[Asset Onboarding Application] $USDH - Hubble Protocol
Author(s): @DeusNero Tags: asset-onboarding Asset Name: Hubble Protocol Asset Code: USDH Submission Date: 2022-07-21 Ratification Date: n/a Status: Rejected Forum URL: https://forum.jetprotocol.io/t/asset-onboarding-application-usdh-hubble-protocol/1031
1. What is your motivation for submitting this application?
Hubble Protocol is aiming to make USDH the defacto decentralized stablecoin on Solana. We believe that for this to happen, we need to enter long-term partnerships with projects building value in the Solana ecosystem. We see Jet Protocol as one of these partners. We see synergies in listing USDH as a collateral for both Jet Protocol and for Hubble Protocol.
2. What is your association to the proposed asset?
Business Development team of Hubble Protocol.
3. What are the key benefits to the Jet Protocol for onboarding the asset?
There is value for Jet Protocol to add different types of stable coins for their users to choose from. We believe that we’re taking the safest route to build a stable coin which will survive the test of time - through over-collateralization. Additionally, our security practices are exceptionally high profile. For more information, please refer to our security practices: Security and Team - Hubble Protocol - Official Documentation.
4. What are the known limitations of the asset?
Limitations partially depend on the functionality of the Solana blockchain. Hubble Protocol is transparent about the risks inherent to our protocol, which include smart-contract risk. More information is available in the risks section of our documentation, which we urge users to read: Risks - Hubble Protocol - Official Documentation
1. Please provide a brief, high-level description of the asset’s native ecosystem (project), including protocol’s type (peer-to-peer/ peer-to-liquidity/ etc.).
Hubble Protocol in its current form, is a borrowing platform which enables to mint USDH against different types of collateral (currently BTC, SOL, ETH, SRM, RAY, FTT, mSOL, stSOL, daoSOL). USDH is an over-collateralized stable coin which means there is always more than $1 worth of assets backing $1 worth of USDH. Currently, users can take out a loan with up to 80% LTV meaning there’s always at least $1.20 backing every $1 at any given time - usually it’s much more.
2. Who are the founding members? What is their current involvement with the project?
The project lead is Marius Ciubotariu. The other 18 team members can be seen at Hubble Protocol - Exploring the DeFi Universe on Solana
3. Please indicate the ICO date, initial price and valuation of the token and total capital raised (in USD and crypto terms).
USDH is a decentralized stablecoin on Solana, it is overcollateralized and backed by the assets listed on hubbleprotocol.io. There was no IDO for the stablecoin. Hubble itself raised capital from private and public sales in order to launch and grow the protocol, via its HBB token.
4. How much of the capital raised via the ICO was converted into FIAT (in terms of FIAT currency and amount of tokens)?
5. What was the way of issuing and distributing the tokens? Were there pre-ICO investors?
Investors to Hubble Protocol (not USDH) include: LongHash Ventures, Defi Alliance, Solana Ventures, Spartan Group, Delphi Digital, CMS Holdings, Decentral Park Capital, Jump Capital, Mechanism Capital, Defiance Capital, Three Arrows Capital, Cumberland, Digital Currency Group, Crypto.com, AGE, BlockChange, Q41, Hashkey Capital, Genblock Capital, Parafi Capital, Republic Capital
6. What is the current token distribution (project team vs. investors vs. public)?
USDH is only distributed to those who mint it in the form of collateralized loans
The team has 15%, vested. The rest is distributed between the public via IDO / incentives and professional investors.
7. Are there any fees generated by the protocol? If yes, please provide details and amounts.
There is a 0.5% fee for every loan which is opened. Part of this goes to the treasury and part of it goes to HBB stakers.
Stability fees only kick in as a mechanism to strengthen the peg, it is the same mechanism as DAI / Maker DAO.
8. Is the protocol audited? By what firms? Please provide link(s) to the audit documentation.
The Arcadia Group Security Audit Report (December 2021)
Smart State Smart Contract Audit (December 2021)
Kudelski Security (March 2022)
Kudelski Security (April 2022)
Hubble Protocol audits new parts of its software stack continuously as they are being developed. Full audit reports can be seen here Security Audits - Hubble Protocol - Official Documentation
9. Is the protocol open source? If yes, please provide links to the repository.
Our protocol is not open source yet, but there are plans to open source in the future. As of now, our SDK is open source.
10. Other relevant project data or comments:
1. Asset name:
2. Asset type (native/ wrapped):
3. One-sentence description of the asset:
USDH is Hubble Protocol’s Solana-native over-collateralized stable coin
4. What’s the purpose of the asset within its native ecosystem?
USDH can be minted against different types of crypto assets
5. Does the asset have any use outside of its native ecosystem (integrated protocols)?
Orca, Mercurial, Saber, Crema, Solend, Quarry, Raydium with ongoing integrations
6. Please provide all Smart Contract addresses. If the project is open source, detail how the Smart Contracts are implemented.
All smart contract addresses can be seen here: Technical Resources - Hubble Protocol - Official Documentation
1. What exchange(s) support the asset?
Saber, Orca, Raydium, Serum DEX, with most of the liquidity being on Saber
2. Does the asset have liquidity on Serum? What is the liquidity depth (resting orders)?
Minimal Serum liquidity presently, via Raydium
3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).
4. Which oracles monitor the asset? How many feeds are available?
The price feed can be seen on Switchboard: Switchboard
5. How often does the asset drop significantly in price? Please provide a link to the price history.!
This is the image from Hellomoon.
6. For stablecoins only: Has the asset ever lost the peg? If yes, for what reason?
See answer 5. Coingecko has had API issues with Jupiter which caused erroneous reporting of price. Hello Moon data is accurate. Spike in the beginning was caused by excess demand for the stablecoin. Slight spike recently was caused when the Crema attacker market sold all USDH - but it was quickly arbed back to peg.
7. For algorithmic stablecoins only: Please provide details on the risks associated with the design.
USDH is not algorithmic, it’s a CDP stablecoin.
8. For wrapped assets only: Which bridges are used? Are they custodial or non-custodial? Are they audited?
9. What amount of asset’s liquidity exists in the integrated protocols (if applicable)?
Total of 8.5m USDH in circulation.
10. List any parties interested in taking part in liquidations for the proposed asset type.
Currently, liquidations are distributed amongst the people who provide USDH into the stability vault. Please refer to the documentation for further information: USDH Vault Liquidations - Hubble Protocol - Official Documentation
1. How many active addresses/ users currently hold the asset?
1,746 holders of USDH
2. Please provide a brief overview of the tokenomics.
USDH does not have tokenomics because it is continuously created as it is minted against collateral. It is expected for more USDH to be on the open market as time progresses. Current stats around USDH can be seen under the ‘stats’ tab in our app: https://app.hubbleprotocol.io/
3. Is the asset supply expected to increase or decrease over time? Is there a token burn mechanism? Is the project able to mint more tokens in the future?
As more people borrow against their assets, we expect there to be more USDH in the future.
4. Please explain the staking mechanism (if any).
Staking USDH on the Hubble Protocol currently yields liquidation rewards as well as some HBB rewards
5. Please explain the slashing mechanism (if any).
6. Are there tokens on vesting schedule? If yes, what is that schedule and related vesture limitations?
There is no vesting schedule for USDH, because it is minted based on loans taken against it and burned as loans are paid off.
7. Are any tokens allocated for specific purposes or issuance schedules (e.g. liquidity mining)?
There is no USDH token allocation for specific purposes or issuance schedules.
1. Is the project or the asset owned by any incorporated organization?
There is a BVI entity that holds the IP, necessary for project operations.
2. In which jurisdictions was the token issued?
British Virgin Islands
3. Was the token issued as part of regulatory process (e.g. securities offering)?
4. Was the token issued as part of fundraising process?
5. Has the project or the asset obtained any legal opinions on the regulatory standing of the token? If yes, please provide links to the relevant documentation.
No, it is a stablecoin.
6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.
Link to project’s white paper:
Link(s) to active communities related to the project:
Hubble Protocol Discord: http://discord.gg/hubbleprotocol
Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:
Link(s) to audits - both procedural and Smart Contracts:
Full audit reports: Security Audits - Hubble Protocol - Official Documentation
Link(s) to legal opinions:
Link(s) to other legal material:
Other relevant links:
List all relevant Solana addresses here:
USDH id: USDH1SM1ojwWUga67PGrgFWUHibbjqMvuMaDkRJTgkX
Other potentially relevant addresses: Technical Resources - Hubble Protocol - Official Documentation
Marketing / Campaign Material
If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here: