Conflux’s CFX Price Doubles on Stablecoin Reveal, Upgrade Plans
Conflux (CFX), the self-proclaimed only regulatory-compliant public blockchain in China, experienced a dramatic price surge, reaching a high of 24 cents—a level unseen since December—representing a 115% increase within 24 hours. This significant rally is attributed to two major announcements: a new offshore yuan-pegged stablecoin and the upcoming launch of Conflux 3.0, a substantial protocol upgrade.
Both announcements, unveiled during a Shanghai event and subsequently highlighted by state media, have significantly boosted the project’s legitimacy and visibility. This positive media attention, coupled with the substantial increase in trading volume (from under $60 million to over $1.7 billion in just two days), reflects renewed speculative interest and significant inflows from Asian traders. Conflux’s market capitalization now surpasses $1.09 billion, re-establishing its position among the top 120 cryptocurrencies by market size.
The planned stablecoin, a joint venture with fintech firm AnchorX and Shenzhen-listed Eastcompeace Technology, is designed to be pegged to the offshore yuan and specifically target cross-border transactions within the Belt and Road Initiative (BRI) corridors. This initiative aims to facilitate seamless transactions across international borders.
Conflux 3.0, slated for an August launch, promises a substantial increase in transaction throughput—up to 15,000 transactions per second (TPS)—and enhanced support for large-scale cross-border settlements and the issuance of real-world assets. This upgrade positions Conflux to handle a significantly higher volume of transactions and facilitate a broader range of applications.
This surge isn’t Conflux’s first experience with price increases fueled by China-centric narratives. Often referred to as the “Chinese Ethereum,” Conflux has previously seen price rallies following announcements of collaborations, such as its partnership with China Telecom to develop blockchain-enabled SIM cards. Further solidifying its position within the Chinese market, Conflux has undertaken collaborative projects with McDonald’s China and the city of Shanghai, focusing on Web3 and metaverse initiatives. These partnerships showcase Conflux’s positioning as a compliant, domestically developed alternative to Western blockchain networks. The confluence of these factors—regulatory compliance, technological advancements, and strategic partnerships—contributes to the recent surge in CFX’s value.
