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    HashKey Group Launches Ethereum Layer-2 Mainnet HashKey Chain in Hong Kong, Achieves 400 TPS with Low Gas Fees

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    Hong Kong’s HashKey Group has launched its Ethereum layer-2 mainnet, HashKey Chain, following successful tests featuring over 860,000 registered wallet addresses and 300,000 joined community members. The Chain reportedly achieved 400 transactions per second and offered considerably low gas fees. Hashkey Chain CEO, Kay Lu, credited this to the use of “advanced OP-Stack and Rollup tech”. The launch coincides with increased support towards cryptocurrency and blockchain technology in Hong Kong and the Asia Pacific region.

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    So, the HashKey Chain, which is a public blockchain created by the HashKey Group from Hong Kong, finally launched its Ethereum layer-2 mainnet on December 18.

    This action comes after a month of successful testing, during which more than 860,000 wallet addresses were registered, with over 24 million transactions recorded and more than 300,000 community members joining in.

    A blog post from Hashkey Group revealed that about 50 projects were rolled out during the testing period. They also mentioned that the Hashkey Chain achieved 400 transactions per second in lab tests and had super low gas fees.

    Hashkey Chain’s CEO, Kay Lu, made it clear that they used advanced OP-Stack and Rollup tech to boost network capacity, aiming to provide better user experince. According to him, this enhancement makes things safer and more efficient for developers who want to build decentralised applications on an innovative public chain.

    On December 18, Hashkey Chain reported a 24-hour transaction volume of over 43k transactions, with a TPS of 0.5 and super minimal gas fees.

    Interestingly, this move comes at a time when there’s a strong push for growth in cryptocurrency and blockchain tech infrastructure in the Asia Pacific region, with Hong Kong being extra friendly to crypto laws.

    December 18 was also the day that the legislation to regulate stablecoins had its first reading in Hong Kong’s legislative council. If the bill gets passed, it will be one of the most comprehensive and detailed regulations defining stablecoins and their legal use.

    On the same day, four new Virtual Asset Trading Platforms got approved by the Securities Futures Commission in Hong Kong, out of 11 that were pending. These lucky platforms that got the green light to start were Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology.

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