Transaction Types on Hubble Protocl

According to these charts, we can notice just 0.308% of Hubble protocol transactions are Burn events, while 23.33% of all transactions are Mint events and 10.994% of all transactions are Creating Account events.
Additionally, we can see that the Transfer event has the greatest share with about 61.7% of all Hubble transactions.

Transactions, Users and New Users on Hubble Protocol

We can observe that the number of daily new users on the Hubble protocol has fluctuated since the year's beginning until April 20. After that, a declining tendency has dominated, notably in recent days. With 510 new users interacting with this protocol on February 1, 2022, the Hubble protocol attracted the most significant number of new users. Another surge of new Hubble protocol users is seen in mid-April 2022.
The daily number of Active users on the Hubble protocol exhibits the same declining trend. \n The chart's initial days, in February 2022, had the most significant number of users. Up until June, we can still see some very active users, but following this month, there is a sharp decline in the number of active Hubble users.
In line with earlier graphs, February 2022 had the highest volume of Hubble protocol transactions, and from that point on, there was a gradual decline.

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USDH Transactions

The charts show a relatively increasing flow of USDH over time, particularly in the months following August. In the early days of the chart (along with Hubble protocol), there was a high flow of USDH on Solana, but after some time and up until August, there was a relatively decreasing trend of this Stablecoin flow on Solana. Once again, after August, we can see a significant increase in USDH activity on Solana over time in terms of transactions and user count. In terms of volume, we may also observe an upward trend over time, particularly in the weeks following September.
As can be seen most of the USDH transactions happened on Hubble Protocol.

USDH Transactions on Different Programs

The top applications with the most USDH stablecoin Transactions over are visible.

As can be seen, USDH had the most transactions on the Jupiter Aggregator v2 program. Other protocols are associated token account, token programm and Solend Protocol/

Solana programs appear to be adopting this stablecoin. We can observe USDH's activities during the course of the previous month on several Solana programs. The overall pattern of USDH activity on these programs over the past month has been somewhat gradually declining.

Transactions on Kamino Finance

Although the number of Transactions on Kamino Finance started to increase by the beginning of September, in the case of the number of users, there was no such increase, and the number remained Under 10.
After September, we can observe a significant increase in USDH flow activity on the Kamino program. This can be why there was a considerable increase in USDH activity in Solana after September.
There was a total of 1.522M transactions on Kamino Finance, which only ten unique users did.

Conclusion

The Hubble protocol's overall trend in terms of users, transactions, and new users has been declining over time, and it has even been declining steadily in recent days. However, Hubble Protocol Stable-Coin (USDH) activity has sharply risen, particularly in recent weeks.
After September, we can observe a significant increase in USDH flow activity on the Kamino program. This can be why there was a considerable increase in USDH activity in Solana after September.
Jupiter is usually always the top used exchange application on Solana for USDH followed by Raydium.
USDH activity on its building protocol was more than on other Protocols. Still, as seen in the charts, other programs share started to increase after August to the point that recently, the Hubble protocols share doesn’t pass 30% on most days.

Thus, other Solana projects are adopting USDH.

USDH Swaps on Different Protocols

According to the above charts, Jupiter is usually always the top used exchange application on Solana for USDH.

During the first few months of the chart, the Saber swap program tried to pass Jupiter, but USDH activity on this protocol started to fall after a few weeks, to the point where there hasn't been much of a USDH flow trend on this program in recent weeks. After April, 18 USDH swaps on raydium are visible.

What is USDH?

USDH is a censorship-resistant, crypto-backed stablecoin, soft-pegged to the US Dollar. USDH is fully collateralized by a basket of crypto assets deposited into a Hubble Smart Contract.

USDH is Solana-native and can be held in any Solana wallet. For every 1 USDH on the market, more than $1 of crypto is deposited into Hubble.

All USDH in existence is minted from Hubble Protocol. Users can mint USDH by depositing their crypto assets into Hubble. By depositing collateral, a user enables the minting of USDH, thus bringing more USDH into circulation.

Why USDH?

As in Traditional Finance, a Decentralized Financial System requires a stable currency. USDH is a Solana-native stable token that can be a store of value, a medium of exchange, or a unit of account in Decentralized Finance.

Once acquired, either by minting from Hubble, swapping on the open market, or receiving it from another entity, USDH can be used to earn yield across Solana, as means of payment, or to earn native rewards on Hubble via liquidations and the Hubble Native Yield.

Hubble Protocol

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 various assets, including ETH, BTC, and SOL. While collateralized, these assets earn continuous yields with Hubble’s Yield-Mechanism, through which Hubble lays the foundation for a comprehensive Yield Protocol across the Solana blockchain. Hubble’s vision is to collaborate with innovators on Solana and beyond to promote the democratization of finance and to educate financial users on the rapidly evolving world of Defi.

How does Hubble work?

Hubble’s features sit neatly under one dApp, where users can deposit assets in return for USDH, stake HBB (Hubble’s native token), and more. All a user needs is a Solana wallet, SOL for gas fees, and the supported tokens to use as collateral for borrowing.

Currently, Hubble supports the depositing of SOL, ETH, FTT, BTC, RAY, SRM, and mSOL for use as collateral.

Kamino Finance

Kamino is an automated liquidity solution, built on DEXs operating concentrated liquidity market makers (CLMMs). Liquidity providers (LPs) seeking increased capital efficiency can take advantage of Kamino’s automated market-making vaults to improve expected yield from fees and rewards.

CLMMs are exponentially more capital efficient than traditional automated market makers (AMMs). However, this efficiency comes at the cost of complexity, and users can rarely harness the full potential of providing concentrated liquidity due to:

Price volatility Increased risk of impermanent loss (IL)
Inefficiently set ranges
Manually compounding fees/rewards
Time-consumption

Kamino resolves these issues by actively managing your LP positions so you can “set it and forget it.” Kamino maximizes capital efficiency and yield through:

Advanced market-making strategies
Automated position rebalancing
Auto-compounding fees/rewards
Passive user participation (improved UX)

Additionally, Kamino gives you a fungible kToken instead of an NFT as a receipt for your deposit. This LP token will be whitelisted as collateral to borrow USDH in the near future.

Methodology

In this dashboard, we will try to show Hubble metrics such as daily active users, new users, mint/burn rates, different rates of instructions, etc., and show the flows of USDH to assess its adoption in the Solana ecosystem. And Finally, we will try to focus on the recently launched project by Hubble, Kamino Finance, to provide metrics on its growth rate and adoption.

The following contracts will be used:

Hubble Program = HubbLeXBb7qyLHt3x7gvYaRrxQmmgExb7fCJgDqFuB6T

USDH Contract = USDH1SM1ojwWUga67PGrgFWUHibbjqMvuMaDkRJTgkX

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