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Solana (Sol) network is ready to see the mainnet launch of yet another decentralized finance (DeFi) protocol developed for Web3 and backed by big names in the crypto industry.
Hubble Protocol, a project aimed at developing censorship-resistant crypto-backed stablecoins among other DeFi services, has raised funds from Three Arrows/DeFiance Capital, Delphi Digital, Digital Currency Group (DCG), Crypto.com Capital, ParaFi, Jump $10M Capital, Decentral Park Capital, CMS, Spartan, DeFi Alliance and Mechanism Capital.
Hubble plans to use the new funds to expand its team and DeFi products, starting with the mainnet launch on January 28, according to the announcement. The first item on Hubble’s roadmap is the launch of its zero-coupon lending platform, which mints USDH, a censorship-resistant cryptocurrency-backed stablecoin “positioned to be the cornerstone of other protocols in the Solana ecosystem.”
From decentralized stablecoins to innovative lending markets to undercollateralized lending, the Hubble team is building “the core DeFi primitives of the Solana ecosystem,” said Matthew Beck, investment director at DCG. He added:
“These are key components of the Web3 financial stack on one of the most prominent networks in the crypto market.”
Anjan Vinod, vice president of ParaFi Capital, sees stablecoins as a multi-trillion-dollar market opportunity, emphasizing that crypto users will want both centralized and decentralized stablecoins, and Hubble plays a role in that. “We see Hubble’s low transaction costs and USDH network effects as compelling features that drive liquidity in the protocol,” he added.
related: Solana could be a ‘crypto visa’: Bank of America
After the mainnet launch, Hubble users can stake the platform’s native token HBB to earn most of the protocol’s fees by minting USDH. According to the announcement, Hubble aims to develop undercollateralized lending services in the future and “explore further DeFi innovations to lay the foundation for a global open financial system.”
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