LONDON, UK / ACCESSWIRE / February 22, 2022 / Hubble, the DeFi protocol making a native Solana-based stablecoin, has closed its IDO phase collecting over $1.2 million and distributing HBB tokens to more than 10,000 users and over 2 million HBB on exchanges.
The TGE (Token Generation Event) took place on three different platforms concurrently, where whitelisted users were able to access the event after having met each program's criteria: SolRazr and Solanium, which hosted public and community IDOs, and DAO Maker that hosted a SHO (Strong Holder Event).
After two successful funding rounds where Hubble raised over $10 million from highly-rated investors of the Solana ecosystem, the Solana-based DeFi protocol launched three TGEs at once with the objective of starting distribution of its native token HBB.
The HBB token offers stability rewards for stakers, giving them USDH rewards from the protocol's borrow fees. USDH is an overcollateralized token backed by a basket of valuable assets, which includes Solana-native tokens such as SOL, mSOL, BTC, ETH, RAY, SRM, and FTT.
Hubble's TGEs were strategically planned to prioritize highly interested and engaged users, who had already staked a certain amount of SLIM and SOLR on Solanium and SolRazr, and who were able to accomplish some tasks on social media. DAO Maker's TGE was dedicated to those who already had at least $2,500 worth of relevant tokens in their wallet as part of the SHO.
An average amount of 329 HBB was allocated to each Solanium user, while on SolRazr and DAO Maker's community pools each user received 100 HBB on average. DAO Maker's 1,500 whitelisted users received an average allocation of 500 HBB.
After the TGEs ended, 33% of the token allocation was distributed to participants. More specifically, SolRazr users have been able to claim their tokens on the platform, while Solanium and DAO Maker participants received airdrops. The remaining amount of the token allocation (67%) will be distributed during the next two months with additional daily token airdrops.
Meanwhile, HBB tokens were distributed on CEXs as well: 1,000,000 was allocated to KuCoin and 750,000 to Huobi, while 22,453 HBB paired with 50,000 USDC were listed on the DEX Orca, along with 60,000 HBB allocated for rewards.
"We are very happy with the TGE results and the tremendous response of the community," said Marius Ciubotariu, Co-founder of Hubble. "This support helps us establish a presence on Solana mainnet, following our launch on January 31st. Thanks to the success of the TGE, currently around 700,000 HBB are staked on Hubble Protocol."
About Hubble
Hubble is a decentralized finance (DeFi) protocol built on Solana that aims to democratize DeFi and make sustainable DeFi services available to the world. Hubble's Phase 1 launches a Solana native crypto-backed stablecoin, USDH, that earns users a yield on their multi-asset collateral. Phases 2 and 3 will launch DeFi structured products and undercollateralized loans.
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SOURCE: Hubble