This Chinese crypto has soared 1,800% – Should you buy the token?

  • Chinese crypto Conflux is fast becoming a novel token to watch.
  • With a growth rate of 1800% in the YTD, here’s what makes Conflux to stand out.

The digital currency ecosystem is known to have at least one major highflyer token per time, and while this is often a memecoin, a Chinese crypto, Conflux (CFX) is currently making the waves. Conflux has outperformed both Shiba Inu (SHIB) and Dogecoin (DOGE) this year in terms of price growth as it has soared by more than 1,810% thus far this year, a growth that has defied the still inherent crypto winter.

At the moment, the digital currency is changing hands at $0.437, up 13.11% over the past 24 hours and by more than 124% in the trailing 7-day period

While the origin of the Chinese crypto, Conflux is China, there is a major contention on whether the country and its crypto-savvy populace are contributing to its growth. This is because China banned crypto-related activities a few years back, and chances are that the trading of Conflux is somewhat illegal in the country.

With crypto being a borderless innovation, the affiliation of Conflux does not matter, rather investors are fixed on its promises as a blockchain protocol, and in terms of the prospects it brandishes, Conflux seems to be breaking a major barrier with some of the Real-World Use Cases it is heralding.

The Conflux Fundamental and Chinese Advantage

Conflux is branded as 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. 

Per its design, it has been tagged with many names including China’s MATIC based on its functionalities. While this nomenclature is not out of place, Conflux can be assumed to be the Chinese answer to Ethereum, offering a number of developers the opportunity to build a smart contract that can solve real-life issues. 

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Conflux is already advancing on this front with its partnership with China Telecom, the second-largest telecommunication firm in the country. Through the partnership, a blockchain-based SIM was developed, designed for more than 500 million users to adopt. While this is not the first of the protocol’s milestones, it gave a deep glimpse into its capabilities and depth.

In today’s Web3.0 ecosystem, there are many buzzing trends that have garnered users’ interest over the years. Two of the top trends include Metaverse and Artificial Intelligence (AI), however, Conflux does not necessarily represent either of these two.

The advantage that Conflux is tapping into is its Chinese market and its environs. The country, despite its negative stance toward digital currencies, has a strong affiliation with blockchain advancement. With tens of thousands of blockchain-based startups making their way into the country, Conflux already has a depth of patronage considering the fact that China fosters homegrown technology.

Should you Buy Conflux?

Crypto-News Flash is in the right position to give educational insights about a crypto project and not financial advice. That said, Conflux has showcased the right innovation to compete with its top rivals. Since its inception, CFX has risen in ranking and is currently the 47th largest digital currency.

While watching out for imminent reversals which may be steep, Conflux deserved to be placed on the investor’s watchlist at least for the long term.

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About 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.

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