'Chinese Ethereum' Conflux jumps 13% following strategic deal with venture firm

2024-01-29 09:07:40

Conflux Network’s CFX token gained over 13% amid a ‘strategic partnership’ agreement with Asia-based venture studio BlockBooster.

In an X thread, Conflux Network said the latest deal with the Asia-based venture studio will focus on identifying “web3 incubation opportunities within the Conflux eco,” as the project wants to facilitate “major events for Conflux builders.”

While no other details have been released, the news was enough to impact the CFX token, which gained over 13% surging to $0.24, according to CoinGecko data. BlockBooster, commenting on the agreement, expressed its intent to support web3 infrastructure, social initiatives, and gaming projects through the partnership with Conflux.

CFX price in USD | Source: CoinGeckoMeanwhile, the blockchain network is gearing up to introduce an Ethereum Virtual Machine (EVM)-compatible layer-2 solution that can interact with the Bitcoin network amid growing interest.

Conflux’s proposed layer-2 solution will allow users to move Bitcoin (BTC) and other inion-powered assets between its blockchain and Bitcoin‘s eco. The new layer-2 network is set to operate on top of the main Conflux chain, utilizing BTC for gas fees and supporting Ethereum-based smart contracts via the EVM standard.

Established in 2018, Conflux Network positions itself as a blockchain platform, claiming to be the sole regulatory-compliant public blockchain in China. The project, often referred to as the “Chinese Ethereum,” is designed to offer a scalable and decentralized infrastructure for various applications.

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