HashKey Group has launched HashKey Chain on mainnet just eight months after first announcing plans to introduce its own Ethereum Layer 2.

HashKey Group is a Hong Kong-based regulated digital asset financial services provider offering trading, asset management, custody and blockchain ecosystem solutions.

During the testnet phase, which began on Nov. 11, the firm claims that HashKey Chain generated nearly 25 million transactions, registered more than 860,000 wallet addresses and achieved 400 transactions per second under test conditions. A total of 50 projects were successfully deployed, with 300,000 community members actively participating, it said in a statement shared with The Block.

Similar to Coinbase’s leading Layer 2 network Base and Kraken’s upcoming Ink, HashKey Chain joins the broader Ethereum ecosystem as part of the Superchain — a network of interoperable Layer 2 blockchains built using Optimism's OP Stack, which enables seamless communication and scalability across networks.

Other projects, including OP Mainnet itself, Zora and Worldcoin, have already deployed Layer 2s on the Superchain, with the decentralized exchange Uniswap unveiling its own Unichain optimistic rollup plans in October.

“Leveraging the latest OP Stack and rollup technology, we have expanded network capacity to deliver a smoother user experience,” HashKey Eco Labs CEO Kay Lu said. “This also creates a secure, efficient, and developer-friendly environment for building transformative decentralized applications on a compliant and innovation-driven public chain.”

HashKey Chain’s native token HSK is already live on multiple crypto exchanges, and HSK holders can participate in governance and decision-making within the HashKey Chain ecosystem.

To support developers, HashKey Chain also recently launched a $50 million grant program, offering selected project teams non-dilutive funding, technical guidance, collaboration opportunities and invitations to participate in hackathons and related activities. 

Beyond its crypto exchange and blockchain services, in collaboration with Bosera Asset Management, HashKey was also among the issuers that launched Hong Kong-based spot Bitcoin and Ethereum exchange-traded funds in April. HashKey's spot Bitcoin ETF has generated over $70 million in net inflows since launch and more than $18 million with its spot Ethereum ETF, according to data compiled by The Block. Hong Kong is the first and only region in Asia to list spot crypto ETFs so far.

While these figures pale in comparison to the billions of dollars worth of net inflows into their U.S. counterparts, the funds' performance relative to the local equity market matches U.S. benchmarks, Hong Kong-based crypto exchange OSL’s Managing Director Ryan Miller told The Block.

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