Hong Kong digital asset provider HashKey Group has launched its HashKey Chain on the mainnet. The launch arrives only eight months after the firm revealed its plans to create its Ethereum Layer 2.
In its testnet phase which started on Nov. 11, 2024, HashKey Chain made approximately 24.9 million transactions and recorded over 860k wallets. During the testing phase, the blockchain was capable of handling 400 transactions per second. Also, more than 50 projects were implemented successfully. More than 300,000 members actively took part in the testing.
Smart contract for the growth of Ethereum L2 Superchain network
HashKey Chain is now part of the Ethereum Superchain network. Developed based on Optimism’s OP Stack technology, the Ethereum L2 Superchain supports efficient inter-network communication, as well as network scaling.
The platform belongs to the Layer 2 initiatives that include OP Mainnet, Base, and Zora. Uniswap, a decentralized exchange, has also set its intention to launch its Layer 2 rollup on the Superchain. HashKey’s founder and CEO, Kay Lu, described the technology as one that has numerous advantages.
Lu explained,
Leveraging the latest OP Stack and rollup technology, we have expanded network capacity to deliver a smoother user experience.
He further added that the HashKey Chain would create a secure, efficient, and developer-friendly space for developers to create dApps. HashKey Chain’s native token, HSK, is now available in several exchanges.
The token will enable holders to vote and make governance decisions in the ecosystem. To encourage innovation, HashKey Chain has a $50 million grant program. With the programme, developers get funding without giving up equity in the firm or products.
HashKey’s other crypto services
HashKey Group’s operations are not only limited to blockchain. Together with Bosera Asset Management, the firm debuted Hong Kong’s first spot Bitcoin and Ethereum ETFs earlier in the year. HashKey’s spot BTC ETF has generated $70 million in net inflows.
While the volumes are much smaller than those seen in US-listed ETFs, the figures hold up well against the US benchmarks. Despite its discontinuation, there has been no single region in Asia providing the facility of spot crypto ETFs like Hong Kong.
In this case, HashKey Chain’s launch shows how Ethereum Layer 2 solution is set to progress to the next level. By helping developers and offering compliant blockchain services, HashKey will keep paving the way for decentralized technologies across Asia and worldwide.
