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    Tracking USDH

    Q57. Hubble is a decentralized finance protocol built on Solana. Hubble will offer multiple Hubble currently focuses on borrowing and minting USDH - a stable coin. Users can deposit multiple kinds of crypto assets like SOL, BTC, ETH, and others to borrow up to 90.9% LTV in USDH. While borrowing, users can earn yield on their deposits. Therefore you can take your USDH and invest it in other protocols. Track where USDH is being used the most on other Solana defi protocols. What are the most popular pools where users are depositing USDH? Why do you think wallets are choosing to interact with those protocols with USDH? What tokens is USDH most commonly swapped for? What are some ways that USDH can become more adopted within the Solana ecosystem?

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    Introduction

    Hubble allows users to take a loan against yield bearing collateral in Solana like SOL or mSOL. When the debt is settled, the user receives the collateral plus 100% of the generated yield. With a high Loan-to-Value ratio up to 90.9% it offers an instrument to invest into one of most popular DeFi networks. It accepts several assets as collateral, like SOL, BTC or ETH, and operates with a zero-interest borrowing (you only pay a fixed fee of 0.5%).

    How are users getting advantage of this apparent great conditions? Let's dive in!

    Methodology

    The USDH Swaps Results section has been obtained with a single query, counting the number of tx_id and adding the amount of all swaps where swap_from_mint = 'USDH1SM1ojwWUga67PGrgFWUHibbjqMvuMaDkRJTgkX', identifying the USDH token, and aggregating by swap_to_mint. Instead of using the token addresses, I joined the solana.fact_swaps fs and solana.dim_labels dl on fs.swap_to_mint = dl.address to get the token names.

    For the LP Results section, I search for the most active markets for USDH in Coingecko and tried to look for LP reserves information on the different protocols listed there. I got a list of different pools and ordered by amount of locked USDH. I was not able to get such results using on-chain data but found pretty significant pools, especially the Stablecoin Pool in Solend, with 6 tokens and a total locked amount of 52M USD.

    Results

    USDH Swaps

    LP

    I identified the following pools in the most popular protocols for USDH based on the USDH markets on Coingecko:

    Conclusions

    The DeFi Ecosystem in Solana is a vibrant one. I assume the most interacted with pools are the lending pools in Solend due to a more attractive yield compared to swap pools. This can be deeply affected by the market situation. With the rising price of SOL, the lending market might well be taking the lead. If conditions change to a lateral movement or a bear market, borrowing yields could change dramatically and new yield options will be seeked by the USDH owners.

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