Conflux explodes to 310% rally last week

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The price of Conflux (CFX) is skyrocketing after the network announced last week that it is partnering with China Telecom to roll out Blockchain SIM (BSIM) cards.

At the time of writing, CFX is up 310% in the past seven days, according to data from Coingecko. In the last 24 hours, the token alone recorded a gain of 32%, outpacing the other top 100 coins.

The Conflux network lives up to its nickname, “China’s Polygon (MATIC)”, which is synonymous with connections to large corporations.

Conflux confirmed on January 24 that it had integrated Little Red Book, the Chinese equivalent of the Instagram photo and video sharing app. Since then, the relationship has been extremely beneficial for the robust bullish ascent of the Chinese cryptocurrency.

CFX Trading Volume Soars

Within a week of the announcement, CFX trading volume across all exchanges soared 373% to around $58 million, according to data from CoinMarketCap.

According to a press release, the collaboration would allow Little Red Book’s 200 million users to show off non-fungible tokens (NFTs) produced on Conflux on their personal page.

The Conflux Network originated in the Tsinghua University research lab of Turing Award winner Dr. Andrew Yao.

Conflux was founded by the brightest minds at Tsinghua University and the University of Toronto. Its goal is to promote cross-border interaction by building decentralized open source technology.

This innovative study proposes a consensus mechanism that optimizes security, scalability, and decentralization as a solution to the “blockchain trilemma” problem.

Is China Ready to Embrace Crypto?

China’s stance on cryptocurrencies has fluctuated and changed over time. In principle, the Chinese government has demonstrated its willingness to use blockchain technology, while being wary of the use of cryptocurrencies and their expected implications on the country’s economic security.

The Chinese government stepped up its assault on cryptocurrency activities in May 2021, with the State Council declaring a blanket ban on cryptocurrency mining and trading.

The government cited financial risk, energy consumption and criminal activity as reasons for the ban.

In general, China’s approach to cryptocurrencies is cautious and governmental, emphasizing the development of blockchain technology while avoiding possible threats to financial stability and social order.

Total Crypto Market Cap At $1 Trillion On Daily Chart | Chart: Major TradingView.com Partnerships

China Telecom, meanwhile, plans to launch the first BSIM test program with Conflux in Hong Kong later this year. This will likely be followed by experimental programs in a number of Chinese regions, including Shanghai.

As the first public blockchain in China that meets regulatory standards, Conflux offers a distinct advantage for projects growing across Asia.

Conflux has engaged in blockchain and metaverse efforts with multinational corporations and government agencies in the region, including the City of Shanghai, McDonald’s China, Oreo, and other major corporations.

– Featured image from Coinkolik.com

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