• Hubble Exchange raises $3.3 million to launch Avalanche Perpetual Futures

  • Hubble Exchange, a decentralized platform for trading perpetual futures on the Avalanche blockchain, announced a $3.3 million funding round lead by Framework Ventures today. Lemniscap, Blizzard (the Avalanche Ecosystem Fund), GSR, Trader Joe, and Finlink Capital are among the other investors, as well a number of angel investors, including Aave founder Stani Kulechov.

    Hubble Exchange, which aims to be the premier protocol for trading eternal futures, launched its testnet in October and hopes to launch on the Avalanche mainnet in April. According to Hubble, the funds raised will be used to expand the engineering team and continue to develop the protocol in preparation for its mainnet launch.

    Hubble core developer Kepler (who requested that their real name not be used) claims the network’s speed and reduced fees drew the team to Avalanche, a layer-one blockchain for decentralized apps that aims to dethrone Ethereum as the most popular blockchain for smart contracts. According to CoinMarketCap.com, Avalanche’s AVAX is currently the tenth-largest cryptocurrency by market cap, with a value of $20.9 billion.

    According to Kepler, Hubble intends to tokenize profitable perpetual futures positions, which the platform hopes will open up entirely new possibilities in decentralized finance (DeFi) applications—applications that allow people to lend, borrow, and trade without going through a financial institution. Hubble also wants traders to be able to tokenize perpetual futures positions on other DeFi protocols so that they can be used as collateral.

    Futures contracts with no expiration date are known as perpetual futures. Investors who want to profit from price movements can hold a holding indefinitely.

    The Avalanche price has reached a weekly high as DeFi activity increases.

    Although Hubble is built on Avalanche, it also allows other assets, including as Bitcoin, Ethereum, and the USDC stablecoin, to be used as collateral for perpetual futures contracts. According to Hubble, this should be of interest to traders who wish to maximize profits across a varied portfolio.

    “With the rise of quicker, better, and more optimized L1s and L2s,” adds Kepler. “We are at a watershed moment in history when, for the first time, a decentralized alternative to taking a chance at the perpetual futures market exists.”

    What's your reaction?
    Happy0
    Lol0
    Wow0
    Wtf0
    Sad0
    Angry0
    Rip0