An altcoin project, seen as China’s MATIC, gained double digits during the day, accompanied by a new token burn bid. The project recently partnered with the country’s Instagram app in the NFT space.
Chinese MATIC gains 18% on the announcement of a new offer
The related altcoin Conflux (CFX) is China’s only government-approved Blockchain. Blockchain, which has recently transitioned to a hybrid PoW/PoS network, provides significant advantages in terms of high network security and transaction speed. The double-digit rally of the day was triggered by the CFX token burn bid announced by Conflux Network’s chief technology officer. Ming Wu suggested burning some of the storage collateral, CFX, to improve the project’s tokenomic capabilities. As a result, the price of the token, dubbed China’s MATIC, rose 18% in response to the news. It saw some correction shortly after the rally.
What is Conflux (CFX)? Why is the altcoin project called MATIC?
Conflux was nicknamed MATIC after it was revealed that it would be integrated into XiaohongShu, the Chinese equivalent of Instagram. The CFX price rose more than 90% in one day as a result of this news two weeks ago. Its price peaked at $0.083 from $0.031. As Kriptokoin.com, we have included the details in this article.
However, large-scale integration is insufficient for the Polygon (MATIC) analogy, so Conflux formed an even earlier partnership with McDonald’s in China in the NFT space in October 2021.
https://twitter.com/Conflux_Network/status/1447166909091356677
According to CoinMarketCap, Conflux Network has a total supply of 5.278 billion, of which 2.091 billion is in circulation. The company’s CTO decided to make it less inflationary and more attractive for investment, after reviewing the feedback received during the massive increase in the token price.
Specifically, the project is an advanced DeFi ecosystem that aims to foster cross-border, multi-chain collaboration in the Asian Blockchain industry. The network is unique in many ways. Notably, it is the only government-approved public blockchain currently operating in China.
What problems does Conflux Network (CFX) solve?
Conflux sets out to solve some of the biggest problems faced by crypto users and Dapp developers alike. The platform’s unique technical infrastructure enables it to offer a variety of services that other networks cannot.
Another major issue that Conflux (CFX) helps mitigate is compatibility issues for Dapp developers. The cryptocurrency market is a fast moving environment. Conflux provides a network and tools for developers who want to build compatible DeFi technologies. As part of this strategy, the team maintains close and constructive relationships with relevant regulatory bodies.
CFX is currently listed on major exchanges such as Binance, KuCoin, and WazirX. Conflux, which is in the 221st place according to CMC data, has a volume of 147 million dollars.
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