Yak Swap and Hubble Exchange Join Forces and Kick off Partnership with 50 Hubble Space Cats Giveaway
Yield Yak has partnered with Hubble Exchange to integrate Yak Swap. The integration allows Hubble Exchange’s traders and makers (LPs) to swap between collaterals within their margin account and settle negative hUSD balances using collateral. To celebrate the partnership Hubble are giving away 50 Hubble Space Cat NFTs.
- Yak Swap has been integrated to provide Hubble users with the best price when making collateral swaps
- To celebrate the partnership, the first 50 YAK holders to trade on Hubble from October 11th at 08:00 UTC will win a Hubble Space Cat NFT. Space Cats can be used to vote on the governance of the Hubble Exchange DAO.
Why is Hubble Exchange integrating Yak Swap?
Yak Swap, Yield Yak’s liquidity aggregator and swap tool, provides the best prices for swaps on Avalanche with the deepest liquidity coverage and zero aggregator fees. This makes Yap Swap a highly competitive aggregator, providing Hubble Exchange’s traders and makers the best execution route when they need to settle their hUSD debt with the protocol.
“It’s an honour to integrate and work with Yield Yak. They’re OGs in the Avalanche-Ecosystem and have a strong track record of building very relevant products. This integration marks the beginning of our relationship with Yield Yak and we look forward to exploring more synergies to grow the derivatives landscape on Avalanche together.”
— Kepler, Hubble Exchange Core Contributor
What is Hubble?
Hubble Exchange is a multi-collateral Perpetual Futures Exchange. Traders and Makers can add assets such as AVAX and ETH as collateral for their positions. The PnL from these positions is reflected in Hubble Exchange’s unit of account: hUSD.
When a position/account is profitable, users have a positive hUSD balance. However, when the market moves against their account/position, users experience a negative hUSD balance. A negative hUSD balance prevents users from withdrawing their collateralized assets, until the hUSD debt is settled.
In the past, traders had to deposit fresh USDC to Hubble Exchange to mint hUSD in order to clear their hUSD debt. With the implementation of this integration with Yak Swap, traders and makers are enabled to settle their hUSD debt by selling the collateral that is already deposited within Hubble Exchange to clear their debt, whilst getting the lowest slippage and best prices on Avalanche.
On-Chain invitation to Yield Yak Community to join the Hubble Exchange DAO
The Hubble Exchange DAO would like to take this opportunity to invite YAK holders to join the Hubble Exchange DAO. The first 50 will be eligible to claim their Hubble Space Cat — an NFT used to govern the Hubble Exchange DAO.
Winners will be the first 50 users who have:
- Held at least 0.25 YAK (in any form) at the time of the snapshot taken on October 3, 2022
- Make a Trade on Hubble Exchange
Deadline to complete is November 10, 2022. Winners will be able to claim their HSC on spacecats.hubble.exchange.
You must claim your HSC before the end of 2022.
About Yield Yak
Yield Yak builds tools for DeFi users on Avalanche. Yield Yak Farms auto-compounds rewards for you. Yak Swap finds the best price execution for dex trades. yyAVAX is Avalanche’s highest yielding liquid staking token.
About Hubble Exchange
Hubble Exchange is a decentralised platform for trading perpetual futures on Avalanche. Utilising Avalanche’s low fees and highly scalable infrastructure, Hubble aims to offer an Avalanche-native experience for trading perpetual futures with its multi-collateral, cross-margin design.