HashKey Group launches Ethereum layer-2 HashKey Chain mainnet

HashKey Chain, a public blockchain developed by Hong Kong-based HashKey Group, officially launched its Ethereum layer-2 mainnet on Dec. 18.

The mainnet launch follows a month-long successful testnet period during which more than 860,000 wallet addresses were registered, a reported 24.72 million transactions were recorded, and over 300,000 community members participated. 

Hashkey Group announced the mainnet launch. Source: Hashkey HSK

According to a blog post from HashKey Group, a total of 50 projects were deployed during the testnet phase. In laboratory testing, HashKey Chain’s mainnet reportedly reached 400 transactions per second (TPS) and saw gas fees as low as 0.1 gwei.

HashKey Chain

“Leveraging the latest OP-Stack and Rollup technology, we have expanded network capacity to deliver a smoother user experience,” HashKey Chain CEO Kay Lu said in a statement, adding:

“This also creates a secure, efficient, and developer-friendly environment for building transformative decentralized applications on a compliant and innovation-driven public chain.”

As of Dec. 18, and the time of this article’s publication, HashKey Chain experienced a 24-hour transaction volume of 43,300 transactions with a TPS of 0.5 and gas fees hanging around 0.001 gwei, or about 0.000000001 Ether (ETH). 

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The expansion comes amid a renewed push for cryptocurrency and blockchain technology infrastructure growth in the Asia-Pacific region and crypto-friendly legislation in Hong Kong. 

Dec. 18 also marks the first legislative council reading of a proposed bill to regulate stablecoins throughout Hong Kong. If passed, the measure would become one of the most comprehensive and detailed regulatory efforts aimed at defining stablecoins and their legal use. 

Also on Dec. 18, Hong Kong’s financial regulator, the Securities Futures Commission, approved four new virtual asset trading platforms out of 11 previously pending applications, with Accumulus GBA Technology, DFX Labs, Hong Kong Digital Asset EX and Thousand Whales Technology all getting the go-ahead to begin operations. 

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