What is Hubble?

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.

Source

2. Kamino Finance

In this section, which is related to active users and new users to Hubble, we can see that in recent weeks and days, the number of Hubble transactions and users has decreased compared to the initial days.

After the start of the Hubble protocol, only on May 11 and June 13, we see an increase in the number of users and transactions, although the number of new users has also increased in these days.

The number of users in Hubble is 4570 people, and the number of transactions that have been done in Hubble so far is 109K transactions.

It is true that the transactions registered in Kamino are from July 20, but the main start of Kamino is from September 5 and 6, when transactions reach 30K per day, and from September 21 to 23, it grows very strangely.

See the number of daily users, mostly 1 to 3 unique users are active in Kamino. In general, the number of Kamino users since the beginning is 10 users and the number of transactions is 1.5M

USDH Activity in DEX

Methodology

My method to answer the questions raised is very clear and specific, first by using the solana.core.fact_transactions table from the Solana database and by filtering the ID of the programs to the 'HubbLeXBb7qyLHt3x7gvYaRrxQmmgExb7fCJgDqFuB6T' contract of the Hubble program, we display the daily activity of users in Hubble Protocol.

And using the same table and with the '6LtLpnUFNByNXLyCoK9wA2MykKAmQNZKBdY8s47dehDc' contract, this time we will also display the daily activity of users on Kamino Finance.

Now it's time to show the flow and acceptance of the USDH token in the Solana ecosystem in different DEXs.

I have selected the ID of some of the most important programs with the CASE expression , and you can see their contract below, then we display the daily amount , number of users and the number of their transactions

In the next section, we will go to the type of daily activities using the solana.core.fact_events table and grouping the activities based on their type by using inner_instruction:instructions[0]:parsed:type

code.

1. Hubble Protocol

In terms of the amount of transactions, we can see that it has grown in an island form in some days and the amount of transactions has fallen again.

Its record is in the Serum DEX V3 program, which has reached 42.8M transactions in one day

The same thing has caused that the total volume of use by users in the Serum DEX V3 program is in the first place with a amount of 173M,

and the Hubble protocol is in the second place with a value of 26.3M.

In terms of transactions, in the first months of 2022, Hubble's share was more than the others, but since the end of April, other DEXs have been using USDH more and it has been accepted by users in late DEXs.

As you can see, with the launch of Kamino, USDH transactions in this program set a new record on September 22.

However, in general, the Jupiter Aggregator v2 program with 312.7K transactions is in the first place in terms of the number of transactions.

You can see the number of daily users of USDH in different DEXs. In the first days, the share of the Hubble protocol was much higher, and at the end of April, the Jupiter Aggregator v2 program took the first place, and at the end of June, the Jupiter Aggregator v2 program replaced it.

It is true that cumulatively, the Hubble program has the first place,

but overall, the number of unique USDH unique users in the Jupiter Aggregator v2 program is the highest with 6.5K users.

Mint and Burn and Other Activities on Hubble Protocol

In the last part, we discuss the different types of activities in the Hubble protocol

In the first days, the number of mint and transfer transactions and account creation was more

In the days of May 8 to 12, the number of burns increases From August 30, the daily number of mints will grow slightly In the activity ratio charts, you can see that the average mint ratio is around 22% and the burn ratio is less than 1% of all activities.

On May 11, the burn ratio was 0.06%, which is the highest burn ratio in Hubble's history,

In general, the total number of transfer transactions is 103.4K, the total number of mints is 22.4K, and the number of burn activities is 422 transactions.

Findings and conclusions

• in recent weeks and days, the number of Hubble transactions and users has decreased compared to the initial days.
• After the start of the Hubble protocol, only on May 11 and June 13, we see an increase in the number of users and transactions, although the number of new users has also increased in these days.
• The number of users in Hubble is 4570 people, and the number of transactions that have been done in Hubble so far is 109K transactions.
• It is true that the transactions registered in Kamino are from July 20, but the main start of Kamino is from September 5 and 6, when transactions reach 30K per day, and from September 21 to 23, it grows very strangely.
• See the number of daily users, mostly 1 to 3 unique users are active in Kamino. In general, the number of Kamino users since the beginning is 10 users and the number of transactions is 1.5M
• In the first days, the share of the Hubble protocol was much higher, and at the end of April, the Jupiter Aggregator v2 program took the first place, and at the end of June, the Jupiter Aggregator v2 program replaced it.
• It is true that cumulatively, the Hubble program has the first place,
• but overall, the number of unique USDH unique users in the Jupiter Aggregator v2 program is the highest with 6.5K users.
• In terms of transactions, in the first months of 2022, Hubble's share was more than the others, but since the end of April, other DEXs have been using USDH more and it has been accepted by users in late DEXs.
• As you can see, with the launch of Kamino, USDH transactions in this program set a new record on September 22.
• However, in general, the Jupiter Aggregator v2 program with 312.7K transactions is in the first place in terms of the number of transactions.
• In terms of the amount of transactions, we can see that it has grown in an island form in some days and the amount of transactions has fallen again.
• Its record is in the Serum DEX V3 program, which has reached 42.8M transactions in one day
• The same thing has caused that the total volume of use by users in the Serum DEX V3 program is in the first place with a amount of 173M,
• and the Hubble protocol is in the second place with a value of 26.3M.
• In the last part, we discuss the different types of activities in the Hubble protocol
• In the first days, the number of mint and transfer transactions and account creation was more
• In the days of May 8 to 12, the number of burns increases From August 30, the daily number of mints will grow slightly In the activity ratio charts, you can see that the average mint ratio is around 22% and the burn ratio is less than 1% of all activities.
• On May 11, the burn ratio was 0.06%, which is the highest burn ratio in Hubble's history,
• In general, the total number of transfer transactions is 103.4K, the total number of mints is 22.4K, and the number of burn activities is 422 transactions.