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Blockchain

Chainlink hackathon, OKExChain nets $2B TVL, and Tencent unveils ‘magic’ NFT platform – Cointelegraph Magazine

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This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.  

Much like last week, China’s minor COVID flareups dominated the headlines as the country seeks to avoid more serious lockdowns. Cryptocurrency managed to stay out of the news, which considering the regulation recently, can only be viewed as a good thing. 

Much love for the layer-twos

On August 3, IOSG Ventures and Chainlink hosted the Demo Day of the Layer-Two Hackathon in Shanghai. The event aimed to support developers working on scaling solutions for Ethereum and was backed by major projects such as Polygon, Near, The Graph, and Matter Labs. The winning team, which won bounties and mentorship, was a Synthetix-based asset management project. The winners called themselves ObjK and used querying technology from The Graph to pull data from Synthetix, achieving an automated cross-pool portfolio rebalance.

 

A number of layer two protocols attended the hackathon. China’s development community maintains a very cohesive and collaborative attitude. (Source: IOSG Ventures)

 

Layer-twos have always been popular in China, particularly as users feel less concerned about custodial risks and decentralization. Last week, OKEx officially launched OKExChain, which is an EVM-compatible layer-two network similar to what other large exchanges have released.

This is of interest due to OKEx’s large userbase, which ranks second only to Binance when sorted by volume. Layer-two networks released by exchanges often lack some of the technical strengths of the dedicated layer-two networks but have a massive advantage in access to users, assets, projects and communities.

OKExChain was evidence of this as it amassed over $2 billion in assets in the first week. About $350 million of that is on AMM CherrySwap, which appears to be quite liberally based on BSC’s PancakeSwap. That TVL would rank around the 30th biggest DeFi app on all networks, around the size of OlympusDAO on Ethereum and BakerySwap on BSC. KSwap, another AMM platform on OKExChain, racked up over $684 million in 24-hour trade volume on Thursday, which puts it second behind Uniswap V3 for the busiest dApp in the industry. Of course, the challenge will be on the applications and network to maintain these early numbers after the generous APYs have been reduced to more sustainable numbers.

Tracking adoption elsewhere

Despite declining DEX trading volume on both BSC and Huobi Eco Chain, BSC recently saw an explosion in activity around CryptoBlades, an NFT game that accounted for more than three times the transaction volume of the entire Huobi Eco Chain on Thursday.

Ultimately, for chains like Huobi ECO or OKExChain to compete with other layer-two networks, they must find a way to recruit unique app developers to their ecosystems, rather than relying on ports or forks from other networks. As Axie Infinity has shown, any blockchain network can become loaded full of transactions and users if the right application is deployed on it.

 

Source: Bscscan.com

 

China’s own shadowy super-coders

According to a Chainanalysis report, more than $2.2 billion worth of cryptocurrency had been sent from Chinese wallets to addresses associated with illicit activity in the two-year period between April of 2019 and this summer.

The bulk of this is related to the infamous PlusToken ponzi scam that took place in late 2019. Since then, the number of addresses engaging in scams and illegal activity has shrunk dramatically, indicating that Chinese clampdowns are having some impact on consumer protections.

Regulators seem to be taking satisfaction in their victories, as evidenced by an article from a People’s Bank of China working conference last week, where the digital currency crackdown was mentioned in a list of 2021 efforts to date.

Tech giants eyeing up the NFT space

Crypto companies aren’t the only ones feeling the wrath of Chinese regulators these days. Over the past week, hundreds of billions of dollars have been wiped from Chinese tech stocks including online education, delivery, and video gaming.

Tencent, which invests in a number of major game publishers, suffered a more than 17% drop in stock price this month alone. Still, that didn’t stop it from announcing this week that it would release an NFT trading platform that roughly translates as “Magic Core”. Third parties can reportedly release NFT artwork on the platform, and it’s designed by just one of several teams within Tencent that are developing NFT related services. Due to China’s strict regulatory policies, most of the NFTs launched by the major internet companies are built on private chains or consortium chain technology. Alibaba also launched an NFT platform in late June. 

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Blockchain

NFT Leaderboard Study Highlights the Crypto Industry’s Leading NFT Collectors – Blockchain Bitcoin News

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As the non-fungible token (NFT) space continues to grow, the blockchain analytics Nansen has published a leaderboards list of the top wallets (NFT collectors) that interact with NFTs on a regular basis. The analytics firm combed through 90 million ethereum wallets and found a number of big market players making moves in the NFT space.

The NFT Ecosystem’s Most Prolific Market Collectors

Non-fungible token (NFT) technology and the supporting ecosystem have grown quite mature in 2021 and it doesn’t seem like it’s slowing down anytime soon. There’s lots of NFT market data coming out too and recorded in real-time. Well known brands, celebrities, and popular organizations are jumping into the NFT fray and all of this is recorded in headlines as well.

Nansen’s NFT overall profit leaderboard.

Data stemming from nonfungible.com’s 30-day market history shows there were $380 million in NFT sales last month. Now the blockchain analytics provider Nansen has provided statistics on some of the most prominent non-fungible token market players, namely the NFT collectors.

Nansen’s NFT “Bored Ape Yacht Club” leaderboard.

Out of the millions of wallets and transactions scanned, Nansen says that in order to be included on the NFT leaderboard “an account must have bought and sold at least 10 NFTs from over 3 collections.” The leaderboard has different sections which rank by total profit, and leaders of a specific NFT collection. There’s also a tab called the “hodlers tab” in the NFT God Mode section of the leaderboard. The stats Nansen’s leaderboard data shows can be quite interesting and can give some perspective on the top NFT collectors in the space.

Pranksy, Atblank, Natealex, and Snotrocket

For instance, there is the NFT collector dubbed “Pranksy,” who is considered a collector with the best overall profits. “Pranksy is prolific,” Nansen’s report details. “With a total spend of 1860 ETH (currently 3.4 Million USD), Pranksy has spent over 3x the amount of anyone else on the leaderboard,” the researchers add. Pranksy also has covered a lot of collections and spans a total of 86 collections and “in total has purchased 9390 NFTs, of which 2350 have been sold.”

Data stemming from the NFT collector dubbed Pranksy.

Another player called ‍”Atblank.eth” has made the best percentage of profit collecting NFTs and is making “5000%+ profit on investment,” according to stats. Another NFT collector called “Danny” is the “biggest spender as the collector has spent 2570 ETH over 7088 NFT purchases. Out of the 7,088 NFTs in Danny’s collection, the collector has only sold 149 according to the Nansen study. Another character dubbed “Snotrocket.eth” is known for having the most NFT collections purchased.

Snotrocket.eth has purchased from 118 different NFT collections and Nansen says the buyer is the “most eclectic.” “Despite this breadth of investment,” Nansen’s report details. Snotrocket.eth has managed to make 145 ETH total profit and only sold 184 out of their 613 NFTs. That degree of total profit is unusual for an NFT collection with such high diversification.” First place goes to Pranksy for “reinvestment” strategies and second place is held by Atblank.eth. Another individual by the name of “Natealex.eth” gets the third-place position for the most consistent returns.

“The NFT leaderboards and wallet profiler represent new ways of gaining insight into the fast-moving and newly emerging NFT ecosystem,” Nansen’s report concludes. “Unlike traditional art-markets, blockchain is able to preserve individual privacy whilst acting as a public treasure-trove of data revealing market trends and buyer strategies. These feature updates enable new and seasoned collectors to curate their own list of notable wallets to develop unique and personal insights into the latest NFT activity.”

What do you think about Nansen’s report on the top NFT market collectors in the space today? Let us know what you think about this subject in the comments section below.

Tags in this story
Analytics, Atblank, Blockchain, Blockchain Art, blockchain artwork, Crypto, Leaderboards, Nansen, Natealex, nft, NFT analytics, NFT collectors, NFT ecosystem, NFT Whales, NFTs, Non-fungible Token, Pranksy, Snotrocket, Top NFT Buyers, Top NFT Players, Top NFT Profits

Image Credits: Shutterstock, Pixabay, Wiki Commons, Images via Nansen Study & Leaderboard

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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