The CFX token, native to Conflux Network, experienced an upswing of over 13% after the establishment of a strategic partnership with BlockBooster, an Asia-based venture studio. This collaborative effort seeks to get into web3 incubation opportunities within the Conflux ecosystem, concentrating on coordinating substantial events for Conflux builders.
What is the “Chinese Ethereum”?
Having been established in 2018, Conflux Network, often recognized as the “Chinese Ethereum,” positions itself as a regulatory-compliant public blockchain in China, providing a scalable and decentralized infrastructure for diverse applications.
The partnership aligns with Conflux’s overarching objective of crafting a versatile and user-friendly blockchain platform. By integrating with the Ethereum ecosystem through Ethereum Virtual Machine (EVM) compatibility, Conflux aims to engage with the extensive developer community and existing decentralized applications (DApps) on the Ethereum platform.
Conflux is also in the process of introducing an EVM-compatible layer-2 solution. It allows for smooth and straightforward transfers of Bitcoin (BTC) and other assets that rely on codes between the Conflux blockchain and the Bitcoin system. The layer-2 network, operating atop the primary Conflux chain, employs BTC for gas fees while supporting Ethereum-based smart contracts through the EVM standard.
In addition to its technical strides, Conflux Network is making sure it follows the rules in China. By sticking to these rules, Conflux becomes a good choice for developers and businesses. People who want to operate within the legal boundaries set by the Chinese government.
The increase in the CFX token’s value after partnering with BlockBooster shows that people in the market like the idea of Conflux working closely with others. It seems investors and stakeholders think there could be good chances for growth and improvements from teaming up with the Asia-based venture studio.
What’s more?
In other developments within the crypto space, the Hong Kong Securities and Futures Commission (SFC) has received its first application for a spot Bitcoin (BTC) exchange-traded fund (ETF). Harvest Hong Kong, one of China’s largest fund managers, submitted the application on January 26. Reports suggest that the SFC is actively working to expedite the approval process for ETFs, aiming to launch the first Hong Kong spot Bitcoin ETF after the Chinese New Year on February 10.
Several existing crypto companies that previously launched futures-based crypto ETFs in Hong Kong are expected to file applications for spot Bitcoin ETFs. Samsung Asset Management, which introduced the Samsung Bitcoin Futures ETF in 2023, has expressed openness to exploring the launch of a spot ETF.
Additionally, the Solana-based decentralized exchange (DEX) Jupiter has seen a surge in trading volumes, topping the charts at 0 million in the last 24 hours. This impressive trading activity on Jupiter has surpassed the volumes on Uniswap, a popular Ethereum-based DEX, by million. The frenzy on Jupiter is attributed to a new memecoin airdrop and heightened stablecoin swaps.
