On December 18th, HashKey Chain, a public blockchain developed by Hong Kong-based HashKey Group, officially launched its Ethereum layer-2 mainnet. This milestone marks the culmination of a month-long testnet period that saw significant traction, with over 860,000 wallet addresses registered, more than 24.72 million transactions recorded, and over 300,000 community members participating.
Testnet Success
The successful testnet phase witnessed the deployment of a total of 50 projects, further cementing HashKey Chain’s position as a robust and scalable public chain. The mainnet’s performance was put to the test in laboratory conditions, where it reportedly reached an impressive 400 transactions per second (TPS) with gas fees as low as 0.1 gwei.
Mainnet Launch
The launch of HashKey Chain’s mainnet is a significant development, thanks in part to its adoption of the latest OP-Stack and Rollup technology. According to Kay Lu, CEO of 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’s mainnet demonstrated promising performance metrics. A 24-hour transaction volume of 43,300 transactions was recorded, with a TPS of 0.5 and gas fees averaging around 0.001 gwei (approximately 0.000000001 Ether).
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, as well as the introduction of crypto-friendly legislation in Hong Kong.
On December 18th, the Legislative Council held its first reading of a proposed bill aimed at regulating stablecoins throughout Hong Kong. If passed, this measure would become one of the most comprehensive and detailed regulatory efforts to date, defining stablecoins and their legal use.
Virtual Asset Trading Platforms
In related news, the Securities Futures Commission (SFC) approved four new virtual asset trading platforms out of 11 previously pending applications on December 18th. These include:
- Accumulus GBA Technology
- DFX Labs
- Hong Kong Digital Asset EX
- Thousand Whales Technology
These approvals pave the way for these platforms to begin operations in Hong Kong, further solidifying the region’s position as a hub for virtual asset trading.
Conclusion
The launch of HashKey Chain’s Ethereum layer-2 mainnet marks an exciting milestone in the development of public blockchain technology. With its impressive performance metrics and adoption of cutting-edge OP-Stack and Rollup technology, HashKey Chain is well-positioned to become a leading player in the space.
As regulatory developments continue to unfold in Hong Kong and the broader Asia-Pacific region, it will be interesting to see how this growth impacts the wider cryptocurrency ecosystem.
