Conflux (CFX) is one of China’s leading public blockchains and has emerged as the daily top winner in the crypto market. The coins have skyrocketed over 100%, reaching seven months’ height.
This rally follows several important developments, including the upcoming launch of Conflux 3.0 and the new Stablecoin initiative, and places the project for new growth and attention.
More than 100% Conflux (CFX) Sky Rocket
For context, Conflux is a high-performance layer 1 blockchain that combines Proof of Work (POW) and Proof of Stake (POS) in Hybrid Consensus Mechanisms. Blockchain provides fast and secure distributed transaction processing.
Its unique tree graph ledger structure and Ghast algorithm enable up to 3,000 TPS with confirmation in less than a minute. CFX, the network’s native token, has recently appeared in the spotlight with a triple digit surge.
Over the past 24 hours, Altcoin’s value has skyrocketed by 105.4%. At the time of writing, CFX was trading at $0.23, representing its highest price since December 2024.
Performance at Conflux (CFX) prices. Source: TradingView
The token’s market capitalization also rose to over $1.1 billion, a significant increase from around $500 million just a day ago. Additionally, daily trading volumes exceeded $1.8 billion, an increase of 2,955.20%.
With a weekly profit of 122%, CFX performance outperforms the broader cryptocurrency market. He is also the top daily and weekly winner of cryptocurrencies.
Why are CFX token prices soaring?
But what is behind this explosive rally? Well, there are a number of factors that could be credited for the price increase in CFX. The main catalyst for this surge is the recent announcement of Conflux 3.0, scheduled for release in August.
Conflux CTO Dr. Guang Yang highlighted the Conflux 3.0 architecture at the Conflux Technology and Ecosystem Development Conference held in Shanghai from July 18th to 20th.
This upgrade promises to boost transaction throughput to 15,000 transactions per second (TPS) and introduces AI (AI) agent support.
Additionally, the network has announced a strategic plan to work with several partners to promote offshore RMB Stablecoin. The initiative also targets the country’s cross-border settlements under China’s belt and road strategy.
“CFX skyrocketed 1.3 times yesterday! Conflux Public Chain 3.0, known as “China’s Ethereum”, is about to be released, and is trying to promote the issuance of renminbi stubcoins under the “Belt and Road” initiative,” an analyst posted.
Additionally, last month, a leading and innovative pharmaceutical biotechnology company signed a non-binding memorandum of understanding (MOU) to potentially acquire new target companies targeted by the company that will first acquire blockchain-related assets from Conflux. This indicates an increasing institutional interest in blockchain.
“According to the MOU, the company intends to acquire, and the vendor intends to sell the entire issued share capital of the target company, subject to completion of the acquisition of the target company’s Conflux assets,” the announcement states.
Therefore, these developments drive the latest pricing movements and highlight the market’s enthusiastic response to these announcements. The coming weeks will be important in determining whether this surge will lead to long-term benefits or corrections following the current hype.