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BSN’s Blockchain Integrations, Alibaba’s Lead in Blockchain Patents and Yearn.Finance’s 35,000% Gains — China Market Watch

The stock market in China and Hong Kong saw a slight decline this week. The Shanghai SE Composite and CSI 300 currently run at 3,289 and 4,656 with a slight weekly drop of 1.09% and 1.19%, respectively. The Hang Seng Index also posted -2.38% this week, currently standing at 24,661.

The loss in the Chinese stock market can be attributed to the surging COVID-19 cases in China. China reported 105 new COVID-19 cases on Thursday, the highest daily spike in the last three months. However, losses were limited by the U.S. Federal Reserve’s vow to bolster the global economy. Fed Chairman Jerome Powell acknowledged the slowing pace of economic recovery after the COVID-19 pandemic in the U.S., stressing that the path to recovery is “extraordinarily uncertain.”

The decline of the Hang Seng Index is driven by the recent announcement of GDP in Q2 2020. Hong Kong’s economy shrank by 9% in the second quarter, which is worse than the median forecast of -8.3%. The surge of registered COVID-19 cases, where 150 new cases were found on Thursday, is another factor leading to the Hong Kong stock market’s decline.

Meanwhile, the SZSE Blockchain 50 index currently stands at 3,982, with a weekly drop of 2.01%. Among the 50 stocks included in the index, Jiangsu Akcome Solar Science & Technology (002610.SZ) is the daily top gainer, with a 9.88% increase, while Red Phase Inc. (300427.SZ) is the top loser, with a weekly performance of -4.96%.

News of the Week

From the Blockchain Service Network’s blockchain integration to Alibaba’s leadership in blockchain patent ranking and Yearn.finance’s hype in decentralized finance — aka DeFi — OKEx Insights takes a look at this week’s top three crypto news stories from China and Hong Kong.

Blockchain Service Network aims to integrate 40 public blockchains by June 2021

Launched in April, the Blockchain Service Network is the first blockchain initiative backed by the Chinese government. He Yifan, the CEO of Red Date Technology, which is the private company behind BSN, recently said that BSN aims to integrate 40 public blockchain networks by June 2021.

BSN was initially designed to help small to medium-sized businesses deploy blockchain applications on permissioned blockchains. However, BSN has updated its strategic focus following the creation of BSN-International in July. The new entity aims to support the network’s international expansion.

With the support of BSN-International, BSN has integrated six public blockchain networks as of July 21 — namely Ethereum, EOS, Tezos, Neo, Nervos and IRISet. Starting Aug. 10, developers of these public blockchain networks will be able to use data storage and bandwidth from BSN’s overseas data centers to deploy their decentralized applications, also known as DApps.

Key takeaways

  • Blockchain Service Network aims to integrate 40 public blockchain networks by 2021.
  • In July, BSN-international was created as a separate entity to support the international expansion of the BSN.
  • BSN has integrated six public blockchain networks as of July 21, including Ethereum and EOS.

Please visit https://www.okex.com/ for the full report.

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals.

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