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The positive price rally that is being seen across the blockchain ecosystem has been all-encompassing and is now trickling down to lesser-known Layer 1 blockchain protocols. According to data from CoinMarketCap, Conflux (CFX) is up by more than 140% over the past 24 hours in what looks like a buildup of its weekly price uptrend motion.
Conflux is changing hands at $0.07183, and it is designed as a Layer 1 blockchain protocol that offers a high-throughput first-layer consensus blockchain that utilizes a unique Tree-Graph consensus algorithm, enabling the parallel processing of blocks and transactions for increased throughput and scalability.
Riding on its ranking as the only regulatory-compliant blockchain protocol in China, Conflux has continued to welcome new users utilizing its protocol and stacking up its native token, CFX. According to a recent update shared via its Twitter handle, Conflux said Little Red Book (Xiaohongshu), China's answer to Instagram, has integrated Conflux network as a permissionless blockchain.
With more than 200M monthly active users, Little Red Book (Xiaohongshu), China’s answer to “Instagram” has integrated Conflux Network as a permissionless blockchain.https://t.co/tk84WI5kaj
— Conflux Network Official (@Conflux_Network) January 26, 2023Advertisement
With the Little Red Book platform marking a new milestone of total Monthly Active Users (MAUs) of 200 million, the Conflux protocol is bound to gain massive exposure to a whole new community and client base.
Arman ShirinyanRally is not enough
Unlike some of the high-performing new-generation blockchain protocols, Conflux is a fairly old guard whose token made its debut on public markets back in 2018. While the token hit its all-time high (ATH) of $1.70 in the first quarter of 2021, the crypto winter pushed it to plunge to a new low of $0.02191 just about a month ago.
With its erratic growth curve, Conflux may be unable to turn around its price fortune with just a single massive weekly rally, as we have seen today. Like other blockchain networks making waves today, such as the duo of Aptos and Threshold, the growth needs to be consistent over time to resonate with investors and all members of its community.
Tomiwabold Olajide
Arman Shirinyan
Vladislav Sopov
Dan Burgin