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.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered straight to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Alberto Andrei Rosu/Natalia
