Hubble Partnership with MonkeDAO
Hubble Protocol, a DeFi and stablecoin project announced its partnership with MonkeDAO, the first NFT DAO on Solana.
Partnership Highlights
The partnership is to bring value to daoSOL holders, Hubble users and MonkeDAO members alike.
Hubble has onboarded daoSOL, MonkeDAOs liquid staked SOL, as a collateral asset on the platform.
Specifically, daoSOL holders can now take USDH loans from Hubble at 0% APR. This will be followed by a variety of other partnership initiatives between Hubble and MonkeDAO.
Ultimately, the purpose of MonkeDAO is to bring value to its members. With that in mind, Hubble’s onboarding of daoSOL will make USDH the first stablecoin that can be mint with daoSOL as collateral, which adds a significant use-case to daoSOL holders.
After onboarding daoSOL as a collateral type, Hubble and MonkeDAO will be setting up a daoSOL/USDH liquidity pool to bolster the liquidity of daoSOL in the ecosystem. However, this provides yet another use case for daoSOL as users can become daoSOL liquidity providers in a Solana DEX.
At the same time that users are earning APY from holding daoSOL and borrowing USDH, they can earn APY from facilitating swaps and contributing to the growth of the Solana DeFi ecosystem.
Platforms Goal
Indeed, daoSOL plays an important role in supporting the Solana ecosystem. The daoPool allows users’ SOL to be distributed to validators, securing the network while also bringing value to daoSOL holders in the form of APY (6.9% at the time of writing).
Moreover, Hubble’s initiatives with daoSOL are the first steps in a partnership that will promote DeFi amongst the rapidly growing NFT space. And educate the masses that are so effectively being onboard. Indeed, MonkeDAO has a similar focus on education, with a large knowledge base, and more content being actively add.
Briefly, Hubble and MonkeDAO will continue to work together to promote dialogues between the NFT and DeFi spaces. Furthering both projects’ ambitions to onboard users, and educate users about the Solana ecosystem.
About Hubble
Hubble protocol allows users to take interest-free loans against multiple crypto assets. Hubble works with USDH, Hubble’s decentralized stablecoin.
About MonkeDAO
MonkeDAO is a curated community of monkes. The first NFT DAO on Solana. MonkeDAO are working to become the premier decentralized community of Web3, by providing unparalleled value to our members and the Solana ecosystem through community-led projects, connections and innovations.
SOURCE
https://blog.hubbleprotocol.io/hubble-onboards-monkedao-daosol/
