An Overview of Hubble Protocol

Hubble is a DeFi protocol based on Solana. It attempts to increase Solana chain liquidity. It is also well known as Solana's MakerDAO. While it may appear similar to MakerDao, it has some distinguishing characteristics that tell it distinctive.

The procedure for interest-free borrowing is the primary selling feature of Hubble. Unlike MakerDAO, which charges interest on borrowed funds, Hubble simply charges a 0.5% USDH minting cost and no interest.

Moreover, Hubble allows customers to borrow up to 90.9% of the collateral's value, which is significantly higher than MakerDAO's 67%. By looping via Hubble protocol, users may efficiently leverage up to 11x. It also has a self-paying loan function similar to that of Alchemix. While the collateral is in the procedure, it earns interest. This would result in a circumstance in which the yield obtained would offset the 0.5% minting charge and the borrowing cost would be effectively nil. Over time, the generated return will be utilized to repay the loan, and the user's loan balance will decrease.

In a word, Hubble will be more than simply a borrowing protocol since it will grow and touch on the other aspects of decentralized finance (DeFi). In addition, the utilization of yield-bearing collateral as a means of backing USDH would result in an exponential growth in the value of USDH, and the currency would eventually emerge as the primary stablecoin used within the Solana ecosystem.

Methodology

To answer the questions presented in the section “Purpose”, the following contracts were used to extract the data required:

HubbLeXBb7qyLHt3x7gvYaRrxQmmgExb7fCJgDqFuB6T
6LtLpnUFNByNXLyCoK9wA2MykKAmQNZKBdY8s47dehDc
USDH1SM1ojwWUga67PGrgFWUHibbjqMvuMaDkRJTgkX

Moreover, the table solana.core.fact_transactions was also used as the database

Purpose

Considering what was said above about Hubble protocol, this dashboard aims to:

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

PART I: Analysis of Metrics for Hubble Protocol

Active Users on Hubble

As clear from graphs, number of daily active users has decreased from January, 2022 to October, 2022. However, it is seen the the cumulative number of active users has considerably increased over this period of time
Generally, it can be said that the number of active users has grown over the specified time that is positive sign showing the health of Hubble protocol.

New Users on Hubble

Considering new users on Hubble protocol, the number of new users has also followed a declining trend over the defined period of time, while this number has cumulatively increased over time.
Therefore, it can be said that the number of new users has considerably increased over the defined period of time, so that it has increased from 4 new users On Jan 28, 2022 to 4565 new users on Oct 9, 2022. So, this is a positive sign as a key metric showing the health of Hubble protocol.

Transactions on Hubble

Regarding the metric of transactions that can be considered as a key factor of a protocol’s health, it is seen that like active users and new users, the daily number of transactions has considerably decreased from late Jan, 2022 to Oct, 2022.
However, the cumulative number of transactions has considerably increased over this period of time, so that the number of transaction has increased from 231 transaction on Jan 28, 2022 to 141.795k on Oct 9, 2022.
Therefore, it can be said that the general trend seen regarding the number of transaction shows the health of Hubble protocol.

Total Number of Active users & Transactions

Mint/Burn Numbers and Rates

Seeing the daily number of mints on Hubble, it is seen that it has decreased from late Jan, 2022 to Oct, 2022. Moreover, the number of burns has experienced a sharp increase on May 11, 2022 to 122 burns.
Considering the mint rate, it is seen that the mint rate has followed an increasing trend totally, so that the mint rate on Jan 29, 2022 was 0.09434 and it has increased to 0.3000971.
Considering the burn rate, it is seen that it has experienced some sharp increases on some days over the defined time, however is hasn’t followed a clear ascending trend over the defined period of time, unlike mint rate.
Therefore, it can be said that the mint rate has considerably increased compared to burn rate.

Flows of USDH

PART II: Analysis of Metrics for Kamino Finance

Total volume of USDH flow over the defined period of time is 5.88M.
Daily amount of USDH flow has experienced sharp umps and downs over the defined period of time.
Considering the daily number of USDH flow transactions it has seen that it has experienced a sharp increase on Sep 21,2022 and again has decreased.
Comparing the daily number of HSDH flow transactions and cumulative number of transactions, it is seen that unlike the daily number of transactions, it is seen that the cumulative number of USDH flow transactions has sharply and considerably increased from 2 transactions on Jan 28, 2022 to 1064 transactions on Oct 9, 2022.
Totally speaking, we see that the number of transactions on Solana protocol shows the health of Hubble protocol on Solana network.

As shown in the graphs above, the highest number of users is 5 users on Jul 30, 2022. On a daily basis, we can not define a clear and continuous trend on the number of users; rather it has experienced different ups and downs from Jul, 2022 to Oct, 2022.
Considering the cumulative number of users on Kamino Finance, it is seen that there is a continuous and sharp increase in cumulative number of users over the defined period of time from 1 user on Jul 20, 2022 to 140 users on Oct 10, 2022.
Totally, it can be concluded that the trend seen in the number of users on Kamino Finance is promising and shows the health of Kamino Finance.

Considering the number of transactions, we see some sharp increases on Sep 21, 22, and 23, 2022 so that the highest number of transactions is 213.538k on Sep 22,2022.
Considering the cumulative number of transactions on Kamino Finance, we see a continuous and sharp increase in the number of transactions over the defined period of time, so that it has increased from 14 transaction on Jul 20, 2022 to 1.537366M transaction on Oct 9, 2022.

Conclusion

The number of active users has grown over the time period defined in this dashboard, that is positive sign showing the health of Hubble protocol.
The number of new users has considerably increased over the defined period of time. So, it can be said that this is a positive sign as a key metric showing the health of Hubble protocol.
The number of transactions has considerably increased over this period of time. Therefore, it can be said that the general trend seen regarding the number of transaction shows the health of Hubble protocol.
The mint rate has considerably increased compared to burn rate.
The total number of USDH flow transactions has sharply and considerably increased from 2 transactions on Jan 28, 2022 to 1064 transactions on Oct 9, 2022. Totally speaking, we see that the number of transactions on Solana protocol shows the health of Hubble protocol on Solana network.
The number of USDH swaps on Solana network has considerably decreased from 5.55M swaps on Jan 31, 2022 to 30.29k on Oct 10, 2022.
The number of swappers it is seen that the number of swappers has again decreased over the defined period of time. Therefore, it can be said that users tend to keep their USDH instead of swapping it to other coins. So, it is a good sign for the popularity of this coin among its users.
The highest number of USDH transactions is on Jupiter Aggregator v2 (434,618 transactions, 22.9%).
The first program with the highest amount of USDH transacted is Orca with 1.914472188e+10 (97.7%) that is really considerable and significant.
The first highest number of USDH users is on Associated Token Account Program (21291 users, 40.8%).
there is a continuous and sharp increase in cumulative number of users over the defined period of time from 1 user on Jul 20, 2022 to 140 users on Oct 10, 2022.
Considering Kamino Finance, it is seen that that the trend in the number of users on Kamino Finance is promising and shows the health of Kamino Finance.
Regarding the total number of transactions on Kamino Finance, we see a continuous and sharp increase in the number of transactions over the defined period of time, so that it has increased from 14 transaction on Jul 20, 2022 to 1.537366M transaction on Oct 9, 2022.
Generally speaking, all the parameters analyzed in this bounty it can be concluded that both Hubble protocol and Kamino Finance performances are normal and even positive

Considering the number of USDH swaps on Solana network, it is seen that it has considerably decreased from 5.55M swaps on Jan 31, 2022 to 30.29k on Oct 10, 2022.
Regarding the number of swappers it is seen that the number of swappers has again decreased over the defined period of time, so that is has decreased from 811 swappers on Jan 31, 2022 to 30 swappers on oct 10, 2022.
Therefore, it can be said that users tend to keep their USDH instead of swapping it to other coins. So, it is a good sign for the popularity of this coin among its users.

The highest number of USDH transactions is on Jupiter Aggregator v2 (434,618 transactions, 22.9%)

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The second program with the highest number of transactions is Compute Budget (363,800 transactions, 19.2%)

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The third program with the highest number of transactions is Jupiter Aggregator v3 (363,535, 19.1%).

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The first program with the highest amount of USDH transacted is Orca with 1.914472188e+10 (97.7%) that is really considerable and significant.
The second program with the highest amount of USDH transacted is Serum DEX V3 (0.918%).
The third program with the highest amount of USDH transacted is Associated Token Account Program (54%).

The first highest number of USDH users is on Associated Token Account Program (21291 users, 40.8%).

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The second program with the highest number of USDH users is Jupiter Aggregator v2 (8931m 17.1%).

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The third program with the highest number of USDH users is Jupiter Aggregator v3 (4945, 9.48%).

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