A researcher who has been involved in the cryptocurrency field since 2017 has shared his unique insights on Hashkey (HSK), the concept coin of Hong Kong’s Web3.
Platform coins have always been a focus of attention in the cryptocurrency field, and Jeffrey, as a researcher in the field since 2017, shared his insights on platform coins, particularly Hashkey (HSK).
According to Jeffrey, there are two main reasons why platform coins perform well in a bull market: the concept of platform coins and their empowerment mechanisms. Similar to brokerage stocks in the stock market, platform coins rise in a bull market due to increased trading volume. Furthermore, platform coins have different empowerment mechanisms on each exchange, including profit repurchasing and applications on public chains. Platform coins represent the face of the exchange, such as BNB, which soared to $600 in the past bull market, making Binance a top exchange. Additionally, platform coins empower the exchange itself and support its operations.
Why does Hong Kong want to enter the Web3 and digital currency industry? It has strong inherent motivation. It encountered some problems in the competition among international financial centers, such as the outflow of capital due to the previous interest rate hikes in the United States. This has made Hong Kong eager for capital inflows.
The first inherent motivation is the desire for capital inflows: Many foreign companies have downsized and left Hong Kong. With reduced revenue and business, foreign companies represent capital outflow. In this objective context, the desire for capital inflows is significant for Hong Kong.
The second inherent motivation is competition with Singapore: In the current situation, Singapore may lean towards neutrality as a neutral zone between China and the United States. Many capital flows may choose Singapore as a safe haven, so Hong Kong must compete with it. Web3, as an important new field, will greatly enhance Hong Kong’s attractiveness for capital inflows.
Regarding HSK, the platform coin of HashKey Exchange, Jeffrey sees it as a purebred among Hong Kong concept coins because of its regulatory compliance recognized by regulatory authorities. Recently, HashKey Exchange also launched the Genesis VIP event for HSK, including the purchase of gold and silver cards, allowing users to obtain a certain amount of HSK by purchasing Genesis VIP.
As for the value of HSK, Jeffrey believes that everyone has different standards for judging “value.” For HSK, its ecological empowerment is similar to BNB, and he introduced the global compliance exchange, custody business, and development in the Web3 field of the Hashkey ecosystem, including NFT, DID, and DEX. He emphasized the value source of HSK, especially the possibility of Hong Kong having its own public chain, providing diversified business for the entire ecosystem.
Jeffrey believes that HSK has a latecomer advantage in competition, which can avoid the shortcomings of previous platform coins and create new things that fit the current bull market. He emphasized that the latecomer advantage is more competitive in the current industry and can adapt more flexibly to new development trends.
Because platform coins have experienced both good and bad experiences in the past. The good includes repurchasing and destruction, which involves buying real money in the secondary market, and it has a considerable effect on the demand and supply sides. For example, ecological empowerment has also been verified and has value. HashKey will continue to take similar actions.
There have also been bad experiences, such as FTX mortgaging its FTT to Alameda, which regarded it as a high-quality asset and borrowed it externally, eventually becoming part of a chain of bankruptcies.
Another advantage of being a latecomer is the ability to create new things and meet the current bull market. Many people believe that the current bull market has arrived, but the climax has not yet come. In this bull market, there will definitely be new tracks, new technologies, new hotspots, and new developments. Therefore, platform coins with a latecomer advantage will utilize these advantages and empower themselves first.
And more importantly, this empowerment may need to consider some interests. HSK or platform coins with a latecomer advantage may be better able to tap into new tracks and hotspots in this round, making them more competitive.
The above are Jeffrey’s insights on HSK and related topics. We will continue to monitor HSK’s development in the future and look forward to its outstanding role in the cryptocurrency field.
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