The protocol’s seed round is supported by some of the biggest names in crypto venture capital.
MakerDAO of Solana Gets Massive Funding
Hubble Protocol, a decentralized finance (DeFi) and stablecoin protocol based on the Solana network closed its pre-IDO seed round of $3.6 million on Dec. 16.
In this round, the protocol found support from some of the most reputed crypto venture capital firms like Delphi Digital, Jump Capital, CMS Holdings, Spartan, Mechanism Capital, Three Arrows / DeFiance Capital, DeFi Alliance, Decentral Park Capital, and Digital Strategies. The fund will support the ongoing development of the protocol’s zero interest DeFi borrowing platform and minting its Solana-based native stablecoin, USDH.
“We are very excited to be investors in Hubble. Delphi continues to be a supporter of the DeFi ecosystem and its potential for impact across every vertical within finance. One of the many exciting ecosystems for DeFi innovation is Solana, and accordingly, the developer activity there has boomed over the last year,” mentioned Yan Liberman, the co-founder of Delphi Digital, in the official press release of the announcement. “The team behind Hubble is world-class; we are thrilled to work alongside them to build DeFi primitives, from borrowing to structured products and beyond.”
The protocol plans to use this funding round to build momentum leading up to the IDO launch of the native token, HBB, scheduled for mid-January.
“We are very excited to back Hubble as they build what we think will be one of the more important Solana stablecoins to come. Hubble’s unique borrowing and minting engine in itself is an exciting innovation, and we are thrilled to be part of the journey,” stated a representative of DeFiance Capital.
What is Hubble Protocol?
Hubble Protocol is built for interest rate products in the Solana ecosystem. The protocol has planned three initial phases of development in a bid to expand the number of DeFi 2.0 services on Solana:
Phase 1: Zero-interest multi-asset borrowing and minting of USDH.
Phase 2: Focused on structured products.
Phase 3: Focused on undercollateralized lending.
Source: Solana News
