Investing.com – With a gain of 67% over 24 hours and more than 590% over a week at the time of writing, the cryptocurrency is by far the best performer in the top 100 on Tuesday morning.
Since the beginning of 2023, the Conflux (CFX) has also posted a phenomenal gain of more than 1300%. This allowed it to rise to 77th place in the ranking of cryptos by market capitalization.
Several key events have supported the course of Conflux since the beginning of the year. Conflux Network notably entered into a partnership at the end of January with Little Red Book, a social media platform based in China. This partnership has allowed Conflux Network to offer its services to the 200 million users of Little Red Book.
Similarly, on February 15, Conflux Network joined forces with China Telecom (HK:) to develop and pilot a blockchain SIM card (BSIM) service in Hong Kong, exposing itself to the latter’s 350 million users.
Finally, Conflux CFX’s sharp price rise also comes ahead of the vote on its proposed token burn that will take place this week. Remember that token burning consists of removing cryptocurrencies from circulation, and therefore reducing the supply, with a theoretically bullish impact on the price.
What is Conflux Crypto (CFX)?
Note that the particularity of Conflux Network, also known as the Shanghai Tree-Graph Blockchain Research Institute, is that it is the only blockchain that complies with the regulations in China. It is a Tier 1 blockchain running on a hybrid proof-of-work and proof-of-stake mechanism.
For fast processing, the network uses a tree graph system that allows transactions and blocks to be processed in parallel, at the same time. As a result, the network is currently capable of processing 3,000 to 6,000 transactions per second, compared to around 30 transactions per second for .
Conflux also has a cross-chain interoperability protocol called ShuttleFlow. This protocol allows users to exchange assets on several blockchain networks, including Ethereum, or Binance’s Smart Chain.
But above all, the key advantage of Conflux (CFX) is that it is the only state-backed blockchain network in China, and thus is more or less the only gateway for developers looking to break into the Chinese market.