Digital yuan tests, ‘bear market’ and ‘NFT’ searches spike

Sentiment in China has slumped as WeChat searches for Bitcoin dropped 7% this week, while searches for “bear market” spiked 102%. One trend that remained strong was NFT-related, with NFTs receiving an 86% increase in WeChat searches over the seven-day period. Token sales were another hot item with interest in Casper Labs surging after signups on CoinList breached 100,000 on global platforms.

One high-profile token sale to emerge from China was DAO-as-a-Service platform Dora Factory. The project, backed by DoraHacks, held a public token launch on March 21 with listings on OKEx, Gate and MXC. DoraHacks is well-known for hosting developer events and is one of the most active blockchain developer communities to originate from China. The team will be hosting a global hackathon series in 2021, landing in regions including Singapore, the United States, Germany and India.

Real world events back for spring season

Cointelegraph China kicked off their Hot Trends 2021 event in Chengdu on Thursday, welcoming a number of projects and industry participants to the southern city. The event’s speeches and panels are exploring the sustainability of trends such as DeFi and NFTs. Chengdu has long been an important city in the Chinese cryptocurrency mining space due to low electricity costs and developed infrastructure.

Solana and Serum’s Defi Night in Shanghai 

Solana and Serum hosted a DeFi Night in Shanghai on March 20 as they continued promoting their ecosystem in Asia. The event also included speakers from Aave, Chainlink, Multicoin Capital, Raydium and The Graph. The ecosystem arms race has become important as major players such as BSC, Huobi (Heco), OKEx (OKExChain), and Solana all attempt to attract their share of the large development pool in cities like Shanghai, Beijing, Shenzhen and Hangzhou. FTX founder Sam Bankman-Fried gave a keynote to the event via pre-recorded video.

Digital yuan tests

The Hong Kong Monetary Authority began working with the People’s Bank of China…

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