Original｜Odaily Planet Daily (@OdailyChina)
On October 8, the first day after the National Day holiday, the "emotional bull market" of A-shares continues: this morning, A-shares opened with the Shanghai Composite Index rising by 10.13%, the Shenzhen Component Index rising by 12.67%, and the ChiNext Index rising by 18.44%; A-shares securities sector hit the daily limit, and stock index futures all hit the daily limit; the trading volume of the Shanghai and Shenzhen markets exceeded 2.5 trillion yuan for the second consecutive trading day; the trading volume of the Shanghai and Shenzhen markets exceeded 1 trillion yuan for the fifth consecutive trading day, taking only 20 minutes, setting a new historical record for the fastest trillion; today, the Shanghai Composite Index briefly guaranteed a breakthrough of 3600 points, and finally, the total trading volume of the Shanghai and Shenzhen markets reached 34,519.39 billion yuan, an increase of 8,589.02 billion yuan compared to the previous day.
At the same time, the ripple effect of the A-share investment boom is gradually transmitting to the crypto market: the USDT C2C price briefly fell by about 1% this morning, currently reported at 6.9 RMB, while the USDT to RMB exchange rate has dropped below 7, lower than the USD to RMB exchange rate, indicating that some funds in the crypto market have already "fled" to traditional financial markets like A-shares.
As we mentioned in our previous article, “A-shares break through 3300 points, supporting the spine, cryptocurrency vs. stock market 2024 correlation node retrospective”: “Due to the limited market size, the already scarce liquidity in cryptocurrencies may further flow back,” today’s market performance also indirectly supports this point. On the other hand, the emotional bull market of A-shares may drive further increases in related concept tokens, facilitating more funds to "join the edges of this feast."
In light of this, Odaily Planet Daily will briefly review the "China concept" related token projects in this article for crypto readers' reference.
CFX: The Most Authentic "China Concept" Token Project
When it comes to CFX, many people are likely familiar with it, but due to its choice of a challenging track—“domestic public chain,” the market tends to view its token as a “China concept coin,” and some even jokingly refer to it as an “alternative meme coin.” During the previous Hong Kong concept coin boom, CFX was also regarded as one of the representative projects by many overseas crypto KOLs.
It is worth mentioning that Conflux officially announced a strategic cooperation with WSPN at the end of September news, and the two parties will jointly issue the first native stablecoin WUSD in the Conflux ecosystem. According to Conflux co-founder Yuanjie’s previous post: “WUSD will be the first stablecoin natively issued 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 building WUSD liquidity on the DeFi ecosystem on Conflux; 3. Support the use of WUSD in the Union Card partner payment system.”
As of the time of writing, the CFX price is around $0.185; the 24-hour trading volume is approximately $50.535 million; and the market cap is about $839 million.
NEO&ONT: "Public Chain Projects by Chinese Teams"
Once upon a time, Chinese teams made significant contributions in the public chain field, with the NEO project being one of the "star projects" at that time (established in 2014, and open-sourced on GitHub in June 2015). ONT is also a public chain project created by the same team. According to information, Ontology was created in 2017 by a Chinese company called OnChain, founded by Erik Zhang and Da HongFei. At that time, NEO was a project with a market cap of several billion dollars.
As is believed in the traditional entrepreneurial field: new projects from successful teams always attract more attention and funding, and ONT is no exception. Although the subsequent story did not go as hoped, it is still regarded as a public chain project founded by a Chinese team, possessing significant "China concept attributes and genes."
Recently, the ONT project has turned its attention to the decentralized identity (DID) field and announced that a DID hackathon with a prize pool of $70,000 has now begun; in April of this year, it announced the launch of a new fund of $10 million, which will be distributed in the form of ONT and ONG tokens, aimed at accelerating the adoption, education, and development of decentralized identity (DID) solutions.
As of the time of writing, the NEO price is around $10.25; the 24-hour trading volume is approximately $2.977 million; and the market cap is about $720 million; the ONT price is around $0.183; the 24-hour trading volume is approximately $1.05 million; and the market cap is about $166 million.
ANKR: "Infra&Dapp by Chinese Team"
Web3 infrastructure provider Ankr is also a blockchain "old player." The project was co-founded by Chandler Song and Ryan Fang, first launched in 2017, and raised nearly $16 million in funding from institutions such as J Lab, DFG, Danhua Capital, Pantera, NEO Global Capital, OK Capital, UpHonest, BlockVC, Node Capital, and LinkVC in 2018.
As a globally recognized node network, Ankr has always been active in the crypto market. According to its official website, it currently has a total liquidity TVL of $83 million; supports staking for more than 9 types of tokens; has the strong support and deep trust of over 18,000 users; its decentralized physical infrastructure network (DePIN) nodes ensure that clients always have the shortest RPC request round-trip path, with daily RPC requests reaching up to 8 billion; it has over 30 bare metal nodes distributed in different regions around the world; and provides up to 760,000 independent geographic location requests per month.
Ankr's latest developments are focused on the BTC ecosystem's L2 network, having announced a partnership with Asphere and Babylon to launch BTC L2 startup services. Through Asphere's BTC L2 solution, any enterprise or developer can now seamlessly launch their Bitcoin Layer 2 through Asphere's end-to-end customization, engineering, and infrastructure.
As of the time of writing, the ANKR price is around $0.026; the 24-hour trading volume is approximately $1.69 million; and the market cap is about $267 million.
FIL: "Decentralized Storage Infrastructure of the China Concept"
When it comes to "China concept tokens," FIL, which previously "trapped" a number of investors, is also on the list. As an important project in the cryptocurrency infrastructure layer that gained fame from an article titled "Distributed Storage Opens a Trillion-Level Market, Deeply Promoting Industry Digital Transformation," the decentralized storage network FIL token, which acts as an "incentive layer on top of the IPFS network," once surged to $237 in April 2021 but ultimately fell into the "common script" of most cryptocurrencies—spiral decline.
At its core, FIL and the underlying project Filecoin still cannot directly compete with Web2 providers like AWS, Google Cloud, and Azure, and its application scenarios remain relatively limited. With the continuous development of AI, decentralized storage and cloud services may welcome new opportunities.
Recently, FIL token's related news includes its cooperation with the decentralized GPU cloud computing network Aethir, which aims to address GPU scarcity by providing GPU leasing services integrated with the Filecoin decentralized storage network to tackle the increasingly severe challenges in the fields of artificial intelligence and Web3.
As of the time of writing, the FIL price is around $3.68; the 24-hour trading volume is approximately $19.526 million; and the market cap is about $2.178 billion.
Summary: "China Concept" Rises Again, A-share Influence Will Continue
Last year, as Hong Kong made numerous attempts in the cryptocurrency field and gradually opened up cryptocurrency trading as well as Bitcoin spot ETF and Ethereum spot ETF trading, it triggered a "Hong Kong concept token boom" for a certain period. Now, the continuous rise of A-shares has also, to some extent, fostered the crypto market's enthusiasm and ongoing attention towards "China concept tokens and related projects."
From the recent price K-line charts of the above tokens, it can be seen that on October 7 and 8, the prices of these tokens have risen to varying degrees. With a series of favorable policies released by the domestic central bank and regulatory authorities, the attention of investment hot money may continue to increase towards "China concept assets."
In today's world where the crypto market and traditional financial markets are gradually coupling, the transmission effect of A-shares may continue.
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