The March of the East — Tokenlon Weekly, 24 February

Tokenlon DEX
Published in
4 min readFeb 24


From the Tokenlon Team

While the market cools down a little this week, we’re bullish on the various news that made the headlines this week coming from the eastern hemisphere! Read on for a quick summary.

We have also launched our Tokenlon Ambassador Program — join us as we build the future of Tokenlon together!

Crypto regulatory breakthrough in Hong Kong

Hong Kong’s Securities and Futures Commission has released plans to allow retail investors to trade cryptocurrencies on locally licensed exchanges, including large-cap virtual assets like Bitcoin and Ethereum. The move comes after the government introduced a new, mandatory licensing regime last year, replacing a voluntary system. Market observers have welcomed the change, citing the benefits of investing through a regulated exchange with proper checks and balances.

However, the new rules include restrictions on exchanges, such as keeping almost all client money in segregated and insured cold wallets and prohibiting them from lending, pledging, transferring or using assets in any way. Exchanges have until June 1, 2024, to get licensed or leave the market.

Chinese projects are re-emerging into the headlines of late, and should stay on the markets’ radar instead of being left in hindsight.

Eastern giant steps into Web3

Tencent Cloud, the cloud business brand of the Chinese internet giant Tencent, announced on February 22 that it will support the development of the Web3 ecosystem and provide technical support to developers to promote its digitalization. As part of this effort, Tencent Cloud unveiled a new product called “Metaverse-in-a-Box,” which integrates infrastructure, products, software development kits, and low-code solutions for use in games and media entertainment.

It goes without saying that we’re excited to hear about this news as well. As the popularity of web3 continues to grow, it is likely that more companies will follow Tencent Cloud’s lead and start to invest in and support this emerging industry.

Pay with Crypto using Mastercard!

Mastercard, the global credit card company, has started accepting payment in digital assets through a partnership with web3 tech innovator Immersve. Customers in Australia and New Zealand can use their web3 wallets to make online purchases wherever Mastercard payment is available, signing transactions with their private keys.

A third-party settlement provider will convert USDC payments into fiat currency and settle them on the Mastercard network.

According to a Mastercard executive, digital wallets are expected to become as ubiquitous as email addresses in the future. However for those of us that already live in the web3 ecosystem, this is already a reality when usingwith established wallets like imToken and MetaMask.

Tokenlon Product & Community

  • Sunset time for WalletConnect 1.0 has been extended to June, and support for WalletConnect 2.0 has been postponed.
  • Core development work has been completed and testing is pending.
  • Subgraphs are being migrated to the decentralized Graph Explorer, but the process is dependent on third-party migrations and the Tokenlon Subgraph migration plan is being adjusted.
  • Research on NFTScan/Go technology for an NFT trading platform has been completed, and UI design review is the next step.
  • User experience improvements in the NFT product
  • Limit Order mainnet trading event planning complete
  • KOL recruitment has begun
  • $SUDO has been listed this week
  • Discussions underway for a Uniswap NFT collaboration

Tokenlon & LON Weekly Statistics

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