The little-known Ethereum rival breaks out and outperforms Bitcoin and ETH with a 53% boom in seven days
A little-known Ethereum competitor is in the midst of a major breakout, releasing numbers that outperform both Bitcoin and ETH.
Layer 1 blockchain Conflux Network (CFX) is trading at $0.295 at the time of writing, up 53% over the past seven days.
In comparison, the price of Bitcoin increased by 16% and the price of Ethereum increased by 9% over the same period.
Launched in November 2020, the coin came to market this year as the project announced a partnership with China Telecom, one of the country’s largest mobile operators.
The platform has also been integrated with Xiaohongshu, known as Little Red Book, a Chinese social media and e-commerce platform that reportedly has more than 200 million monthly active users.
Conflux says it is the only fully regulated Layer 1 blockchain in China, aiming to build a borderless, blockchain-based economy.
“As the only lawful, public, and permissionless blockchain in China, Conflux is building a borderless transactional and technology ecosystem for globally-focused crypto projects, stretching beyond China to North America, Russia, Latin America, Europe, Africa, and the rest of the world. “
Designed to be a highly scalable and cost-effective protocol, Conflux uses 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 governance of the network.
CFX is trading at $0.295 at press time, up 6.9% over the past 24 hours.
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Featured image: Shutterstock/Alberto Andrei Rosu/Natalia
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