Written by Trishla Tyagi

Published on August 16, 2021

OKExChain Cleans Up 2 Billion TVL, Tencent Introduces “Magic” NFT Platform

As OKExChain enters the layer-two area and quickly assemble $2 billion in TVL, Defi developers participate at Chainlink and IOSG Venture’s scaled-up conference in Shanghai.

Minor COVID epidemics in China have gotten a lot of attention as the country tries to avoid more serious lockdowns. Given recent regulations, the cryptocurrency has vowed to keep out of the news, which can only be considered as a good.
OKExChain Cleans Up 2 Billion TVL
                          (Source: thebharatexpressnews)
The Layer-Two Conference Demo Day was held in Shanghai by IOSG Ventures and Chainlink.

  • The winning team, which received bonuses and coaching, was a Synobjix-based asset management project.
  • The conference, which was hosted by leading firms like Polygon, Near, The Graph, and Matter Labs, aimed to inspire project that allows on Ethereum scaling solutions
  • .ObjK, the winners, leveraged The Graph’s query technology to collect data from Synthetix and achieve automatic portfolio rebalancing across pools.
  • Layers two have long been popular in China, mainly since users are less concerned about environmental and decentralization issues.
  • Last week, OKEx revealed OKExChain, an EVM-enabled Layer Two network similar to what most major exchanges have disclosed.
  • This is noteworthy due to OKEx’s enormous user base, which In accounted for the largest share, Binance is a distant second.
  • Exchange-free layer two networks may not have the kind of current expertise of solely devoted layer different routers, but they offer a significant benefit in terms of access to users, assets, projects, and communities.
  • That was demonstrated by OKExChain, which assemble over $ 2 billion in assets in its first week. AMM CherrySwap, which looks to be substantially based on BSC’s PancakeSwap, has a market capitalization of around $ 350 million.
  • The TVL is about the same size as OlympusDAO on Ethereum, while BakerySwap is about the 30th highest Defi app on any network. SWAP another AMM platform on OKExChain had a 24-hour trading volume of quite $ 684 million placing it second within the industry behind Uniswap V3. Keeping these early numbers after the generous YPAs are reduced to more realistic rates would obviously, be a challenge for both the apps and the network.

Spying On How Things Are Going In Plenty Of Other Places.

  • Faced Challenges a dip in DEX trading volume around the Huobi Eco Chain, BSC recently observed a boom in activity around CryptoBlades, an NFT game with more than three times the Huobi Eco Chain’s total market capitalization.
  • Chains like Huobi ECO and OKExChain must figure out a way to entice original app makers into their ecosystems rather than reliant on imports or derivates from other networks to engage with other Layer Two networks Each blockchain technology, as illustrated by Axie Infinity, may be filled with trades and users if the right application is installed.

China’s Enigma Ponziper-Coders

  • Mostly during 4.7 per cent between April 2019 and this summer, more than $ 2.2 billion in bitcoin was transmitted from Chinese wallets to addresses linked to illegal activity, according to a Chain analysis investigation.
  • The preponderance of this is connected to the controversial PlusToken Ponzi scheme that took place in late 2019. The number of addresses involved in frauds and illicit behaviour has decreased dramatically since then, demonstrating that the Chinese crackdown has had attention consumer protection.
  • Auditors appear to be celebrating their wins, as indicated by a piece from a People’s Bank of China working conference this week, which included a list of activities from 2021 to date, including a crackdown on digital money.

The NFT Market Is Attracting The Attention Of Tech Behemoths.

  • Cryptocurrency enterprises aren’t the only ones who are being chastised by Chinese auditors right now. Hundreds of billions of dollars have vanished from Chinese IT stocks in the last week, including online education, delivery, and video games
  • Tencent, which owns stakes in several prominent game studios, has seen its stock price plummet by more than 17% only this month.

NFT artwork can be posted by third parties on the platform, and it is created by one of Tencent’s several NFT-related service development teams. Because of China’s tight regulatory restrictions, the majority of NFTs established by large internet companies are based on private chains or consortium chains.

Tags :

error: Content is protected !!