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.
Following the implementation of global KYC requirements for all users, Binance’s dominance in CeFi has fallen from approximately two-thirds to slightly more than half. FTX volume monitorThe Big Three of Huobi, Binance and OKEx now look like the Big Five. Hong Kong’s FTX and Singapore’s Bybit have narrowed the gap.
The global NFT boom seemed to intensify within a week, and Visa made the headlines with it 150,000 USD purchase CryptoPunk 7610. Chinese netizens on Weibo are not surprised, the comments asked what can be done after purchase, while others asked joke Regarding whether punk has any artistic value. Since late June, the daily search volume for “NFT” is now between 2.5 million and 4 million, indicating a growing interest in the asset class.
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related: Shanghai Special Issue: The consequences of the encryption crackdown and what will happen next
Owning Bitcoin is not prohibited, but many people are worried about the future of Chinese regulation. Look at our position and where we might go.
Meet the catwalk
this MAODAO It is one of the earliest NFT communities that emerged in Asia, currently focusing on China. It earns games based on games. DAO sponsors players in the Axie Infinity world by pre-provisioning assets, and then returns part of the proceeds to the DAO vault. DAO uses NFT cats as collectibles and governance tokens. These Ready Player Cats (RPC for short) are 3000 NFT cat tokens minted at 0.08 ETH on August 22. The lower limit of the price of colored cartoon cats is now close to 0.4 ETH.
When talking with the founder named Matt Mao, we learned that a lot of inspiration came from another famous NFT project, Bored Yacht Ape Club.
“Our most prominent feature may be our Eastern ancestry. In fact, our first casting event was mainly done by early supporters of the Asian NFT and crypto communities. Perhaps everyone’s enthusiasm stems from the lack of a symbolism in the Eastern community. The NFT project has given us a certain degree of recognition.”
Mao plans to use the rich resources of the crypto community to develop and raise awareness, and strengthen exchanges between the East and West NFT communities. The organization is planning to collaborate with other artists and projects to increase rewards for MAODAO and its members.
Everything goes well, how is the ending?
After a long and dramatic journey, the dramatic Poly cyber hacker return The remaining funds go to the cross-chain bridge.Hackers used a vulnerability in the code to raise more than $610 million in Ethereum and other cryptocurrencies, and then led the cryptocurrency field in crazy attempts, including trying to avoid blacklists, sending funds to Vitalik Buterin, and but Through the blockchain. Poly Network, a project incubated by Neo’s O3 Lab, will be happy to recoup users’ funds, although it remains to be seen whether the project can continue because so much trust has been eroded.
Objection was rejected!
A high court in Shandong Province creates a precedent It rules The plaintiff’s cryptocurrency has no legal status in China. When the People’s Bank of China ordered the closure of the exchange in a 2017 ruling, the plaintiff in the case lost approximately $10,000 worth of tokens. The plaintiff was unable to access his account and hoped to retrieve the value of the tokens on the grounds of fraud. I don’t know if the judge reminded the plaintiff at the end of the case, if “not your key, not your cryptocurrency”.
This contradicts the Shanghai District Court’s ruling earlier this month, which ruled that Bitcoin is a property protected by Chinese law.
The Minhang District Court in Shanghai stated that Bitcoin is a virtual property protected by Chinese law, which is one-off, exchangeable and exclusive. https://t.co/lUO3yr44Vw
-Wu Blockchain (@WuBlockchain) August 18, 2021
The lack of clarity and consensus on this issue is a bit unusual for China, and top-down leadership can usually formulate clear instructions to follow. As the government attaches importance to the development of blockchain, emerging technologies and the upcoming central bank digital currency, the government may hesitate to ban digital assets completely.
Go west in summer
Bitcoin and Ethereum miners appeared to be completing their overseas migration after strict supervision of them earlier this summer.This is based on Hash rate data It recovered to around 66.7% of the pre-regulatory peak in May. In the summer, most large mining companies are shutting down operations and shipping hardware to other countries, including Kazakhstan, Bangladesh, and the United States. This rebound means that the mining industry and the entire network have been freed from another major threat. Now that the network is no longer so centralized in China, it should be more attractive to risk-averse investors.
