Hubble Protocol is partnering with Lido Finance
Zedcrypt's Newsletter No.0015/May 12-21.2022
Hubble is pleased to announce their partnership with Lido Finance. As Hubble begins teaming up with Lido, they are taking the first big steps towards boosting stSOL liquidity throughout Solana with USDH, and are excited to see where this partnership leads.
Lido is one of the biggest protocols in DeFi as measured by total value locked (TVL). They’re doing great work to bring liquidity and composability to staking across multiple blockchains, and our users will both benefit from the addition of stSOL to Hubble.
Lido Finance & stSOL Liquid Staking Tokens
Lido has helped over 110,000 users stake billions of dollars ($14.7B at the time of writing) worth of tokens on multiple blockchains, most notably Ethereum. Their liquid staking token on Ethereum, stETH, has helped users stake over $9 billion worth of ETH to date.
Since joining Solana in September 2021, Lido has staked over 3,000,000 SOL in exchange for stSOL, a liquid token that earns a staking yield and can be used across Solana DeFi at the same time it is staked with a Solana validator.
Each stSOL that users receive represents one SOL staked to help protect the network and facilitate transactions. The Lido DAO has selected a group of 14 leading validators in order to help diversify staking across the Solana ecosystem. They plan on expanding this into the future, with more being onboarded who meet high availability and performance criteria.
Hubble To Bolster stSOL Liquidity with USDH
Over the next two weeks, from May 10.2022 They have kicked off the first phase of Hubble’s partnership with Lido. Among the activities, they’ve already planned are the launch of two liquidity pools and awesome yield farming opportunities for their users.
Users are able to deposit liquidity and earn rewards for stSOL-USDH pairs on Raydium since Thursday, May 12th. They’re including another rockstar Solana decentralized exchange (DEX), Orca, in their plans to help support stSOL and USDH liquidity on the network, and users have also been able to deposit concentrated liquidity through Orca’s Whirlpool, since May 19th.
Both of these pools will be offering liquidity providers (LPs) incentives in LDO & HBB, each project’s native token. So, enjoy some juicy yield for participating in the stSOL-USDH pools on your favorite Solana DEX!
What’s Next in the Pipeline for Hubble and Lido?
Setting up liquidity pools and providing token rewards on some of Solana’s top DEXs isn’t where the partnership starts and ends with Hubble and Lido. Keep an eye out in the coming days for more news as they have a lot more planned for the Solana DeFi community.
They can’t let the cat out of the bag just yet, but they can give you a hint about what’s coming next with Hubble and Lido. Does anyone like the idea of stSOL-backed loans?
Make sure to follow along with where this partnership is headed. The Hubble team is excited to work with the fine folks at Lido, and they believe the community will benefit from the synergy of their two teams working together to make Solana DeFi something to talk about.
About Lido Finance
Lido is a liquid staking solution for Ethereum. Lido lets users stake their ETH - with no minimum deposits or maintaining of infrastructure - whilst participating in on-chain activities, e.g. lending, to compound returns.
LDO is the native utility token that is used for:
- Granting governance rights in the Lido DAO.
- Managing fee parameters and distribution.
- Governing the addition and removal of Lido node operators.
Website | Telegram | Discord | Reddit | Blog | Twitter | GitHub
About Hubble Protocol
Hubble is a decentralized finance (DeFi) protocol built on Solana, the only network with the throughput to onboard the future of DeFi mass adoption. Hubble’s Phase 1 launches a Solana native crypto-backed stablecoin, USDH, that earns users a yield on their multi-asset collateral. Phases 2 and 3 will launch DeFi structured products and undercollateralized loans.
Hubble’s mission is to democratize DeFi and make sustainable DeFi services available to the world. Hubble shares the vast majority of its fees with users who stake HBB or USDH within the protocol. Rewards to HBB holders are paid from most of the 0.5% fee for minting USDH, and liquidated crypto assets for loans that fall below a 110% minimum collateral ratio are rewarded to guarantors who stake USDH in Hubble’s stability pool.
Hubble Key Features:
- Multi-asset collateral
- Zero-interest borrowing
- 110% collateral ratio on loans, 11x leverage
- ~7% yield on SOL deposits
- Optimized yield generation on deposits of other tokens
- Nearly 100% of fees distributed to HBB stakers
- Zero-cost potential on loans
Website | Telegram | Discord | Docs | Blog | Twitter
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Hubble Protocol is partnering with Lido Finance
As Hubble begins teaming up with Lido, they are taking the first big steps towards boosting stSOL liquidity throughout Solana with USDH, and are excited to see where this partnership leads.
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