The Chainlink hackathon took place on 25-26 May 2018 at the Chainlink offices in the heart of New York City, and was a collaborative effort between the Chainlink project and OKEx – OKEx, an exchange that offers a number of trading pairs to trade tokens. The event was a great success, and showcased the Chainlink project as an emerging new platform, whilst also highlighting the support and involvement of OKEx, a major player in the world of cryptocurrency.

Chainlink’s $2B TVL token sale for its decentralized oracle network is one of the largest and most successful to date and has attracted global attention. The decentralized oracle network project, which uses blockchain technology to connect data sources such as the Internet of Things (IoT) and blockchain, is designed to avoid centralized data gathering systems. It will be safer and more secure than the current centralized oracle systems.

This week the bitcoin payment processor Chainlink announced they will be participating in the OKExHackathon in Hong Kong. This event will help Chainlink developers to build applications on top of OKEx’s exchange. OKEx is a Chinese exchange that is the largest in the world. Last year, the exchange collected $2 billion in trading volume in a 24-hour period. Chainlink is a decentralized oracle network. It will connect blockchain assets (bitcoin, etc.) to smart contract and oracle data sources.

This weekly collection of news from Mainland China, Taiwan, and Hong Kong aims to compile the most significant stories in the sector, such as prominent initiatives, legislative developments, and corporate blockchain integrations.  

China’s small COVID flareups grabbed the news again this week, as the government tries to prevent more severe lockdowns. Cryptocurrency has managed to remain out of the headlines, which can only be seen as a positive given the recent legislation. 

The layer-twos get a lot of attention.

The Layer-Two Hackathon Demo Day was held in Shanghai on August 3 by IOSG Ventures and Chainlink. Major businesses like as Polygon, Near, The Graph, and Matter Labs supported the event, which sought to assist engineers working on scaling solutions for Ethereum. A Synthetix-based asset management project was the winning team, which received rewards and mentoring. The winners, known as ObjK, utilized The Graph’s querying technology to extract data from Synthetix, resulting in an automatic cross-pool portfolio rebalancing.


Chainlink hackathon, OKExChain nets $2B TVL, and Tencent unveils ‘magic’ NFT platform – Cointelegraph MagazineThe hackathon drew a variety of layer two protocols. The Chinese development community is very tight and cooperative. (Image courtesy of IOSG Ventures)


In China, layer-twos have long been popular, owing to consumers’ lack of concern about custody concerns and decentralization. Last week, OKEx introduced OKExChain, an EVM-compatible layer-two network similar to those published by other major exchanges.

This is significant since OKEx has a huge userbase, second only to Binance in terms of volume. Exchange-released layer-two networks typically lack some of the technological capabilities of specialized layer-two networks, but they offer a huge benefit in terms of access to people, assets, projects, and communities.

This was shown by OKExChain, which accumulated over $2 billion in assets in its first week. AMM CherrySwap, which seems to be loosely modeled on BSC’s PancakeSwap, accounts for around $350 million of that. That TVL would be the 30th most popular DeFi app across all networks, comparable to OlympusDAO on Ethereum and BakerySwap on BSC. On Thursday, KSwap, another AMM platform on OKExChain, racked up over $684 million in 24-hour transaction volume, putting it in second place behind Uniswap V3 as the industry’s busiest dApp. Of course, maintaining these early numbers once the high APYs have been lowered to more sustainable levels will be a problem for the apps and network.

Observing adoption in other places

Despite decreasing DEX trade traffic on both BSC and the Huobi Eco Chain, BSC recently witnessed a surge in activity surrounding CryptoBlades, an NFT game that accounted for more than three times the Huobi Eco Chain’s total transaction volume on Thursday.

To compete with other layer-two networks, chains like Huobi ECO and OKExChain must find a method to attract original app developers to their ecosystems rather than depending on ports or forks from other networks. As Axie Infinity has shown, if the appropriate application is put on a blockchain network, it may get flooded with transactions and users.


Chainlink hackathon, OKExChain nets $2B TVL, and Tencent unveils ‘magic’ NFT platform – Cointelegraph is the source for this information.


China’s enigmatic super-coders

In the two-year period between April 2019 and this summer, more than $2.2 billion in bitcoin was transferred from Chinese wallets to addresses linked to illegal activities, according to a Chainanalysis study.

The majority of money is connected to the notorious PlusToken ponzi scheme, which occurred in late 2019. Since then, the number of addresses involved in frauds and illicit activities has decreased significantly, suggesting that Chinese consumer safeguards are being impacted.

As shown by a piece from a People’s Bank of China working session last week, where the digital currency crackdown was included in a list of 2023 initiatives to date, regulators seem to be taking pride in their successes.

The NFT space is attracting the attention of tech behemoths.

Cryptocurrency businesses aren’t the only ones facing Chinese authorities’ fury these days. Hundreds of billions of dollars have been knocked off the value of Chinese internet companies in the last week, including online education, delivery, and video gaming.

Tencent, which owns a number of big game publishers, has seen its stock price plummet by more than 17 percent only this month. Despite this, it announced this week that it will develop an NFT trading platform called “Magic Core.” Third parties are allegedly allowed to publish NFT artwork on the site, and it was created by one of many Tencent teams working on NFT-related services. Most of the NFTs released by the main internet firms are based on private chains or consortium chain technology because to China’s stringent regulatory regulations. In late June, Alibaba also introduced an NFT platform. 

On the heels of the successful Chainlink hackathon, OKEx Chain, and the $2 billion raised in an initial coin offering for TVT, as well as the launch of the TVT Blockchain, the Tencent-backed messaging platform WeChat, and a range of other high-profile projects.. Read more about online hackathon 2023 for beginners and let us know what you think.

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