Headlines
▌Hong Kong Monetary Authority’s Eddie Yue: Multilateral Central Bank Digital Currency Bridge Project Progressing Steadily Will Launch a “Minimal Viable Product”
In a report by LianGuai, Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority, stated at the Bund Summit that our mBridge (Multilateral Central Bank Digital Currency Bridge) project, which we are carrying out in collaboration with the Bank for International Settlements (BIS) and several central banks including the People’s Bank of China, is progressing steadily. Our latest pilot tests have shown that this central bank digital currency wholesale platform can improve cross-border payment efficiency with lower costs and higher transparency. We look forward to more central bank institutions joining this open platform. “Soon, we will launch the so-called ‘minimal viable product’ to pave the way for the gradual commercialization of mBridge. We hope this new innovative platform can help solve the long-standing pain points in cross-border payments and improve the efficiency of the global value chain.”
▌EOS Network Foundation CEO: The EOS Ecosystem Urgently Needs Funding, the Community Must Start Building from Scratch
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On September 23, Yves La Rose, the founder and CEO of the EOS Network Foundation (ENF), stated that one of the many reasons why the community felt it was necessary to take over the project was because blockchain software company Block.one failed to financially support the EOS ecosystem after its 2018 ICO. La Rose revealed that the EOS community must start building everything from scratch because it does not “have any existing intellectual property.” Furthermore, La Rose stated that due to the ecosystem’s long-standing lack of funding, funds must be injected “as quickly and efficiently as possible.” However, this must be done before the driving decision-making process and framework are in place.
Market
As of the time of writing, according to coinmarketcap data:
BTC recently traded at $25,946.8, with a daily change of +0.73%;
ETH recently traded at $1,591.95, with a daily change of +0.93%;
BNB recently traded at $211.4, with a daily change of +1.15%;
XRP recently traded at $0.47802, with a daily change of +1.34%;
DOGE recently traded at $0.061133, with a daily change of +0.46%;
ADA recently traded at $0.2469, with a daily change of +0.61%;
SOL recently traded at $18.2, with a daily change of +1.35%.
Policy
▌Chongqing: By 2025, the scale of the city’s metaverse-related industries will reach 100 billion yuan
According to a report by LianGuai, the Chongqing Economic and Information Commission issued the “Chongqing Metaverse Industry Development Action Plan (2023-2025)”. The goal is to reach a scale of 100 billion yuan for the city’s metaverse-related industries by 2025, cultivate 10 leading enterprises in the industry, and nurture 20 specialized and innovative enterprises in various sub-sectors. Build three metaverse-related innovation platforms at or above the municipal level, break through a batch of key core technologies in areas such as data circulation, content production, digital twinning, perceptual interaction, and networking and computing, and further consolidate the industry’s basic support capabilities. Deeply integrate the metaverse with industries such as industry, culture and tourism, and consumption, create 15 typical application scenarios of the metaverse, and form a batch of replicable and promotable landmark achievements.
▌The Central Bank of Russia expects the digital ruble to be widely adopted in the country by 2025
According to LianGuai, the Central Bank of Russia expects the digital ruble (Central Bank Digital Currency, CBDC) to be widely adopted in the country by 2025. This move indicates the central bank’s strategic policy of modernizing the domestic payment landscape. Olga Skorobogatova, the First Deputy Governor of the Central Bank of Russia, emphasized that the digital ruble is considered an additional payment method, running parallel with existing options such as the fast payment system, Mir payment card, QR code/NFC payment, and biometric-based payment.
Blockchain Application
▌AntChain issues ignition certificates to over 100 million digital torchbearers
According to LianGuai, on the evening of September 23, the opening ceremony of the 19th Asian Games in Hangzhou officially took place. The highly anticipated ignition ceremony achieved “digital ignition” for the first time, with over 100 million digital torchbearers using the Alipay app to converge and ignite the giant lotus. After the ignition ceremony, each digital torchbearer can receive a digital ignition certificate engraved with their unique image. This certificate is stored on AntChain, a distributed technology, to forever commemorate the glorious moment of igniting the flame.
Cryptocurrency
▌Hong Kong media: JPEX transferred approximately HKD 167 million worth of virtual currency from Wednesday to the 22nd
According to LianGuai, Wu Jiezhuang, a member of the Hong Kong Web3.0 Association and Legislative Council, cited chain analysis data from over 50,000 hot wallets closely related to JPEX, indicating that at least approximately HKD 167 million worth of virtual currency was transferred out of the JPEX platform from last Wednesday to yesterday (the 22nd). The transferred virtual currencies include approximately HKD 2.63 million worth of BTC, approximately HKD 20.8 million worth of ETH, approximately HKD 13.6 million worth of USDT, and over HKD 100 million worth of US dollar-pegged cryptocurrency USDC. The majority of these transfers occurred on Monday or later.
▌Base Chain has surpassed 20 million created contracts
On September 23, according to Dune data, the total number of created contracts on the Base Chain has exceeded 20 million. At the time of writing, it reached 22,924,325, with the highest number of contracts created on September 11, approximately 901,000. Historical data shows that this indicator surpassed 3 million at the end of August, indicating that the total number of created contracts on the Base Chain has grown sixfold in less than a month.
▌Bitcoin transaction volume in Sub-Saharan Africa surpasses North America and Eastern Europe, ranking first globally
On September 23, according to a Chainalysis report, the transaction volume in Sub-Saharan Africa accounts for 2.3% of the global cryptocurrency transaction volume, and “cryptocurrencies have penetrated key markets and become an important part of many residents’ daily lives.” From July 2022 to June 2023, Nigeria’s transaction volume reached nearly $60 billion, making it the largest cryptocurrency market in Sub-Saharan Africa. Overall, the total transaction volume in the region during the same period was $117.1 billion. Data shows that Nigeria accounts for nearly half of the total transaction volume in the region during the same period. South Africa’s transaction volume exceeds $20 billion during the same period, making it the second-largest cryptocurrency market in Sub-Saharan Africa. Kenya, Mauritius, and Ghana ranked third, fourth, and fifth in the region, respectively. At the same time, Chainalysis data indicates that residents in Sub-Saharan Africa increasingly view BTC as a store of value. The Bitcoin transaction volume in Sub-Saharan Africa accounts for 9.3% of the region’s total transaction volume, surpassing all other regions, including North America (9.0%) and Eastern Europe (8.2%). Although Bitcoin remains the top cryptocurrency in the region, the latest data suggests a growing preference for stablecoins.
▌The United States Holds 50% Share of Global Bitcoin Mining Activity
On September 23rd, Eda, the Chief Operating Officer of Antpool, pointed out that mining equipment is continuously developing and becoming more advanced in preparation for the Bitcoin halving event in April next year. In terms of global Bitcoin hash rate distribution, the United States currently holds a 50% share of global mining activity. Mining companies in North America are expanding in scale and moving towards compliant operations. In addition, some enterprises are investing more in the energy sector, making Bitcoin mining more energy-intensive.
▌Approximately 500 Million People Globally Invest in Cryptocurrencies, But Only 22 Individuals Hold Assets Worth Over 1 Billion US Dollars
LianGuai reports that Henley & LianGuairtners, a global residency and citizenship advisory firm, released a cryptocurrency wealth report for 2023, stating that approximately 500 million people globally have invested in cryptocurrencies, but only 22 individuals (a small proportion) hold assets worth over 1 billion US dollars. The survey shows that as of June 30th, there are approximately 210 million Bitcoin investors globally, with an additional 425 million people holding various cryptocurrencies.
▌DeFi TVL Drops by Nearly 5 Billion US Dollars in the Past Week
LianGuai reports that according to data from DappRadar, the total value locked (TVL) in DeFi has dropped by nearly 5 billion US dollars in the past week, down to 44 billion US dollars.
▌In 2023, Bitcoin Appreciates by 74.39% in Value Compared to the Indian Rupee
LianGuai reports that it has been a challenging month for the Indian Rupee (INR). Despite recent price deflation in India, the country’s fiat currency has lost significant value in the foreign exchange market. It is worth noting that in August 2023, the USD to INR exchange rate reached an unprecedented high of 83.44 INR, demonstrating the loss of international purchasing power of the Indian Rupee. In this situation, Bitcoin (BTC) can also be seen as a value index of the financial market, as it possesses characteristics of a global and supra-national currency system, and can be used as a store of value, medium of exchange, and unit of account. The price performance of BTC is overpowering the Indian Rupee. In 2023 alone, Bitcoin appreciated by 74.39% in value compared to the Indian Rupee, rising from 1,657,684 INR on January 1st to 2,884,539 INR on September 23rd.
Important Economic News
▌China’s First Export of New Energy Light Rail Trains to Argentina Sets Sail from Nantong Lusi Port, Jiangsu
On September 23rd, as the Chinese-Polish ship “Nowowiejski” set sail from Nantong Tongzhou Bay Lusi Port, heading to the ZARATE port in Argentina, it marked the successful delivery of China’s first export of new energy light rail trains to Argentina. (Jinshi Data App)
▌Outbound tourism becomes the top choice for National Day, with a 20-fold increase in orders
On September 23, Jin10 Data reported that the last holiday of the year is about to officially begin next Friday, igniting the travel boom once again with an 8-day long holiday. According to the order situation disclosed by multiple OTA platforms, orders for travel, hotels, and tourism services have all increased significantly. Data from Ctrip platform shows that domestic travel orders have increased by four times compared to the previous year, while orders for outbound tourism have increased by a staggering 20 times. Orders for transportation products departing from September 29 to October 6 have increased by 416% compared to the previous week. It is expected that the upcoming Mid-Autumn Festival and National Day holiday will be the most popular Golden Week in history. (China Fund News)
LianGuai Encyclopedia
▌Mining
Mining is the process of repeatedly calculating transactions, building blocks, and trying different random numbers until a random number that meets the conditions of the work proof is found. If a miner is lucky enough to generate a valid block, a certain amount of coins (all transaction fees in the block) will be awarded as a reward. And all miners start trying to create a new block that includes the hash of the latest block as the parent block.
Disclaimer: LianGuai, as a blockchain information platform, publishes articles for informational reference only and does not serve as actual investment advice. Please establish the correct investment concept and be sure to enhance risk awareness.
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