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This weekly round-up of news from mainland China, Taiwan and Hong Kong seeks to gather key industry news, including influential projects, regulatory changes and blockchain business integrations.
Will there ever be an end to DOGE mania?
Dogecoin has officially surpassed Bitcoin in several categories in China, with Dogecoin’s trading volume on China’s main exchange Huobi surpassing that of major ETH and BTC assets. The 6th. In May, DOGE accounted for more than 15% of the exchange’s total volume, according to CoinGecko, while BTC and ETH each accounted for about 8%. Searches for dogecoin on WeChat have surpassed those for bitcoin: 2.3 million versus 1.7 million on the 5th. May. Dogecoin has become increasingly attractive to the Chinese trading community since the beginning of this year, as many are attracted by the virality and enrichment potential of DOGE’s colorful community.
Attempted burglary fails but causes a major commotion
The Hotbit central exchange was launched on the 30th. April was the victim of a hacker attack. The good news is that the platform’s assets appear to be safe. The bad news was that the user data had been compromised, damaging the database. Trading, deposits and withdrawals have been suspended while the exchange attempts to restore normal operations. The Chinese stock exchange is actively communicating via Twitter, and the outage could last another week. Hotbit is known to offer a wide range of assets, making it a popular destination among risk-averse investors.
Shenzhen HOO launches competitive smart chain
Hoo.com is another exchange that has launched an Ethereum Virtual Machine (EVM) based smart chain to bring CeFi users into the DeFi space. The chain, which is currently in a test network, boasts low fees of just $0.001 per transaction and over 500 transactions per second, as well as compatibility with Ethereum, BSC and HECO. Since the beginning of the year, the Hoo token is up over 350%. Other Chinese exchanges, including OKEx and Gate, have also introduced smart chains. Smart circuits are proving to be an interesting way for users to maximize their returns while allowing the stock market to benefit from the process.
VeChain on national television
English-language commercial state broadcaster CGTN made a short video presentation on the rise of blockchain after COVID19. The video and article details VeChain’s progress in developing commercial solutions and explains how the technology can be used for food safety and infection control. The media made a short video recording in the office and interviewed several developers, noting that the company has done well in complying with regulations in a difficult country. It’s no secret that VeChain is a leader and has close relationships with many government organizations, which is an enviable position for any enterprise blockchain-as-a-service provider.
Salary growth for blockchain developers
The Beijing Human Resources and Welfare Bureau recently released the 2021 (first quarter) salary survey report for the Beijing human resources market. According to the report, the median monthly salaries of new and hot jobs, which includes the technology sector, were primarily between $3,000 and $4,600. Blockchain engineers have far exceeded this figure, with salaries of $6,700 per month, indicating a growing demand for these skills. By comparison, the average annual salary of a blockchain developer in the US is often above $12,500 a month, almost double that in Beijing, according to recruitment agency Hired.com.
mines are working again… gone?
Mining activity appears to be normalizing after last month’s deadly mining accident. The incident required extensive inspections of mining operations and forced many ASIC miners to shut down their machines. The hash rate has since returned to the level before the mid-April incident. One interesting change, however, is that the industry seems to be gradually moving from China to North America. F2Pool founder Chun Wang noted that for the first time in eight years, more than half of BTC’s hashing power comes from outside China. This may be partly due to the incident, but it’s a trend many experts are seeing as China’s mining regulations become stricter.