Blockchain industry participants have not had a happy time of late due to recent market upheavals. Not only has the crypto asset market witnessed a continuous downtrend since the end of 2021, but a major wakeup call arrived just this week, when the spot price of BTC tested its 200-day moving average of around US$22,500, a large difference from an all-time high of US$69,000.
Adding to negative market sentiment was the Luna – Terra crash in May, which saw the spot price of Luna, once believed to be a top-performing token, drop from more than US$100 to nearly zero in a matter of days.
A bearish market, however, does not necessarily spell doom for the blockchain industry. Neither does it signal complete negativity where the crypto market is concerned; after all the market has witnessed both bear and bull runs since BTC emerged in 2008.
Furthermore, the explosive growth of NFTs, DeFi and other blockchain applications has contributed greatly to the development of blockchain technology, and such developments bode well for an Internet future marked by Web3 and the metaverse.
Escalating demand for blockchain applications has led to the emergence of numerous public chains throughout the blockchain industry. The current bearish sentiment has also spurred user demand for resilient public chains capable of providing superior service at affordable fees.
The advent of Cube, a public chain that provides an innovative infrastructure and ecosystem for Web 3 and the metaverse, has without a doubt proven itself as a silver lining amid current bearish sentiments. Not only has the price of Cube’s token (CUBE) increased from 0.3 USDT on its launch day to 15 USDT, a 50-time increase, in just seven days, the testnet addresses also exceeded 1,500,000 and while the number of on-chain transactions exceeded 200,000 since its launch.
Cube, a new, modular, permissionless and EVM-compatible public chain with a design based on multi-chain and layered architecture, offers breakthrough technologies such as proprietary collaborative rollups, chaos consensus, non-linear infinite storage and an innovative Time Crossing protocol for Web3 – focused infrastructure.
Overwhelming demand for blockchain applications such as NFTs and DeFi has increased the loads on public chains, such that many proclaimed transactions per second (TPS) guarantees have failed to live up to their claims. The result has been a test in frustration for users due to a combination of longer transaction times and higher costs. For instance, Ethereum takes about 10 minutes to complete a transaction during peak periods, and gas fees could reach several hundreds of dollars.
To better meet the needs of the industry, Cube applies 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.
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.
According to the Cube team, Cube is committed to the ecological construction of Web3, and has employed a variety of measures to empower the ecology on the chain. At present, it has docked more than 100 blockchain projects and has inked more than 250 partnership agreements.
Cube will also take steps to enrich its community — a recruitment program for Cube network ambassadors will soon be launched to spur passion for the blockchain and enable developers and users worldwide to collaborate and continue building upon an already vibrant landscape.
Cube is a high-performance, scalable and modular layer 1 public chain which is capable of supporting multi-chain 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 Web 3.0 infrastructure to give users the next-generation multi-chain experience. For more information, visit https://www.cube.network/.