Hubble Protocol

Hubble Protocol is a decentralized lending market built on Solana that allows users to deposit crypto assets as collateral and borrow USDH, a stablecoin soft-pegged to the US dollar. Its core mechanism relies on overcollateralization: users can borrow up to 90.9% of their collateral's value, with loans carrying no fixed maturity date.

The protocol's key differentiator is its ability to accept yield-bearing collateral, such as liquid staking tokens (mSOL, stSOL, daoSOL), enabling users to earn staking rewards while still borrowing against their assets. This improves capital efficiency compared to traditional lending models.

Hubble addresses the market pain point of idle collateral. In conventional DeFi lending, deposited assets are typically locked and unproductive. By accepting interest-bearing tokens, Hubble lets users maintain yield exposure while accessing liquidity, solving the opportunity cost problem.

Regarding recent developments, the protocol has been largely inactive over the past six months (2026-03-01 to 2026-09-01). Trading volume and social activity have declined significantly, with the HBB token experiencing minimal price movement. The team has shifted focus to Kamino Finance, another Solana lending protocol, leaving Hubble's original product without active development or marketing. The USDH stablecoin retains a small on-chain supply but sees limited transaction activity.