Huobi Global, a world-leading cryptocurrency exchange and blockchain-solutions provider, today announced its investment in Cube, a public chain that provides innovative infrastructure for Web3 and the metaverse.
The launch took place at the Consensus 2022 conference by CoinDesk in Austin, Texas, underscoring Huobi Global’s latest strategy to expand its Web3 ecosystem.
Cube, formerly Cube Chain, is a new, modular, permissionless and Ethereum Virtual Machine (EVM) compatible public chain with a design based on multichain and layered architecture. It offers breakthrough technologies such as proprietary collaborative rollups, chaos consensus, non-linear infinite storage and an innovative Time Crossing protocol for Web3 infrastructure. Since its mainnet was launched earlier this week, Cube has garnered overwhelmingly positive feedback.
To help more people transition to Web3, Huobi Global is focused on embracing and developing Web3 infrastructure and the metaverse, where there is huge potential in the explosive growth of blockchain applications such as nonfungible tokens (NFTs), decentralized finance (DeFi) and GameFi.
“Huobi Global has picked Cube as one of the public chains we will invest in under our Web3 development strategy. In the near future, we will continue to invest in more public chains, as we are optimistic about Web3 and are committed to improving its infrastructure,” said Lily Zhang, chief financial officer of Huobi Global.
It is widely acknowledged in the industry that Web3 is the future of the internet, with blockchain and public chains serving as the core technology and infrastructure, respectively. With the emergence of NFTs, DeFi and other blockchain applications, many public chains have launched in the market.
However, the explosive growth of GameFi, DeFi and NFTs has resulted in an exponential increase in transaction volumes on these public chains. Early public chains have been unable to meet user needs in timeliness or cost-effectiveness. For instance, Ethereum takes about 10 minutes to complete a transaction during peak periods, and the gas fee could reach several hundreds of dollars.
In addition, solving the blockchain trilemma — a widely-held belief that decentralized networks can only offer two out of three benefits at any given time with respect to decentralization, security and scalability — has also been a common challenge for industry players.
To better meet the industry’s needs, Cube uses a high-performance layer-1 blockchain as the basis to solve the challenge of blockchain expansion, offering users an efficient, low-cost and secure trading environment. It divides the blockchain vertically, applies a layered architecture, splits the settlement, execution and data availability of the blockchain and optimizes according to respective characteristics.
With a cross-chain protocol that supports cross-chain DeFi calls, Cube is compatible with the Cosmos ecosystem. Under its current design, Cube can process about 3,000 transactions per second and is expected to exceed 5,000 by the end of September this year. The data availability requirements of rollups and NFTs ensure an efficient and reliable full-stack solution for Web3 development.
About Huobi Global
Founded in 2013, Huobi Global is one of the world’s leading cryptocurrency exchanges, with tens of millions of users on five continents and 160 different countries.
It is dedicated to empowering financial freedom and creating new global wealth, having led the cryptocurrency industry in spot, derivatives and Bitcoin (BTC) transactions for many years. Its infrastructure, operations and offerings are built on processes and standards that prioritize user safety and industry compliance, backed by strong global customer support and underpinned by local expertise. This lets it offer a unique trading environment that is truly customer-first, safe and sustainable for all users, enabling their long-term success.
For more information, visit huobi.com.
Cube is a high-performance, scalable and modular layer-1 public chain capable of supporting multichain and cross-chain architecture. Compatible with EVM and Cosmos ecosystems, Cube is actively committed to participating in the development of decentralized cross-chain protocols and Web3 infrastructure to give users the next-generation multichain experience.
For more information, visit cube.network.