Solana Spotlights Rising DeFi Star Hubble Protocol At Breakpoint Lisbon

Solana has had a breakout year. So it’s fitting that the Solana Foundation named their first major gathering Breakpoint. However, it may have taken some serious gazing into a crystal ball to time the conference’s dates with SOL’s new all-time highs that flipped Tether to break into crypto’s Top 5. 

The founders of the world’s fastest blockchain, Raj Gokal, and Anatoly Yakovenko, took to Breakpoint’s main stage to present the state of Solana’s network. 

During their half-hour panel, the two founders had nothing but good news to share about Solana’s ecosystem growth over the last year.

Gokal said, “The ecosystem has been exploding, and it’s been truly beautiful to watch.” He went on to say that, “I think Breakpoint is happening at a really interesting point in time because everyone I know that’s trying to keep track of this ecosystem’s growth is just starting to give up.”

Gokal also predicted that fitting all of Solana’s project logos onto one slide at next year’s conference would make them too small to see.

Breakpoint Began with Smart Contract Tech Talk on SUD Lisbon Stage 

While Solana had to shrink ecosystem project logos to fit them all onto one slide for the conference, the names of some new projects were blowing up on the SUD Lisbon stage. 

Breakpoint introduced founders of new projects to the Solana community through a series of developer workshops held at Breakpoint’s second location, just a stone’s throw away from LX Factory, where Sam Bankman Fried and Alexis Ohanian held court. 

With everyone networking in meatspace for the first time, many elevator pitches were thrown back and forth during the three days everyone from Solana crowded into Lisbon. 

“It was kind of overwhelming meeting everyone finally,” recalled Marius Ciubotariu, the Founder and CEO of Hubble Protocol. “Everyone is asking, ‘What does your project do?’ And you have, like, one minute to explain just the big picture,” he said. “Then you meet with someone new.”

Marius led a presentation titled “Maintaining Global State on Solana,” one of the first workshops held for developers at the conference (and is now available on YouTube). He described several solutions for onboarding millions of users onto Solana through methods he discovered while coding Hubble’s smart contracts in Rust. 

The workshop was well-received by the Solana crowd full of other developers. In addition, Marius received a nod from Cryptonary on Twitter that praised Marius for a “great talk about developing on Solana” to nearly 70,000 of its followers. 

The Elevator Pitch: What Does Hubble Protocol Do?

According to Marius, many Breakpoint conference attendees began describing Hubble Protocol as “the MakerDAO of Solana.” Like MakerDAO, Hubble is a borrowing platform that mints a crypto-backed stablecoin, known as USDH. 

Unlike MakerDAO, which collateralizes its stablecoin with ETH and the centralized, fiat-backed USDC, Hubble’s USDH is backed 100% by decentralized assets like SOL, BTC, ETH, and other tokens from the Solana ecosystem. 

Additionally, Hubble lets users earn a yield on their multi-asset collateral while minting USDH for a one-time fee of 0.5%, creating a zero-cost borrowing proposition. 

What sets Hubble apart from other DeFi protocols vying for a market share of DeFi 2.0 these days is its aggressive stance on sharing fees with the platform’s users. The fees for minting USDH and 100% of liquidations are shared with users who stake HBB and USDH. 

Hubble Protocol’s first phase focuses on supercharging zero-cost borrowing and minting USDH as a premier Solana native stablecoin pegged airtight to the dollar. According to the project’s roadmap, the subsequent phases will offer DeFi structured products and undercollateralized loans. 

Gauging from the technical depth and value of Marius’ talk on the SUD Lisbon stage, it appears that Hubble Protocol has a steady hand guiding the project to launch. DeFi on Solana is growing rapidly, and projects like Hubble could be leading the way for making the world’s fastest blockchain the new home of DeFi.

Image Sourced from Pixabay