Hubble Protocol Revamps dApp As USDH Gains Wider Adoption in Solana DeFi

London, United Kingdom--(Newsfile Corp. - May 4, 2022) - Hubble Protocol, a decentralized finance (DeFi) project built on the Solana blockchain, has made some serious changes to its decentralized application (dApp). Hubble launched a major redesign of its dApp user interface on April 15th, and it also removed Recovery Mode from the dApp's smart contract code on April 19th.

The updates included changes made from user feedback since the protocol's launch earlier this year. The user interface has been optimized to allow for additional kinds of collateral deposits beyond the current seven tokens accepted for minting USDH, an "Earn" page has been added to streamline staking HBB and USDH with the protocol and on other DeFi dApps, and a more robust statistics page now greets users.

The removal of Recovery Mode gives users greater certainty about liquidation thresholds. Liquidations were originally triggered at above a 90.9% LTV, but in case the System LTV rose above 66.6% this liquidation point could affect users maintaining an LTV below 90.9%. After removing Recovery Mode there is now a 75% liquidation threshold, and current users will keep their 90.9% LTV until they change their USDH position by interacting with the protocol.

USDH has recently increased its integrations with other DeFi protocols on Solana with the addition of USDH LP on Raydium (where USDH has been listed as a quote token), Orca, and Crema. USDH borrowing and lending has begun on Solend's Stable Pool and C98 Pool, and USDH is accepted as a token of choice for minting Nirvana protocol's ANA token.

Hubble will host a Town Hall on May 10th to further update users about the direction of the protocol and welcome opinions from the community. Users can join the Town Hall on Hubble's Discord, and they are encouraged to participate in the discussion.

About Hubble Protocol

Hubble Protocol raised $10 million in seed funding from some of the biggest names in crypto. Its first phase centers on multi-asset borrowing and the minting of USDH, a censorship-resistant stablecoin backed by bluechip crypto assets. Hubble will follow a roadmap dedicated to becoming a decentralized autonomous organization (DAO) as the protocol leaves no stone unturned to explore the future of DeFi and USDH on the world's fastest blockchain, Solana.

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More information about Hubble Protocol: Website | Twitter | Telegram | Discord | Reddit

Press Contact:
Akeel Qureshi
comms@hubble.markets

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122746

Posted In: Press Releases

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