Conflux Network (CFX) has emerged as one of the best-performing crypto assets in 2023, surging nearly 500% in the past week. This impressive performance can be attributed to China’s growing interest in cryptocurrency trading.
Conflux Network, also known as Shanghai Tree-Graph Blockchain Research Institute, is the only regulatory-compliant, public, and permissionless blockchain in China. Operating on a hybrid proof-of-work and proof-of-stake mechanism, Conflux is a layer-1 blockchain with a strong focus on security and scalability.
Strong Fundamentals Drive CFX Price Higher
CFX’s price has risen by over 1,335% year-to-date (YTD) and reached its highest level in 14 months, trading at $0.3254 as of Feb. 24. This growth significantly outpaced the combined market capitalization of crypto assets, which has surged by around 45% YTD.
The primary drivers of CFX’s price increase are the high-profile deals and partnerships Conflux Network has secured. For instance, the collaboration with China-based social media platform Little Red Book to provide non-fungible token (NFT) services resulted in a more than 90% increase in CFX’s price on Jan. 26. This partnership provided access to Little Red Book’s 200 million users.
In another partnership, Conflux Network partnered with China Telecom to develop and pilot a blockchain SIM (BSIM) card service in Hong Kong. This partnership gave Conflux access to China Telecom’s 350 million users and contributed to the 450% rally in CFX’s price after the announcement.
Growing Retail Interest in Conflux Network
The high-profile deals and partnerships also boosted retail interest in Conflux Network, with a surge in queries related to the blockchain. For instance, the worldwide Google Trend score for the keyword “Conflux Network” reached 93 and 100 in the Jan. 22-28 and the Feb. 12-18 periods, respectively.
Conflux Network’s strong fundamentals, unique position as a regulatory-compliant, public, and permissionless blockchain in China, and high-profile deals and partnerships make it a cryptocurrency to watch in 2023.