Author: Wenser, Odaily Planet Daily
On October 8, the first day after the National Day holiday, the "emotional bull market" of A-shares continued: A-shares opened this morning, the Shanghai Composite Index rose 10.13%, the Shenzhen Component Index rose 12.67%, and the ChiNext Index rose 18.44%; the A-share securities sector hit the daily limit, and stock index futures hit the daily limit across the board; the turnover of the Shanghai and Shenzhen stock markets exceeded 2.5 trillion yuan for the second consecutive trading day; the turnover of the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan for the fifth consecutive trading day, and it took only 20 minutes, setting a new record for the fastest trillion yuan in history; today the Shanghai Composite Index once soared to break through 3,600 points. In the end, the total turnover of the Shanghai and Shenzhen stock markets was 3,451.939 billion yuan, an increase of 858.902 billion yuan from the previous day.
At the same time, the linkage effect of the A-share investment boom is also gradually transmitted to the crypto market: the price of USDTC2C fell by about 1% in the morning, temporarily reporting 6.9 RMB. At the same time, the USDT-RMB exchange rate has fallen below 7, lower than the USD-RMB exchange rate. Part of the funds in the crypto market have "fled" to traditional financial markets such as A-shares.
As we mentioned in the previous article (A-shares rose above 3,300 points and straightened their spine, cryptocurrency VS stock market 2024 annual correlation node review): "Due to the smaller market size, the already scarce liquidity of cryptocurrency may further flow back", and today's market performance also indirectly confirms this point; but on the other hand, the emotional bull market of A-shares may drive the further rise of related concept tokens, making it easier for more funds to "join the marginal corners of this feast."
In view of this, this article briefly reviews the “China concept” related token projects for reference by crypto readers.
CFX: The most orthodox token project of “China concept”
Speaking of CFX, I believe many people are familiar with it, but because it chose a challenging track - "domestic public chain", the market regards its tokens more as "China concept coins", and some even jokingly call it "alternative meme coins". In the previous Hong Kong concept coin craze, CFX was also regarded as one of the representative projects by many overseas crypto KOLs.
It is worth mentioning that Conflux officially announced the strategic cooperation with WSPN at the end of September. The two parties will jointly issue the first native stablecoin WUSD in the Conflux ecosystem. According to a previous article by Conflux co-founder Yuanjie, "WUSD will be the first stablecoin issued natively on Conflux and will pave the way for CNH and HKD stablecoins. 1. Support CFX/WUSD trading pairs on Cex and withdrawals to Conflux Espace; 2. Support the construction of WUSD liquidity on the Defi ecosystem on Conflux; 3. Support the use of WUSD in the Union Card partner payment system."
As of writing, the price of CFX is around $0.185; the 24-hour trading volume is approximately $50.535 million; and the market capitalization is approximately $839 million.
CFX Token Information
NEO & ONT: “Public chain projects of Chinese teams”
Once upon a time, Chinese teams also made a lot of achievements in the field of public chains. The NEO project was one of the "star projects" at the time (the project was established in 2014 and open sourced on GitHub in June 2015). ONT was also a public chain project created by the team. It is understood that Ontology was created in 2017 by a Chinese company called OnChain, whose founders are Erik Zhang and Da HongFei. At that time, NEO was a project with a market value of billions of dollars.
Just as people in the traditional entrepreneurial field believe: new projects of successful teams always receive more attention and funding, and ONT is no exception. Although the subsequent story did not go as planned, it is still regarded as a public chain project founded by a Chinese team, with a lot of "Chinese concept attributes and genes."
Recently, the ONT project has turned its attention to the field of decentralized identity (DID) and announced that the DID hackathon with a prize pool of US$70,000 is now open; in April this year, it announced that it will launch a new fund of US$10 million, which will be distributed in the form of ONT and ONG tokens, aiming to accelerate the adoption, education and development of decentralized identity (DID) solutions.
As of writing, the price of NEO is around $10.25; the 24-hour trading volume is about $2.977 million; the market value is about $720 million; the price of ONT is around $0.183; the 24-hour trading volume is about $1.05 million; the market value is about $166 million.
NEO Token Information
ONT Token Information
ANKR: "Infra&Dapp of the Chinese team"
Web3 infrastructure provider Ankr is also an old player in the blockchain industry. The project was co-founded by Chandler Song and Ryan Fang. It debuted in 2017 and received nearly $16 million in financing in 2018 from institutions including Jiuding J Lab, DFG, Danhua Capital, Pantera, NEO Global Capital, OK Capital, UpHonest, BlockVC, Node Capital, LinkVC, etc.
As a world-renowned node network, Ankr has always been active in the crypto market. According to information on its official website, the current total TVL of accessed liquidity is 83 million US dollars; it supports cross-chain staking of more than 9 tokens; it has gained strong support and deep trust from more than 18,000 users; its decentralized physical infrastructure network (DePIN) nodes ensure that clients always have the shortest round-trip path for RPC requests, with up to 8 billion RPC requests per day; it has 30+ bare metal nodes distributed in different regions around the world; and it provides up to 760,000 independent geographic location requests per month.
Ankr's latest developments have set their sights on the L2 network of the BTC ecosystem. It announced a partnership with Asphere and Babylon to launch a BTC L2 launch service. Through Asphere's BTC L2 solution, any enterprise or developer can now seamlessly launch their Bitcoin second layer through Asphere's end-to-end customization, engineering, and infrastructure.
As of writing, the price of ANKR is around $0.026; the 24-hour trading volume is approximately $1.69 million; and the market capitalization is approximately $267 million.
ANKR Token Information
FIL: "Decentralized storage infrastructure with Chinese concept"
Speaking of "Chinese concept tokens", FIL, which had previously "trapped" a group of people, is also among them. As an important project of the cryptocurrency infrastructure layer that was previously famous for an article entitled (Distributed storage opens up a market of hundreds of billions of yuan and deeply promotes the digital transformation of the industry), the decentralized storage network FIL token, which claims to "serve as an incentive layer on the IPFS network", once soared to US$237 in April 2021, but eventually inevitably entered the "common drama" of most cryptocurrencies - spiral decline.
Fundamentally, FIL and the project behind it, Filecoin, are still unable to compete directly with Web2 providers such as AWS, Google Cloud, and Azure, and their application scenarios are still relatively limited.
Recently, the FIL token-related dynamics are that it has reached a relevant cooperation with the decentralized graphics processing unit (GPU) cloud computing network Aethir, which will be committed to solving the GPU scarcity problem and responding to the increasingly severe challenges in the fields of artificial intelligence and Web3 by providing GPU rental services integrated with the Filecoin decentralized storage network. With the continuous development of AI, decentralized storage and cloud services may usher in new opportunities.
As of the time of writing, the price of FIL is around US$3.68; the 24-hour trading volume is approximately US$19.526 million; and the market value is approximately US$2.178 billion.
FIL Token Information
Summary: "China concept" rises again, and the impact of A-shares will continue
Last year, as Hong Kong launched many attempts in the field of cryptocurrency and gradually opened up market functions such as cryptocurrency trading and Bitcoin spot ETF and Ethereum spot ETF trading, it triggered a "Hong Kong concept token craze" for a certain period of time; and now, the continued rise of A-shares has also, to a certain extent, given rise to the crypto market's eager attitude and continued attention to "China concept tokens and related projects."
Judging from the recent price K-line charts of the above tokens, the prices of the above tokens have risen to varying degrees in the past two days, October 7 and 8. With a series of favorable policies released by the domestic central bank and regulatory authorities, the attention of hot money investors may continue to increase on "Chinese concept assets."
As the crypto market and traditional financial market gradually couple, the transmission impact of A-shares may continue.
