On December 18, HashKey Chain, a public blockchain developed by the Hong Kong-based HashKey Group, officially launched its Ethereum layer-2 mainnet. This significant milestone marks the culmination of a month-long testnet period that witnessed impressive results.
Testnet Period: A Resounding Success
During the testnet phase, which lasted for approximately four weeks, over 860,000 wallet addresses were registered on the HashKey Chain platform. An astonishing 24.72 million transactions were recorded during this time, with more than 300,000 community members actively participating.
Projects Deployed and Performance Metrics
According to a blog post from HashKey Group, a total of 50 projects were successfully deployed on the testnet phase. Laboratory testing revealed that HashKey Chain’s mainnet achieved an impressive 400 transactions per second (TPS) while maintaining gas fees as low as 0.1 gwei.
CEO’s Statement
In a statement, HashKey Chain CEO Kay Lu highlighted the significance of the mainnet launch:
"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."
Mainnet Launch and Performance Metrics
As of December 18, HashKey Chain experienced a 24-hour transaction volume of 43,300 transactions with a TPS of 0.5 and gas fees hovering around 0.001 gwei (approximately 0.000000001 Ether or ETH).
Renewed Push for Cryptocurrency Infrastructure Growth
The mainnet launch comes at an opportune time, as the Asia-Pacific region and Hong Kong are witnessing a renewed push for cryptocurrency and blockchain technology infrastructure growth. The proposed bill to regulate stablecoins throughout Hong Kong, which was read in its first legislative council session on December 18, represents one of the most comprehensive regulatory efforts aimed at defining stablecoins and their legal use.
Hong Kong’s Crypto-Friendly Legislation
The expansion of cryptocurrency infrastructure in Hong Kong is a direct result of the city’s crypto-friendly legislation. On December 18, Hong Kong’s financial regulator, the Securities Futures Commission (SFC), approved four new virtual asset trading platforms out of 11 previously pending applications.
Approved Virtual Asset Trading Platforms
The following virtual asset trading platforms were granted approval to begin operations:
- Accumulus GBA Technology
- DFX Labs
- Hong Kong Digital Asset EX
- Thousand Whales Technology
These developments are set to further solidify Hong Kong’s position as a major hub for cryptocurrency and blockchain technology infrastructure growth.
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