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Shanghai Man: Blockchain Week with Vitalik still happening, ‘Bitcoin’ searches on WeChat hit 26M in a day

This weekly roundup of stories from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the trade’s most vital information, together with influential initiatives, adjustments in the regulatory panorama, and enterprise blockchain integrations.  

In this thirtieth version of the Shanghai Man column, we preview the Wanxiang Shanghai Blockchain Week, an offline occasion that usually is the largest blockchain convention on the Chinese calendar. Next week, regardless of all of the regulatory crackdowns, the occasion is still planning to go forward, albeit with a one-month delay from its typical place in mid-September. 

The flagship occasion

Historically, Wanxiang Blockchain Week has attracted enormous crowds of trade individuals together with merchants, traders, builders, monetary establishments, and conventional firms. The three-day occasion is often supplemented with a busy schedule of aspect occasions, focusing on areas like DeFi or network-specific meetups.

Last 12 months, following the COVID-19 lockdowns, the occasion was way more subdued, notably with a lack of abroad audio system corresponding to Vitalik Buterin and Gavin Wood bodily attending. These two thought-leaders each have sturdy ties to Shanghai and at all times helped to elevate the profile of the occasion from a technical perspective. 

An commercial for the Wanxiang Blockchain Summit focuses on digital transformation this 12 months. Source: Wanxiang Blockchain Labs

Wanxiang Blockchain is a massive funding outfit that helps among the strongest initiatives in the area. It has invested over 100 billion RMB in over 200 initiatives, working considerably just like the Consensys of the East. Its ties to China Wanxiang Group give it an elevated place in the enterprise world, together with a nearer relationship to enterprises and authorities assets. 

This 12 months’s occasion is set to happen on October 26 and 27, with keynote speeches deliberate from Vitalik Buterin of Ethereum, Sergey Nazarov of Chainlink, Yat Siu of Animoca Brands and Anatoly Yakovenko of Solana. It’s not clear whether or not any of those will bodily attend the occasion, however given China’s strict quarantine restrictions and cryptocurrency insurance policies, it is extra probably that they will give the speech by way of video.

In the previous, a lot of the speeches have centered on the infrastructure and purposes, quite than cryptocurrencies and trading-related actions. This has allowed the occasion to preserve attracting authorities representatives no matter more and more destructive insurance policies.

The Metaverse and NFT artwork are two subjects which have managed to keep away from the wrath of regulators. As such, a variety of associated occasions have been grouped into what is being referred to as Shanghai Metaverse Week, which can be simply a refined method for “Blockchain Week” occasions to keep away from scrutiny from the federal government. This Metaverse Week is being hosted by companions together with Litentry, Polygon, Harmony, Flow, Tezos and Mask Network. The occasion is planning to have unique stay streams in Decentraland.  

Changes in the ranks

Searches containing the key phrase ‘Bitcoin’ on WeChat spiked to almost 26 million on October 15, fueled by the information of an ETF approval in the US. These ranges of consideration hadn’t been seen since mid-summer when the regulatory crackdown drew a lot of consideration to the asset. 

Exchange volumes inform an attention-grabbing story as OKEx has picked up steam not too long ago, rising as a clear second to Binance with about 11% of the entire market share in accordance to FTX’s global volume monitor. Huobi, which introduced it could be limiting Chinese customers from utilizing the platform on the finish of 2021, has struggled to preserve tempo with OKEx and has now slipped behind FTX, into the fourth place and solely a few billion {dollars} per day forward of ByBit.

Huobi dominated the CeFi scene between 2014 and 2016, the place it loved prolonged spells as the very best quantity change. Now a new wave of CeFi exchanges led by FTX and ByBit are beginning to eat away on the dominance of the standard CeFi leaders Huobi, Binance, and OKEx, collectively generally known as HBO. 

Catching the NFT development

Numerous main firms have been dropping their personal NFTs nowadays, together with eCommerce large JD.com. The retailer, which has its personal blockchain, is releasing a set of seven NFT fashions by means of its WeChat mini-program later this 12 months.

Last week, logistics firm DHL additionally announced an NFT launching on the VeChain mainnet. These NFTs are rising as a method to reward prospects, however with the strict insurance policies, it’s unlikely these NFTs will find yourself on open marketplaces and expose many customers to the higher cryptocurrency ecosystem. 

DHL used VeChain’s ToolChain to create these NFTs for their retail customers. Source: DHL

Losing out to the US

An announcement on the web site for the National Development Reform Commission proclaimed that the US has now overtaken China as the highest Bitcoin mining nation in the world. The transient article boasts that this transformation has come simply two months after Beijing dominated cryptocurrency mining to be unlawful.

It’s unclear whether or not or not this text is meant to be taken actually,or as a very refined however sarcastic reminder that latest political selections might not be in the very best curiosity of the nation.

Source: Cointelegraph.com

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