Conflux to deploy Uniswap v3 on the network

by Arthur · April 9, 2023

Conflux, a regulatory-compliant public blockchain based in China, seeks to expand its reach and attract new users by deploying Uniswap v3 on its network. Uniswap v3 is a decentralized exchange protocol that allows users to trade digital assets without the need for intermediaries.

The move comes just days after the Uniswap v3 code license expired, allowing developers to fork the protocol and deploy their own decentralized exchange. According to the proposal, the deployment of Uniswap v3 on the Conflux network will provide “access to millions of potential new users, especially in the Chinese and Asian markets.”

Conflux has experienced an increase in traffic in the first quarter of 2023, and the network has a market value of almost $1 billion, with $45 million in total value locked in the chain. Blockchain has gained popularity in the region due to its regulatory nature, making it an attractive option for projects looking to expand into the Chinese market.

“Currently, 84% of worldwide blockchain applications are submitted in China. Compared to the UK and US, 11% and 14%. […] This shows that China is one of the most mature markets in Web3, and exposure is important for all projects,” Conflux said in the proposal.

Conflux also notes that regulatory interventions in the US and Europe will benefit the growth of the crypto industry in Asian markets. Over 80 crypto companies plan to establish an office in Hong Kong, providing a crypto bridge to mainland China.

Ambre Soubiran, CEO of institutional crypto market data provider Kaiko, agrees that Hong Kong could become a hub for crypto trading and investment. “The US these days is stricter than ever on crypto and Hong Kong regulates in a more favorable way […] is going to clearly shift the center of gravity of crypto asset trading and investment more towards Hong Kong,” he noted in a recent interview.

Aside from potential market reach, incentives offered for projects building on top of Uniswap v3 on the Conflux Network are the creation of liquidity pools for CFX token trading pairs, specifically CFX-USDT, CFX-BTC and CFX-ETH. These liquidity pools would be worth $2 million and locked in for two years. The Conflux Foundation would also provide $1 million in “liquidity incentives.”

Conflux is a layer-1 blockchain that uses a hybrid proof-of-work and proof-of-stake mechanism. In a recent development, the network announced a partnership with China Telecom to develop a blockchain SIM card (BSIM). BSIM will offer a secure place to store digital private keys and will be able to call on said signature to transfer money to other users. In addition, a “one-click live check” functionality will allow users to check transaction information and status progress in real time.

In summary, Conflux’s decision to deploy Uniswap v3 on the network could bring significant benefits to the blockchain and the broader crypto industry. The move will give the network access to new markets, particularly in China and Asia, where blockchain applications are becoming increasingly popular. In addition, the creation of liquidity pools for CFX token trading pairs and the provision of liquidity incentives can attract more projects to build on top of the Conflux Network, increasing its overall value and adoption.

Furthermore, the timing of the deployment is interesting, as it comes just after the expiration of the Uniswap v3 code license, which has allowed developers to fork the protocol and deploy their own decentralized exchanges. By deploying Uniswap v3 on the Conflux Network, the blockchain is positioning itself as a strong contender in the rapidly evolving decentralized exchange space.

Conflux’s decision to partner with China Telecom to develop a blockchain SIM card is also noteworthy. The BSIM card will offer a secure place to store digital private keys, giving users greater security and peace of mind when transferring money. In addition, the “one-click direct check” functionality will allow users to check transaction information and status progress in real time, enhancing the user experience.

The move towards greater regulatory compliance in the crypto industry is also a major factor in Conflux’s decision to deploy Uniswap v3 on the network. Blockchain’s regulatory compliance in China and its partnership with China Telecom position it as a safe and secure option for users looking to invest in the crypto space. As regulatory crackdowns continue in the US and Europe, Asian markets could see increased growth in the crypto industry, with Hong Kong emerging as a hub for trade and investment.

In conclusion, Conflux’s decision to deploy Uniswap v3 on the network could have significant implications for the blockchain and the broader crypto industry. By providing access to new markets, creating liquidity pools and offering liquidity incentives, the network positions itself as a strong competitor in the decentralized exchange area. In addition, the blockchain’s partnership with China Telecom and its compliance with regulations in China may attract more users looking for secure and compliant alternatives in the crypto space. As the industry continues to evolve, it will be interesting to see how Conflux adapts and grows to meet the changing needs of users and developers.