Hubble Protocol

Hubble Protocol is a Solana-native collateralized debt position (CDP) protocol that lets users deposit crypto assets as collateral and borrow USDH, an overcollateralized stablecoin pegged to the US dollar. It launched on Solana mainnet in January 2022 with the goal of providing the same functionality as MakerDAO — censorship-resistant, decentralized dollar liquidity — but built specifically for Solana's speed and fee characteristics.

What Hubble Offers

The core mechanic is straightforward: deposit supported crypto assets, borrow USDH against them at a 90.9% loan-to-value ceiling, and pay a one-time 0.5% origination fee. There is no ongoing interest — Hubble charges a fixed fee at mint and a matching 0.5% fee at redemption. This model contrasts with variable-rate lending protocols and makes Hubble suited for users who want long-duration, low-cost dollar exposure without ongoing interest accrual.

The minimum collateralization ratio is 110%. If a position falls below that threshold, it becomes eligible for liquidation. Hubble handles liquidations through two complementary mechanisms: a Stability Pool, where USDH depositors absorb undercollateralized debt in exchange for the liquidated collateral at a discount of roughly 10%, and permissionless market-based liquidation bots that compete to close positions after the Stability Pool is exhausted.

Depositors to the Stability Pool earn liquidated collateral plus HBB token rewards as compensation for absorbing protocol risk. This dynamic gives USDH holders a productive use for idle stablecoins inside the protocol itself.

USDH: The Stablecoin

USDH is a crypto-backed stablecoin — every token in circulation is backed by more than one dollar of crypto collateral held in Hubble's on-chain smart contracts. It is not algorithmic and does not rely on fiat reserves. The stablecoin is Solana-native and transferable to any SPL-compatible wallet.

At its March 2026 market cap of approximately $1.2 million, USDH remains a small stablecoin relative to Solana's dominant instruments, but it has maintained its peg over a four-year operating history that included the FTX collapse in November 2022 — a period that wiped out several competing protocols.

Accepted collateral has expanded beyond the original set of SOL, BTC, ETH, and Raydium-related tokens to include liquid staking tokens such as mSOL (Marinade Finance), stSOL (Lido), and daoSOL (MonkeDAO), as well as yield-bearing receipt tokens from partner protocols. Borrowers using yield-bearing collateral continue to accrue staking or lending rewards on the deposited asset while outstanding USDH debt is live.

HBB Token

HBB is Hubble's governance and revenue-sharing token. Stakers earn 85% of all protocol revenue — the fees collected at mint and redemption. The remaining 15% is reserved for protocol development.

HBB holders participate in governance through quarterly directive proposals and ongoing community votes. The protocol uses a combination of forum-based discussion and on-chain execution for governance decisions.

The token launched in early 2022 alongside USDH and reached an all-time high of $2.43 in April 2022. As of mid-2026, HBB trades near $0.0024, reflecting broader DeFi market conditions and the protocol's reduced scale. Circulating supply stands at approximately 68.9 million of a 100 million total supply.

Kamino Finance: An Incubated Successor

One of the most consequential decisions in Hubble's history was launching Kamino Finance in August 2022. Kamino started as a concentrated liquidity manager for Orca Whirlpool positions, automatically rebalancing LP ranges and compounding fees. Unlike standard CLMMs, Kamino issued fungible kTokens as deposit receipts — tokens that Hubble immediately accepted as collateral for USDH borrowing, tying the two protocols together.

Kamino grew substantially faster than Hubble, evolving from a CLMM optimizer into Solana's largest full-stack money market — offering lending, borrowing, leveraged looping, isolated markets, and automated yield vaults. By mid-2026, Kamino had become a major independent protocol under its own brand, with co-founder Marius Ciubotariu continuing his involvement and Michael Weisz appointed as Kamino CEO in September 2026 to lead institutional expansion.

Hubble and Kamino share origins but operate as separate protocols. Kamino's growth did not replace Hubble's stablecoin functionality, but it absorbed much of the team's bandwidth and public attention.

Funding and Team

Hubble raised $15 million across two rounds. The January 2022 raise of $10 million drew participation from Three Arrows Capital, DeFiance Capital, and Digital Currency Group. In September 2022, Multicoin Capital led a $5 million follow-on, joined by Delphi Digital, Crypto.com Capital, and Jump Capital.

The company was co-founded by Marius Ciubotariu, who previously worked as a Senior Software Engineer at Bloomberg, and Thomas Short. The team has operated on a lean headcount of roughly 11 members, based primarily in the United Kingdom and working remotely.

Hubble 2.0 Roadmap

On January 3, 2024, Hubble announced a Hubble 2.0 vision intended to make the protocol fully autonomous and fully immutable — removing any admin key upgrade paths and locking the core mechanics on-chain. The stated goals included a wider collateral basket, automated HBB token buybacks funded from protocol revenue, and more robust USDH peg mechanisms. Under Hubble 2.0, HBB governance would allocate grants to builders integrating USDH and set gauges directing USDH liquidity across Solana DeFi.

As of September 2026, Hubble 2.0 has not shipped. The protocol continues to operate under its original architecture.

Current State

Hubble Protocol remains live. The borrowing interface is accessible at app.hubbleprotocol.io, and USDH minting functions on Solana mainnet. TVL sits near $1.5 million, a significant contraction from the protocol's 2022 peak, reflecting both the downturn in Solana DeFi during the FTX period and Hubble's modest growth since recovery. The Stability Pool and liquidation mechanisms are operational.

The protocol occupies a quieter position in Solana's DeFi stack than it held in 2022, when USDH was among the most discussed Solana-native stablecoins. Competing CDP and lending protocols on Solana — including Kamino, which Hubble itself helped create — have attracted larger TVL and more active development focus. Hubble continues to process borrowing activity and fee revenue at low volumes, with no public announcement of shutdown or winding down.