According to a recent report, the Chinese crypto community has identified Ethereum, Arbitrum, and BNB Chain protocols as their top picks. This development could potentially serve as a bullish catalyst for tokens associated with these protocols, particularly as Hong Kong welcomes retail investors into the crypto world.
A Chinese crypto media outlet called TechFlowPost recently shared a report on Twitter about the favored crypto platforms in China:
Do you understand the real Chinese crypto market?
— TechFlow Intern (@TechFlow_Intern) June 2, 2023
Based on our long-term cultivation of the Chinese market, we present a comprehensive and informative report on the market environment, user profiles, VCs, and Marketing strategies to decode the Chinese Market.
Let's dive in 🧵 pic.twitter.com/c45NysaRVQ
The China crypto narrative gained momentum as Hong Kong has announced the commencement of retail crypto trade on Thursday, June 1. The crypto scene in Hong Kong has become a focal point of discussion, with various cryptocurrencies and their blockchains gaining significant attention and driving up prices.
It was revealed that the number of Chinese-speaking users across Asia had surpassed 21 million. The report also highlighted that these users have strongly preferred projects within the Ethereum, Arbitrum, and BNB Chain ecosystems.
The survey found that most Chinese investors, accounting for 85.4%, prefer Ethereum as their dominant Layer-1 blockchain protocol. According to reports, Arbitrum, a well-known solution for scaling in layer-2, has achieved the preference of 68% of the investors. In the meantime, BNB Chain has also made substantial advancements, with 56.2% investors’ votes.
Several decentralized applications (dApps), games, infrastructure, and NFT projects are being hosted by these three protocols. According to data, several protocols, including Solana, Optimism, Polygon, Avalanche, and Cosmos, have gained significance in the China crypto narrative.
In the world of cryptocurrencies, Galxe (GAL), 1inch Network (1INCH), The Graph (GRT), Avalanche (AVAX), Polkadot (DOT), and Filecoin (FIL) have emerged as the top contenders in the portfolio of venture capitalists. Cryptocurrencies have taken center stage in the China crypto narrative and are expected to experience a surge as Hong Kong opens its doors to retail crypto trade.
