Little-known Ethereum rival breaks out, surpasses Bitcoin and ETH with 53% growth in seven days
A little-known Ethereum competitor is in the midst of a major breakout, posting numbers that surpass both Bitcoin and ETH.
Layer-1 blockchain Conflux Network (CFX) is trading at $0.295 at the time of writing, up 53% in the last seven days.
That compares to a 16% increase in the price of Bitcoin and a 9% increase in the price of Ethereum in the same time frame.
Launched in November 2020, the coin burst onto the scene this year when the project announced a partnership with China Telecom, one of the largest wireless operators in the country.
The platform has also been integrated into Xiaohongshu, known as Little Red Book, which is a Chinese social media and e-commerce platform that reportedly has more than 200 million monthly active users.
Conflux says it is the only fully regulated layer-1 blockchain in China, aiming to build a borderless, blockchain-based economy.
“As the only regulatory, public and permissionless blockchain in China, Conflux is building a borderless transaction and technology ecosystem for globally minded crypto projects, extending beyond China to North America, Russia, Latin America, Europe, Africa and the rest of the world .”
Designed to be a highly scalable and low-cost protocol, Conflux uses a proof-of-work consensus model to validate transactions.
Its native crypto asset, CFX, is used to pay transaction fees, offer stake rewards and allow users to participate in the network’s governance.
CFX is trading at $0.295 at press time, up 6.9% in the last 24 hours.
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Featured Image: Shutterstock/Alberto Andrei Rosu/Natalia