What's All The Hubbub for Hubble Protocol?
Introduction
Hubble Protocol is a financial platform building sustainable Decentralized Finance services on Solana. Hubble's core service centers around a low-interest, stablecoin borrowing mechanism. Hubble's US Dollar-pegged stablecoin, USDH, can be borrowed against a variety of assets, including ETH, BTC, and SOL
Method
HubbLeXBb7qyLHt3x7gvYaRrxQmmgExb7fCJgDqFuB6T is the contract address I found for the Hubble Protocol.
The solana.core.fact transactions table is what I use to parse out the necessary financial dealings.
Then I calculated daily active users, new users, mint/burn rates, different rates of instructions using these data.
an inner instructions where instructions:programId='HubbLeXBb7qyLHt3x7gvYaRrxQmmgExb7fCJgDqFuB6T' .
To whom it may concern: USDH, whose contract address is USDH1SM1ojwWUga67PGrgFWUHibbjqMvuMaDkRJTgkX.
I have tracked the volume and frequency of USDH trades in the Solana ecosystem using a daily chart.
The evaluated metrics were also monitored on Kamoni Finance using the same technique, which involved using instructions[0]:programId = '6LtLpnUFNByNXLyCoK9wA2MykKAmQNZKBdY8s47dehDc'.
The following visuals shows the daily active and new users of Hubble and Kamino finance in a regular and normalized pattern.
As can be seen in the early date of launch daily active and new users was too much and after that days these metrics decreased.
Also in normalized graph can observed that new users since launch date till late of Jun decreased, but after that goes on a smooth upward trend to date.
Active users for Kamino raised too.
✍🏻 Conclusion
- There has been a general downward trend in the number of Hubble protocol users, transactions, and new users over time, and this trend has accelerated over the past few days. However, in recent weeks, interest in Hubble Protocol Stable-Coin (USDH) has skyrocketed.
- There will be more USDH flow activity on the Kamino program after the month of September. This can be why there was a considerable increase in USDH activity in Solana after September.
- When exchanging USDH on Solana, Jupiter is by far the most popular app. Raydium comes in second.
- From and to Hubbles Token swaps involving USDC accounted for roughly 70% of the total volume and number of transactions.
The findings of this study suggest that USDH is becoming more widely used.
About:
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Author: HaM☰d
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Discord: 0xHaM☰d#8391
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Twitter: @arjmandi_hamed
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Email: h_arjmandi2012@yahoo.com
What's All The Hubbub for Hubble Protocol?
The Aims of Dashboard:
Shows Hubble metrics such as:
> * Daily active users, > * New users, mint/burn rates, > * Different rates of instructions etc. (anything you find relevant) > * Show the flows of USDH, where it is being used in the Solana ecosystem, is it gaining adoption, and if so how? > * Hubble also recently launched Kamino Finance: > * Provide metrics on its growth rate and adoption so far. How is it being used?
Hey there 👋!
Firstly, I appreciate you sticking with it until the conclusion.
I'm Hamed, a civil engineering Ph.D.
student interested in data analysis.
I've made many similar dashboards and visualizations since I started at Flipside in January.
Please take a look at my various contact details and let me know what you think.
:telescope: Findings:
Two bar chart above and PIE graphs in the right shows the volume and count of swaps transactions over time and percentage of used platform.
As can be seen April, May & June have had most volatile in swaps volume and May 10th, swaps volume peaked at about 2.3M in all swap platforms.
Mint & Burn
The bar charts in the right side shows the daily transactions count and volume of Mint and Burn of Hubble token over time.
as can be observed the Volume of mint and burn in Mar 1th and May 11th, peaked at 12.4T and 770.8B token, respectively.
The count of unique users and cumulative transactions volume over time are shown in the next right charts.
:telescope: Findings:
The above chart shows the Mint/Burn rate of transactions count over time. the red line shows the Mint rate and green bar chart, Burn rate.
As can be seen the rate of Mint transactions increased over time, but in the other hand, Burn rate is considerably decreasing.
The cumulative Mint & Burn transactions count confirmed this result.
Hubble & Kamino finance transactions count and unique users over time.
The above graphs display the daily volume of transactions and users on Hubble and Kamino finance protocols.
Hubble's daily transactions and unique users have been on the decline, whereas Kamino finance has been on the rise, reaching a high of 213.5K on September 22.
:telescope: Findings:
Two bar charts in the right and following PIE graphs shows the the volume of top 10 swapped assets From or To Hubble token.
As can be observed the USDC have had most Volume and is in the first place with more than 30M that followed by wormhle token with 3.9M Hubble.
USDT & Sol are the next places.
:telescope: Findings:
Two bar charts in the right and following PIE graphs shows the the Transactions Count of top 10 swapped assets From or To Hubble token.
As excepted the USDC have had most swaps transactions count and is in the first place with more than 30M times swapsthat followed by wormhle token with 3.9M Hubble.
USDT & Sol are the next places.