Note: This article is not financial advice. Hubble Protocol does not endorse any tokens or platforms mentioned in this article.
Key Takeaways:
- Hubble and MonkeDAO are now partners.
- Users can borrow USDH using MonkeDAO's daoSOL.
- daoSOL holders earn rewards from liquid staking.
Hubble has joined forces with MonkeDAO in its first partnership with a project in the Solana NFT space. To kick off the partnership, Hubble has onboarded daoSOL, MonkeDAOs liquid staking token, as a collateral asset on the platform.
The addition of daoSOL on Hubble is yet another example of the power of composability on Solana.
Hubble and MonkeDAO Combine Their Efforts to Enhance Solana DeFi
When it comes to Solana NFTs, few projects can claim to have the cultural significance of the Monkes. Having formed the first Solana NFT DAO, MonkeDAO is one of the pioneers of the Solana NFT space.
That being said, the importance of MonkeDAO goes beyond its pivotal role in Solana NFTs and extends into the DeFi space via their liquid staking SOL token, aptly named daoSOL.
Hubble’s onboarding of daoSOL makes USDH the first stablecoin that can be minted with daoSOL as collateral.
In addition to adding daoSOL as a collateral type, Hubble and MonkeDAO have set up a daoSOL/USDH liquidity pool to bootstrap the liquidity of daoSOL in the ecosystem. This provides another use case for daoSOL as users can become daoSOL liquidity providers on a Solana DEX.
At the same time that users are earning liquid staking rewards from holding daoSOL and borrowing USDH, they can earn APY from trading fees by helping facilitate swaps and contributing to the liquidity of the Solana DeFi ecosystem.
Improving Both the NFT and DeFi Space with Liquid Staking
The first post-launch onboarding of collateral recently took place in late June. daoSOL is now the second liquid staking token that Hubble has whitelisted as collateral for borrowing USDH.
daoSOL plays an important role in supporting the Solana ecosystem. The daoPool distributes users’ staked SOL to validators, securing the network while also delivering rewards to daoSOL holders in the form of staking yield.
Hubble’s initiatives with daoSOL help promote DeFi amongst the rapidly growing NFT space, helping educate the masses outside of the DeFi bubble. MonkeDAO and Hubble share a similar focus on education, and both protocols strive to deliver informative content to the community.
The Hubble and MonkeDAO Partnership: A Great Match
The onboarding of MonkeDAO's daoSOL on Hubble is a significant step in solidifying this DeFi/NFT partnership. It has brought new possibilities for borrowing, and it has also created new liquidity solutions along the way.
Hubble and MonkeDAO will continue to work together to promote dialogues between the NFT and DeFi spaces, furthering both projects’ ambitions to onboard and educate users about the Solana ecosystem.
Hubble is extremely excited to partner with such a respected DAO in the Solana ecosystem. The community looks forward to working with the Monkes and expressing the synergy that is Hubble x MonkeDAO.
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