CFX Price More Than Doubles in 24 Hours
Conflux’s native token, CFX, skyrocketed by over 115% within the last 24 hours, briefly reaching $0.24, a level not seen since December. At the time of writing, CFX is trading at $0.2134, up significantly from under $0.10 just a day ago.
This rally makes CFX one of the top-performing tokens in the crypto market this week.
Offshore Yuan-Pegged Stablecoin Fuels Market Excitement
The rally is largely attributed to the announcement of a new stablecoin pegged to the offshore Chinese yuan (CNH). Conflux is collaborating with AnchorX and Eastcompeace Technology to issue this digital currency, aimed at facilitating cross-border transactions along China’s Belt and Road Initiative (BRI).
This marks a strategic move to align Conflux with China’s expanding global trade infrastructure.
The stablecoin initiative adds credibility to Conflux’s reputation as China’s only regulatory-compliant public blockchain, further positioning it as a preferred blockchain for state-backed projects.
Conflux 3.0 Upgrade Set to Launch in August
Conflux also revealed that Conflux 3.0 — a major protocol upgrade — is scheduled for release next month. The upgrade promises:
- Throughput of up to 15,000 transactions per second (TPS)
- Support for large-scale cross-border settlement
- Real-world asset issuance on-chain
These improvements aim to make Conflux highly scalable and attractive for institutional use cases.
The announcement was made at a weekend event in Shanghai and widely covered by regional media, adding legitimacy and local investor interest.
Volume and Market Cap Jump as Traders Re-Enter
In response to the news, CFX’s 24-hour trading volume surged to over $1.7 billion, up from less than $60 million just two days ago. The market capitalization has now exceeded $1.09 billion, reintroducing CFX to the list of the top 120 cryptocurrencies by market size.
The sharp rise in volume signals renewed speculation and capital inflow, particularly from Asia-based traders.
A History of China-Aligned Partnerships
This isn’t the first time CFX has surged on China-related developments. Previous rallies were triggered by partnerships with:
- China Telecom (for blockchain-enabled SIM cards)
- McDonald’s China
- The Shanghai government (Web3 and metaverse pilots)
With strong local ties and regulatory clarity, Conflux continues to position itself as a key blockchain player within Asia’s digital economy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.