Try Quests to earn SOLWhat's All The Hubbub for Hubble Protocol?
Create a KPI dashboard that shows Hubble metrics such as: daily active users, new users, mint/burn rates, different rates of instructions etc.
Meet the 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 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 for 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 with a smooth entry and exit for yield farming.
🧠 Methodology
In this dashboard, we will examine Daily active users, new users, mint/burn rates, different order rates and USDH flows.
🟩 I used solana.core.fact_transactionstables from the database.
🟩 This address is HubbLeXBb7qyLHt3x7gvYaRrxQmmgExb7fCJgDqFuB6T of the Hubble Protocol convention I found and used for the condition.
🟩 Then, using this data, we will find daily active users, new users, mint/burn rates and different order rates.
No specific time frame
Stablecoin USDH
Hubble markets its signature financial product, USDH, as a “censorship-resistant, decentralized stablecoin.” Unlike other popular stablecoins like Circle’s USDC or Tether’s USDT—which are able to maintain their peg to the value of the US dollar by maintaining large reserves of US currency held at regulated American financial institutions—USDH is backed exclusively by cryptocurrencies.
By limiting USDH’s exposure to American banks, Hubble claims it is reducing both the stablecoin’s ability to be censored by the American government and its need to answer to centralized institutions.
OBSERVATIONS
✔The total number of unique users transacting over the Hubble Protocol is 4,580.
✔There are two big and notable increases, the first with 745 unique users on February 1 and the second with 651 unique users on April 19.
✔Since June, we haven't seen any further growth and we have an almost steady trend of around 50 unique users per day.
OBSERVATIONS
✔It shows new daily unique users trading on the Hubble protocol since February 2022, we see the main trend is down with two big jumps, the first on February 1st with 510 new users and the second on April 19th with 170 new unique users.
✔It has been an almost constant trend since June.
✔Tuesday has the largest share among days of the week with 1147 new unique user transactions and 25.1 percent.
✔At 439, the Market has the lowest share of new unique users trading at 9.61%, with only 15.5% difference between the high and low days.
OBSERVATIONS
✔The graph above shows the total daily rate of the Hubble protocol.
✔ We witness a huge dip since February that went down from 667 total in Feb second to lower than 30 in a month in March.
✔ Since March except for two spikes that occurred on May 11th and September 13th, we don’t see any more spikes and it’s around 20 total mints + burn transactions.
✔ In the above chart, the daily mint rate of Hubble Protocol which is the number of mint transactions divided by total transactions(mint + burn) is shown.
✔ We witness a huge dip since late April that lasted until July 11th and deepen most on May 11th when UST de-peg and the 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 the days.
✔ Daily burn rate of Hubble Protocol which is the number of burn transactions divided by total transactions(mint + burn) is shown.
✔ We witness a huge spike since late April that lasted until July 11th and spiked most on May 11th with a 0.88 burn rate which means on that day 88% of transactions were burned transactions in which UST de-peg and the market crash occurred, other than that burn rate is around 0.05mostly which means only 5% of transactions were burned transactions for most of the days.
OBSERVATIONS
✔The adjacent chart shows the Hubble Protocol, which is the daily mint/burning ratio, the number of minting operations divided by the incineration operations.
✔From mid-June, we see that this amount increased to a maximum of 149 on September 13, which means that the number of mints that day was 149 times the number of burns.
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✔Out of a total of 4,580 unique users of the Hubble protocol, 745 were traded on February 1, 2022, the downtrend-following day, and 2,744 on Tuesday, the highest day of the week. Other procedures were performed on the fasting day.
✔On Tuesdays and February 1, 2022, we added 510 and 1,147 new unique users, with the maximum number of new unique users.
✔Total mint+burning transactions show an increase in mint+burning activity in the Hubble Protocol in February and September. those months indicate that users tend to burn their assets and leave the Hubble Protocol in those months.
✔It shows that the number of USDH transactions on the Hubble protocol has remained stable for most of the time, but there was a big jump on May. 23, and it can be concluded that in a way this is a sign of growth. Adoption.
