Solana-based DeFi project, Hubble Protocol, announced today that it raised $10 million from several top crypto companies in a recent funding round ahead of its mainnet launch scheduled for next week.
In a press release shared with CryptoPotato on Monday, Hubble noted that it intends to use the funds to expand its team and product offering in 2022.
The first phase of the protocol’s development, namely, its mainnet launch on Jan. 28, will introduce a zero-interest borrowing platform powered by a censorship-resistant crypto-backed stablecoin, USDH.
Hubble users will be able to deposit collateral and borrow at 0% interest while earning APY on those deposits.
Additionally, users who stake the platform’s native token, HBB, can earn a substantial amount of transaction fees from minting USDH. The coin is scheduled to debut on Solanium, SolRazr, and DAO Maker by the end of January.
The project also plans to develop several undercollateralized lending services and explore further DeFi innovations in the future, laying the foundations for a global and open financial system.
Hubble’s roadmap is geared toward strengthening the future of DeFi and the highly-anticipated Web3, with its USDH stablecoin positioned to become a “building block” for other Solana-based protocols.
The fundraiser saw contributions from some of the biggest names in the crypto industry. These included Digital Currency Group (DCG), Crypto.com Capital, Spartan, Three Arrows / DeFiance Capital, Delphi Digital, ParaFi, Jump Capital, Decentral Park Capital, CMS, DeFi Alliance, and Mechanism Capital.
Speaking on the funding, Matthew Beck, the Director of Investments at Digital Currency Group, said,
“We are thrilled to back the Hubble team as they build core DeFi primitives for the Solana ecosystem, from a decentralized stablecoin to an innovative borrowing marketplace to undercollateralized lending. These are critical components of the Web3 financial stack on one of the most prominent networks in the crypto market.”
ParaFi Capital’s vice president, Anjan Vinod, also commented, noting that stablecoins provide a multi-trillion dollar market opportunity with the potential to reorganize global remittance.
“We see Hubble’s low transaction costs and USDH network effects as compelling features to drive liquidity to the protocol. We’re excited to support the Hubble team as they grow the ecosystem into a Solana-native DeFi hub,” he added.
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