Hong Kong Fuels Chinese Crypto Drive: Ethereum, Arbitrum, BNB Lead

Hong Kong’s landmark decision to fling open the doors to retail crypto trading on June 1 has triggered a seismic shift in the narrative of Chinese cryptocurrency. As the dawn of this new era unfolds, the triumvirate of Ethereum, Arbitrum, and BNB Chain protocols are rapidly climbing the popularity ranks within the Chinese crypto community, marking a potential upswing for related tokens.

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2⃣In terms of the specific areas of interest for Chinese-speaking users, Defi, infrastructure, and NFT are the top three. Regarding Layer1, Ethereum, Arbitrum, and BNB Chain are the top three in terms of attention. pic.twitter.com/cDU2lwQZJq

— TechFlow Intern (@TechFlow_Intern) June 2, 2023

According to a May 29 report by China’s leading crypto media outlet, TechFlowPost, the community’s spotlight is trained on projects associated with these three ecosystems. The data reflects the preference of over 21 million Chinese-speaking users across Asia, cementing the appeal of these specific protocols.

Ethereum, hailed as the preeminent Layer-1 blockchain protocol, secures the top spot with a whopping 85.4% favorability among Chinese investors. Meanwhile, Arbitrum, an esteemed Layer-2 scaling solution, and BNB Chain are close behind, garnering interest levels at 68% and 56.2%, respectively.

The allure of these three protocols rests not only in their robust technical architectures but also in their diverse range of hosted decentralized applications (dApps), games, infrastructures, and NFT projects. The report revealed that other contenders featuring prominently in the Chinese crypto narrative include Solana, Optimism, Polygon, Avalanche, and Cosmos.

TechFlowPost unveiled a roster of projects backed by China-based Venture Capitalists (VCs). Leading the pack are Galxe (GAL), 1inch Network (1INCH), The Graph (GRT), Avalanche (AVAX), Polkadot (DOT), and Filecoin (FIL). Given their newfound centrality in the China crypto narrative, these cryptocurrencies are poised to bask in the bullish glow as Hong Kong embarks on its retail crypto trade journey.

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