Conflux
China’s only regulatory public blockchain native tokens have surged 115% over the past 24 hours, touching 24 cents for a short time.
The explosive movement was driven by two important catalysts. The announcement of a new offshore-covered Stablecoin and the upcoming release of its major protocol upgrade, Conflux 3.0. Both developments were announced during weekend events in Shanghai and featured by state media, adding legitimacy and a spotlight to the project.
CFX’s 24-hour trading volume surged beyond $1.7 billion, a significant increase from under $60 million just two days ago. Currently, its market capitalization is over $1.09 billion, pushing CFX back to the top 120 tokens on a market size.
Conflux reportedly has partnered with fintech company Anchorx and Shenzhen-listed Eastcompeace Technology to issue a static Stablecoin on offshore Yuan, specifically aiming to be a cross-border Road Initiative (BRI) corridor.
Conflux 3.0, announced at the event, will be released in August with up to 15,000 seconds of trading (TPS) throughput and support for large-scale transnational settlements and real-world asset issuance.
This is not the first time Conflux has seen a surge in the story lined with China. Often called “Ethereum of China” by Crypto Twitter, Conflux previously gathered in a collaboration headline with China’s Telecom to develop blockchain-enabled SIM cards.
The network is working with MacDonald’s China and Shanghai on Web3 and Metabar Spirit to position it as a homemade alternative that is compliant with Western blockchain.