Conflux's native token, CFX, has surged over 100% in 24 hours, touching levels not seen since December. This dramatic increase is attributed to the announcement of a new offshore yuan-pegged stablecoin and the upcoming launch of Conflux 3.0, a significant protocol upgrade. The announcement was made during a recent event in Shanghai, adding legitimacy to the project. The trading volume for CFX skyrocketed to over $1.7 billion, up from less than $60 million just two days prior, highlighting increased interest from Asian traders. Conflux is collaborating with fintech firm AnchorX and Eastcompeace Technology to issue the stablecoin, aimed at facilitating cross-border transactions within the Belt and Road Initiative corridors. Conflux 3.0, set to launch in August, promises impressive throughput of up to 15,000 transactions per second, enhancing its capabilities for cross-border settlements and real-world asset issuance. The project has previously gained attention with narratives related to China’s blockchain initiatives, positioning itself as a compliant alternative to Western technologies.

Source 🔗