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

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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 initiatives, adjustments 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 critical lockdowns. Cryptocurrency managed to remain out of the information, which contemplating the regulation just lately, can solely be seen as a superb 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 help builders engaged on scaling options for Ethereum and was backed by main initiatives akin to Polygon, Close to, The Graph, and Matter Labs. The profitable crew, which gained bounties and mentorship, was a Synthetix-based asset administration mission. The winners referred to as themselves ObjK and used querying know-how from The Graph to drag 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 angle. (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 just like what different giant exchanges have launched.

That is of curiosity resulting from OKEx’s giant userbase, which ranks second solely to Binance when sorted by quantity. Layer-two networks launched by exchanges usually lack a number of the technical strengths of the devoted layer-two networks however have a large benefit in entry to customers, belongings, initiatives and communities.

OKExChain was proof of this because it amassed over $2 billion in belongings within the first week. About $350 million of that’s on AMM CherrySwap, which seems to be fairly liberally based mostly on BSC’s PancakeSwap. That TVL would rank across the thirtieth largest 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 will likely be on the functions and community to keep up these early numbers after the beneficiant APYs have been lowered to extra sustainable numbers.

Monitoring adoption elsewhere

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

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

 

Supply: Bscscan.com

 

China’s personal shadowy super-coders

In keeping with 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 time.

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 shopper protections.

Regulators appear to be taking satisfaction of their victories, as evidenced by an article from a Folks’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 so far.

Tech giants eyeing up the NFT area

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

Tencent, which invests in numerous main sport publishers, suffered a greater than 17% drop in inventory worth this month alone. Nonetheless, that didn’t cease it from asserting this week that it could launch an NFT buying and selling platform that roughly interprets as “Magic Core”. Third events can reportedly launch NFT art work on the platform, and it’s designed by simply one in all a number of groups inside Tencent which might be creating NFT associated companies. As a consequence of China’s strict regulatory insurance policies, many of the NFTs launched by the most important web corporations are constructed on personal chains or consortium chain know-how. Alibaba additionally launched an NFT platform in late June. 

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