Solana’s DeFi ecosystem is getting major boosts, with PancakeSwap officially launching its v3 liquidity pools on the network.
At the same time, Kamino Finance has announced support for tokenized equities (xStocks), deepening Solana’s growing reputation as the infrastructure layer for “internet capital markets.”
PancakeSwap v3 Brings Capital-Efficient DeFi to Solana
PancakeSwap’s latest deployment introduces its Concentrated Liquidity Automated Market Maker (CLAMM) pool structure to Solana. It unlocks new capital-efficient trading tools, ultra-low fees, and high-yield opportunities for liquidity providers.
“PancakeSwap v3 liquidity pool is now live on Solana,” PancakeSwap shared in a post.
The launch allows traders to swap Solana-based tokens with fees as low as 0.01%. Meanwhile, liquidity providers (LPs) can earn up to 84% of the trading fees based on the liquidity they contribute.
Further, liquidity provisioning is also live for key Solana pairs such as BONK-SOL, PYUSD-USDT, and EURC-USDC.
“With Solana joining the ranks of PancakeSwap’s multi-chain ecosystem, we’re moving closer to creating a truly borderless DeFi experience,” the team stated in a blog.
They emphasized Solana’s “unmatched speed and low fees” as a key integration driver. According to the team, Solana’s active community and high on-chain volume significantly drove this initiative.
PancakeSwap v3 allows LPs to set custom price ranges for their positions, enhancing capital efficiency by reducing idle liquidity.
“By concentrating liquidity within a specific price range, LPs can boost liquidity depth and potentially earn higher returns, all without having to deploy more capital,” the blog explained.
Another key innovation is the introduction of NFT-based LP positions, where each liquidity contribution is minted as a unique non-fungible token (NFT). This structure lets users easily track, manage, or transfer their positions.
Kamino Launches xStocks for Tokenized Stock Trading on Solana
Meanwhile, Kamino Finance adds to the momentum, announcing its integration of tokenized equities dubbed xStocks into the Solana ecosystem.
Backed xStocks will be collateral within Kamino’s lending markets and can be traded on Kamino Swap. This means users can swap crypto for stocks.
Supported tokenized assets include major US equities such as Apple, Nvidia, Google, Meta, Tesla, SPDR S&P 500 ETF Trust, and Invesco QQQ Trust.
“Via the Kamino Lend integration, users will be able to deploy their xStocks as collateral via a new xStocks Market, enabling borrows against the following assets: AAPLx NVDAx GOOGLx METAx TSLAx SPYx QQQx,” Kamino articulated.
These will be accessible via Kamino Swap, powered by Pyth Network’s Express Relay, or through centralized platforms like Kraken exchange, with users transferring them to Solana.
However, despite these bullish fundamentals for the Solana blockchain, its powering token, SOL, is treading lower, down 0.49% in the last 24 hours. As of this writing, Solana was trading for $149.94.
Authorities in Hong Kong have arrested 12 individuals tied to a cross-border criminal syndicate. The group allegedly laundered over $15 million through cryptocurrencies and hundreds of fraudulent bank accounts.
The Hong Kong Police Force (HKPF) announced that the suspects—nine men and three women aged between 20 and 40—were apprehended during coordinated raids across various districts.
Hong Kong Uncovers Crypto Syndicate Running 550 Shell Accounts
According to a South China Morning Post report, the syndicate allegedly funneled over HK$118 million ($15 million). The funds moved through more than 550 fraudulent bank accounts and virtual asset platforms.
Investigators revealed that the suspects obtained or rented personal details and bank accounts from locals and mainland residents to facilitate their scheme.
During the raids, police confiscated over HK$1.05 million ($134,000) in cash, 560 ATM cards, multiple mobile phones, and numerous financial documents.
Police say the group targeted individuals from mainland China. They helped these individuals open shell accounts in both conventional and digital banks in Hong Kong.
“The syndicate had established an operational base in a flat in Mong Kok since mid-2024. Mainland recruits were housed in this location and awaited instructions to process illicit funds as they flowed into the shell accounts,” Chief Inspector Lo Yuen-shan said.
Once the funds entered these accounts, they were moved through virtual asset exchanges to conceal their origins. The suspects have been formally charged with conspiracy to commit money laundering.
In October 2024, the Hong Kong police reportedly dismantled a similar cross-border operation. The syndicate had defrauded victims of over HK$360 million ($46 million) through romance and pig butchering scams.
That group had recruited university graduates with tech backgrounds and collaborated with foreign cybercriminals to build fake investment platforms.
In a recent meeting with Qatari officials, Hong Kong lawmaker Johnny Ng emphasized the city’s potential to lead in Web3 and crypto innovation.
Ng highlighted Hong Kong’s “one country, two systems” model, its legal infrastructure, and international talent pool as key advantages. He said these are crucial for driving global expansion and supporting enterprise growth.
“I believe that Hong Kong’s ‘one country, two systems,’ combined with its professional services, international talent, and robust legal framework, will undoubtedly accelerate its role in connecting globally, while also assisting mainland and local enterprises in rapidly expanding overseas,” He said.
A recent Cambridge report confirms that the United States now leads global Bitcoin mining, prompting questions about how China will respond. Though the country has long held an anti-crypto stance, Chinese mining pools have historically controlled a substantial portion of the global Bitcoin hashrate.
The US’s current competitive edge and renewed hostility over trade policy might motivate China to recapitulate. BeInCrypto spoke with representatives from The Coin Bureau and Wanchain to understand what might encourage China to change its stance toward digital assets.
US Overtakes China as Top Bitcoin Mining Hub
The US has firmly established itself as the world’s largest Bitcoin mining hub. A recent Cambridge Centre for Alternative Finance (CCAF) report revealed that the US accounts for 75.4% of the reported hashrate.
Global distribution of Bitcoin mining activity. Source: CCAF.
This newest development confirms a notable reversal of power over Bitcoin mining dominance. China emerged as the world’s leading Bitcoin mining nation as early as 2017, leveraging its extensive mining infrastructure and low electricity costs to contribute upwards of 75% of the global hash rate at one point.
Yet, the country would later crack down on the industry.
China’s Crypto Crackdown
In 2019, the National Development and Reform Commission of China (NDRC) signaled its intention to prohibit cryptocurrency mining by releasing a draft law categorizing it as an “undesirable industry.”
Two years later, at least four Chinese provinces began shutting down mining operations. These crackdowns intensified amid concerns over excessive energy consumption.
However, China possesses a proven capacity to adjust to geopolitical shifts that could jeopardize its economic dominance, and the current environment may present such a challenge.
Has Bitcoin Mining in China Truly Stopped?
Even with China’s official stance toward crypto, mining activity has not stopped within the region. In July 2024, Bitcoin environmental impact analyst Daniel Batten reported that the hashrate within China currently accounts for approximately 15% of the global total.
7/8
Bottom lines: 1. 15%+ hashrate still comes from China
2. If you have 200-500 miners and want to do renewable-energy mining, you’re welcome
3. This is particularly in Inner Mongolia, the Texas of China, which has a lot of wasted renewable power they want to monetize pic.twitter.com/r6QUgmLmjT
“Despite the official ban, the infrastructure is already in place: from offshore mining to cross-border trading hubs. With more global momentum behind crypto adoption and the US taking the lead, China may find itself incentivized to lean in more strategically, even if unofficially,” Nic Puckrin, Co-founder of the Coin Bureau, told BeInCrypto.
China also has a geographical advantage over the United States, especially regarding technological advancements.
Crypto mining, especially for proof-of-work cryptocurrencies like Bitcoin, depends on Application-Specific Integrated Circuit (ASIC) equipment to handle the necessary complex calculations for validation and mining.
China’s position as a top exporter of crypto mining hardware, particularly to the US, gives it a potential advantage should it decide to revive its mining sector.
Puckrin believes that the combination of trade friction and the US’s invigorated push for crypto dominance might be sufficient to make China reconsider its position.
“It’s unlikely China will make a public U-turn on its crypto mining and trading ban anytime soon. However, with US-based miners accounting for higher and higher proportions of Bitcoin’s hashrate, China is bound to be paying attention and may well be quietly reassessing its stance,” Puckrin told BeInCrypto.
However, China has strategies beyond restarting its Bitcoin mining industry to undermine the United States’ dominance.
China’s Nuanced Approach Beyond US Influence
Even though China opposes the widespread use of cryptocurrencies domestically, it may still see value in digital assets to counterbalance the US dollar’s global currency dominance.
Several countries worldwide have either adopted or are considering central bank digital currencies (CBDCs) to strengthen their domestic currencies. China is at the forefront of these developments.
“Despite the ban on Bitcoin mining, China has actively participated in the digital asset space, through initiatives like CDBC research and the digital yuan, or e-CNY,” Wanchain CEO Temujin Louie told BeInCrypto.
In fact, China’s efforts to create a digital yuan are partly driven by its desire to de-dollarize its economy and lessen its dependence on the US dollar.
Louie also suggested that whatever move China makes, it won’t solely base its decision on what the US does or does not do.
That said, China’s decisions about digital currency will, in turn, affect how its position on crypto continues to develop.
“Weakening USD dominance, whether exacerbated or caused by President Trump’s approach to tariffs, may embolden China to be more aggressive in [its] efforts to internationalise the yuan, including the digital yuan, or e-CNY. Any change to China’s broader strategy will be reflected in [its] stance towards crypto,” he concluded.
China’s activity in other areas of international trade already proves how nuanced its policy changes tend to be.
Could China’s Conflicting Crypto Policies Signal a Change?
Aside from its appreciation of digital currencies like the e-CNY, China’s stance on crypto has already proven somewhat contradictory. These discrepancies may fuel the belief that the country might just be willing to revert—or at least soften—its total ban on mining.
A month ago, investment firm VanEck confirmed that China and Russia –two countries particularly burdened by US sanctions– are reportedly settling some of their energy trades using Bitcoin.
Russia and China are settling oil trades in BTC. I’ve heard first hand accounts of similar transactions with Venezuela. Full tankers are settled in BTC on the “grey” market. The U.S. Government crossed the Rubicon in 2022 by seizing Russian assets at the Federal Reserve and… pic.twitter.com/Y8OwJROw9W
“With the US dollar increasingly being used as a political lever –particularly in tariffed economies– other nations are actively exploring alternatives. Indeed, many countries around the world, including China and Russia, are already using Bitcoin as an alternative for trading in commodities and energy, for example. This trend is only going to accelerate as digital assets become a more prominent part of the global economy,” Puckrin told BeInCrypto.
According to Puckrin’s analysis of these indicators, China’s “shadow crypto economy” is projected to expand this year, which could result in a reassertion of its power. This resurgence would be primarily in response to de-dollarization efforts, rather than a reaction to US dominance in mining.
“We’ll likely see this activity ramping up in the near future, especially as more countries use crypto to bypass dollar-dominated systems,” he concluded.
It will remain crucial to interpret China’s intentions, especially regarding cryptocurrency, by observing its actions rather than relying solely on its official statements.
