Huobi Global Announces Cube Investment as Part of Web 3.0 Ecosystem Strategy

Published : Saturday, June 11, 2022, 4:10 pm
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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 Web 3.0 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 Web 3.0 ecosystem.

Cube (formerly Cube Chain) is a new, modular, permissionless and EVM-compatible public chain with a design based on multi-chain 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 the infrastructure of Web 3.0. Since its mainnet was launched earlier this week, Cube has garnered overwhelmingly positive feedback.

To help more people transition to Web 3.0, Huobi Global is focused on embracing and developing the Web 3.0 infrastructure and the metaverse, where there is huge potential in the explosive growth of blockchain applications such as NFTs, DeFi and GameFi.

“Huobi Global has picked Cube as one of the public chains we will invest in under our Web 3.0 development strategy. In the near future, we will continue to invest in more public chains as we are optimistic about Web 3.0 and are committed to improving its infrastructure,” said Lily Zhang, CFO of Huobi Global.

It is widely acknowledged in the industry that Web 3.0 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. The early public chains have been unable to meet user needs in terms of 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, how to solve 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 needs of the industry, Cube uses a high-performance Layer 1 blockchain as the basis to solve the challenge of blockchain expansion, and offers 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 them according to their 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 3000 transactions per second and the number is expected to exceed 5,000 by the end of September this year, and the data availability requirements of Rollup and NFT ensure an efficient and reliable full-stack solution for the development of Web 3.0.

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