The Conflux Network’s native token, CFX, has emerged as the top gainer of the week among CoinMarketCap’s top 100 cryptocurrencies. While Bitcoin has also shown recovery this week, CFX has outperformed it, surging by over 167% in the past seven days, as per CoinMarketCap’s data. The token started the week at $0.183, but its price skyrocketed to $0.49 before seeing a slight correction.The remarkable development of Conflux comes amidst the ongoing crisis in the traditional banking sector. According to on-chain data, CFX hit a yearly high of $0.43 on March 18, and its performance has since continued to attract investors’ attention.
Conflux (CFX) Recent Partnerships
Conflux’s rise to prominence can be attributed to its strategic partnerships and connections with large enterprises in China. As the first blockchain in China to comply with regulatory requirements and adopt the Tree-Graph consensus algorithm to improve bandwidth and scalability, it has gained the attention of several Chinese companies. Moreover, it is seen as the blockchain platform most likely to obtain regulatory approval in the region due to its adherence to regulatory standards
In February, Conflux confirmed its partnership with Little Red Book, the Chinese social media platform similar to Instagram. This collaboration allowed Little Red Book’s over 180 million users to showcase NFTs created on Conflux on their profiles. The move was aimed at expanding the reach of NFTs to a wider audience, as well as promoting the adoption of blockchain technology in China. The partnership was seen as a major boost for Conflux, as it provided access to a large user base and raised its profile in the Chinese market.