Hubble is proud to announce that Multicoin Capital has joined the protocol during a recent strategic round. By backing the protocol with $5 million, Multicoin Capital will help bolster Hubble’s mission to make USDH one of the most used crypto-backed stablecoins in DeFi.
The addition of $5 million from Multicoin Capital brings Hubble’s total private haul up to $15 million. Previous rounds were led by Delphi Digital, DeFiance Capital, Crypto.com Capital, Digital Currency Group, Decentral Park Capital, CMS, ParaFi, Jump Capital, Spartan Group, Mechanism Capital, and DeFi Alliance.
Multicoin Capital Recognizes the Power of USDH with Substantial Support
Multicoin Capital is a thesis-driven crypto firm with an impressive track record. It has supported some of the biggest names in crypto, including many of the protocols driving some of the most significant innovations in the Solana ecosystem.
Now, one of Solana’s staunchest supporters has thrown its weight behind Hubble and Hubble’s stablecoin, USDH. By supporting Hubble's mission, Multicoin Capital recognizes the utility of USDH to Solana DeFi and DeFi as a whole.
According to Spencer Applebaum, Principal at Multicoin Capital, “The world’s most ubiquitous decentralized stablecoin will be built on Solana. Hubble Protocol is taking the concepts first pioneered by MakerDAO and expanding them on Solana by leveraging the network’s unique speed and throughput capabilities.”
Applebaum commented on the sustainable approach Hubble has taken in designing a resilient crypto-backed stablecoin for a demanding DeFi market. He said, “There are only a few ways to safely build a decentralized stablecoin, and Hubble’s over-collateralization approach has been tested through all market conditions.”
Hubble and Multicoin Capital Strive to Establish USDH as DeFi’s Stablecoin of Choice
Hubble’s USDH has become the most paired Solana-native stablecoin on both traditional AMM and CLMM liquidity pools on nearly every Solana DEX. Overall, USDH is second only to USDC for all stablecoins concerning this metric.
Hubble began its DeFi journey with a goal to innovate solutions to further enhance the state of DeFi. It has been consistently working toward this goal by refining Hubble’s borrowing platform and increasing the utility of USDH.
The protocol has developed mechanisms to strengthen USDH’s peg and built partnerships that help USDH enter the Solana DeFi ecosystem.
Hubble Looks Towards a Bright and Productive Future Working with Multicoin Capital
Hubble Protocol leaves no stone unturned as it searches for ways to improve the future of DeFi. Consequently, technological advancements are being made in capital efficiency and the adoption of USDH with the launch of Kamino Finance.
Kamino is a protocol incubated by core contributors from Hubble to automate and optimize concentrated liquidity positions on Solana’s most advanced DEXs.
It is the first-to-market product of its kind on Solana, solving the problems faced by users who want to earn yield from providing concentrated liquidity.
By making providing liquidity easier than ever, Kamino has the potential to exponentially increase the capital efficiency of decentralized trading on the world’s most performant blockchain, Solana.
Hubble x Multicoin: Focused on DeFi
Multicoin Capital has been helping steer the wheel of DeFi innovation for years. Hubble is proud that such a focused and determined organization has backed the protocol.
Quite literally, no one can say what will happen next!
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