Summary

• In this dashboard, the Hubble metrics like transactions, users, and mint or burn rates as well as different rates of instructions have been comprehensively investigated. Moreover, we have focused on USDH to see its trends in the Solana ecosystem. We also took a closer look into Kamino Finance which recently has been on Hubble (providing transactions, users, and some other metrics on its situation and growth).
• The overall trend of the daily number of transactions on Hubble protocol is decreasing from March to September 2022.
• The max number of transactions on Hubble protocol is recorded on 1 to 5 Feb (between about 6.4K to 2.3K transactions), 11 May ( about 3K), and 13 June (2.3K).
• The total number of transactions on the Hubble protocol is about 142K.
• The overall trend of the daily number of users on Hubble protocol is decreasing from March to September 2022.
• The max number of users on Hubble protocol is recorded on 1 to 5 Feb (between about 500 to 700 users), 1 March ( about 550), and 19 April (about 650).
• The overall trend of the daily number of new users on Hubble protocol is decreasing from March to September 2022. On the other hand, most of the new users joined the Hubble protocol on Feb 2022.
• The max number of new users on the Hubble protocol is recorded on 1 to 5 Feb (between about 100 to 500 users), and 10 April (170).
• The total number of new users on the Hubble protocol is about 4.6K.
• Here represents some metrics about the variation and the total number of transactions of the Hubble protocol, according to their type which can be burnt, minted, or transferred.
  • Total number of transferred transactions: 103K (82%)
  • Total number of minted transactions: 22K (17.6%)
  • Total number of burnt transactions: 500 (0.4%)
  • Burn ratio: 0.25
  • Mint ratio: 13.4
  • Transfer ratio: 62
  • It can be concluded that transfer transactions have the upper hand.
• As far as the number of transfer transactions on Solana ecosystem is concerned, the top 5 stablecoins are as follows:
  • USDC (about 865B)
  • USDT (about 18B)
  • UXD (about 1M)
  • USDH (about 911K)
  • PAI (about 140K)
  • It can be concluded that USDH (which is one of the native stablecoins in Hubble protocol) is one of the most important stablecoins in Hubble protocol as far as the transfer transactions are concerned.
• As far as the distribution of transactions of the Hubble protocol according to their type (minted or burnt) for two native stablecoins of the Hubble protocol e.g. USDH and HBB is concerned, the following metrics are presented:
  • The total number of USDH’s and HBB’s transactions is about 23K.
  • It can be observed that mint transactions constitute 98.2% (22.5K) of all USDH’s and HBB’s transactions.
  • Moreover, about 53% (11.7K) of the mint transactions are for USDH and 47% (10.9K) for HBB.
• The USDH volume, transactions, and users in the Solana ecosystem are decreasing from February to August 2022.
• However, after August and especially during September, USDH attracted the attention of the users in the Solana ecosystem and shows a significantly increasing trend During September in terms of volume, transactions, and users.
• The USDH volume, transactions, and users in the Hubble protocol are decreasing from February to August 2022.
• However, after August and especially during September, USDH attracted the attention of the users in the Hubble protocol and shows a significantly increasing trend During September in terms of volume, transactions, and users.
• The top 5 Solana programs with the most number of USDH transactions during the past month are as follows:
  • Kamino program: 184K (46%)
  • jupite aggeregator v3: 84K (21%)
  • ComputeBudget111..1111: 78K (19.5%)
  • jupite aggeregator v2: 21K (5%)
  • Orca: 11.5K (3%)
  • It can be concluded that Kamino program has the upper hand among the other programs.
• The top 5 Solana programs with the most number of USDH users during the past month are as follows:
  • associated token account: 4.3K (46%)
  • jupite aggeregator v3: 1.3K(13%)
  • jupite aggeregator v2: 1.1K (12%)
  • ComputeBudget111..1111: 1K (11%)
  • jupite aggeregator v4:: 814 (8.5%)
  • associated token account has the upper hand among the other programs.
  • Only 3 users for Kamino program during the past month is recorded, whileKamino program has the upper hand among the other programs as far as the USDH transactions are concerned, therefore it may be concluded that whales must be active during the past month.
• The most of the USDH swap transactions were recorded on 15 to 25 June.
• The total USDH swap transactions on the Solana ecosystem is about 151K.
• 52.4% of the USDH swap transactions (about 79K) are swap transactions from other assets to USDH and 47.6% of the USDH swap transactions (about 72K) are swap transactions to other assets.
• Most of the USDH swap users were recorded on 15 April to 25 June.
• The total USDH swap users on the Solana ecosystem is about 26K.
• 54.8% of the USDH swap users (about 14K) are swapping from other assets to USDH and 45.2% of the USDH swappers (about 11.6K) are swapping to other assets.
• The daily USDH swap volume shows a significantly decreasing trend after 23 July 2022.
• The total amount of USDH swap volume on the Solana ecosystem is about 93M.
• 51% of the USDH swap volume (about 47.5M) is related to swapping from other assets to USDH and 49% of the USDH swap volume (about 11.6K) is related to swapping to other assets.
• As far as the variation of USDH swap transactions in the Solana ecosystem according to different marketplaces is concerned, jupite aggeregator v2 (90%) and radium V4 (6%) are the most important marketplaces in this respect.
• As far as the variation of USDH swap users in the Solana ecosystem according to different marketplaces is concerned, jupite aggeregator v2 (64%) and radium V4 (18%) are the most important marketplaces in this respect.
• As far as the variation of USDH swap volume in the Solana ecosystem according to different marketplaces is concerned,jupite aggeregator v2 (80%) and saber (16%) are the most important marketplaces in this respect.
• The Kamino program attracted the attention of users since September 2022.
• Max number of Kamino program on the Hubble protocol transactions is recorded on 21, 22, and 23 September 2022 as 137.5K, 214K, and 103K, respectively,
• The total number of Kamino program transactions on the Hubble protocol is about 1.6M.
• The number of mint transactions of the Kamino program (about 3.5K) is about three times the number of burn transactions (1.3K).
• as far as the distribution of mint transactions on the Kamino program for different tokens is concerned, the top three tokens are kUSDH-USDC (794, 24%), kSOL-stSOL (755, 23%), and kUSH-USDC (368, 11.2%). It is worth mentioning that kSOL-USDH possessed 8th among the other tokens (169, 5.14%)
• The daily variation of USDH transactions on the Kamino program shows a significant increasing trend after September 2022 that in turn shows that the Kamino program attracted the attention of users since September 2022.
• Max number of USDH transactions on the Kamino program is recorded on 21, 22, and 23 September 2022 as about 18K, 28K, and 13.6K, respectively,
• The total number of USDH transactions on the Kamino program is about 225K.
• The daily variation of USDH users on the Kamino program shows a rather constant trend after August 2022.
• The total number of USDH users on the Kamino program is about 109.
• The daily number of USDH transactions on the Kamino program has significantly increased after September 2022, and the total number of USDH transactions on the Kamino program is about 225K which is very high compared to the total number of users (109). This observation might show that whales are active in this matter.

This chart shows the variation in the number of users of the Hubble protocol.

• It can be observed from the daily variation chart, the overall trend of the daily number of users on Hubble protocol is decreasing from March to September 2022.
• The max number of users is recorded on 1 to 5 Feb (between about 500 to 700 users), 1 March ( about 550), and 19 April (about 650).

These charts show the variation of the number of transactions on the Hubble protocol.

• It can be observed from the daily variation chart, overall trend of the daily number of transactions on Hubble protocol is decreasing from March to September 2022.
• The max number of transactions is recorded on 1 to 5 Feb (between about 6.4K to 2.3K transactions), 11 May ( about 3K), and 13 June (2.3K).
• The total number of transactions is about 142K.

These charts show the variation in the number of new users of the Hubble protocol.

• It can be observed from the daily variation chart, the overall trend of the daily number of new users on Hubble protocol is decreasing from March to September 2022. On the other hand, most of the new users joined the Hubble protocol on Feb 2022.
• The max number of transactions is recorded on 1 to 5 Feb (between about 100 to 500 users), and 10 April (170).
• The total number of new users is about 4.6K.

These charts show the variation and the total number of transactions of the Hubble protocol, according to their type which can be burnt, minted, or transferred.

• Total number of transferred transactions: 103K (82%)
• Total number of minted transactions: 22K (17.6%)
• Total number of burnt transactions: 500 (0.4%)
• Burn ratio: 0.25
• Mint ratio: 13.4
• Transfer ratio: 62

It can be concluded that transfer transactions has the upper hand.

This chart shows the distribution of transactions of the Hubble protocol according to their type (minted or burnt) for two native stablecoins of the Hubble protocol e.g. USDH and HBB.

• The total number of USDH’s and HBB’s transactions is about 23K.
• It can be observed that mint transactions constitute 98.2% (22.5K) of all USDH’s and HBB’s transactions.
• Moreover, about 53% (11.7K) of the mint transactions are for USDH and 47% (10.9K) for HBB.

These charts show the number of USDH users for different Solana programs during the past month.

• The top 5 Solana programs with the most number of USDH users are as follows:
  • associated token account: 4.3K (46%)
  • jupite aggeregator v3: 1.3K(13%)
  • jupite aggeregator v2: 1.1K (12%)
  • ComputeBudget111..1111: 1K (11%)
  • jupite aggeregator v4:: 814 (8.5%)
• associated token account has the upper hand among the other programs.
• Considering the result of this section (only 3 users for Kamino program during the past month), alongside the result of the previous section that showedKamino program has the upper hand among the other programs as far as the USDH transactions are concerned, one may conclude that whales must be active during the past month.

These charts show the number of USDH transactions for different Solana programs during the past month.

• The top 5 Solana programs with the most number of USDH transactions are as follows:
  • Kamino program: 184K (46%)
  • jupite aggeregator v3: 84K (21%)
  • ComputeBudget111..1111: 78K (19.5%)
  • jupite aggeregator v2: 21K (5%)
  • Orca: 11.5K (3%)
• It can be concluded that Kamino program has the upper hand among the other programs. The trends and variations related to this program will be dealt with later at the end of this analysis.

These charts show the variation of USDH volume, transactions, and users in the Solana ecosystem.

• It can be observed that the USDH volume, transactions, and users in the Solana ecosystem are decreasing from February to August 2022.

• However, after August and especially during September, USDH attracted the attention of the users in the Solana ecosystem and shows a significantly increasing trend During September in terms of volume, transactions, and users.

  \

These charts show the variation of USDH volume, transactions, and users in the Hubble protocol.

• It can be observed that the USDH volume, transactions, and users in the Hubble protocol are decreasing from February to August 2022.
• However, after August and especially during September, USDH attracted the attention of the users in the Hubble protocol and shows a significantly increasing trend During September in terms of volume, transactions, and users.

These charts show the variation of USDH swap transactions on the Solana ecosystem.

• It can be observed that the most of the USDH swap transactions recorded on 15 to 25 June.
• The total USDH swap transactions on the Solana ecosystem is about 151K.
• 52.4% of the USDH swap transactions (about 79K) is swap transactions from other assets to USDH and 47.6% of the USDH swap transactions (about 72K) is swap transactions to other assets.

These charts show the variation of USDH swap users on the Solana ecosystem.

• It can be observed that the most of the USDH swap users recorded on 15 April to 25 June.
• The total USDH swap users on the Solana ecosystem is about 26K.
• 54.8% of the USDH swap users (about 14K) are swapping from other assets to USDH and 45.2% of the USDH swappers (about 11.6K) are swapping to other assets.

These charts show the variation of USDH swap volume in the Solana ecosystem.

• The daily USDH swap volume shows a significantly decreasing trend after 23 July 2022.
• The total amount of USDH swap volume on the Solana ecosystem is about 93M.
• 51% of the USDH swap volume (about 47.5M) is related to swapping from other assets to USDH and 49% of the USDH swap volume (about 11.6K) is related to swapping to other assets.

These charts show the variation of USDH swap transactions in the Solana ecosystem according to different marketplaces.

• It can be observed that jupite aggeregator v2 (90%) and radium V4 (6%) are the most important marketplaces in this respect.

These charts show the variation of USDH swap users in the Solana ecosystem according to different marketplaces.

• It can be observed that jupite aggeregator v2 (64%) and radium V4 (18%) are the most important marketplaces in this respect.

These charts show the variation of USDH swap volume in the Solana ecosystem according to different marketplaces.

• It can be observed that jupite aggeregator v2 (80%) and saber (16%) are the most important marketplaces in this respect.

This chart shows the daily variation of USDH transactions on the Kamino program.

As can be observed, the daily variation of USDH transactions on the Kamino program shows a significant increasing trend after September 2022 that in turn shows that the Kamino program attracted the attention of users since September 2022.

• Max number of Kamino program transactions is recorded on 21, 22, and 23 September 2022 as about 18K, 28K, and 13.6K, respectively,
• The total number of USDH transactions on the Kamino program is about 225K.

This chart shows the daily variation of USDH users on the Kamino program.

• As can be observed, the daily variation of USDH users on the Kamino program shows a rather constant trend after August 2022.
• The total number of USDH users on the Kamino program is about 109.
• However, as we saw in the previous section, the daily number of USDH transactions on the Kamino program has significantly increased after September 2022, and the total number of USDH transactions on the Kamino program is about 225K which is very high compared to the total number of the users (109). This observation might show that whales are active in this matter.

1. Introduction

1.1. What is 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.

1.2. 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.

1.3. 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.

1.4. 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. [] [] []

1.5. Kamino Finance

Kamino Finance has set a mission to become the ultimate liquidity destination for Solana ($SOL). The project aims to revolutionize the way liquidity providers (LPs) can provide concentrated liquidity by making it as easy as pressing a button. Kamino Finance is an automated market-making solution built on DEXs powered by concentrated liquidity. The protocol optimizes CLMM liquidity by leveraging the superior speed and cost of Solana to rebalance positions and auto-compound fees plus rewards on behalf of users. As an automated product guided by quantitative analysis and modeling, Kamino seeks to provide users with a market-making tool that requires little to no expertise for participation. LPs can “set it and forget it” to maximize their earned fees and minimize IL when providing liquidity via Kamino. It is worth mentioning that Hubble Protocol, home of the USDH stablecoin, has launched Kamino Finance: the first concentrated liquidity market maker (CLMM) optimizer of its kind on the Solana blockchain. [] [] []

2. Methodology

The data in this dashboard is obtained from the following tables:

• solana.core.fact_transactions

• solana.core.fact_events

• solana.core.fact_transfers

• solana.core.dim_labels

• solana.core.fact_swaps

  The following IDs have been employed in order to narrow the data filtration to extract the suitable data from the above-mentioned tables:

• Hubble Program ID = HubbLeXBb7qyLHt3x7gvYaRrxQmmgExb7fCJgDqFuB6T

• Kamino Program ID = 6LtLpnUFNByNXLyCoK9wA2MykKAmQNZKBdY8s47dehDc

• jupiter aggregator v3 ID = JUP3c2Uh3WA4Ng34tw6kPd2G4C5BB21Xo36Je1s32Ph

• jupiter aggregator v4 ID = JUP4Fb2cqiRUcaTHdrPC8h2gNsA2ETXiPDD33WcGuJB

• Orca ID = 'whirLbMiicVdio4qvUfM5KAg6Ct8VwpYzGff3uctyCc

• Tulip Protocol ID = TLPv2tuSVvn3fSk8RgW3yPddkp5oFivzZV3rA9hQxtX

• Raydium Enigma Protocol ID = EN1GMA5PDSgoAUgBEdSKCcGWA4xik8qjbZ58BiRs1cEY

• ComputeBudget111111111111111111111111111111 ID = ComputeBudget111111111111111111111111111111

  Aim of this Analysis:

  In this dashboard, the Hubble metrics like transactions, users, and mint or burn rates as well as different rates of instructions have been comprehensively investigated. Moreover, we have focused on USDH to see its trends in the Solana ecosystem. We also took a closer look into Kamino Finance which recently has been on Hubble (providing transactions, users, and some other metrics on its situation and growth.)

3. Results and Discussion

This chart shows the number of transfer transactions of the Hubble protocol for different stablecoins.

• As far as the transfer transactions on Solana are concerned, the top 5 stablecoins are as follows:

  • USDC (about 865B)

  • USDT (about 18B)

  • UXD (about 1M)

  • USDH (about 911K)

  • PAI (about 140K)

    It can be concluded that USDH (which is one of the native stablecoins in Hubble protocol) is one of the most important stablecoins in Hubble protocol as far as the transfer transactions are concerned.

These charts show the variation in Kamino program transactions and users.

• As can be observed from the daily variation chart as well as the cumulative one, the Kamino program attracted the attention of users since September 2022.
• Max number of Kamino program transactions is recorded on 21, 22, and 23 September 2022 as 137.5K, 214K, and 103K, respectively,
• The total number of Kamino program transactions is about 1.6M.

• The left chart shows the variation of Kamino program transactions according to their type. It can be seen that the number of mint transactions (about 3.5K) is about three times the number of burn transactions (1.3K)

• The right chart shows the distribution of mint transactions on the Kamino program for different tokens. It can be seen that kUSDH-USDC (794, 24%), kSOL-stSOL (755, 23%), and kUSH-USDC (368, 11.2%) are top three. It is worth mentioning that kSOL-USDH placed 8th among the other tokens (169, 5.14%)

Acknowledgment and supplementary Information

• I would like to show my sincere gratitude to the authors of the following dashboards that helped me very much indeed to do my own analysis:
  • https://app.flipsidecrypto.com/dashboard/qzIvtk
• Author: NSA2000
• Twitter of the Author: @NSA2000C
• Discord of the Author: NSA2000#5651
• Data from FlipsideCrypto \n