{"id":129,"date":"2022-01-18T16:51:14","date_gmt":"2022-01-18T16:51:14","guid":{"rendered":"https:\/\/solanacrypto.news\/2022\/01\/18\/solana-based-defi-protocol-hubble-raises-10m-prepares-for-mainnet-launch\/"},"modified":"2022-01-18T21:25:46","modified_gmt":"2022-01-18T21:25:46","slug":"solana-based-defi-protocol-hubble-raises-10m-prepares-for-mainnet-launch","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2022\/01\/18\/solana-based-defi-protocol-hubble-raises-10m-prepares-for-mainnet-launch\/","title":{"rendered":"Solana-based DeFi protocol Hubble raises $10M, prepares for mainnet launch"},"content":{"rendered":"<div data-v-128018ef=\"\">\n<p>The Solana (<a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/solana-price-index\" rel=\"noopener\">SOL<\/a>) network is ready to see the mainnet launch for another decentralized finance (DeFi) protocol, aimed at Web3 development and backed by bigshots from the crypto industry.<\/p>\n<p>Hubble Protocol, a project aiming to develop a censorship-resistant crypto-backed stablecoin among other DeFi services, has raised $10 million from Three Arrows \/ DeFiance Capital, Delphi Digital, Digital Currency Group (DCG), Crypto.com Capital, ParaFi, Jump Capital, Decentral Park Capital, CMS, Spartan, DeFi Alliance and Mechanism Capital.<\/p>\n<p>Hubble plans to expand its team and DeFi products with fresh funds, starting with its scheduled mainnet launch on Jan. 28, according to the announcement. The first item on Hubble\u2019s roadmap is the launch of its zero-interest borrowing platform that mints USDH, a censorship-resistant crypto-backed stablecoin that\u2019s \u201cpositioned to become a building block for other protocols\u201d on the Solana ecosystem.<\/p>\n<p>From a decentralized stablecoin to an innovative borrowing marketplace to undercollateralized lending, the Hubble team is building \u201ccore DeFi primitives for the Solana ecosystem,\u201d according to DCG director of investments Matthew Beck. He added:<\/p>\n<blockquote><p>\u201cThese are critical components of the Web3 financial stack on one of the most prominent networks in the crypto market.\u201d<\/p><\/blockquote>\n<p>Seeing stablecoins as a multi-trillion dollar market opportunity, ParaFi Capital vice president Anjan Vinod stressed that crypto users will want access to both centralized and decentralized stablecoins, where Hubble comes into play. \u201cWe see Hubble&#8217;s low transaction costs and USDH network effects as compelling features to drive liquidity to the protocol,\u201d he added.<\/p>\n<p><strong><em>Related: <\/em><\/strong><a target=\"_blank\" href=\"https:\/\/cointelegraph.com\/news\/solana-could-become-the-visa-of-crypto-bank-of-america\" rel=\"noopener\"><strong><em>Solana could become the \u2018Visa of crypto\u2019: Bank of America<\/em><\/strong><\/a><\/p>\n<p>Following its mainnet launch, Hubble users can stake the platform\u2019s native token, HBB, to earn the majority of the protocol\u2019s fees from minting USDH. According to the announcement, Hubble aims to develop undercollateralized lending services in the future and \u201cexplore further DeFi innovations laying the foundations for a global and open financial system.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Solana (SOL) network is ready to see the mainnet launch for another decentralized finance (DeFi) protocol, aimed at Web3 development and backed by bigshots from the crypto industry. Hubble Protocol, a project aiming to develop a censorship-resistant crypto-backed stablecoin among other DeFi services, has raised $10 million from Three Arrows \/ DeFiance Capital, Delphi [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=129"}],"version-history":[{"count":2,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/129\/revisions"}],"predecessor-version":[{"id":134,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/129\/revisions\/134"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/130"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}