Hubra: Institutional-Grade Liquid Staking on Solana
2026-07-27
Hubra is a Solana-based DeFi protocol providing institutional-grade, non-custodial yield products. Its flagship product is raSOL, a liquid staking token backed by SOL delegated to a set of high-quality validators. The protocol also offers automated yield vaults for more complex strategies. Like other Solana liquid staking protocols, raSOL appreciates in value as staking rewards accumulate, meaning holders earn yield without any manual claim step.
Revenue comes from a 2.5% performance fee on staking rewards collected each epoch, and a 0.1% withdrawal fee charged when users unstake and redeem SOL. The 2.5% epoch fee is deducted from gross validator rewards before distribution to raSOL holders through exchange-rate appreciation. The withdrawal fee is collected at the moment of redemption.
The adapter reads the Hubra stake pool account on Solana at epoch boundaries, comparing the previous and current exchange rate to compute gross staking rewards. The 2.5% fee is applied to that gross figure to arrive at protocol revenue. Withdrawal events are identified by WithdrawStake instructions, and the 0.1% fee is computed from the withdrawal amount. This is the same epoch-boundary accounting pattern used for Phase Delegation, but with Hubra's different fee rates: having both in production required ensuring the logic was identical enough to produce comparable numbers while remaining isolated. All-time fees stand at $106,500 with about $990 in the past seven days.