Hubble onboards daoSOL in partnership with MonkeDAO

Hubble is partnering with MonkeDAO in what is our first partnership with a project in the Solana NFT space. The partnership is set to bring value to daoSOL holders, Hubble users and MonkeDAO members alike.

To kick off the partnership, Hubble has onboarded daoSOL, MonkeDAOs liquid staked SOL, as a collateral asset on the platform.

daoSOL holders can now take USDH loans from Hubble at 0% APR. This will be followed by a variety of other partnership initiatives between Hubble and MonkeDAO.

Hubble and MonkeDAO Synergize 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 been the first Solana NFT DAO, and one of the pioneers of the Solana NFT space at large.

That being said, the value of MonkeDAO goes beyond its pivotal role in Solana NFTs and extends into the DeFi space via their liquid staked SOL token, aptly named daoSOL.

Ultimately, the purpose of MonkeDAO is to bring value to its members. With that in mind, Hubble’s onboarding of daoSOL will make USDH the first stablecoin that can be minted with daoSOL as collateral, which adds a significant use-case to daoSOL holders.

After onboarding daoSOL as a collateral type, Hubble and MonkeDAO will be setting up a daoSOL/USDH liquidity pool to bolster the liquidity of daoSOL in the ecosystem. This provides yet another use case for daoSOL as users can become daoSOL liquidity providers in a Solana DEX.

At the same time that users are earning APY from holding daoSOL and borrowing USDH, they can earn APY from facilitating swaps and contributing to the growth of the Solana DeFi ecosystem.

The goal is to bring value to both the NFT and DeFi Space

At Hubble, we have been pushing to onboard new collateral assets, and our first post-launch onboarding recently took place in late June. At present, we are working to onboard more tokens (accounting for protocol stability, of course), and liquid staked SOL tokens are naturally a great choice.

daoSOL plays an important role in supporting the Solana ecosystem. The daoPool allows users’ SOL to be distributed to validators, securing the network while also bringing value to daoSOL holders in the form of APY (6.9% at the time of writing).

Hubble’s initiatives with daoSOL are the first steps in a partnership that will promote DeFi amongst the rapidly growing NFT space, and educate the masses that are so effectively being onboarded. MonkeDAO has a similar focus on education, with a large knowledge base already created, and more content being actively added.

Then there is, of course, the goal of bringing value to MonkeDAO. More use cases for daoSOL will drive more holders, which contributes directly to increased revenue for MonkeDAO. Watch this space for even more cool things in the works to benefit MonkeDAO

We Can’t Wait to See Where This Partnership is Going

Onboarding daoSOL and boosting its liquidity are merely the first steps Hubble and MonkeDAO are taking in our newly formed partnership.

Hubble and MonkeDAO will continue to work together to promote dialogues between the NFT and DeFi spaces, furthering both projects’ ambitions to onboard users, and educate users about the Solana ecosystem.

At Hubble, we are extremely excited to be partnering with a DAO for which we have so much respect. We look forward to working with the Monkes and to what the future will hold for Hubble x MonkeDAO.

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