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.
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Featured Image: Shutterstock/Alberto Andrei Rosu/Natalia