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Conflux (CFX) has just recorded a +140% price pump in the last 24 hours, after news broke yesterday that the blockchain and its native crypto have been integrated into Little Red Book, the Chinese version of Instagram.
Conflux (CFX): the crypto will be used by Little Red Book’s 200 million users
Yesterday, news broke of the integration of the Conflux Network blockchain and its native CFX token into XiaohongShu (or Little Red Book), the Chinese version of Instagram.
With more than 200M monthly active users, Little Red Book (Xiaohongshu), China’s answer to “Instagram” has integrated Conflux Network as a permissionless blockchain.https://t.co/tk84WI5kaj
— Conflux Network Official (@Conflux_Network) January 26, 2023
This event will result in Little Red Book’s 200 million monthly users being able to view Conflux NFTs on the social network’s pages, in the digital collections section called “R-Space.”
Generally speaking, Little Red Book has already formed alliances with blockchains and NFTs, but never with a permissionless network. In this regard, Ming Wu, CTO of Conflux, said the following:
“Large internet industry players in China have initiated efforts embracing the Web3 transition. Conflux is becoming the major bridge connecting the two worlds and taking a leadership role to expand Web3 technology into traditional industry scenarios.”
Conflux (CFX) crypto soars 140%
The new integration has been so popular with users that Conflux’s native token, CFX, has seen a +140% price pump in the past 24 hours.
And indeed, from a price of $0.033, the CFX token is now worth $0.078 at the time of writing. With just nearly $164 million in market capitalization, CFX sits at 127th position in the crypto rankings, but who knows, that could all change again in the coming hours.
Conflux is a permissionless Layer 1 blockchain that connects decentralized economies through protocols. Like Ethereum, Conflux has made the transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), making it more sustainable for the environment as well.
At present, Conflux turns out to be the only public blockchain that is compliant with regulations in China, proving to be excellent support for all new nascent projects in Asia. In addition, Conflux has already partnered with global brands and government agencies on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.
China ambiguous: no to Bitcoin, yes to NFTs
As early as last year, there was talk of the ambiguity of the Republic of China in terms of crypto, where while it has banned Bitcoin and mining, it seems to be in favor of NFTs.
And indeed, China itself has launched its own Non-Fungible Token industry, with a state-supported and state-funded infrastructure called the Blockchain Service Network or BSN.
To be specific, it is the BSN-Distributed Digital Certificate that offers application programming interfaces for enterprises or individuals to build their own user portals or apps to manage NFTs.
Of course, the BSN is a far cry from classic decentralized blockchain models, such as those of Bitcoin, Ethereum and even Conflux.
That is why Conflux turns out to be the first permissionless blockchain to be accepted by a widely followed platform in China, with no government interventions acting to disrupt the partnership.