This weekly roundup of news from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the trade’s most necessary news, together with influential initiatives, adjustments within the regulatory panorama, and enterprise blockchain integrations.
Will DOGEmania ever cease?
Dogecoin has formally flipped Bitcoin in a number of classes right here in China, with DOGE buying and selling quantity on main Chinese change Huobi surpassing that of main belongings ETH and BTC. On May sixth, in line with CoinGecko, DOGE quantity made up more than 15% of whole change quantity, whereas BTC and ETH had been round 8% every. Searches for ‘Dogecoin’ on WeChat surpassed searches for Bitcoin, with 2.three million versus 1.7 million on May fifth. Dogecoin has grow to be more and more interesting to the Chinese retail neighborhood since earlier this yr as many are interested in the virality and get-rich-quick potential of the colourful DOGE neighborhood.
Hacking try fails, however causes a significant ruckus
Centralized change Hotbit was the victim of a hacking attempt on April 30th. The good news was that belongings seem like protected on the platform. The unhealthy news was that person knowledge was compromised, resulting in a corrupted database. Trading, deposits and withdrawals have all been paused whereas the change makes an attempt to revive normality. The Chinese change has been speaking actively by way of Twitter, with the interrupted service lasting doubtlessly one other week. Hotbit is well-known for itemizing a various vary of belongings, making it a preferred spot amongst more danger averse traders.
Shenzhen-based HOO launches Smart Chain contender
Hoo.com turned yet one more change to launch an Ethereum Virtual Machine, or EVM-based, smart chain, making an attempt to bridge their CeFi customers into the DeFi area. The chain, at present in testnet, boasts low charges of simply 0.001 USD per transaction and over 500+ transactions per second, in addition to compatibility with Ethereum, BSC, and HECO. Since the beginning of the yr, Hoo’s token has elevated by over 350%. Other Chinese exchanges, together with OKEx and Gate, have additionally launched sensible chains. Smart chains are proving a sexy solution to let customers maximize yield whereas nonetheless letting the change seize worth from the method.
VeChain on nationwide TV
English-language and state-run business channel CGTN created a short expository video on blockchain’s development post-COVID19. The video and article featured a detailed have a look at VeChain’s progress in creating business options, explaining how the technology could possibly be utilized to the meals security and an infection management trade. The media firm shot a brief video contained in the workplace and interviewed a number of of the builders, indicating that the corporate has performed effectively to adjust to regulatory necessities within the tightly run nation. It’s no secret that VeChain has a high place and shut relationship with many authorities backed organizations, which is an enviable place for any enterprise Blockchain-as-a-Service supplier.
Rising salaries for blockchain devs
The Beijing Human Resources and Social Security Bureau lately launched the 2021 Beijing Human Resources Market Salary Survey Report (First Quarterly)”. According to the report, new and hot jobs, which included the tech space, had a median average monthly salary mainly in the $3,000 to $4,600 range. Blockchain engineers comfortably eclipsed that with a wage of $6,700 per month, showing the growing demand for the skills. By contrast, the average annual salary of a blockchain developer in the U.S. often exceeds $12,500 per month, according to recruitment firm Hired.com, nearly double the going rate in Beijing.
Miners back up and running… away?
Mining appears to have resumed as normal following the outages after a deadly coal mine accident last month. The incident required rigorous inspections of mining facilities, forcing many ASIC miners to turn off their machines. Hashrates have currently recovered to near the rates they were prior to the incident in the middle of April. One interesting shift, however, is that the industry appears to be gradually shifting from China to North America. F2Pool founder Chun Wang famous that for the primary time in Eight years, more than half the BTC hashing energy was coming from outdoors of China. This might have been partially tied to the incident, however is a pattern that many consultants are following as mining laws in China seem like rising stricter.