that automates concentrated liquidity solutions on decentralized exchanges (DEXs), has begun managing the liquidity of Solana's four major DeFi stablecoins (including USDH) and increasing their stability through its services.

Hubble Protocol was proud to announce the successful launch of Kamino which provides one-click solutions for liquidity providers (LPs) who want to easily earn fees from DEXs like Orca's Whirlpools.

Kamino is built to be Solana's liquidity destination Kamino vaults automatically manage DEX concentrated liquidity positions, using quantitative models to set & rebalance ranges, while auto-compounding fees & rewards.

Kamino Program ID = ‘6LtLpnUFNByNXLyCoK9wA2MykKAmQNZKBdY8s47dehDc’

Solend

we will see high glide of USDH on Solend in the course of the first month. there is a gap with low variety of transactions with USDH on Solend at some point of Mid-may also and past due-July 2022. again after late-July, we can see increasing flow of USDH stablecoin on Solend protocol over time with the highest spike on 23rd September with general 281 transactions.

Kamino Program

we are able to see huge pastime of USDH flow on Kamino application after September and here we maybe can realize the excessive increasing pastime of USDH on Solana ecosystem after September (in preceding charts). \n most pastime of USDH on Kamino finance have completed on September 2022 with overall 28.215k transactions which is quite high.

Conclusion

the overall activity fashion (in each phrases of users and transactions) on Hubble protocol is quite decreasing through the years and it's even getting lower and lower all through current days. \n but, the pastime of USDH (Hubble Protocol strong-Coin) is increasing dramatically over time, mainly for the duration of latest weeks, and it’s specially because of its pastime on the Kamino application. USDH go with the flow on switch programs has reduced dramatically after July but it has nevertheless gratifying activity on these programs. USDH pastime on extraordinary packages such as Kamino, Jupiter, and Orca Whirpool was higher than its hobby on its own builder protocol, Hubble. So, This stablecoin gaining adoption via different Solana packages.

About me:

• Author: Hojjat

• Discord: hojjat7878#8809

• Twitter: @hojjat8d

• Email: hojjat78delshad@gmail.com

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THANK YOU FOR READING!

Appendix

The solution of this question and the queries are completely used from the filipside database

The construction of the dashboard was also used from the site app.flipsidecrypto.com/velocity, which belongs to flipside

Question

Hubble Protocol is a financial platform building sustainable Decentralized Finance services on Solana. Hubble's core service centers around a low-interest, stablecoin borrowing mechanism. Hubble's US Dollar-pegged stablecoin, USDH, can be borrowed against a variety of assets, including ETH, BTC, and SOL

Create a KPI dashboard that shows Hubble metrics such as: daily active users, new users, mint/burn rates, different rates of instructions etc. (anything you find relevant)

Show the flows of USDH, where it is being used in the Solana ecosystem, is it gaining adoption, and if so how?

Hubble also recently launched Kamino Finance: https://blog.hubbleprotocol.io/multicoin-raise-kamino-launch/

Provide metrics on its growth rate and adoption so far. How is it being used?