The decentralized finance (DeFi) project Hubble Protocol has recently closed a seed funding round that raised $3.6 million. This early support for Hubble comes from several major and influential names in the crypto industry who are key players working to expand DeFi on Solana, which is currently the world’s fastest blockchain.
Participants in Hubble’s early private round include Jump Capital, Delphi Digital, CMS, Mechanism Capital, Spartan, DeFi Alliance, Three Arrows / DeFiance Capital, Digital Strategies, and Decentral Park Capital.
Each of these backers has thrown their weight behind Hubble as it enters the quickly growing DeFi market boasting a total value locked (TVL) of over $200 billion spread across multiple blockchains. This show of support for a DeFi hub on Solana will hopefully help revive DeFi composability and onboard the next million users to DeFi services offered with low-cost transactions on a single Layer 1 blockchain.
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Solana’s Quest for One Billion Future Users Heats Up
Blockchain technology has been hailed as the next big disruptor for countless industries including streaming and social media, supply chains, and financial services. Additionally, the future of the web, known as Web3, will rely on distributed ledger technologies (DLT) like blockchains in order to make the next step-change in connectivity possible.
However, early attempts at building a blockchain that can handle the scalability necessary for onboarding…