Conflux proposes deploying Uniswap v3 and establishing a $2 million liquidity pool for CFX pairs

According to a proposal published on Uniswap’s governance forum on April 7, Conflux, a law-abiding public blockchain based in China, wants to adopt Uniswap v3 on its network. The move comes just days after the Uniswap v3 source license expired, allowing developers to fork the system and launch their own decentralized exchange.

According to the plan, the deployment would “give access to millions of potential new users, particularly in the Chinese and Asian markets.” According to Conflux, blockchain traffic increased in the first quarter of 2023. The network has a market cap of nearly $1 billion and a total on-chain value of $45 million.

“Currently, China receives 84% ​​of all global blockchain applications.” Compared to the UK and US, 11% and 14% respectively. […] This shows that China is one of the most established Web3 marketplaces and presence is crucial for all initiatives,” Conflux said in the bid.

According to Conflux, regulatory actions in the United States and Europe will support the expansion of the crypto industry in Asian markets, adding that over 80 crypto companies plan to open an office in Hong Kong to offer a crypto bridge to mainland China.

Ambre Soubiran, CEO of institutional crypto market data company Kaiko, agrees. “As the US takes cryptocurrency tighter than ever and Hong Kong adopts more favorable regulation […]“Clearly, the focus of trading and investing in crypto assets will shift more to Hong Kong,” he said in a recent interview.

Incentives for applications built on top of Uniswap v3 on the Conflux network include liquidity pooling for CFX token trading pairs, specifically CFX-USDT, CFX-BTC and CFX-ETH, in addition to potential market reach. These liquidity pools would be valued at $2 million and tied for two years. In addition, the Conflux Foundation would pay $1 million in “liquidity incentives.”

Conflux is a Layer 1 blockchain that uses a hybrid proof-of-work and proof-of-stake algorithm. The network has announced a collaboration with China Telecom to produce a blockchain SIM card (BSIM). The BSIM provides a secure place to store digital private keys and can use the signature to transfer funds to other users. There will also be a “One-Click Direct Check” option, allowing users to check transaction details and status progress in real-time.

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