It's no longer a novelty for exchanges to launch their own public chains. The earliest I remember was Huobi, which gained a lot of attention for a long time. Then OKX and Binance also released their own public chains, especially Binance's BSC, which remains quite active. Even Coinbase's BASE has strong momentum. I have previously mentioned that memes are the business cards of public chains, and public chains are cash cows for exchanges.

They can drive the demand for listing tokens on exchanges and allow users to be more concentrated, which is beneficial from all aspects. This is especially true for exchanges that require strong compliance, as the regulation of public chains is much lighter. Recently, I heard that @HashKeyHSK is also going to launch its own public chain. In fact, this isn't new; I heard about it a few months ago, and it seems they are now preparing for the launch. I learned about HashKey Chain mainly because they have been communicating with many public chains regarding #DePin.

After all, for a public chain, the chain itself is simple, and there are already a lot of ready-made resources. However, what can run on the chain and how many applications can operate is the most important aspect. Currently, many public chains rely on grants to maintain the activity of their ecosystems, and once the grants stop, they encounter the situation of "ghost chains." Therefore, collaboration with project parties is an inevitable issue for public chains.

In this regard, the public chains of exchanges are somewhat simpler. For project parties, collaborating with an exchange's public chain provides opportunities for token listings. I had a conversation with Dr. Xiao Feng and found that he is more hopeful for collaborations that involve real applications and asset tracks, including DeFi, RWA, STO, and DePin. Among these, STO and RWA will inevitably require strong regulation, while DeFi currently lacks sufficient innovation. DePin remains the best choice in this cycle.

The collaboration between public chains and DePin has a natural advantage, as it can bring Web2 users into the Web3 world, enriching the user base on the chain while also accumulating users for the exchange—two benefits in one. I also hope to see HashKey Chain make more efforts in the DePin track in the future.

Finally, when discussing RWA, Dr. Xiao Feng was clearly very excited. He expressed optimism about the application of RWA at the public chain level, especially since global giants like BlackRock have already begun to lay out their strategies. Once successfully launched, it could bring more Web2 funds and users. He also reiterated the same point that RWA needs to be more compliant, which is something he hopes to promote in Hong Kong.

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