Why Hubble Protocol Is The Hottest IDO On The Market This January
January 18 2022 - 11:09PM
NEWSBTC
Decentralized finance (DeFi) on Solana has been growing at a
massive rate. One project to look out for, Hubble Protocol, will be
making a huge addition to the DeFi offerings on Solana when it
launches a stablecoin borrowing platform (being called “the
MakerDAO of Solana”) on Mainnet Beta this January 28th, 2022.
Before the launch of Hubble’s stablecoin, USDH, the protocol will
hold three separate HBB token launches on three different
launchpads: SolRazr (link), Solanium (link), and DAO Maker (link).
There are a ton of reasons why Hubble’s IDO will be the hottest IDO
in January–one that shouldn’t be missed. Here’s why anyone serious
about DeFi should mark their calendars and think about getting
their hands on some HBB. Users Can Earn Hubble Protocol’s Fees By
Staking $HBB Hubble is a fee-sharing DeFi protocol. This means that
it collects fees for its services and distributes the majority of
this revenue to the Hubble community. The method for receiving a
share of Hubble’s revenue is straightforward: stake HBB, and the
protocol’s smart contract automatically divides the collected fees
among users. Right now, 85% of all revenue from minting USDH (a
one-time 0.5% fee) will go to users who stake HBB. As Hubble
increases, the number of services it offers, the amount of fees
collected by the protocol will increase, and users who stake HBB
will benefit from this as well. When the protocol goes live on
January 28th, it will be possible to start staking HBB and earn
fees collected in USDH. Getting HBB at launch means users can
maximize their time earning a share of the protocol’s revenue by
staking their tokens as soon as it’s possible. Gaining access to
Hubble Protocol’s fees is just one major utility for staking HBB.
Another upcoming feature is the ability to take part in the
protocol’s governance when Hubble becomes a Decentralized
Autonomous Organization (DAO). Hubble’s Stablecoin Will Be a Solana
DeFi Game Changer DeFi and most of the crypto community depend on
stablecoins for many reasons. They are a store of value to stash
profits when the markets are red, and they are the most common
pairings for tokens in liquidity pools. One sign of how important
stablecoins are to DeFi is that the top three projects measured by
total value locked (TVL) are Curve (a stablecoin AMM), Convex (a
protocol that boosts Curve yields), and MakerDAO (the project that
issues the stablecoin DAI and paved the way for Hubble). Hubble
Protocol is introducing a stablecoin that is backed 150% by
decentralized crypto collateral. This means that no central
authority can “shut down” USDH. Recently, Tether froze $160 million
of assets on Ethereum, and they can only do this because their
stablecoin, USDT, is fiat-backed and centrally issued. This
censorship resistance makes USDH much more like Liquity’s LUSD
(even DAI is now collateralized by USDC, which is also centrally
issued and backed by fiat). However, LUSD can only be minted with
ETH deposits on the Ethereum (expensive) network, and Hubble mints
USDH using SOL, BTC, ETH, mSOL, and other tokens that will be added
in the future on Solana (cost-effective, more DeFi projects
developing there). According to Decentral Park Capital and their
Hubble investment thesis, USDH could become a “core Solana
stablecoin” in the future as more projects use it as a store of
value or, for example, use cases like margin. USDH Starts Off With
Important Use Case at Launch It’s predicted that users and even
other projects will be attracted to USDH for its
censorship-resistant qualities. Additionally, the demand for and
use of Hubble’s stablecoin should be guaranteed at launch due to
the innovation of the Stability pool. Users can deposit USDH into
the Stability Pool on Hubble in order to help pay off liquidations
when other users borrow too much. When a user is liquidated, the
people who deposited USDH into the Stability Pool earn around 10%
of the extra tokens left over from the liquidation. In essence, the
Stability Pool is a way to “democratize liquidations.” It allows
users to hold stablecoins while the market fluctuates as well as
buy into positions in BTC, ETH, and SOL at a discount when the
market drops and liquidations occur. Not only can users earn some
of the highest-ranked crypto assets on the market for participating
in the Stability Pool, but they can also earn HBB tokens at the
same time. Hubble rewards users who deposit in the Stability Pool
with a constant drip of HBB, and that’s a huge amount of additional
value for everyone who participates. Hubble Protocol Democratizes
Token Launches for Community In the future, HBB will be used as a
tool for governing Hubble Protocol as a DAO. Right now, Hubble is
opening the ability for the community to access HBB tokens at an
early price by distributing allocations to three separate
launchpads. Launching a token on a launchpad helps ensure that bad
actors cannot suck up all of the supply or affect the price of a
token during the process. Launchpads also make sure bots cannot do
the same thing. By launching on not one but three different
launchpads, users are almost guaranteed access to HBB and the
rewards for staking the token on Hubble. Discover all the details
here. The three token launches will be held throughout the end of
January.
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024