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

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong tries to curate the market’s crucial news, consisting of prominent tasks, modifications in the regulative landscape, and business blockchain combinations.  

Much like recently, China’s small COVID flareups controlled the headings as the nation looks for to prevent more severe lockdowns. Cryptocurrency handled to avoid of the news, which thinking about the guideline just recently, can just be deemed a good idea. 

Much love for the layer-twos

On August 3, IOSG Ventures and Chainlink hosted the Demonstration Day of the Layer-Two Hackathon in Shanghai. The occasion intended to support designers dealing with scaling options for Ethereum and was backed by significant tasks such as Polygon, Near, The Chart, and Matter Labs. The winning group, which won bounties and mentorship, was a Synthetix-based possession management job. The winners called themselves ObjK and utilized querying innovation from The Chart to pull information from Synthetix, attaining an automatic cross-pool portfolio rebalance.


A variety of layer 2 procedures participated in the hackathon. China’s advancement neighborhood preserves an extremely cohesive and collective mindset. (Source: IOSG Ventures)


Layer-twos have actually constantly been popular in China, especially as users feel less worried about custodial threats and decentralization. Recently, OKEx formally released OKExChain, which is an EVM-compatible layer-two network comparable to what other big exchanges have actually launched.

This is of interest due to OKEx’s big userbase, which ranks 2nd just to Binance when arranged by volume. Layer-two networks launched by exchanges typically do not have a few of the technical strengths of the devoted layer-two networks however have a huge benefit in access to users, possessions, tasks and neighborhoods.

OKExChain was proof of this as it accumulated over $2 billion in possessions in the very first week. About $350 countless that is on AMM CherrySwap, which seems rather freely based upon BSC’s PancakeSwap. That TVL would rank around the 30th greatest DeFi app on all networks, around the size of OlympusDAO on Ethereum and BakerySwap on BSC. KSwap, another AMM platform on OKExChain, acquired over $684 million in 24-hour trade volume on Thursday, which puts it 2nd behind Uniswap V3 for the busiest dApp in the market. Obviously, the obstacle will be on the applications and network to keep these early numbers after the generous APYs have actually been lowered to more sustainable numbers.

Tracking adoption somewhere else

Regardless of decreasing DEX trading volume on both BSC and Huobi Eco Chain, BSC just recently saw a surge in activity around CryptoBlades, an NFT video game that represented more than 3 times the deal volume of the whole Huobi Eco Chain on Thursday.

Eventually, for chains like Huobi ECO or OKExChain to take on other layer-two networks, they need to discover a method to hire special app designers to their environments, instead of counting on ports or forks from other networks. As Axie Infinity has actually revealed, any blockchain network can end up being packed filled with deals and users if the best application is released on it.




China’s own shadowy super-coders

According to a Chainanalysis report, more than $2.2 billion worth of cryptocurrency had actually been sent out from Chinese wallets to addresses connected with illegal activity in the two-year duration in between April of 2019 and this summer season.

The bulk of this belongs to the notorious PlusToken ponzi rip-off that occurred in late 2019. Ever since, the variety of addresses participating in frauds and prohibited activity has actually diminished significantly, showing that Chinese clampdowns are having some effect on customer defenses.

Regulators appear to be taking complete satisfaction in their success, as evidenced by a post from an Individuals’s Bank of China working conference recently, where the digital currency crackdown was pointed out in a list of 2021 efforts to date.

Tech giants considering up the NFT area

Crypto business aren’t the only ones feeling the rage of Chinese regulators nowadays. Over the previous week, numerous billions of dollars have actually been cleaned from Chinese tech stocks consisting of online education, shipment, and video gaming.

Tencent, which purchases a variety of significant video game publishers, suffered a more than 17% drop in stock cost this month alone. Still, that didn’t stop it from revealing today that it would launch an NFT trading platform that approximately equates as “Magic Core”. 3rd parties can apparently launch NFT art work on the platform, and it’s created by simply among numerous groups within Tencent that are establishing NFT associated services. Due to China’s rigorous regulative policies, the majority of the NFTs released by the significant web business are developed on personal chains or consortium chain innovation. Alibaba likewise released an NFT platform in late June. 

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