🇨🇳 China's Ethereum

Markets

Bitcoin Ordinals are upending NFT trading amid surge in popularity (2 minute read)
Bitcoin Ordinals, the NFTs minted on the world's most valuable blockchain, have rapidly gained attention in the industry and are now posing serious competition to other networks, altering trading behavior. While Ethereum remains the top blockchain for NFT trading volume and is unlikely to lose that position soon, Bitcoin has maintained a strong hold on second place for over three weeks. This unexpected rise challenges chains like Solana and Polygon, potentially reducing wash trading and promoting market integrity.

'SEC Has No Intention' of Providing Clear Rules for Crypto (3 minute read)
Coinbase has taken a playful jab at the U.S. Securities and Exchange Commission (SEC), accusing them of playing hide-and-seek with its petition for clear rules in the crypto industry, although no official decision has been announced. In a recent filing to the Third Circuit of the U.S. Court of Appeals, Coinbase highlighted previous statements from SEC Chair Gary Gensler, suggesting that the agency's intentions were no secret. Last July, Coinbase sent the SEC its "petition for rulemaking," urging them to propose and adopt regulations for digital asset securities. Along with the petition, the exchange posed 50 questions, seeking much-needed "clarity and certainty" regarding the regulatory treatment of digital assets.

'Chinese Ethereum’ Conflux Draws Spotlight as Hong Kong Welcomes Retail Traders (2 minute read)
Tokens of Conflux Network (CFX), often referred to as the "Chinese Ethereum," experienced a price surge as traders took notice of increased attention following Hong Kong's decision to allow retail investors to trade cryptocurrencies, potentially attracting capital from Chinese investors. The announcement on Tuesday initially propelled the CFX token to a high of 33 cents from its weekend mark of 29 cent. Conflux Network distinguishes itself as a fast and cost-effective blockchain that adheres to regulations in China. The platform has collaborated with notable global brands and government entities, engaging in blockchain and metaverse initiatives with the likes of McDonald's China, Oreos, and even the city of Shanghai.

Tech

Ledger key recovery service paused amid backlash, will open-source code (3 minute read)
In response to significant backlash from the crypto community, Ledger, the hardware wallet company, has decided to delay the launch of Ledger Recover. In a Twitter Spaces session that attracted over 13,000 users, Ledger's chairman and CEO, Pascal Gauthier, expressed humility and acknowledged the need for improved communication. He admitted that the company's intention was not to catch people off guard and apologized for the miscommunication. To address concerns, Ledger has committed to accelerating the process of open-sourcing more of its codebase. Gauthier shared that the company will start with the core components of its operating system and Ledger Recover, emphasizing that the release of the latter will not occur until this work is completed.

Misc

Chinese Labs Are Selling Fentanyl Ingredients for Millions in Crypto (4 minute read)
Recent research reveals that Chinese chemical manufacturers are accepting cryptocurrency as payment for fentanyl ingredients, which are then used by drug operations to mass-produce this lethal opioid worldwide. What's striking is that these transactions are happening out in the open, not on the dark web. Cryptocurrency-tracing firm Elliptic has shed light on this lesser-known aspect of the global fentanyl trade, uncovering over 90 Chinese chemical companies openly advertising their fentanyl precursor chemicals online. Astonishingly, 90 percent of these suppliers are willing to accept cryptocurrencies like Bitcoin and Tether as payment.

Chainlink co-founder wants web3 to provide cryptographic guarantees to the world (2 minute read)
Chainlink, a protocol renowned for its oracle network that empowers smart contracts, plays a vital role in making these contracts truly "smart." Sergey Nazarov, the co-founder of Chainlink, emphasized the significance of oracle networks in providing smart contracts with access to external systems beyond the confines of a blockchain. Before his involvement with Chainlink, Nazarov had co-founded several other businesses, including SmartContract, which also focuses on smart contracts. Chainlink's reputation extends beyond its oracle capabilities, as it has become known as a web3 services platform that facilitates connections between individuals, businesses, and data within the web3 ecosystem. The platform's remarkable impact is evident, having facilitated over $7 trillion in transaction volume across diverse sectors such as DeFi, gaming, and NFTs, solidifying its presence in major industries.

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