Hubble Protocol, A Solana-powered DeFi protocol, has successfully ended its Initial DEX Offering (IDO) with 10,000 whitelisted users participating in the IDO and contributed over $1.2 million.
The token launch was hosted on three different platforms at the same time.
Hubble Nails Its IDO
To join the crowdfunding event, whitelisted participants would need to meet each platform’s criteria. Specifically, public round and community round took place on SolRazr and Solanium while Strong Holder Offering (SHO) was completed on DAO Maker.
A Strong Holder Event is a form of fundraising created for real holders, aimed at finding the right people for each fundraising project.
Tokens of the project through SHO will be unlocked as much as possible in an attempt to increase value.
The TGEs came after Hubble successfully raised over $10 million from Solana’s top-rated crypto investors.
The primary purpose of the launch is to distribute the native token HBB, build a thriving community, and increase token recognition across marketplaces.
Speaking on the TGE, Hubble’s Co-founder Marius Ciubotariu was enthusiastic,
“We are very happy with the TGE results and the tremendous response of the community…This support helps us establish a presence on Solana mainnet, following our launch on January 31st. Thanks to the success of the TGE, currently around 700,000 HBB are staked on Hubble Protocol.”
A Staking Wonderland
HBB can be staked on the Hubble network in order to generate incentives from the protocol. In the future, HBB will play a role as a governance token used for voting or proposing DAO improvement ideas.
When staking HBB, users will receive 85% of the protocol’s revenue.
Hubble generates revenue through the provision of its services. For further details, the revenue stream comes from 0.5% of USDH minting fee and 0.5% of USDH redeemed for collateral.
As the protocol grows in popularity, more HBB stakeholders will be welcomed, bringing with them new revenue streams.
With the HBB token, stakers can earn USDH incentives from the protocol’s borrow fees. USDH is a stablecoin issued by the Hubble protocol that is pegged to USD.
USDH is backed by a wide range of crypto assets including SOL, BTC, ETH, RAY, SRM, and FTT. USDH remains fixed at a value between $1,005 and $0.995.
USDH is also used to increase the stability of loans conducted through the Hubble Protocol pool.
A Great Way to Get Into Hubble
People who were interested in joining the TGE hosted by DAO Maker needed to have at least $2,500 in relevant tokens while the remaining TGEs were accessible to active individuals who have already staked a particular amount of SLIM and SOLR on Solanium and SolRazr and had done additional social media engagement tasks.
An average of 100 HBB was distributed to each user on the SolRazr and DAO Maker community pools, while each user on the Solanium community pool received 329 HBB on average.
Each of the DAO Maker’s 1,500 whitelisted users received 500 HBB in HBB allocations on average.
According to the HBB token release schedule, participants received 33% of the token allocation after the TGEs closed.
SolRazr users, in particular, are eligible to claim their tokens on the platform, while Solanium and DAO Maker participants received airdrops.
Additional daily token airdrops will be conducted for the following two months in order to distribute the remaining portion of the token allocation (a total of 67%).
Issuance of HBB tokens also took place on CEXs, with 1,000,000 tokens allocated to KuCoin and 750,000 to Huobi, while 22,453 HBB coupled with 50,000 USDC were listed on the DEX Orca, along with 60,000 HBB set aside for rewards.
Launched in 2021, Hubble is a Debt Protocol Lending protocol backed by Solana blockchain.
The protocol allows users to deposit assets to mint HUSD. Hubble also provides DeFi services to partners and collects transaction fees.