Hubble Protocol Unpacks Major Issue for Developers at Solana’s Breakpoint Conference
05 November 2021 - 7:39PM
NEWSBTC
Solana will host its first major conference, Breakpoint, in Lisbon
this November 7-10. Breakpoint will be attended by a long list of
big names in crypto who will be leading panels in three different
conference locations on the future of Solana, DeFi, and NFTs.
Speakers at the event will include Balaji S. Srinivasan, former CTO
of Coinbase and General Partner at a16z, Jeremy Allaire,
Co-Founder, Chairman, and CEO of Circle, Sam Bankman-Fried, CEO of
FTX and Alameda Research, Anatoly Yakovenko, CEO and Founder of
Solana Labs, Raj Gokal, COO and Co-Founder of Solana Labs, and
Meltem Demirors, Chief Strategy Officer of Coinshares, among many
others. The Solana network, which currently boasts the highest
throughput for any public blockchain (65,000 TPS), has also invited
key members of its ecosystem to learn from each other and network
during the conference’s packed agenda. Over the course of three
days, some of Solana’s best developers will be meeting at
Breakpoint’s Developer track venue, SUD Lisboa, to hold workshops
beside Lisbon’s beautiful Tagus river. Breakpoint Kicks Off with
Dev Workshop from Seasoned Pro One of Breakpoint’s first workshop
slots, titled Maintaining Global State in Solana, will address an
important issue for successfully running smart contracts on Solana.
The workshop will be led by Hubble Protocol’s project lead, Marius
Ciubotariu, a veteran programmer who spent eight years developing
FinTech solutions in Bloomberg LP’s London office. About his
experience at Bloomberg, Ciubotariu shared, “I was writing code to
price exotic derivative products using Monte Carlo simulations in
C++, built the derivatives lifecycle engine using OCaml (a
functional language sharing a lot of similarities with Rust), and
acted as a Tech Rep advocating for internal usage of Rust and OCaml
and building infrastructure libraries in Rust and OCaml for the
Bloomberg devs to use.” Ciubotariu found his way to the Solana
community by participating in Solana’s first hackathon, Season.
During the hackathon, he single-handedly coded the Rust smart
contracts for ZeroInterest, a project that gained acclaim from the
press and received an honorable mention from the hackathon’s
judges. In It For The Tech: Why Ciubotariu Launched Hubble on
Solana After parting ways with ZeroInterest, Ciubotariu decided he
wasn’t finished with DeFi. After giving it much consideration, he
tendered his resignation with Bloomberg to pursue DeFi full-time
and founded Hubble Protocol on Solana. Ciubotariu explained that he
found working with Rust on Solana made more sense than building a
DeFi protocol on any other network for several reasons. “Rust and
Solana have a similar philosophy when it comes to running things in
parallel, both of them having learned the lesson from years of
computer science research,” he said. “For example, Rust does not
allow the programmer to run a computation in parallel—eight cores,
for example—that would modify the same piece of memory without a
locking system. In the same fashion, Solana does not allow
transactions to be run in parallel if they touch the same account
IDs. That’s in stark contrast with Ethereum, which does not
parallelize any transaction at all.” Ciubotariu went on to say
that, “Solana’s Sealevel runtime knows what accounts will be
affected by what transaction, allowing for non-overlapping
transactions to execute in parallel. Since most users or contracts
are pretty independent of each other, you have a chain that runs
thousands of transactions per second without any conflict or threat
to safety or performance. This is one of the core eight innovations
Solana has pioneered that make its network an outstanding home for
DeFi.” About Hubble Protocol: Building the Future of DeFi on Solana
Hubble Protocol aims to become a leading provider for the next
generation of DeFi services that will leverage Solana’s high
latency and low costs for the benefit of its users. Ciubotariu
hopes to combine Solana’s powerful speed with his years of
experience coding Rust and other languages for Bloomberg to create
truly useful and sustainable DeFi products the whole world can use
one day. Hubble will begin its mission to bolster DeFi on Solana by
developing a crypto borrowing platform that allows users to yield
interest on collateral deposits of multiple assets like SOL, BTC,
and ETH. Hubble will be a zero-interest platform for borrowing, and
users will be able to mint USDH, Hubble’s stablecoin pegged 1:1
with USD, for a low one-time fee of 0.5%. As a fee-sharing
protocol, Hubble distributes nearly 100% of the fees collected by
its services to users who stake HBB, Hubble’s native token, on the
platform. A small percentage of these fees are returned to the
protocol for maintenance and development, but the lion’s share is
returned to Hubble’s DeFi community. In Phase 2 of the protocol’s
roadmap, Hubble will begin providing Solana’s DeFi community access
to structured products, which its project lead, Ciubotariu, spent
years developing during his time with Bloomberg. After that, in
Phase 3, Hubble will focus on developing undercollateralized
lending services, which could become a revolutionary service that
attracts more mainstream attention to DeFi in the future. Captained
by a project lead with years of experience coding financial
products for Bloomberg, it will be interesting to see what
innovative services Hubble will introduce to Solana’s blooming DeFi
ecosystem as it powers through the future phases of its roadmap.
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