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.
This week, Wanxiang Blockchain held the annual Shanghai Blockchain Week, which usually brings together governments, enterprises, academics and Dough An industry event to celebrate the extent of the development of decentralized technology.
This year is very different, because a series of recent regulations have put transgender people out of the spotlight. This hasn’t stopped them from holding private parties, but compared to previous years, almost every major project, venture capital, exchange and media group has held dazzling all-you-can-drink events at landmarks. The venues are all over Shanghai.
For the main event, Ethereum co-founder Vitalik Buterin attended via video and gave his consistent insights into the development of Ethereum. Just like his recent speeches at other Ethereum events, he talked about how Ethereum can develop through the second layer of expansion.
Two-tier projects such as Near, Avalanche, Polygon, and Arbitrum have spent a lot of time cultivating the Chinese ecosystem, hoping to take advantage of the huge user base, these users do not have as many ideological doubts as their Western counterparts in terms of decentralization. Buterin also joined a group with two other people who have successfully increased their interest in China. They are Juan Benet of Filecoin and Dominik Williams of Dfinity.
Had a hard time
The evening crowd can participate in some major events, but most of them are invitation-only events. An event called “Degan Night” caused a sensation because the organizers deliberately did not mention its location or who they were. The invited person was contacted anonymously and told to keep the location confidential. The poster does indicate that the OHM, SPELL, TIME, and KLIMA communities may be well represented.
MAODAO, a community of gamers and NFT fans supported by China, also hosted an exclusive event. As with other events, the DAO waited until the last day to reveal its location, and only in the Discord channel. It is said that having a Ready Player Cat NFT is a requirement for admission, but it did not specify the strictness of the implementation.
In general, this week is not as many gatherings of old friends as in previous years. It is difficult to say how much of this is due to regulations, and how much is due to strong market conditions diluting the existence of new players.
Huobi further declines behind FTX this week, now only accounts for about 60% of the transaction volume. Last month, Huobi announced that they will close their Chinese accounts at the end of 2021, which may cut off most of its active user base.
From the perspective of transaction volume, OKEx and FTX seem to benefit the most. Huobi’s HT token also experienced ups and downs in 2021. The current trading price is less than US$10, a sharp drop from the May peak of US$35.
Another strong performing company is Gate.io, an exchange rooted in China that may get rid of its Tier-2 status.On Thursday, it showed more than 7.5 billion U.S. dollars 24-hour volume, On a par with the leading Korean exchange Upbit, ranking seventh overall. Fans of memecoins will be happy to see that number, about 20% are from the leading duo of Shiba Inu and Dogecoin.
Pouring into Hong Kong
According to reports, Hong Kong is clearly becoming a hotbed of over-the-counter trading desks To an article Rachel Wolfson on Cointelegraph. Wolfson described how many of them have their own physical locations and use cases to build trust with users, including Chinese tourists.
One obstacle facing this booming industry is the upcoming regulatory framework, which is currently under careful consideration. If Hong Kong is to follow the path that Beijing took earlier this year, it may have a major impact on Hong Kong’s encryption industry. This may give Singapore a bigger boost, where many major cryptocurrency participants have taken refuge.