Inside Blockchain Week’s non-public events, Vitalik’s speech, and Gate.io climbs the ranks – Cointelegraph Magazine
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 initiatives, 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, tutorial and degen aspect of the trade for a giant celebration of how far decentralized expertise has come.
This 12 months 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, but it surely was a giant change from earlier years the place almost each main venture, VC, exchange, and media group hosted glitzy all-you-can-eat-and-drink occasions at landmark venues throughout Shanghai.
For the principle occasion, Ethereum cofounder Vitalik Buterin attended by way of video, giving his regular profound insights into the event of Ethereum. Much just like the speeches he gave not too long ago at different Ethereum occasions, he talked about how Ethereum can evolve by Layer-two scaling.
Layer-two initiatives, corresponding to Near, Avalanche, Polygon and Arbitrum have spent lots of time cultivating Chinese-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.
Playing laborious to get
A number of large occasions have been obtainable for the night crowds, however most of them have been invite-only attendance. One occasion titled “Degen Night” 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. People 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 prone to be nicely represented.
The MAODAO, a Chinese backed neighborhood of play-to-earn players 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. Owning a Ready Player Cat NFT was acknowledged to be a requirement for entrance, however no phrase on how strictly that was enforced.
In basic, the week didn’t really feel like as a lot of an outdated associates gathering as earlier years. It’s laborious 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.
Ranking the exchanges
Huobi slipped additional behind FTX this week, now sitting at solely round 60% of the amount. Last month, Huobi introduced that they’d be closing Chinese accounts on the finish of 2021, probably chopping 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 May peak at $35.
Another robust performer is Gate.io, an exchange 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 exchange Upbit, and seventh general. Fans 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 areas and use case that to construct belief with customers, together with Chinese vacationers.
The one barrier standing in entrance of this booming trade is an upcoming regulatory framework, which is at the moment being mulled over. If Hong Kong is to observe the trail Beijing took earlier this 12 months, it may have a significant influence on town’s crypto trade. That would possible give an excellent larger enhance to Singapore, the place many main crypto gamers have already taken regulatory refuge.