China Crypto Roundup (Oct. 25-Oct. 31) :Huobi Completed Full Settlement of Futures

1. Vitalik Buterin: L2 is the future of Ethereum scaling

On October 26, Ethereum founder Vitalik Buterin stated at the blockchain summit held by Wanxiang blockchain that Layer 2 is the future of Ethereum scaling, in which EVM-compatible Rollup can provide scalability while maintaining current user experience, developer experience and decentralization. In addition, we need to work harder to build some infrastructure.

2. Vitalik Buterin: NFT needs to experience multiple winters to understand its long-term value

Vitalik said at the Wanxiang Blockchain Summit that both #DeFi and NFT have developed very well, but he believes that there is a phenomenon that people are working so hard that make DeFi complicated. For example, yield farming makes smart contracts appear risks, and the risks may be greater than benefits. He believes that the most useful protocol is the simplest.

He also believes that NFT is very valuable. It has given creators a brand new business model, but he reminds that people should not assume that NFT is economically sustainable in its current form, and that NFT needs to experience multiple winters. “We have seen that projects in this field perform well in 6 months to 1 year, but they will become obscure in 1-2 years. I think we have to wait patiently and we must understand that how long-term sustainable NFTs will be.”

3. Dr. Xiao Feng, Chairman and General Manager of Wanxiang Blockchain: Distributed commerce has 9 major infrastructures, including digital currency, NFT, DAO, etc.

Dr. Xiao said in the closing speech of Wanxiang Blockchain Summit that the infrastructure supporting distributed commerce includes, digital currency (Coin); digital asset (token); digital token (NFT); Bitcoin Lightning Network; decentralized global storage system; decentralized global computing power system; decentralized Global privacy computing system; consensus algorithm and distributed accounting; decentralized commercial self-organization (DAO).

4. Huobi completed the full settlement of futures on Oct 29

According to an announcement issued by Huobi Global on October 2, the platform will complete the settlement of futures at 4 pm on Oct 29 (UTC+8). If the user has not closed the position, the platform will close the position at the arithmetic average of the corresponding index price 60 minutes before the delivery as the delivery price. In addition, the withdrawal function for users in mainland China will continue to be reserved for 1 to 2 years (the specific closing time will be notified separately).

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