- China’s Conflux (CFX) officially became a unicorn project when it reached over $1.2 billion market capitalization.
- The CFX token rallied 150% to become the most profitable crypto asset of the week in the top 100.
- After reaching a series of cooperation with Xiaohongshu, McDonald’s and China Telecom’s capitalization has increased by about 2300% compared to the beginning of the year.
According to data from Coinmarketcap, the market value of the public chain project Conflux has exceeded $1.2 billion, reaching a record high, reaching $1,203,186,715 to date and becoming one of the “crypto unicorns”.
The CFX token has become the most profitable crypto asset of the week from CoinMarketCap’s top 100 after its price increased by more than 150% during this period. Currently, the token is trading at $0.45, up 12.97% in the last 24h.
The Conflux Network project aims to optimize blocks at the same time or meet the processing capacity of each node up to 3,500 TPS. Moreover, Conflux’s technology can confirm a block in 23 seconds, reducing transaction fees compared to PoW or PoS projects.
Conflux is a public blockchain platform, possessing the highest TPS (transactions per second) while ensuring the system’s decentralization and the network’s safety. This project is the result of a combination of a unique and advanced algorithm with a novel and innovative structure, the Tree Graph (TG).
The project emerged after integrating with China’s Instagram partner, Xiaohongshu, earlier this year.
Founded in 2018, Conflux raised $35 million through a private token sale from prominent investors in China, including private equity firm Huobi Group, Sequoia China, Shunwei Capital, and Rong360. Historical data shows that Conflux’s market value is only around $50 million at the beginning of 2023.
It then achieved a series of partnerships with Xiaohongshu, McDonald’s, and China Telecom, and the market capitalization increased by about 2300% year-on-year.
As a result of all these high-profile collaborations and partnerships, CFX has come to be known as China’s MATIC.
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