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Chinese city seeks to power urban governance and more using blockchain tech

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Authorities in Chengdu, China plan to adopt blockchain for several use cases throughout the city, including urban governance, cross-border trade, smart manufacturing, and agriculture.

During the 2020 Chengdu Global Innovation and Entrepreneurship Fair, the city’s first International Blockchain Industry Expo, Lu Tiecheng, secretary of the Party Group of the Chengdu New Economy Committee, released the “Chengdu Blockchain Application Scenario Supply Action Plan.”

According to a local media outlet, Red Star News, this plan will allow blockchain adoption applications to be submitted by contributors in a variety of fields such as education, healthcare, financial services, and intellectual property. Authorities expect to form around “two to three” blockchain cluster development areas as part of this program over the next two years.

The plan also mentioned blockchain’s usefulness when it comes to legal compliance, stating that officials expect to strengthen data collection and to promote the “unified management, risk prevention, and control” of urban operations.

The secretary of the Party Group of the Chengdu New Economy Committee stated that blockchain could additionally be applied to the medical field. He suggested that distributed technology could be used for electronic medical records, electronic prescription circulation, material verification, vaccine traceability, and medical data sharing purposes.

During an interview with The Paper, Wu Zhongze, China’s former vice-minister for Science and Technology, stated that there was “not much difference between where China and leading economies such as the United States and Europe” stand in terms of developing blockchain-based ecosystems.



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A review of SushiSwap roll-outs

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Launched in August 2020 as a fork of the Uniswap decentralized exchange, SushiSwap briefly surpassed its competitor. Now ranking third behind Uniswap’s v3 and v2, the DEX rolls out numerous integrations with major networks beyond its native Ethereum blockchain to offer users a single entry point and lower fees. 

The SushiSwap protocol is one of the largest proponents of a multi-chain future in decentralized finance as the DEX is already live on Ethereum, Binance Smart Chain, Polygon, Avalanche and Fantom. Data by Covalent provides insight on SushiSwap across these five chains.

Data reveals the most popular chain by the number of swaps executed daily is Polygon, as the protocol usage skyrocketed in May. Polygon continues to set new records as it hosted 120,000 swaps on SushiSwap recently.

Left far behind, Ethereum ranked second as of June 2021 by daily swap count. Fantom and Avalanche tend to follow the same trend as Ethereum, although the gaps among the three have been widening since the active trading days in late May. Avalanche and Fantom even outstripped Ethereum by the number of transactions on May 19, when a market-wide liquidation frenzy occurred.

A closer look at daily swap volume shows a different story. The dominance of Ethereum in SushiSwap had been unshakable for a long time, with the peak of trading volume at almost $3 billion on May 21. However, Polygon overtook Ethereum by swap volume in June with a $420-million mark, which highlighted the rapid take-off of the layer-two scalability solutions. 

The reduction of transaction costs is the major driver behind the adoption of a multi-chain approach. SushiSwap has achieved this by offering options outside of Ethereum. Data on gas usage on Ethereum and other chains could not even be compared in one chart due to a dramatic difference in numbers.