Conflux (CFX), one of the leading public blockchains in China, has emerged as the top daily gainer in the crypto market. The coin has surged over 100% to reach seven-month highs.
The rally follows several key developments, including the upcoming launch of Conflux 3.0 and a new stablecoin initiative, positioning the project for renewed growth and attention.
Conflux (CFX) Skyrockets Over 100%
For context, Conflux is a high-performance Layer-1 blockchain that combines Proof of Work (PoW) and Proof of Stake (PoS) in a hybrid consensus mechanism. The blockchain offers fast, secure, and decentralized transaction processing.
Its unique Tree-Graph ledger structure and GHAST algorithm enable up to 3,000 TPS with confirmations in under 1 minute. The network’s native token, CFX, has emerged into the spotlight lately with its triple-digit surge.
Over the past 24 hours, the altcoin’s value has surged 105.4%. At the time of writing, CFX was trading at $0.23, representing the highest price since December 2024.
The token’s market capitalization has also increased to over $1.1 billion, a massive increase from just around $500 million just one day ago. Moreover, the daily trading volume has crossed $1.8 billion, a 2,955.20% uptick.
With its weekly gains of 122%, CFX’s performance outpaces the broader cryptocurrency market. It is also the top daily and weekly gainer among cryptocurrencies.
Why is CFX Token’s Price Surging?
But what’s behind this explosive rally? Well, several factors could be credited for CFX’s price rise. The primary catalyst for this surge is the recent announcement of Conflux 3.0, scheduled for launch in August.
Dr. Guang Yang, Conflux’s CTO, highlighted the Conflux 3.0 architecture during the Conflux Technology and Ecosystem Development Conference, which was held in Shanghai from July 18 to 20.
The upgrade promises to enhance transaction throughput to 15,000 transactions per second (TPS) and introduce artificial intelligence (AI) agent support.
In addition, the network announced its strategic plans to collaborate with several partners to promote offshore RMB stablecoin. The initiative also targets cross-border settlements in countries under China’s Belt and Road strategy.
“CFX surged 1.3 times yesterday! The Conflux public chain 3.0, dubbed the ‘Chinese Ethereum,’ is about to launch, promoting the issuance of RMB stablecoins under the ‘Belt and Road’ initiative,” an analyst posted.
Furthermore, last month, a leading firm, Innovative Pharmaceutical Biotech, entered into a non-binding Memorandum of Understanding (MOU) to potentially acquire a new target company, subject to that company first acquiring blockchain-related assets from Conflux. This signals growing institutional interest in the blockchain.
“Pursuant 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 the completion of the Target Company’s acquisition of the Conflux assets,” the announcement reads.
Thus, these developments have fueled the latest price movements, highlighting the market’s enthusiastic response to these announcements. The coming weeks will be critical in determining whether this surge translates into long-term gains or a correction following the current hype.
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