Editor's Note: This article comes fromChain catcher (ID: iqklbs), reprinted by Odaily with authorization.

Editor's Note: This article comes from

Chain catcher (ID: iqklbs)

Chain catcher (ID: iqklbs)

, reprinted by Odaily with authorization.

The core is that both projects have inspired foreigners, especially white leaders, who frequently participate in blockchain conferences and receptions in China. (I don't want to say racism, but white people play a big role in the fact that some Chinese Ponzi schemes will hire white actors to retail investors during their tours.)

Rome was not built in a day

EOS and Polkadot are backed by Chinese capitalists who are ready to spread the story of the Ethereum killer in the cryptocurrency WeChat group. These capitalists include exchanges like Binance, Huobi, and MXC, who have a lot of money to lure entrepreneurs into the Polkadot ecosystem. But what is interesting is that both projects have attracted a lot of interest from Chinese retailers, but little is known abroad.

While the two projects seem similar, Polkadot has developed its own narrative and community. So this article will review the rise of Polkadot and the status of China's encryption industry behind it.

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Rome was not built in a day

If the project party does not spend time and money to participate in blockchain conferences and roadshows, it cannot win the Chinese market. There is no doubt that Polkadot has perfected this game. The founder Gavin Wood is not only a semi-resident of the Shanghai area, but he has also formed a community composed of industry KOLs, investors, developers, businessmen and speculators. These people believe that Polkadot's technological vision and money view that can have both.

More importantly, Polkadot has attracted many developers. They gave up Ethereum, which was co-founded by Vitailik and Gavin Wood, and turned to the Polkadot ecosystem for project development.
According to the Outlier Ventures report, as of May 2020, Polkadot's monthly active developers have increased by 44%, while Bitcoin and Ethereum have experienced flat declines.

Chinese developers are particularly active in the Polkadot community, and according to Web3's recent announcement, of the 200 projects it has donated, nearly 20% of the recipients are from China.

For example, Marvin Tong, founder and CEO of Phala Network, a privacy computing-based smart contract network, told me that in his initial attempts to introduce privacy into the blockchain world, he examined EOS, Ethereum Layer2, Cosmos, and Polkadot .

“We chose Polkadot because its technology is advanced, and I think we made the right decision, and more importantly, Substrate is an important tool that can help developers reduce repetitive blockchain development work. said Tong.

But it is too early to tell whether Polkadot is more advanced than other public chains. The data shows that during the peak period, Polkadot processed 12,619 transactions per day, compared with Ethereum's average of 1.1 million transactions per day, there is obviously a huge gap. (And even in January 2017, when ETH was around $10, Ethereum was averaging 50,000 transactions per day, four times higher than Polkadot’s best day.)

“The combination of the Web3 Foundation, Parity, and Gavin Wood is very powerful,” Tong told me. “No other foundation is as generous and strategic as the Web3 Foundation when it comes to selecting grant recipients, and they give Great support."

And this makes the enthusiasm of entrepreneurs to the extreme.

Entrepreneurs need not only start-up capital, but also popularity and support. Ethereum and many other public chains have taken a neutral but distanced approach to the Chinese market, partly due to the language barrier and partly a lack of understanding of the Chinese market. And Polkadot managed to break into the Chinese market like a well-oiled marketing machine.

A cynic might argue that this “care” stems from a desire to acquire tokens, but the crypto world is built on “consensus” anyway, so any narrative that convinces people is a win.

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Missed DeFi, gotta catch up with DOT

Polkadot also fills a narrative void. Last summer, the Chinese market didn’t realize the value of the DeFi liquidity mining wave until September. After being shocked by the 5-digit annualized interest rate of Degens, they wondered “what’s the next hot spot?

At this time, the Chinese developers who settled in Polkadot not only reap the benefits, but also satisfy the FOMO sentiment of the Chinese market.

First, Polkadot has a legitimate founder, Gavin Wood, who is described as the real core developer behind Ethereum, a narrative that resonates with many Chinese.

Second, Polkadot employs an auction game similar to EOS, where they both require investors to stake tokens for impact. For EOS, users mortgage EOS to become super nodes, and for Polkadot, users mortgage DOT to win parallel chains.

How to raise funds? Mainly rely on good marketing and community outreach, and these are familiar tactics that Chinese capitalists can play with their eyes closed.

Finally, DeFi is here. As Ethereum begins its journey to find a real product-market fit, Polkadot will also benefit from this narrative, and it can even be said directly that DeFi will perform better in the Polkadot ecosystem than the congested Ethereum system.

In addition, Binance has also established a $10 million fund to attract developers to build DeFi projects around the Polkadot ecosystem, which can be said to kill two birds with one stone.

Although Chinese local projects like Acala are only financed lending or DEX products built on the Polkadot ecosystem, as long as DeFi on Ethereum continues to innovate, Polkadot can still maintain its own DeFi ecosystem for a period of time.

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game still in progress