Conflux's 270% Surge Prompts Strategic Partnerships and Blockchain Upgrades

The CFX token from the Chinese blockchain Conflux Network has soared by 268% in just a month, rapidly reaching fresh highs since April 2024. On July 29, its price hit $0.2776, marking a 45% increase within a day. This rapid price surge began around July 21 following news of a partnership with fintech firm AnchorX aimed at launching a yuan-backed offshore stablecoin, with active involvement from Kazakhstan's regulator. Conflux, based in Singapore, claims to be China's only official public blockchain and receives substantial backing from major investors like Sequoia China and Baidu Ventures. An upcoming major update, Conflux 3.0, is set to boost network capacity to 15,000 transactions per second, facilitating tokenization of real assets and easing cross-border payments. The market capitalization of CFX has reached $1.39 billion, ranking it 69th among the largest cryptocurrencies, with a 24-hour trading volume of $775 million, setting a record.