🇭🇰 Hello Hong Kong Goodbye USA!

PLUS MultiChain CEO goes missing!

GM Legends,

What a week in crypto it’s been… Pauly0x gets $1m+ free crypto sent to him by bored market participants, LSD protocol unshETH gets compromised and Bitboy & Ben.Eth have gone suspiciously quiet.

All this as Hong Kong green lights crypto trading allowing local traders to buy… and sell their coins for the first time in years!

The Chinese are coming as we take a look at the crypto revolution that might be about to start in Hong Kong.

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The big story.
🇭🇰 Hello Hong Kong Goodbye USA!

DeFi insights.
🖼 SpartaDEX release highly anticipates tokenomics guide
📅 Trader Joe’s auto pools go live
🫠 GM degen podcast: GTA 6 rumours… play to earn??

In the news.
🐮 Crypto fuels fentanyl trade in China according to Senator Warren
🐻 unshETH compromised, Wagmi33 breaks it down
👨🏻‍💼 What the FED?! A recap of May’s biggest events

Plus Twitter reads from @Wagmi33, @Moomsxxx and @thiccythoy_!

🔥 The big story.
To make you think.

🇭🇰 Hello Hong Kong Goodbye USA!

The Chinese are coming.

And they have roasted and toasted the USA as web3 becomes ever more demonised, while China begins to welcome the wonderful world of web3 with open arms and plenty of money from VCs.

Today Hong Kong opens the gates to retail crypto investors letting them buy and sell on licensed exchanges.

Crypto at the moment is built for 2 things. Low-cost transactions and gambling.

And we all know the Chinese love to gamble. But will this create the China bull run or just another quick pump ‘n’ dump as liquidity vanishes from the market faster than my micro-cap portfolio… whoops!

Why so bullish?!

Remember all that China fud?! That fud that led to the banning of crypto?!

Could we speculate (and this is ONLY speculation) that China created intraday fear so that we puked our bags giving them a generational entry point?!

So we could assume that China has a phat stack of Bitcoin that they’ve been stockpiling since 2014… yikes, even Michael Saylor didn’t see that one coming.

Reason 1: The Web3 Innovation & Development White Paper

After CCTV publicly broadcasted the news that Hong Kong is letting locals trade crypto the “Web3 Innovation & Development White Paper” was released along with a myriad and Twitter shillers.

It's 98 pages so the TLDR: to promote Web 3 innovation, embrace NFTs, the metaverse and obviously take the lead over the US. @Milestones_NFT breaks it down here.

And let's not forget that the BSN (Blockchain-based Service Network) are building state-backed blockchain tech.

Reason 2: CZ pumping his bags

Sometimes it's hard to fade what CZ posts as historically he has been somewhat correct, with his innate ability to front run fud, move with narratives and his continued global philanthropic initiatives.

Reason 3: Hong Kong as a hub

Hong Kong is becoming a major player in the Web3 space hosting a buzzing ecosystem of tech start-ups, established tech companies and a regulatory system that seems to be ever more favour of driving innovation.

Back in April Hong Kong hosted the Web3 Festival which brought together industry giga brains, thought leaders and of course the eyes of the venture funds on the hunt for crypto's next big thing with Hashkey Captail and Wanxiang Blockchain taking a leaf out of Solana Hackathon events.

So, Web3 innovation is coming, CZ is bullish (duuuuh) and Hong Kong’s ecosystem is BUZZING.

Wen Chinese bull run?!

Yeah yeah, cool story… but we’re reading this to make some chedda (money for you readers who’ve never heard that expression before!) as Chinese traders are about to bring the gift of liquidity.

OKX is set to list these 16 tokens and as the Chinese like to gamble… maybe… just maybe (but highly doubtful) that Cardano reaches its yearly high of 46 cents again.

Conflux ($CFX), which is said to be Chinese Ethereum could be one to keep on the watch list as the year develops and China becomes more bullish.

Woo Network ($WOO) is an Asia-based zero-fee CEX and capital-efficient DEX which has made a move during China narrative plays and with their recent partnership with Trader Joe. This could be one to keep an eye on.

ABC Pool ($ABC) is a Conflux PoS pool based in Hong Kong which has also rallied during times of China narrative.

Can’t waffle on about all China coins but here's a list I found on my travels across the bloc

China coins

Our Take

If it's bullish for crypto then we’re happy.

Chances are that Hong Kong is a policy testing ground for mainland China which could inspire a China-based rally leading into a mini bull run bubble if/when the mainland gives the green light to crypto trading.

Or are we left curving it like @Pickle_cRypto

👀 DeFi insights & project updates.
Project updates, governance reports and industry secrets.

The World of DeFi

  • Curve Finance - crvUSD gauges start earning CRV Thursday 00:00 UTC. (Twitter)

  • Fantom - Gas monetisation went live yesterday. Devs can find out more by going to their official website. (Fantom Foundation)

  • Fungify NFT - Deployed from Goreli testnet to Polygon Mainnet to begin the next stage of testing. Join their discord to participate. (Twitter)

  • HXRO Network - 10 new project submissions powered by the HXRO plus expansion to Mexico. (Twitter)

  • Level Finance - Deploys on Arbitrum via Trader Joe. (Twitter)

  • MIM - Have built the first omnistable on LayerZeros Omnichain Fungible Token (OFT) (Twitter)

  • Offchain Labs - Have started farming zkSync with 9,524 ETH (Lookonchain)

  • OpenHXRO - Launch OpenHXRO V2 an open-source derivatives trading dApp. (Twitter)

  • Pepe Analytics - Closed their whitelist oversubscribed. (Twitter)

  • SpartaDEX - Release a complete guide on how the $SPARTA token works. (Twitter)

  • Trader Joe - Partners with Woo Network, officially launches auto pools and BERB NFTS. (Twitter)

  • Umami DAO - Adds treasury funds to vaults to meet required TVL. (Twitter)

  • unshETH - Launches Twitter thread competition in Discord earning 3,000 $USH. (Discord)

Governance Updates

  • dYdX - A proposal sponsored by Wintermute is in voting to “launch dYdX Operations subDAO V2” (Snapshot)

  • Maker DAO - Currently voting on the PSM-USDP-A debt ceiling reduction to 0 DAI. (Twitter)

🫠 GM degen.
The latest GM degen podcast.

Big Mike is STILL on holiday getting sunburnt as Grant and Alex talk about robbing grannies as the rumours of off-ramping crypto in GTA 6 hit crypto Twitter and more…

🗞 In the news.
The important bits.

  • Crypto fuels Chinese fentanyl trade, according to Senator Warren during a hearing of the United States Senate Banking Committee on China. (Cointelegraph)

  • First Digital introduces a new stablecoin pegged to the US dollar but regulated in Asia. This comes as Hong Kong allows crypto trading. (The Block)

  • LayerZero demands doxxing for bug-hunting bounty devs in their latest $15 million quest to find vulnerabilities. (DLNews)

  • MultiChain CEO goes missing amidst the closure of the cross-chain bridge. The team has been unable to contact CEO Zhaojun and obtain the necessary server access for maintenance. (The Block)

  • Nansen hit by crypto winter as the alpha hunting intel dashboard is the latest to cut their workforce by 30%. (Twitter)

👨🏻‍💼 What the FED?!

A recap of Sell in May and go away. Here’s to the second half of the year folks!

🐥 Twitter reads.
In case you missed it.

@Wagmi33 breaks down what happened during yesterday’s unshETH compromise.

@Moomsxxx looks at the revolution that is crvUSD.

@thiccythoy_ breaks down the OP and SUI unlocks.

And on that note, thanks for reading, catcha apes in the next edition!

blocmates team 🫡

🤝 A final word.

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