The Conflux (CFX) network, which has collaborations under its belt and is known as the “only blockchain in China with regulatory compliance,” has gained traction thanks to these partnerships backing it.
A little-known cryptocurrency named Conflux (CFX) found an opportunity to participate in an appreciation of more than 960% since the first day of this year, while the major cryptocurrencies on the market began to slow in February.
CFX started the year at $0.02, and as of March 1, CoinMarketCap reports that the token is currently trading at about $0.23. Conflux now ranks first among the highest-valued cryptocurrencies in 2023 because of this price increase.
What is this Conflux Platform?
The Conflux platform is a public blockchain built on the Tree-Graph consensus algorithm, which was developed by the project’s creators to enhance the network’s scalability capabilities compared to rivals like Ethereum. But, as Messari’s study indicates, the blockchain is compatible with the Ethereum Virtual Machine (EVM), enabling it to handle smart contracts created in Solidity.
The native CFX currency of the Conflux ecosystem may be used by holders to pay transaction fees, take part in network governance, and earn rewards through mining and storage rent, according to the project’s official website.
How did Conflux’s Grow so Much?
The positive connection Conflux has with the Chinese government, which is notorious for being wary of the cryptocurrency businesses, reached a new significant step in early 2023 and may be the driving force behind the coin’s recent upswing.
The collaboration between Conflux and China Telecom, the second-largest telecommunications provider in the Asian nation, which provides service to more than 390 million people, has been a great support for Conflux.
According to the project announcement from February, Conflux has been asked to create blockchain-based mobile phone chips for China Telecom, which might be the largest blockchain hardware product ever seen internationally.
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