dailyhodl.com
A little-known Ethereum competitor is in the midst of a major breakout, posting numbers that outpace both Bitcoin and ETH.
The layer-1 blockchain Conflux Network ($CFX) is trading at $0.295 at time of writing, up 53% in the last seven days.
That compares to a 16% rise in the price of Bitcoin and a 9% rise in the price of Ethereum in the same time frame.
The coin, which launched in November of 2020, burst on the scene in this year when the project announced a partnership with China Telecom, one of the largest wireless carriers in the country.
The platform has also been integrated into Xiaohongshu, known as Little Red Book, which is a Chinese social media and e-commerce platform that reportedly has more than 200 million monthly active users.
Conflux says it’s the only fully regulated layer-1 blockchain in China, with the goal of building a borderless, blockchain-based economy.
“As the only regulatory compliant, public, and permissionless blockchain in China, Conflux is building a borderless transactional and technological ecosystem for globally-minded crypto projects, extending beyond China to North America, Russia, Latin America, Europe, Africa, and the rest of the world.”
Conflux designed to be a highly scalable and low cost protocol, and utilizes a proof-of-work consensus model to validate transactions.
Its native crypto asset, $CFX is used to pay transaction fees, offer staking rewards and let users participate in the network’s governance.
$CFX is trading at $0.295 at time of publishing, up 6.9% in the last 24 hours.