Welcome to the latest edition of The Hubble Post! Hubble has been shipping more than the Dutch East India Company, and this will be quite the hefty update. So, let's jump right in.
Tier 1 Exchange FTX Lists Hubble's $HBB
Shoutout to all the Hubble homeys on Discord who relentlessly asked, "wen HBB on tier 1 CEX???" This one's for you!
Hubble set a goal for listing HBB on a Tier 1 CEX by the end of Q3, and whew, we managed to squeeze this one through with the help of FTX. Time to change this bit of the roadmap from "In progress" to "Done."
New Collateral: Borrow USDH with Solend cTokens and Kamino kTokens
Who doesn't like earning yield while borrowing USDH? Well, a lot of opportunities to do both just landed on Hubble thanks to the composability of DeFi on Solana.
Hubble has expanded its whitelisted collateral for borrowing USDH to include cTokens from Solend and kTokens from Kamino Finance. Both of these assets are yield-bearing tokens that accrue value in different ways and from different sources while deposited as collateral.
Each cToken represents an underlying asset that earns yield from lending fees on Solend. As users borrow these assets, the fees they pay are accounted for in cTokens, so BTC deposited for lending on Solend can earn interest and be used to borrow USDH.
If you think this sounds like witchcraft, rest assured that it's just good old-fashioned DeFi composability at work, but do brace yourself for the next bit of news, which is pretty magical if we are allowed to say so ourselves.
Along with cTokens, Hubble now accepts kTokens from Kamino Protocol. The kUSDH-USDH kToken, which represents a concentrated liquidity position managed by Kamino, can be used to borrow USDH, and users have the possibility to leverage their position 20x through Hubble and Kamino.
Following the launch of the kToken vault on Hubble, the maximum caps for borrowing were hit right away! Users could leverage their liquidity position by depositing kUSDH-USDC and borrowing more USDH to deposit more liquidity, and it seems like more than a few users managed to do this multiple times.
Adding the kToken vault creates an incredible opportunity for USDH liquidity to explode across Solana DeFi. Now, it's time to keep stacking use cases with all that USDH entering the ecosystem.
New USDH Vaults Launch on Kamino
Kamino Finance started things off by successfully managing correlated asset pairs like USDH-USDC and stSOL-SOL for weeks. Then, Kamino began adding vaults with non-correlated assets like SOL-DUST, and we're proud to announce that the first dollar-denominated pairings for non-correlated assets on Kamino are USDH pairs.
Three blue-chip crypto pairings are now being managed on Orca by Kamino, and to celebrate this milestone for USDH liquidity, Hubble is providing 50,000 HBB options as rewards. This innovative rewards program is made possible by a partnership between Kamino and Zeta.
Insure Your USDH Borrow with InsurAce
Hubble's smart contracts have been extensively tested and audited by multiple independent security firms. Still, there are some smart people out there with bad intentions, and anything can happen.
In light of this non-zero possibility, Hubble has teamed up with InsurAce to give users the chance to insure their positions against smart contract exploits. Hubble is hyper-focused on security, and that's what makes our smart contracts insurable.
For just 0.3% a month, users can cover their Hubble positions with a policy for up to $1.5 million. For more information and terms about smart contract vulnerability coverage, check out the InsurAce docs.
Until Next Time
Before we say goodbye, we have one more piece of good news. With the addition of the kToken vault on Hubble and three new USDH vaults, our friends over at Kamino Finance are celebrating $5 million in total value locked (TVL)!
Don't take your eyes off this project. We've heard they've got some incredible announcements lined up for the next few weeks!
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