2025-08-30
In 2024, Hong Kong HashKey Exchange reached a strategic cooperation with imToken to achieve seamless circulation of Web2 and Web3 assets through the integration of cross-chain protocols, and processed more than 120,000 compliance transactions per day. This practice reveals the core value of the Web3 protocol - to reconstruct the trust paradigm of the Internet through decentralized technology architecture and economic incentive mechanism, so that value transmission does not rely on centralized intermediaries.
The Web3 protocol adopts a layered architecture design, and underlying protocols such as IPFS (InterPlanetary File System) and Ethereum provide basic services. IPFS uses content addressing technology to use data hash values as Unique Device Identifiers, so users do not need to rely on centralized servers when accessing data. For example, after the full data of Wiki Lingo is stored on the IPFS network, global users can directly obtain it through hash values, and the data availability reaches 99.99%. Ethereum implements programmable finance through smart contracts, supports DeFi protocols such as Uniswap to automatically execute transactions, and processes more than 2 million transactions per day in 2024.
Middleware protocols such as Chainlink provide oracle services to securely connect off-chain data to the blockchain. For example, a certain DeFi lending platform obtains real-time exchange rate data through Chainlink and automatically adjusts the collateral rate to prevent liquidation risks. After integrating this technology into the compliance framework of HashKey Exchange, it intercepted more than 3,200 high-risk transactions in 2024 and ensured zero data leakage through differential privacy technology. Cross-chain protocols such as Cosmos IBC achieve cross-chain asset transfer, allowing users to transfer assets between different public chains with a 70% reduction in transaction fees.
Application layer protocols such as OpenSea and Seaport reshape the NFT transaction mode. OpenSea allows users to directly trade NFTs, while the Seaport protocol supports barter and combination transactions. Users can package and exchange multiple NFTs or cryptocurrencies, reducing gas fees by 35%. After the cross-chain gateway of HashKey Exchange is connected to Seaport, the amount of cross-border NFT transactions processed will increase by 300% in 2024, verifying the flexibility and efficiency of the protocol.
Web3 protocol incentivizes nodes to participate in network maintenance through token economy. In Filecoin protocol, storage nodes receive FIL token rewards by providing storage space, and users pay tokens to store data in a decentralized network, forming a storage market with supply and demand balance. Uniswap's liquidity providers obtain transaction fee sharing by staking LP tokens. In 2024, its TVL (total locked position) exceeded $50 billion, becoming the infrastructure of the DeFi field.
The protocol governance token gives holders decision-making and profit distribution rights. For example, the Litra protocol uses the veToken model, where users lock in platform coins to obtain voting rights, participate in governance, and share transaction fee income, which not only reduces token selling pressure but also enhances community cohesion. The compliance framework of HashKey Exchange introduces a similar mechanism, where coin holders can vote to determine risk control rules, achieving autonomous management of "code is law".
Web3 protocol prevents malicious behavior through economic penalties. Ethereum's EIP-1559 mechanism introduces a basic fee destruction mechanism, which increases gas prices to suppress abuse when the network is congested. In 2024, more than 1 million ETH will be destroyed, forming a deflationary effect. SushiSwap attracts Uniswap users to migrate liquidity with higher incentives through vampire attack strategies, forcing the top protocols to continuously optimize the mechanism.
DeFi protocols such as Aave and Compound reconstruct the lending market. Users can obtain loans by mortgaging assets through smart contracts without bank review. In 2024, the total lock-up volume of DeFi exceeded $200 billion, and the lending interest rate was 30% lower than that of traditional finance. The hybrid storage model of HashKey Exchange combined with this technology achieves "no-impact KYC" and handles compliance identity authentication more than 42,000 times in 2024.
AntChain's product traceability platform puts data from raw material procurement, production, transportation and other links on the chain, and the original data source is stored in IPFS. Consumers can scan the code to view the entire process information, and the data on-chain time is shortened to 30 seconds. After HashKey Exchange's KYT system is connected to this protocol, it will process cross-border traceability data exchange more than 180 million times in 2024, achieving trusted authentication of "one item, one code".
DID (Decentralized Identity) protocols such as ENS (Ethereum Domain Name Service) allow users to independently manage their digital identities. Developers associate the.eth domain with the GitHub codebase, Twitter account, and DeFi wallet to form an immutable digital business card. The cross-chain wallet of HashKey Exchange supports multi-chain identity aggregation, allowing users to simultaneously manage digital assets on 8 chains such as Ethereum and Solana, achieving "one-stop" identity authentication.
Through the dual innovation of technical architecture and economic model, Web3 protocol is reshaping the trust foundation and value transmission mode of the Internet. From the compliance practice of HashKey Exchange to the application in fields such as DeFi and supply chain, Web3 protocol is promoting the transition of the Internet from "information Internet" to "value Internet". In the future, with the integration of Quantum Computing and AI technology, Web3 protocol may further expand the boundaries of decentralization and realize the ultimate vision of "data as asset".