Main navigation

China's MATIC Conflux up 67%, Key Reason Powering Growth

Mon, 02/20/2023 - 14:18
article image
Godfrey Benjamin
Conflux has co-created blockchain-powered SIM for users in Asia
China's MATIC Conflux up 67%, Key Reason Powering Growth
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

China's supposed MATIC competitor, Conflux (CFX), is among the top-performing altcoins today as it is up 68.77% to $0.2877. Known for its extreme volatility, Conflux is now up 455.95% over the trailing seven-day period, marking its bid as the best-performing altcoin within that time frame.

Conflux has hit a number of important milestones that have set the basis for its growth in recent times, especially as concerns its burn mechanism update shared earlier this month. For the blockchain project, it struck a new partnership with China Telecom, the second largest wireless carrier in Asia and the most populous in the world.

A new update has been shared by the official Conflux account on Twitter, noting the partnership has led to the creation of a blockchain-enabled SIM card, or BSIM. Tagged as the first of its kind in the blockchain ecosystem, the new SIM uses "advanced technology like Tree-graph, dual POS, and POW, the BSIM card enables the highest system performance for any blockchain worldwide."

With China Telecom boasting over 390 million customers, Conflux is billed to record a massive inflow of new users, helping to boost its overall protocol offering.

'Chinese MATIC' Conflux (CFX) up 150%, DENT Follows It up, Here's Why

Major exchange embrace

Coming off as one of the most recognized blockchain protocols with the biggest publicity in Asia today, Conflux native token CFX has just tapped a major futures listing by Binance Exchange. The Binance Futures listing is set to go live today, opening wider trading opportunities for CFX holders.

The two key announcements involving the new Blockchain SIM and the Binance listing are complementary milestones for a protocol that recently changed its algorithm to receive Ethereum miners.

Despite its relatively young age, Conflux is already making attempts to register its influence in both the Web3.0 and Web2.0 ecosystems. With its technology and partner support, CFX is looking primed to retest its all-time high (ATH) of $1.70.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.