Crypto heavyweights including 3 Arrows, DCG, Delphi Digital and Crypto.com Capital have joined the Hubble Protocol funding.
News
Solana Network (SOL) is poised to see the launch of the mainnet for another decentralized finance (DeFi) protocol, aimed at Website3 development and backed by major industry influences. electronic money industry.
Hubble Protocol, a project to develop a censorship-resistant crypto-backed stablecoin among other DeFi services, has raised $10 million from A Few Arrows / DeFiance Capital, Delphi Electronic, Digital Currency Team (DCG), Crypto.com Funds, ParaFi, Leap Money, Decentral Park Cash, CMS, Spartan, DeFi Alliance and System Cash.
Hubble plans to expand its DeFi team and products with new funding, starting with a scheduled mainnet launch on January 28, according to the announcement. The first item in Hubble’s roadmap is the launch of its interest-free lending platform for mining USDH, a censorship-resistant crypto-backed stablecoin that is “positioned to become the into a building block for other protocols” on the Solana ecosystem.
From a decentralized stablecoin to an innovative borrowing market to decentralized lending, the Hubble team is building “DeFi core principles for the Solana ecosystem,” according to DCG Chief Investment Officer Matthew Beck . He added:
“These are key components of the Web3 financial system on one of the most prominent networks in the crypto market.”
Seeing stablecoins as a trillion-dollar market opportunity, ParaFi Funds Vice President Anjan Vinod emphasized that crypto users will want access to both centralized and decentralized stablecoins, where Hubble developed effect. “We see Hubble’s low transaction costs and USDH network effects as attractive features to drive liquidity to the protocol,” he added.
Related: Solana Could Be the ‘Visa of Cryptocurrency’: 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 from USDH mining. According to the announcement, Hubble aims to develop decentralized lending services in the future and “explore more DeFi innovations that lay the foundation for an open and global financial system”.