Billionaires buy CryptoPunks, Arbitrum gains traction, the market ignores warnings – Cointelegraph Magazine

This weekly news summary from China, Taiwan and Hong Kong attempts to plan the most important news in the industry, including influential projects, changes in the regulatory environment, and enterprise blockchain integration.

As China has had a relatively quiet week in terms of regulation and the market has rebounded, there are many arguments that deserve attention. The secondary network continues to make headlines with its huge capital investment. Avalanche and Arbitrum are two networks with increasing popularity in China. This week, Avalanche’s $180 million fund and the launch of Arbitrum both became news. September 1.

MCDex is one of the more active DeFi applications in China. It has taken the first early steps by launching its mainnet on the second layer of Arbitrum. MCDex has launched on-chain BTC/USDC and ETH/USDC perpetual swaps, one of the first projects to take advantage of the speed and scalability of Arbitrum. MCDex and some other Chinese DeFi projects have been betting on the development of Arbitrum and deployed on the Arbitrum testnet earlier this spring.

Traders who wish to use the current phase one deployment on Arbitrum can apply to whitelist their addresses. Many trading companies in Asia may carefully study liquidity mining rewards, especially after the popularity of token incentive transactions on dYdX.

Asian Punk

Hong Kong’s physical NFT art gallery will become Two cryptopunks, Bought a total of 218 ETH last week, which is approximately US$700,000. The art gallery is scheduled to open on September 5th and will now feature cryptopunk #8236 and #1970. Rumor has it that the buyer of CryptoPunk #8236 is Mike Cai, the billionaire founder of the popular selfie app Meitu.

Tsai’s Meitu announced earlier this year that it is widely known in the Asian cryptocurrency community Buy BTC and ETH worth about 40 million U.S. dollars. Through Meitu, Cai Chenggong realized the power of the trend of young people using beauty filters with animated animal ears. This is an encouraging sign for those who want Cai to see CryptoPunks similar to the mainstream future.

Punk #1970 is now owned and displayed at Start-Art NFT Gallery in Hong Kong

According to reports, the Chinese meme community behind Losercoin or LOWB also purchased a third Punk. According to reports, the community purchased CryptoPunk #7326 for 79 ETH.

BSN opens up new territory

South Korean blockchain company MetaverseSociety Be declared As a new portal operator of the blockchain service network. This seems to be the third portal after the domestic Chinese portal and the global version. Domestic portals can cooperate closely with state-owned enterprises and organizations, while global portals cooperate with more blockchain projects under a more relaxed regulatory framework.

This new Korean portal can introduce Chinese companies to the growing community of Korean developers and users. The blockchain service network was jointly initiated by Jujube Technology, National Information Center, China Mobile and China UnionPay.

Like a good neighbor, eCNY is by your side

Bank of Communications and China Construction Bank are exploring new use cases with fund managers to allow users Pay insurance premiums And digital yuan. This is another use case driven by a top-down financial system, becoming a strong competitor to private payment processors such as Alipay and WeChat Pay.

According to the report, China Construction Bank has opened a total of 8.42 million eCNY wallets to individual users and institutional customers, making China a clear leader in CBDC applications.

Blockchain meets TradFi

Chinese regulators, including the China Securities Industry Association and China Securities Regulatory Commission (CSRC), met in the capital to discuss how to use blockchain Digital transformation TradFi industry.

According to the announcement, the Science and Technology Bureau will focus on building a two-layer structure: the asset layer and the business layer for smart contracts and supply chains. The government continues to promote blockchain applications to provide so-called “real economic value”, for example in existing industrial fields.

In case you forgot

Although I want to end this column with a high profile, it is wrong not to include the inevitable reminders from local authorities about the dangers of cryptocurrency investment. On August 27, the People’s Bank of China make a notification That:

“We remind the public again that Bitcoin and other virtual currencies are not legal tender and have no real value to support them.”

Yin Youping, deputy director of the Consumer Insurance Bureau of the People’s Bank of China, stated on August 27 that transactions related to virtual currencies are pure investment speculation, and the public should increase risk awareness, stay away from risks, and protect their “wallets.” The market has hardly responded to this news. , Which shows that more and more influence is being transferred from the government of the region.

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