Hubble Exchange is Closing Down
Today, we regretfully announce that Hubble Exchange will be closing down. Trading will cease and all positions will be wound down. The exchange will enter reduce-only mode on May 19th 13:30 UTC and positions will be settled at index price on May 20th 13:30 UTC.
We initiated in 2021 as a vAMM Perpetuals DEX, using the CurveCrypto invariant. Despite launching in the bear market of 2022, V1 received significant traction and over $150M in CTV.
In V2, we set out to solve these challenges and converged on a Limit Order Book Based design in which Makers express their view of the market by concentrating liquidity by adjusting their own price ranges (bid ask spreads), using traditional limit orders, akin to CEXes. The introduction of limit orders to Hubble Exchange, enabled market makers to concentrate liquidity with pricing edge. V2 encapsulated our bet on the future of decentralized perps: Limit Order Book Based & built on an app-chain.
With V2, we pioneered a Decentralized LOB-design, where matching was carried out as part of the block building process of Hubblenet. We prioritized Decentralization in all aspects of Hubble Exchange.
In recent months, platform usage and trading activity have continued to be lower than anticipated. We have also encountered persistent obstacles in enhancing liquidity, mainly because of technical limitations related to the EVM and financial constraints.
When we started building Hubble Exchange, we knew that this would be no easy undertaking. The performance requirements for a sufficiently competitive perps exchange are highly demanding & we have come to the conclusion that due to EVM design limitations we cannot meet these specifications in the timeframe dictated by our runway.
At this juncture, Hubble Exchange has made the difficult decision to close down. Hubble Exchange will undertake the settlement of all open positions using the index price on 20th May. Upon the completion of settlements and subsequent decommissioning of Hubble Exchange, Traders will be granted their unrealized profit and loss (PnL).
Thank you for supporting Hubble Exchange over the years.
