This year just keeps getting better for Solana. Since Sam Bankman-Fried, the CEO of FTX, famously tweeted an offer to buy SOL at a price well above its market value in January, SOL has risen 12,000% over the year and recently slumped into the crypto top 5, measured by Market capitalization.
The price of $ SOL rose to new all-time highs when the Solana community met in Lisbon for the network’s first international conference, Breakpoint. After nearly two years of a global pandemic that kept everyone at home, Breakpoint marked the first time many people in the Solana community met in person to discuss the future of their projects.
Project leader presentations in DeFi, NFT metaverse and social media all helped fuel Solana excitement at the sold-out conference. At the end of the meeting, the optimism behind these projects was contagious, knowing that Solana’s fast, affordable blockchain network gave each of these sectors a technological edge.
This article takes a look at three outstanding projects presented at Solana Breakpoint. Each of these projects should help lay the foundation for the onboarding of a new generation of one billion blockchain users who seek the rewards of participating in DeFi, explore NFT metaverses, and keep in touch with social media.
Hubble Protocol explores the universe of DeFi 2.0 on Solana
DeFi has seen exponential growth since the heat up began in 2020. The total value of DeFi is now close to $ 300 billion, with about $ 15 billion attributed to this TVL Solana, which ranks third behind Binance Smart Chain ($ 21 billion) and Ethereum ($ 183 billion). Dollar).
The Hubble protocol, developed and introduced by a former programmer at Bloomberg, aims to add even more value to Solana DeFi. By creating sustainable DeFi 2.0 services that focus on democratizing user participation and sharing revenue with the community, Hubble has a stated goal of “exploring the DeFi universe on Solana.”
The first product to be launched on Hubble is a lending platform that allows users to deposit multiple assets such as SOL, BTC, and ETH to coin USDH with a capital efficient collateralization rate of 110%. Comparisons were made to refer to Hubble as “Solana’s maker DAO,” and USDH, as Solana’s native crypto-backed stablecoin, was to become an integral part of DeFi on the network.
What’s impressive about Hubble is that almost all of the revenue from the protocol is shared with the community. Users who deploy HBB, Hubble’s DAO governance token, will receive the majority of the 0.5% fee for minting and redeeming USDH, and these fees are paid out in USDH.
Liquidations are 100% collected from the users of the log, and the arbitrage opportunities that keep USDH in place are also significant sources of income for those who enjoy working. Additionally, users who deposit their cryptos on Hubble can earn income from those deposits while minting and borrowing USDH. The return on the deposits results in a zero cost loan offering as these profits can cover the mint fee and no interest is charged on loans.
The project has listed an ambitious roadmap that aims to take DeFi 2.0 to the next level on Solana by introducing structured products (pre-built DeFi strategies) and under-secured loans. Both developments are tremendous additions to DeFi as a whole, and their successful implementation should bring new DeFi users to Solana in droves.
Star Atlas launches an unrivaled blockchain gaming experience
Electronic games have been hailed as the entry point for the mass adoption of crypto and blockchain technology. The New York Times reports that the gaming metaverse could change the face of commerce in general.
The advent of play-to-earn (P2E) gaming and GameFi in some countries has resulted in people quitting their jobs to make a living playing blockchain games. P2E games are growing in popularity, and Axie Infinity is having an excellent year launching with a token price that has been blown through the roof over and over again.
However, most of the offerings that have fueled the crypto gaming boom so far, like Axie Infinity, can be described as turn-based card games. Now combine “a great strategy game of space exploration, territorial conquest, political domination and more” with the 3D power of Unreal Engine 5 and you get the blockchain gaming revolution that is Star Atlas.
If Star Atlas’s gameplay graphics are half as captivating as the creepy trailer, then wow. The leap in technology in 3D that enabled games with Unreal Engine will finally bring the immersion and open-world gameplay from massively multiplayer online role-playing games (MMORPGs) to blockchain gaming and P2E.
Star Atlas is set in the year 2620, a future in which three warring factions across the universe battle for resources. The gameplay is powered by NFTs, which means that real assets with monetary value are won and lost as players take part in the battle. Still, players can enter safer levels to train and learn how the game works before entering the “Wild Frontier,” where anything is possible.
Players in the Star Atlas metaverse will find many ways to do things and play to make money. There is a long list of roles players can choose from, and Star Atlas has a massive in-game economy planned for users to profitably mine and even get DeFi loans and insurance policies on ships.
Star Atlas has started releasing mini-games before launch and their Discord server has already attracted 100,000 users. Once the full gameplay hits the market it will be interesting to see how many people quit their P2E jobs full time!
Breakpoint heralds a revolution in social media
Breakpoint focused on social media several times. During Sam Bankman-Fried’s participation in a lecture about Solana that was played on the big screen, he mentioned that Solana was the only blockchain that was able to provide a social media presence.
While no project stood out on the three presentation days of the conference, everyone was talking about social media. One of Reddit’s co-founders Alexis Ohanian took a seat on Breakpoint’s final day to talk about why he and his venture firm Seven Seven Six pledged $ 100 million to develop social media on Solana.
This investment doubles the $ 50 million Ohanian originally pledged in partnership with the Solana Foundation. Ohanian reiterated SBF’s claims that Solana would become the home for social media, adding that Web3 would generally thrive on the network.
Ohanian is quoted as saying, “There’s an unprecedented opportunity to merge social and crypto in a way that feels like a Web2 social product, but with the added incentive of giving users real ownership,” and that Solana the network that makes this possible would be possible.
It’s too early to say which project will rise from Web3 to Solana as the leader in social media service delivery for the future. However, with $ 100 million devoted to developing the sector, be on the lookout for social media platforms soon to be built on top of Solana.
The growth of Speedy Solana continues its parabolic rise
Solana’s network advertises speeds of up to 65,000 transactions per second (TPS), with block times of 400 milliseconds per block, making Solana the fastest public blockchain currently available.
On top of that, Solana is also one of the most affordable blockchains out there for users and developers out there, with an average transaction price of $ 0.00025.
It should come as no surprise that there have been reports of many users switching to Solana from Ethereum. The network that invented smart contracts, Ethereum, advertises around 15-30 TPS with transactions costing around $ 50 each.
Raj Gokal, co-founder of Solana, stepped on stage with Alexis Ohanian and at some point at the Breakpoint conference declared that his network wanted over a billion people on board in the next few years. If Breakpoint serves as an indicator of Solana’s success, the DeFi, NFT, and social media projects pending to build Solana’s future could make that billion-dollar user count a reality.