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Chainlink hackathon, OKExChain nets $2B TVL, and Tencent unveils ‘magic’ NFT platform – Cointelegraph Magazine



This weekly roundup of reports from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the business’s most necessary information, together with influential tasks, modifications within the regulatory panorama, and enterprise blockchain integrations.  

A lot like final week, China’s minor COVID flareups dominated the headlines because the nation seeks to keep away from extra severe lockdowns. Cryptocurrency managed to remain out of the information, which contemplating the regulation lately, can solely be seen as a great factor. 

A lot love for the layer-twos

On August 3, IOSG Ventures and Chainlink hosted the Demo Day of the Layer-Two Hackathon in Shanghai. The occasion aimed to assist builders engaged on scaling options for Ethereum and was backed by main tasks comparable to Polygon, Close to, The Graph, and Matter Labs. The successful staff, which received bounties and mentorship, was a Synthetix-based asset administration venture. The winners known as themselves ObjK and used querying expertise from The Graph to tug knowledge from Synthetix, attaining an automatic cross-pool portfolio rebalance.


A lot of layer two protocols attended the hackathon. China’s growth group maintains a really cohesive and collaborative perspective. (Supply: IOSG Ventures)


Layer-twos have all the time been common in China, notably as customers really feel much less involved about custodial dangers and decentralization. Final week, OKEx formally launched OKExChain, which is an EVM-compatible layer-two community much like what different massive exchanges have launched.

That is of curiosity as a consequence of OKEx’s massive userbase, which ranks second solely to Binance when sorted by quantity. Layer-two networks launched by exchanges typically lack a number of the technical strengths of the devoted layer-two networks however have an enormous benefit in entry to customers, property, tasks and communities.

OKExChain was proof of this because it amassed over $2 billion in property within the first week. About $350 million of that’s on AMM CherrySwap, which seems to be fairly liberally primarily based on BSC’s PancakeSwap. That TVL would rank across the thirtieth greatest DeFi app on all networks, across the measurement of OlympusDAO on Ethereum and BakerySwap on BSC. KSwap, one other AMM platform on OKExChain, racked up over $684 million in 24-hour commerce quantity on Thursday, which places it second behind Uniswap V3 for the busiest dApp within the business. In fact, the problem can be on the purposes and community to keep up these early numbers after the beneficiant APYs have been diminished to extra sustainable numbers.

Monitoring adoption elsewhere

Regardless of declining DEX buying and selling quantity on each BSC and Huobi Eco Chain, BSC lately noticed an explosion in exercise round CryptoBlades, an NFT sport that accounted for greater than 3 times the transaction quantity of the complete Huobi Eco Chain on Thursday.

Finally, for chains like Huobi ECO or OKExChain to compete with different layer-two networks, they have to discover a method to recruit distinctive app builders to their ecosystems, moderately than counting on ports or forks from different networks. As Axie Infinity has proven, any blockchain community can turn into loaded filled with transactions and customers if the fitting software is deployed on it.




China’s personal shadowy super-coders

Based on a Chainanalysis report, greater than $2.2 billion price of cryptocurrency had been despatched from Chinese language wallets to addresses related to illicit exercise within the two-year interval between April of 2019 and this summer season.

The majority of that is associated to the notorious PlusToken ponzi rip-off that happened in late 2019. Since then, the variety of addresses partaking in scams and criminality has shrunk dramatically, indicating that Chinese language clampdowns are having some influence on client protections.

Regulators appear to be taking satisfaction of their victories, as evidenced by an article from a Individuals’s Financial institution of China working convention final week, the place the digital foreign money crackdown was talked about in an inventory of 2021 efforts up to now.

Tech giants eyeing up the NFT house

Crypto corporations aren’t the one ones feeling the wrath of Chinese language regulators lately. Over the previous week, tons of of billions of {dollars} have been wiped from Chinese language tech shares together with on-line training, supply, and video gaming.

Tencent, which invests in various main sport publishers, suffered a greater than 17% drop in inventory worth this month alone. Nonetheless, that didn’t cease it from saying this week that it could launch an NFT buying and selling platform that roughly interprets as “Magic Core”. Third events can reportedly launch NFT paintings on the platform, and it’s designed by simply one in every of a number of groups inside Tencent which can be creating NFT associated providers. Because of China’s strict regulatory insurance policies, a lot of the NFTs launched by the key web corporations are constructed on non-public chains or consortium chain expertise. Alibaba additionally launched an NFT platform in late June. 

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