Hubble is pleased to announce our partnership with Lido Finance. As Hubble begins teaming up with Lido, we are taking the first big steps towards boosting stSOL liquidity throughout Solana with USDH, and we’re 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.
Learn More About 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 is Excited to Bolster stSOL Liquidity with USDH
Over the next two weeks, we’ll be kicking off the first phase of Hubble’s partnership with Lido. Among the activities we’ve already planned are the launch of two liquidity pools and awesome yield farming opportunities for our users.
Users will be able to deposit liquidity and earn rewards when stSOL-USDH pairs go live on Raydium this Thursday May 12th. We’re including another rockstar Solana decentralized exchange (DEX), Orca, in our plans to help support stSOL and USDH liquidity on the network, and users will also be able to deposit concentrated liquidity through Orca’s Whirlpool, from May 19th.
Both of these pools will be offering liquidity providers (LPs) incentives in LDO & HBB, each project’s native token. So, get ready to 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 we have a lot more planned for the Solana DeFi community.
We can’t let the cat out of the bag just yet, but we 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 we believe the community will benefit from the synergy of our two teams working together to make Solana DeFi something to talk about.