Hubble Protocol Partners with Lido Finance

Hubble is partnering with Lido Finance, one of the largest projects in Decentralized Finance.

Note: This article is not financial advice. Hubble Protocol does not endorse any tokens or platforms mentioned in this article.

Hubble is pleased to announce it has partnered with Lido Finance. As Hubble begins working with Lido, the protocol is taking the first big steps toward optimizing stSOL liquidity throughout Solana with USDH, and the community is 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 Hubble's users will have additional borrowing opportunities with 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.

Lido plans on expanding its list of validators into the future, with more being onboarded who meet the protocol's availability and performance criteria.

Hubble is Excited to Optimize stSOL Liquidity with USDH

The protocols have kicked off the first phase of Hubble’s partnership with Lido. Partnership activities have included the launch of two liquidity pools on Solana decentralized exchanges (DEXs).

Users can deposit liquidity and earn rewards with stSOL-USDH on Raydium. The protocols have also included another Solana DEX, Orca, to help support stSOL and USDH liquidity on the network, and users can deposit concentrated liquidity through Orca’s Whirlpool.

Both of these pools will be offering liquidity providers (LPs) rewards for participating. Users who provide liquidity can earn token rewards for the duration of the rewards period.

Hubble and Lido Increase the Composability of DeFi on Solana

The partnership between Hubble and Lido helps increase the composability of Solana DeFi. Users can interact with a greater number of smart contracts that compose with each other in a trustless manner through this partnership.

Blockchain technology, and especially the speed and throughput of Solana, makes composability possible. Both projects are proud to explore the possibilities that composability can lend to the DeFi landscape as they work together to create new utility.

Solana has been designed to become one of the most composable networks in DeFi, since it relies on one state layer to finalize transactions. Instead of depending on Layer 2 solutions and other technologies that impede composability, Hubble and Lido show their support for Solana's vision of DeFi.

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