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'Chinese MATIC' Conflux (CFX) up 18% as Burning Proposal Is Unveiled

Mon, 02/06/2023 - 12:31
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Gamza Khanzadaev
Conflux network token soars at double-digit rate as new burn feature is proposed
'Chinese MATIC' Conflux (CFX) up 18% as Burning Proposal Is Unveiled
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The proposal to burn CFX was put forward by the chief technology officer of Conflux Network (CFX). In pursuit of improving the tokenomics of the Chinese blockchain, Ming Wu proposed burning a portion of CFX, which is storage collateral. In turn, the price of the token, dubbed China's MATIC, reacted to the news with an 18% increase, part of which was quickly sold off.

Chinese Polygon (MATIC)

The Conflux Network token gained its nickname after it was revealed that this particular blockchain would be integrated into China's Instagram analogue, XiaohongShu, to bring NFT functionality to the platform. On the blast wave from this news, CFX quotes soared by more than 90% in one day, rising in value from $0.031 to $0.083 at the peak.

Conflux (CFX) up 140% as Protocol Hits New Milestone: Details

However, one large-scale integration is not enough for the Polygon (MATIC) analogy, so it turned out that even earlier, in October 2021, Conflux partnered with McDonald's in China. The partnership between the global fast-food restaurant chain and the Chinese blockchain also took place in the area of NFT.

Conflux Network (CFX) tokenomics

According to CoinMarketCap, the total supply of Conflux Network tokens stands at 5.278 billion, of which 2.091 billion are in circulation. The burning offer was initiated after the company's CTO, having studied the feedback received amid the enormous increase in the token price, decided to make it less inflationary and more attractive for investment.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.