Top 3 Outstanding Projects To Watch From Solana’s Breakpoint Conference
18 November 2021 - 12:59PM
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This year just keeps getting better and 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 is up
12,000% for the year, and it recently broke into the crypto Top 5
as measured by market cap. The price of $SOL began soaring to new
all-time highs as the Solana community met in Lisbon for the
network’s first-ever international conference, Breakpoint. After
nearly two years of enduring a global pandemic that kept everyone
at home, Breakpoint was the first time many people in the Solana
community met in person to discuss the future of their projects.
Presentations from project leaders in DeFi, NFT metaverses, and
social media helped build the buzz around Solana at the sold-out
conference. As the meeting drew to a close, the optimism behind
these projects was contagious, knowing that Solana’s high-speed and
low-cost blockchain network was giving each of these sectors a leg
up in technology. This article takes a look at three outstanding
projects presented at Solana Breakpoint. Each of these projects
should help lay the foundations for onboarding a new generation of
a billion blockchain users seeking the rewards of participating in
DeFi, exploring NFT metaverses, and keeping in touch with social
media. Hubble Protocol Explores the Universe of DeFi 2.0 on Solana
DeFi has experienced exponential growth since it began heating up
in 2020. The total value locked in DeFi now stands shy of $300
billion with around $15 billion of that TVL attributed to Solana,
which sits in third place behind Binance Smart Chain ($21 billion)
and Ethereum ($183 billion). Hubble Protocol, developed and
launched by a former programmer at Bloomberg, is on a mission to
capture even more value for Solana DeFi. By creating sustainable
DeFi 2.0 services focusing on democratizing user participation and
sharing revenues with the community, Hubble has a stated goal of
“exploring the DeFi universe on Solana.” The first product to
launch on Hubble is a borrowing platform that lets users deposit
multiple assets like SOL, BTC, and ETH to mint USDH at a
capital-efficient collateral ratio of 110%. Comparisons have been
made calling Hubble “the Maker DAO of Solana,” and USDH should
become an integral part of DeFi on the network as a Solana native
crypto-backed stablecoin. What’s impressive about Hubble is that
nearly all of the protocol’s revenue is shared with the community.
Users who stake HBB, Hubble’s DAO governance token, receive the
majority of the 0.5% fee for minting and redeeming USDH, and these
fees are distributed in USDH. Liquidations are collected 100% by
the protocol’s users, and the arbitrage opportunities that keep
USDH on peg are also significant revenue streams for those who love
to arb. In addition, users who deposit their crypto on Hubble can
earn yields on these deposits while they mint and borrow USDH.
Yielding on deposits creates a zero-cost borrowing proposition, as
these gains can cover the minting fee, and no interest is charged
on loans. The project has listed an ambitious roadmap that should
take DeFi 2.0 on Solana to the next level by introducing structured
products (pre-packaged DeFi strategies) and under-collateralized
lending. Both of these developments are tremendous additions to
DeFi as a whole, and successfully pulling them off should bring new
DeFi users to Solana in droves. Star Atlas Launches an Unrivaled
Blockchain Gaming Experience Electronic gaming has been hailed as
the entry point for crypto and blockchain technology’s mass
adoption. 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 has led to people quitting
their jobs in some countries to start making a living from playing
blockchain games. P2E games are exploding in popularity, and Axie
Infinity chalked up an excellent year for adoption with a token
price that has blown through the roof again and again. However,
most of the offerings that have driven the crypto gaming boom up
until now, like Axie Infinity, can be described as turn-based card
games. Now, pair a “grand strategy game of space exploration,
territorial conquest, political domination, and more” with the 3D
power of Unreal Engine 5, and you get the revolution in blockchain
gaming that is Star Atlas. If Star Atlas’s gameplay graphics are
even half as mesmerizing as its spine-tingling trailer, then wow.
The technological leap into 3D that powered games built with Unreal
Engine will finally bring the immersion and open-world gameplay of
massively multiplayer online role-playing games (MMORPGs) to
blockchain gaming and P2E. Star Atlas is set in the year 2620, a
future where three warring factions battle for resources across the
universe. Gameplay is driven by NFTs, which means real assets with
monetary value will be won and lost as gamers participate in
battle. Still, players can enter safer levels to train and learn
how the game works before entering the “Wild Frontier,” where
anything goes. Players in the Star Atlas metaverse will find many
possibilities for things to do and ways to play to earn. There’s a
long list of roles players can choose from, and Star Atlas has
planned out a massive in-game economy where users can mine for a
profit and even secure DeFi loans and insurance policies on ships.
Star Atlas has begun releasing mini-games pre-launch, and their
Discord server has already attracted 100,000 users. Once full
gameplay is launched, it will be interesting to see how many people
quit their jobs to P2E full time! Breakpoint Announces a Revolution
in Social Media Social media took center stage at Breakpoint on
several occasions. During Sam Bankman-Fried’s participation in a
talk about Solana that was piped in on the big screen, he mentioned
that Solana was the only blockchain capable of delivering any
social media presence. While no one project stood out during the
conference’s three days of presentations, social media was on the
tip of everyone’s tongue. One of Reddit’s Co-Founders, Alexis
Ohanian, filled a slot on the last day of Breakpoint to talk about
why he and his venture firm Seven Seven Six were pledging $100
million to develop social media on Solana. This investment doubles
the original $50 million pledged by Ohanian in partnership with the
Solana Foundation. Ohanian echoed SBF’s claims that Solana would
become the home for social media as he added that Web3, in general,
would flourish on the network. Ohanian is quoted as saying, “There
is an unprecedented opportunity to fuse social and crypto in a way
that feels like a Web2 social product but with the added incentive
of empowering users with real ownership,” and that Solana would be
the network that makes this possible. It’s too early to tell which
project will rise as a leader in providing social media services
for the future of Web3 on Solana. However, with $100 million in
funding set aside to develop the sector, watch out for social media
platforms as they build on Solana soon. Speedy Solana’s Growth
Continues Its Parabolic Rise Solana’s network advertises speeds of
up to 65,000 transactions per second (TPS), with block times
clocking in at 400 milliseconds per block, making Solana the
fastest public blockchain available today. Furthermore, with an
average transaction price of $0.00025, Solana is also one of the
cheapest blockchains for users and developers on the market. It
shouldn’t come as a surprise that there are reports of many users
switching over to use Solana from Ethereum. The network that
invented smart contracts, Ethereum, advertises around 15-30 TPS
with transactions costing approximately $50 each. Raj Gokal,
Co-Founder of Solana, took the stage with Alexis Ohanian and at one
point stated at the Breakpoint conference that his network plans to
onboard over a billion people in the next few years. If Breakpoint
serves as an indicator of Solana’s success, the DeFi, NFT, and
social media projects lining up to build Solana’s future might make
that billion-user figure a reality.
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