Chinese companies’ investments in AVAX and other cryptocurrencies draw attention. Chinese-speaking users invest in Ethereum, Arbitrum and BNB Chain. On the other hand, tokens related to DeFi protocols, infrastructure and NFTs are among the hot topics. Let’s take a look at the details of our news.
Turning to AVAX and other coins
China-based investors and VCs are investing in cryptocurrency projects. Accordingly, they have poured capital into Galxe’s GAL, 1INCH, The Graph’s GRT token, AVAX, DOT and Filecoin. On the other hand, Ethereum, Arbitrum and BNB Chain protocols are the best projects for the Chinese crypto community. cryptocoin.com When we look at it as a whole, the data obtained from the report points to the rise for cryptocurrencies. Because there is a rush for these tokens as Hong Kong opens the door to crypto for individual investors. The Chinese crypto community favors projects on Ethereum, AVAX, Arbitrum, and BNB Chain.
The Chinese crypto narrative picked up momentum as Hong Kong opened its doors to crypto trading for individuals on Thursday, June 1. Hong Kong’s stance on crypto reveals interesting results. Accordingly, he puts several cryptocurrencies and their blockchains at the center of the narrative. This situation fueled price rallies. A recent report from Chinese crypto media TechFlowPost looks at community-favored crypto projects. It also gives details of tokens. According to TechFlowPost’s report on May 29, there are more than 21 million Chinese-speaking users across Asia. The projects most preferred by these users are related to Ethereum, AVAX, Arbitrum and BNB Chain ecosystems.
What are the most popular projects?
The most preferred project by the Chinese is Ethereum, the Layer-1 blockchain protocol. Accordingly, the rate is a serious figure of 85.4%. On the other hand, Arbitrum, a leading Layer-2 scaling solution, is second with 68%. In addition, BNB Chain is at 56.2%. These three protocols host many decentralized applications (dApps), games, infrastructure and NFT projects. The data shows that other protocols that have gained prominence in the Chinese crypto narrative are Solana, Optimism, Polygon, AVAX, and Cosmos.
On the other hand, the experts behind the TechFlowPost report compiled a list of projects in which China-based Venture Capitalists (VCs) have invested. Among these projects, there are important coins. The leading cryptocurrencies in the portfolio of VCs are Galxe (GAL), 1inch Network (1INCH), The Graph (GRT), Avalanche (AVAX), Polkadot (DOT) and Filecoin (FIL). This is why these cryptocurrencies are central to the Chinese crypto narrative. It is also likely that AVAX and other coins will be on the rise as Hong Kong opens its doors to crypto trading for individuals.
