This weekly roundup of stories from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the trade’s most essential information, together with influential tasks, modifications within the regulatory panorama, and enterprise blockchain integrations.
This week, Wanxiang Blockchain hosted its annual Shanghai Blockchain Week, an occasion that often brings collectively the federal government, enterprise, educational and degen aspect of the trade for a giant celebration of how far decentralized expertise has come.
This yr was quite a bit totally different, because the degens have been pushed out of the limelight by the latest spate of regulation. That didn’t cease them from having their non-public events, nevertheless it was a giant change from earlier years the place practically each main mission, VC, alternate, and media group hosted glitzy all-you-can-eat-and-drink occasions at landmark venues throughout Shanghai.
For the primary occasion, Ethereum cofounder Vitalik Buterin attended through video, giving his normal profound insights into the event of Ethereum. Very similar to the speeches he gave just lately at different Ethereum occasions, he talked about how Ethereum can evolve by Layer-two scaling.
Layer-two tasks, akin to Close to, Avalanche, Polygon and Arbitrum have spent a variety of time cultivating Chinese language-language ecosystems, hoping to faucet into a big person inhabitants that doesn’t have as many ideological qualms round decentralization as western counterparts. Buterin additionally joined a panel with two others who’ve had success elevating curiosity in China, Juan Benet of Filecoin and Dominik Williams of Dfinity.
Enjoying arduous to get
Just a few large occasions had been obtainable for the night crowds, however most of them had been invite-only attendance. One occasion titled “Degen Evening” was inflicting a stir as a result of the organizers purposely not noted any point out of the place it was situated or who they had been. Individuals who had been invited had been contacted anonymously and informed to maintain the situation secret. The poster did specify that OHM, SPELL, TIME, and KLIMA communities had been more likely to be effectively represented.
The MAODAO, a Chinese language backed neighborhood of play-to-earn avid gamers and NFT followers, additionally held an unique occasion. Like the opposite occasions, the DAO waited until the final day to disclose the situation, and solely within the Discord channel. Proudly owning a Prepared Participant Cat NFT was acknowledged to be a requirement for entrance, however no phrase on how strictly that was enforced.
Normally, the week didn’t really feel like as a lot of an previous buddies gathering as earlier years. It’s arduous to inform how a lot of that was on account of laws, and the way a lot was a results of the robust market situations diluting the scene with newer gamers.
Rating the exchanges
Huobi slipped additional behind FTX this week, now sitting at solely round 60% of the amount. Final month, Huobi introduced that they might be closing Chinese language accounts on the finish of 2021, doubtlessly reducing off a big portion of its lively person base.
Judging from the volumes, OKEx and FTX appear to be benefiting essentially the most from this. Huobi’s HT token has had a tough 2021 as effectively, now buying and selling at lower than $10, a steep drop from the Could peak at $35.
One other robust performer is Gate.io, an alternate with roots in China that’s threatening to shed its Tier-2 standing. On Thursday, it was displaying over $7.5 billion in 24-hour volume, making it on par with main Korean alternate Upbit, and seventh general. Followers of memecoins will rejoice to see that of that quantity, round 20% got here from the main duo of Shiba Inu and Dogecoin.
Spilling into Hong Kong
Hong Kong is seemingly turning into a hotbed of OTC buying and selling desks, in accordance to an article by Rachel Wolfson on Cointelegraph. Wolfson described what number of of those have their very own bodily areas and use case that to construct belief with customers, together with Chinese language vacationers.
The one barrier standing in entrance of this booming trade is an upcoming regulatory framework, which is presently being mulled over. If Hong Kong is to comply with the trail Beijing took earlier this yr, it may have a serious impression on the town’s crypto trade. That might possible give a fair larger increase to Singapore, the place many main crypto gamers have already taken regulatory refuge.