Press Release
Cube Network: The public chain empowering Web3 projects, communities and users
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Since the deep slump of algorithmic stablecoin UST, Terra, a public chain built around UST, suffered a crisis of immense proportions whose effects reverberated throughout the entire crypto market. Trust in cryptocurrency, already shaky due to bearish market conditions, continued on a steep downward spiral, with the price of mainstream assets such as Bitcoin and Ethereum observing drastic drops of more than 20% over the course of a single day. The failure of the Terra chain also kickstarted a series of vicious chain reactions in other public chains, on-chain projects, crypto communities, and users around the world.
However, the sluggish market environment has not hindered the progress of the public chain, Cube Network (formerly Cube Chain). On June 6, two weeks after the Cube Network testnet went live, the Cube Network mainnet was launched to much fanfare — the number of on-chain addresses reached 1267,500, while the number of on-chain transactions exceeded 200,000. The release of the testnet and the subsequent launch of the mainnet within the space of two weeks is a testament to Cube Network’s technical prowess, and the world’s leading Web3 blockchain was unveiled to the world.
Since the launch of Cube Network’s main network, the ecological roadmap for Cube Network has begun to take shape, which will bring tangible benefits to on-chain projects in the near future. Several well thought out features back Cube Network’s status as a leading blockchain.
Firstly, Cube Network adopts advanced technology to fully guarantee safety for on-chain projects. Cube Network adopts a modular layered architecture (divided into three layers: execution layer, settlement layer, and data availability layer) with built-in Rollup and unlimited scaling. Projects deployed on Cube Network can enjoy Cube’s low rates and high transaction speeds.
Secondly, Cube Network embraces “Chaos” consensus that comes with high throughput, decentralization, security, and fast transaction confirmation. A decentralized cross-chain communication protocol named ”Time Crossing” is also used in Cube Network. With “Time Crossing”, cross-chain DeFi contracts can be called and are compatible with the Cosmos IBC protocol, enabling seamless migration of applications within the ecosystem.
Thirdly, Cube Network is fully compatible with the Ethereum protocol, EVM, and Cosmos systems, supporting seamless migration of applications and projects within the ecosystem. In addition, Cube Network builds a new multi-chain interactive ecosystem to support cross-chain contract calls. The multi-chain structure network built on the cross-chain communication protocol brings immense benefits to GameFi-related applications.
Users are the foundation for the ecological prosperity of any public chain. Cube Network attaches great importance to user welfare and has undertaken various measures to ensure its users benefit. Community opinion is greatly valued, and efforts have been made to ensure in-depth cooperation with users. Cube Network grants users the right to vote on the Cube Network community proposal and outstanding projects monthly. Furthermore, users can also receive higher returns by staking Cube Network tokens. Cube Network will soon launch a user airdrop event for approximately 2 million Cube Network tokens. Users need only complete interactive tasks within the Cube Network ecosystem to receive airdrop rewards. Further details about Cube Network’s airdrop event can be found here.
Public chains owe their success to their communities and Cube Network is no exception, having lined up a series of programs and events aimed at enriching its ecosystem. Cube Network places great value on community building and support and has allocated 20% of the Gas fee to the developer community behind the network to further spur development efforts. In addition, a series of financial support programs and training activities will be launched for developers, and high-quality projects will be picked to join the Cube Network incubator to promote and support further innovation. A recruitment program for Cube Network ambassadors, aimed at promoting passion for the blockchain and encouraging user participation, has been launched.
The road toward a public chain’s success is a long process in a dynamic and multi-faceted competitive landscape. However, challenging market conditions can give rise to superior and resilient products. Cube Network will continue to strengthen its capabilities to not only meet users’ requirements for performance, security, and transaction speed but also protect the interests of its community.
