YEREVAN (CoinChapter.com) — HashKey Group launched the Ethereum layer-2 HashKey Chain mainnet on Dec. 18, following a successful testnet period. The testnet phase saw over 24.72 million transactions and registered 860,000 wallet addresses within one month. During this time, 50 projects were deployed, showcasing the platform’s capabilities for decentralized applications.
The HashKey Chain mainnet leverages OP-Stack and Rollup technology, offering improved transaction speeds and reduced gas fees. This development aligns with Hong Kong’s growing focus on blockchain infrastructure and cryptocurrency regulation.
HashKey Chain Mainnet Impressive Performance Metrics
The mainnet demonstrated notable performance during laboratory testing, reaching 400 transactions per second (TPS) with gas fees as low as 0.1 gwei. On the launch day, the platform processed 43,300 transactions in 24 hours, achieving an average gas fee of 0.001 gwei or approximately 0.000000001 Ether (ETH).
Kay Lu, CEO of HashKey Chain, highlighted the importance of the technology in a statement:
“Leveraging the latest OP-Stack and Rollup technology, we have expanded network capacity to deliver a smoother user experience. This also creates a secure, efficient, and developer-friendly environment for building decentralized applications on a compliant public chain.”
Hong Kong’s Crypto Framework Expands
The launch coincides with significant developments in Hong Kong’s cryptocurrency landscape. On Dec. 18, the city’s legislative council held its first reading of a proposed bill to regulate stablecoins. If passed, this regulation would provide clear definitions and legal guidelines for stablecoin use in Hong Kong.
Additionally, the Securities Futures Commission approved four new virtual asset trading platforms, including Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology. These approvals were part of 11 pending applications, reflecting Hong Kong’s growing efforts to establish itself as a blockchain and cryptocurrency hub.
Community Participation in HashKey Chain Development
The HashKey Chain testnet attracted significant community involvement, with more than 300,000 participants testing the platform. The community’s active engagement during the test phase underscores the potential for widespread adoption of the Ethereum layer-2 HashKey Chain.
Hong Kong’s commitment to fostering blockchain technology and cryptocurrency regulation supports the region’s goal of becoming a leading center for blockchain innovation.
