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China’s Prosperous Role In DeFi

Although the Chinese DeFi market is still in its infancy, recent waves of adoption, DApps, and capital from the region are slowly capturing a significant market share of the DeFi ecosystem.

Figure 1: DeFi users over time across all protocols based on unique address interaction — Source

China’s Blockchain Market

Figure 2: Breakdown of registered and operating blockchain companies across China — Source

China’s DeFi Landscape

Figure 3: Visual landscape of the leaders in the current DeFi ecosystem in China

DeFi’s Product-Market Fit in China

Figure 4: Analyzing the new Tether minted to different exchanges across the globe from 2017–2019 — Source

Public Permissionless Liquidity Trending In China

Firstly, the purchasing power of the market, especially that of China, has increased tremendously under the COVID-19 pandemic. The second reason is that the concept of DeFi is finally being translated to DeFi products, many DeFi protocol’s underlying smart contracts are being utilized into making exciting products come to life, … this is huge progress compared to last year’s domination by centralized projects … .

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Conflux Network

Conflux is a PoW + PoS hybrid first layer consensus blockchain for dApps that require speed at scale, without sacrificing decentralization.