This weekly summary of reports from mainland China, Taiwan and Hong Kong attempts to prepare the most important news in the industry, including influential projects, changes in the regulatory environment and the integration of corporate blockchains.
Will DOGEmania ever stop?
Dogecoin has officially overturned bitcoins in several categories here in China, with the volume of DOGE trades on the leading Chinese stock exchange Huobi exceeding the volume of leading assets of ETH and BTC. On May 6, according to CoinGecko, the volume of DOGE accounted for more than 15% of the total shift volume, while BTC and ETH were around 8%. The search for “dogecoin” on WeChat surpassed the search for bitcoins, compared to 2.3 million on May 5, compared to 1.7 million. Dogecoin has been increasingly attractive to the Chinese retail community since the beginning of this year, as many of them attract the virality and rapid potential of the DOGE color community.
An attempt to hack will fail, but will cause great confusion
The centralized Hotbit Exchange was victims of a hacking attempt on April 30th. The good news was that the assets seemed secure on the platform. The bad news was that user data was compromised, leading to database corruption. Trading, deposits and withdrawals have been suspended as the stock market attempts to restore normalcy. The Chinese stock exchange is actively communicating via Twitter, and the interrupted service will potentially last another week. Hotbit is well known for listing a diverse range of assets, making it a popular spot among investors who are more risk averse.
Shenzhen-based HOO launches Smart Chain contender
Hoo.com has become another exchange run a smart chain based on an Ethereum or EVM virtual machine, trying to bridge its CeFi users to the DeFi space. The chain, which is currently on the testnet network, boasts low fees of just $ 0.001 per transaction and more than 500 transactions per second, as well as compatibility with Ethereum, BSC and HECO. Since the beginning of the year, Hoo’s token has increased by more than 350%. Smart chains have also launched other Chinese exchanges, including OKEx and Gate. Smart chains are proving to be an attractive way to allow users to maximize revenue while leaving the value of stock market capture out of the process.
VeChain on national television
A CGTN was created in the English and state trade channels short explanatory video on blockchain growth after COVID19. The video and article provided a detailed look at VeChain’s progress in developing business solutions and explain how the technology can be used in the food safety and infection control industries. The media company shot a short video inside the office and interviewed several developers, suggesting that the company has done well to meet regulatory requirements in a tightly operated country. It’s no secret that VeChain has a top position and a close relationship with many government-supported organizations, which is an enviable position for any enterprise blockchain provider as a service.
Rising salaries for blockchain devs
The Beijing Bureau for Human Resources and Social Security recently announced Report from the Wage Survey on the Human Resources Market in 2021 in Beijing (First Quarterly). In contrast, the average annual salary of a blockchain developer in the US often exceeds $ 12,500 per month, according to the recruiting company Hired.com, which is almost double the normal rate in Beijing.
The miners retreat and run … away?
Mining seemed to resume normal after outages after a coal mine fatal accident last month. The incident required strict controls on mining equipment, forcing many ASIC miners to shut down their machines. Hashrates has now recovered to levels close to pre-incident rates in mid-April. However, one interesting shift is that the industry seems to be gradually moving from China to North America. Founder of F2Pool Chun Wang noted that for the first time in eight years, more than half of BTC’s fire brigade came from outside China. This may have been partly related to the incident, but it is a trend that many experts are following, as mining regulations in China seem to be becoming stricter.