On December 18th, HashKey Chain, a public blockchain developed by Hong Kong-based HashKey Group, officially launched its Ethereum layer-2 mainnet. This milestone follows a month-long successful testnet period that saw significant activity and interest from the community.
Testnet Period Recap
During the testnet phase, which took place over the course of a month, more than 860,000 wallet addresses were registered on HashKey Chain’s network. A staggering 24.72 million transactions were recorded during this time, with over 300,000 community members participating in the testnet.
HashKey Group announced the mainnet launch via their blog post:
Mainnet Launch Announcement
In a statement, HashKey Chain CEO Kay Lu highlighted the significance of the mainnet launch:
"We are excited to announce the launch of our Ethereum layer-2 mainnet on HashKey Chain. Leveraging the latest OP-Stack and Rollup technology, we have expanded network capacity to deliver a smoother user experience. This also creates a secure, efficient, and developer-friendly environment for building transformative decentralized applications on a compliant and innovation-driven public chain."
Performance Metrics
As of December 18th, HashKey Chain experienced a 24-hour transaction volume of 43,300 transactions with a TPS (Transactions Per Second) of 0.5 and gas fees hanging around 0.001 gwei, or about 0.000000001 Ether (ETH).
Regulatory Developments
The expansion of HashKey Chain’s mainnet comes amidst a renewed push for cryptocurrency and blockchain technology infrastructure growth in the Asia-Pacific region. This development is also complemented by recent regulatory efforts in Hong Kong aimed at fostering innovation and development within the crypto space.
On December 18th, the first legislative council reading of a proposed bill to regulate stablecoins throughout Hong Kong took place. The measure, if passed, would become one of the most comprehensive and detailed regulatory efforts aimed at defining stablecoins and their legal use.
Additionally, on the same day, Hong Kong’s financial regulator, the Securities Futures Commission (SFC), approved four new virtual asset trading platforms out of eleven previously pending applications. Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology all received approval to begin operations.
Conclusion
The launch of HashKey Chain’s Ethereum layer-2 mainnet marks a significant milestone in the development of public blockchain infrastructure. With its high-performance capabilities and developer-friendly environment, HashKey Chain is poised to become a leading platform for building decentralized applications (dApps) on a compliant and innovation-driven public chain.
As the Asia-Pacific region continues to push for cryptocurrency and blockchain technology growth, regulatory efforts like those in Hong Kong are playing an increasingly important role in fostering innovation and development within the crypto space.
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