This weekly roundup of stories from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the business’s most vital information, together with influential tasks, adjustments 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 facet of the business for an enormous celebration of how far decentralized expertise has come.
This yr was so much 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 personal events, nevertheless it was an enormous change from earlier years the place almost 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 by way of video, giving his regular 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 way of Layer-two scaling.
Layer-two tasks, akin to Close to, Avalanche, Polygon and Arbitrum have spent plenty of time cultivating Chinese language-language ecosystems, hoping to faucet into a big consumer 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.
Taking part in onerous to get
Just a few massive occasions have been out there for the night crowds, however most of them have been invite-only attendance. One occasion titled “Degen Evening” was inflicting a stir as a result of the organizers purposely ignored any point out of the place it was situated or who they have been. Individuals who have been invited have been contacted anonymously and informed to maintain the placement secret. The poster did specify that OHM, SPELL, TIME, and KLIMA communities have been more likely to be nicely represented.
The MAODAO, a Chinese language backed group 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 placement, and solely within the Discord channel. Proudly owning a Prepared Participant Cat NFT was said to be a requirement for entrance, however no phrase on how strictly that was enforced.
Basically, the week didn’t really feel like as a lot of an outdated mates gathering as earlier years. It’s onerous to inform how a lot of that was resulting from laws, and the way a lot was a results of the sturdy 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 quantity. 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 energetic consumer base.
Judging from the volumes, OKEx and FTX appear to be benefiting probably the most from this. Huobi’s HT token has had a tough 2021 as nicely, now buying and selling at lower than $10, a steep drop from the Could peak at $35.
One other sturdy performer is Gate.io, an alternate with roots in China that’s threatening to shed its Tier-2 standing. On Thursday, it was exhibiting over $7.5 billion in 24-hour quantity, making it on par with main Korean alternate Upbit, and seventh total. 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 outwardly 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 places and use case that to construct belief with customers, together with Chinese language vacationers.
The one barrier standing in entrance of this booming business is an upcoming regulatory framework, which is presently being mulled over. If Hong Kong is to observe the trail Beijing took earlier this yr, it may have a significant affect on town’s crypto business. That might probably give a good larger enhance to Singapore, the place many main crypto gamers have already taken regulatory refuge.