The global crypto market is now an address to a host of potential protocols, which have turned tables for the industry. The protocols have also managed to uplift the diverse sectors of the industry, with robust and lucrative fundamentals. While legacy protocols have been imperative in widespread publicity of the industry. It is the courtesy of utility chains that has been fueling the use cases of the industry.
Successively, amongst the utility chains, Solana never goes unheard. Owing to its enticing fundamentals, which have managed to garner a number of adoptions, integrations, and collaborations.
In a recent update, Hubble protocol a DeFi project built on Solana to launch a stable coin borrowing platform. On the other hand, frequent network outages irked tech-savvy millennials, who are now debriefing the stability and efficiency of the network.
Will Solana’s Hegemony Be Short-lived?
The platform has mushroomed as an alternative for many developers and firms to launch their DeFis and NFTs. As the network’s lower fees, and faster transactions have been lucrative for aspiring firms. Consecutively, Solana’s total TVL in DeFi had breached record spikes of over $12 B in October last year.
Successively, Hubble Protocol a fee-sharing DeFi built on Solana will be launching a stable coin borrowing platform on Mainnet. On the 28th of January 2022, the firm is partnering with MakerDAO for its upcoming IDO.
The initiative will be supercharging liquidity on Solana with USDH, a censorship-resistant stable coin user can borrow at a 90.9% LTV. Earn yields while borrowing against SOL, ETH, BTC, etc…
Hubble’s IDO whitelist is open on SolRazr, the IDO will close on Wednesday, 20th of January 2022 at 2 pm UTC. On the other hand, according to some sources Solana has seen influxes tallying to %5.4 m last week, while the network has experienced only two individual weeks of outflows since August of 2021. In contrast, Metaplex in recent funding has raised $46 M, which will be employed in scaling the operations, providing assistance to deserving creators.
However, what still remains a bummer, is the frequent network outages, which have now become a routine affair. Savvies irked by the outages have been seeking justifications for frequent mishaps and have been debriefing the stability and efficiency of the network. The developers and makers are deemed to be answerable and find a solution for the same. Else the outages could leave a lasting impact on the network.
Summing up, the growing metrics and utility have been feathers to Solana’s cap. Hubble’s IDO and Metaplex’s funding will be imperative in Solana’s growing dominance in DeFis and NFTs.
However, a resolution to network crashes is the need of the hour, as Solana could further slide down on the charts. In recent times, we have witnessed Cardano flipping Solana for a higher market cap ranking.