BTC

$98350.792

0.09%

ETH

$3442.023

-1.36%

XRP

$2.258

-1.77%

BNB

$704.637

0.32%

DeFi

Hubble Raises $5 Million To Build A MakerDAO-Like System On Solana

September 9, 2022 - Around 2 mins mins to read
Hubble Protocol, a Solana-based platform for borrowing stablecoins, raised $5 million in a strategic round lead by Multicoin Capital, the business said on Thursday.
Hubble Raises $5 Million To Build A MakerDAO-Like System On Solana

Previous investors DeFiance Capital, Delphi Digital, Digital Currency Group, Crypto.com Capital, ParaFi, Jump Capital, Decentral Park Capital, CMS, Spartan Group, DeFi Alliance and Mechanism Capital also participated in the round. The company declined to share a valuation.

With this most recent round, the procedure has now received $15 million in funding overall. When it officially began in January of this year, it raised its first round.

Hubble wants to build a MakerDAO-like system on the Solana platform using the DeFi protocol and a stablecoin pegged to the US dollar. Hubble users can borrow and manufacture USDH, Hubble’s native stablecoin, in contrast to MakerDAO, an early Ethereum-based DeFi system that enables users to trade its native stablecoin, DAI.

Hubble Raises $5 Million To Build A MakerDAO-Like System On Solana

Kamino Finance, a concentrated liquidity optimizer, is one of its products. It will make it possible for liquidity providers to borrow USDH using LP tokens as collateral, which can subsequently be utilized to conduct transactions or increase yield throughout the Solana DeFi ecosystem. Currently, Orca, Raydium, Saber, and Mercurial all support USDH.

Spencer Applebaum, principal at Multicoin Capital, said:

“There are only a few ways to safely build a decentralized stablecoin, and Hubble’s over-collateralization approach has been tested through all market conditions.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

DAI

Hubble

MakerDAO

Solana

USDH

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.