Hubble Protocol

Hubble Protocol was a decentralized finance protocol built on Solana that let users borrow a censorship-resistant stablecoin, USDH, against a basket of crypto collateral. The protocol launched on Solana mainnet on January 28, 2022, following a $10 million fundraise that closed the same month. A second $5 million raise followed in September 2022 to support expansion.

Core Mechanism

Hubble's primary product was USDH, a crypto-backed stablecoin soft-pegged to the US dollar and maintained through overcollateralization rather than an algorithmic model. Users deposited supported assets into Hubble smart contracts to borrow USDH at up to 90.9% loan-to-value. Loans carried no fixed maturity date, allowing borrowers to repay whenever they chose while their collateral continued to appreciate in value during the loan period.

Accepted collateral included SOL, BTC, ETH, and several yield-bearing Solana liquid staking tokens: mSOL (Marinade), stSOL (Lido), and daoSOL (MonkeDAO). Holding yield-bearing collateral meant users could earn staking rewards while still borrowing against their assets.

The protocol maintained the USDH peg through two mechanisms: a Stability Vault, where depositors could earn a share of liquidated collateral at a discount, and automated liquidation bots that closed undercollateralized positions before they threatened solvency.

HBB Governance Token

HBB served as Hubble's native governance and utility token. HBB holders could participate in protocol governance through quarterly directive proposals and group proposals that allowed smaller holders to pool voting power. The token reached an all-time high of $2.43 in April 2022; as of mid-2026 it trades near $0.002, a decline of approximately 99.9% from peak.

Transition to Kamino Finance

In August 2022, the Hubble Protocol team launched Kamino Finance, a concentrated liquidity market maker (CLMM) optimizer designed to automate yield strategies for Solana liquidity providers. Kamino's LP tokens were integrated with Hubble, allowing Kamino positions to serve as collateral for USDH loans.

In 2023, Hubble's co-founder Marius Ciubotariu shifted his focus entirely to Kamino Finance, and the team migrated the brand and development resources to Kamino. The original Hubble USDH borrowing product was wound down, and Kamino went on to become one of Solana's largest lending markets.

Current Status

Hubble Protocol is effectively inactive. The Twitter account shows no recent activity, the blog is no longer accessible, and the HBB token has negligible trading volume. The USDH stablecoin retains a small on-chain supply but sees minimal transaction activity. The on-chain smart contracts remain deployed but no active team is developing or marketing the protocol. Users who built on Hubble's USDH infrastructure largely migrated to Kamino Finance, which continued growing under the same founding team.