As part of our latest InsurAce v2 roadmap roll-out, we have accelerated our efforts to increase the global reach and financial capacity of our Cover products. Today, we are excited to announce that Hubble Protocol is now part of the InsurAce.io ecosystem.
This milestone product listing will allow us to extend Smart Contract Vulnerability Cover to one of Solana’s fastest growing stablecoin platforms. Since their successful $10m raise and product launch in early 2022, Hubble has made giant strides in competitive collateralized debt position (CDP) stablecoin borrowing, which has allowed DeFi users on the Solana network to expand their liquidity and earn sustainable & passive income by borrowing USDH.
The InsurAce community is proud to extend our DeFi Cover products & services to this illustrious platform.
What is Hubble Protocol?
Hubble Protocol allows users to borrow the stablecoin USDH at extremely low rates against a wide range of crypto assets from the Solana DeFi ecosystem. On Solana’s growing DEX landscape, USDH has become the most widely paired Solana-native stablecoin in multiple liquidity pools due to its sustainable crypto-backed design, censorship resistance, and peg stability.
Users can deposit vanilla blue chip tokens such as SOL, BTC, and ETH as well as yield-bearing assets to borrow USDH. Some of the yield-bearing tokens currently accepted by Hubble include liquid staking tokens like stSOL and mSOL, cTokens from Solend, and kTokens from Kamino Finance, a project incubated by Hubble.
Hubble Protocol’s smart contracts have been extensively tested during the writing of their code. In addition, multiple third-party security firms have audited Hubble Protocol’s smart contracts on multiple occasions and through several major updates. Hubble has also applied maximum outflow caps on deposits to mitigate any losses that may occur during an exploit.
Key Features Of Hubble Protocol
There are dozens of stablecoin protocols in DeFi today, but the Hubble Protocol team has successfully carved a niche for itself by adding innovative twists to its services.
For instance, Hubble allows users to deposit multiple assets as collateral for a single loan transaction. This helps users customize their borrowing experience and access liquidity from as many assets as possible that they’re holding long term..
Hubble’s multi-asset collateral borrowing system enables DeFi users i.e USDH Stablecoin holders to maximize their portfolio efficiency without exposing them to excessive risks or censorship restrictions.
Hubble Protocol users get to enjoy the following features:
- Supercharged Liquidity
- Censorship resistance
- Multi-asset Collateral
- Yield Opportunities
Synergy Between InsurAce and Hubble Protocol
The spate of hacks in the DeFi industry has become quite worrisome for many crypto investors and users across the world. By integrating InsurAce’s Smart Contract Vulnerability Coverage products & services, Hubble Protocol will be able to add an extra-layer of sophistication to its security architecture.
The Hubble team has expressed significant optimism about the InsurAce listing. In addition to its secure, censorship resistant and audited code-base, Hubble’s listing on InsurAce DeFi Coverage ecosystem, will now enable the platform to offer an additional-layer of protection and ultimate safety net to its existing users, fund depositors and also attract potential investors.
“The security of our users’ funds is extremely important. We’ve taken many measures to ensure that assets remain safe when deposited on Hubble, and providing access to insurance coverage for deposits is the next step toward protecting our users. Hubble recognizes that in DeFi, anything can happen, and we want to share the added layer of assurance that smart contract coverage from InsurAce provides for our users’ peace of mind.”
- Marius Ciubotariu (Co-founder, Hubble Protocol)
Our aim at InsurAce.io is to create a safe and secure space for Investors and users to access decentralized finance service globally. And by integrating Hubble Protocol, we will now be able to extend our Crypto Coverage security to another burgeoning community of blockchain enthusiasts and innovators.
InsurAce.io is a leading decentralized multi-chain protocol that provides reliable, robust and secure risk protection services to DeFi users, allowing them to protect their investment funds against various risks.
DeFi Coverage services have come into the global limelight following the devastating $40billion TerraUST crash where InsurAce’s $11.7m payouts played a major role in sustaining investor confidence and averting a systemic crash for the crypto industry.
With InsurAce.io, users can rely on:
- Unbeatable Low Cover Premiums
- Cross-chain Coverage
- Multi-chain Accessibility
- Sustainable Investment Returns (via our Investment Portal and Mining Program) .
Since its debut in April 2021, InsurAce.io has built a full-spectrum cross-chain product line that covers 140+ protocols, 3 CEXs and 1 IDO platform running on Ethereum, as well as Solana, BNB Smart Chain, Polygon, Fantom, Gnosis, Arbitrum, Avalanche, Harmony, Celo, Cronos, Boba, ICON, Ontology, Moonriver, Moonbeam, Bifrost, Aurora, and Optimism. InsurAce.io currently has a live product deployed on Ethereum, BNB Smart Chain (BSC), Polygon, and Avalanche.
InsurAce is led by founders Oliver Xie, Sum Wu and Dan Thomson (@vagrantcrypto) with a globally distributed team of insurance and web3 experts.
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