DEX Protocol Uniswap v3 launches at China’s Public Blockchain Conflux
Shortly after the expiration of the Uniswap v3 code license, programmers are now able to duplicate the protocol and start their individual decentralized exchange. According to the proposal, the implementation of Uniswap v3 on the Conflux network will enable the platform to reach a large number of potential users, especially in the Chinese and Asian markets.
During the first quarter of 2023, Conflux experienced an increase in network traffic. The market value of the network is almost $1 billion, and an amount of $45 million has been secured on the chain. The regulatory compliance of blockchain technology is giving it prominence in the region, making it a desirable option for endeavors aiming to penetrate the Chinese market.
Currently, China accounts for 84% of global blockchain application submissions. In contrast to the percentages of 11% and 14% observed in the UK and USA respectively. […] Conflux stated in the proposal that this illustrates China’s position as one of the most advanced Web3 markets and that gaining visibility is critical to all endeavors.
Conflux notes that the cryptocurrency industry in Asian markets could benefit from regulatory interventions in the US and Europe. More than 80 cryptocurrency firms plan to establish their offices in Hong Kong, thus establishing a cryptocurrency link between Hong Kong and mainland China.
According to Ambre Soubiran, CEO of Kaiko, an institutional crypto market data provider, Hong Kong has the potential to emerge as a hub for cryptocurrency trading and investment. During a recent interview, he expressed that due to the increased strictness of the United States on cryptocurrency and the more favorable regulations in Hong Kong, there will be a noticeable shift in the center of gravity of crypto asset trading and investment towards Hong Kong.
Aside from the opportunity to expand market reach, initiatives leveraging Uniswap v3 on the Conflux Network are granted access to liquidity pools intended for CFX token trading pairs, specifically CFX-USDT, CFX-BTC and CFX-ETH. The aforementioned liquidity pools will have a value of $2 million and will be secured for a duration of two years. Furthermore, the Conflux Foundation has announced that it will provide a sum of $1 million as “liquidity incentives.”
Conflux is a blockchain that operates at the layer-1 level and uses a consensus mechanism that combines proof-of-work and proof-of-stake. The network recently revealed a partnership with China Telecom to create a blockchain SIM card (BSIM). BSIM is designed to provide secure storage for digital private keys and enable their use to transfer money to other users.
Furthermore, users will have the ability to access up-to-date transaction information and status updates through a “one-click direct check” feature. To summarize, the deployment of Uniswap v3 on Conflux’s network has the potential to generate significant benefits for both the blockchain and the broader cryptocurrency sector.
This will facilitate the network’s expansion into new markets, particularly in China and Asia, where blockchain applications are gaining ground. Furthermore, the creation of liquidity pools aimed at facilitating the exchange of CFX tokens and the implementation of incentives to promote liquidity could potentially attract a greater number of initiatives to develop the Conflux Network, which would ultimately result in an increase in value and usage .
Additionally, the rollout follows the expiration of the Uniswap v3 code license, which allows developers to duplicate the protocol and introduce their own decentralized exchanges. Conflux Network has established itself as a strong competitor in the rapidly growing decentralized exchange market by implementing Uniswap v3.
Conflux’s collaboration with China Telecom to create a blockchain-enabled SIM card is also noteworthy. The BSIM card is designed to provide secure storage for digital private keys, thereby increasing the security and confidence of consumers while transferring money. Furthermore, the functionality of the “one-click direct check” attribute will make it easier for users to access transaction details and current status updates instantly, thereby enhancing the overall user experience.
The trend towards greater regulatory compliance in the cryptocurrency industry has played a significant role in Conflux’s decision to implement Uniswap v3 on the network. Blockchain technology is perceived as a safe and reliable investment option for cryptocurrency investors, thanks to its compliance with Chinese regulations and cooperation with China Telecom. The crypto industry may see an upswing in the Asian markets, especially in Hong Kong, as regulatory crackdowns continue in the US and Europe. Hong Kong is poised to become a hub for trade and investment.
In summary, the deployment of Uniswap v3 on Conflux’s network could have notable ramifications for the blockchain and the broader cryptocurrency sector. The network presents itself as a strong competitor in the decentralized exchange arena by facilitating entry into new markets, creating liquidity pools and providing incentives for liquidity. Furthermore, the cooperation between the blockchain and China Telecom, along with its compliance with Chinese regulations, may attract a larger number of cryptocurrency users who are looking for secure and compliant alternatives. It will be exciting to observe how Conflux adjusts and advances to meet the various demands of consumers and developers amidst the ongoing evolution of the industry.
