Hubble Protocol, a Solana-based platform for borrowing stablecoins, raised $5 million in a strategic round led by Multicoin Capital, the business said on Thursday. Previous investors, including DeFiance Capital, Delphi Digital, Digital Currency Group, Crypto.com Capital, ParaFi, Jump Capital, Decentral Park Capital, CMS, Spartan Group, and DeFi Alliance, participated in the round. The business declined to disclose its valuation. $5 Million Raised By Hubble Protocol This latest round brings the protocol’s total financing to $15 million. It raised its first round when it launched in January this year. The company, domiciled in the British Virgin Islands, will use the money to promote its plan. As a result, the company is enhancing the existing platform and increasing the usage of its stablecoin, USDH, by introducing fresh DeFi services and goods. Creating Decentralized Stablecoin Spencer Applebaum, principal at Multicoin Capital, said in a statement that the protocol was taking concepts pioneered by Ethereum’s MakerDAO and expanding them on Solana. According to him, there are only a handful of secure techniques to create a decentralized stablecoin, and Hubble’s over-collateralization strategy has withstood all market situations. Kamino Finance, a concentrated liquidity optimizer, is one of its products. It will make it possible for liquidity providers to borrow USDH using LP tokens as collateral, which can subsequently be utiliz...
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