Conflux Network CFX surges 100% on AxCNH stablecoin launch and Conflux 3.0 upgrade

Conflux Network, a China-based Layer-1 Blockchain, has made significant strides with its recent announcements and collaborations. At an event in Shanghai, the network revealed its partnership with AnchorX and Eastcompeace Technology to develop a stablecoin indexed to the offshore Yuan. This stablecoin, named “AxCNH,” is pegged 1:1 to the offshore yuan and aims to facilitate cross-border payments and real-world asset transfers in Belt and Road Initiative (BRI) countries. The initiative is expected to boost digital yuan adoption in key markets such as Singapore, Malaysia, Kazakhstan, and Indonesia.

The development of AxCNH comes at a time when stablecoins are gaining recognition for their role in transforming the global payment system. The President of China’s Central Bank, Pan Gongsheng, acknowledged the impact of stablecoins in June, highlighting their potential to revolutionize financial transactions. The upcoming launch of Hong Kong’s stablecoin licensing regime on August 1st further underscores the regional significance of this move. Additionally, lobbying efforts by major companies like JD.com and Ant Group for offshore yuan-based solutions provide additional support to the Conflux ecosystem.

Conflux Network is also gearing up for the launch of Conflux 3.0 in August, which promises a transaction capacity of 15,000 transactions per second (TPS). This upgrade is designed to support high-volume payments and facilitate the integration of real-world assets and cross-border transactions onto the Blockchain. The Layer-1 architecture will include additional modules for integration with state-backed digital currency projects, further enhancing its capabilities.

The altcoin CFX, associated with Conflux Network, saw a significant surge in price following the announcements, rising by over 100% to reach $0.2405. This sharp increase reflects investor confidence in the new version of the network. With a market value of $1.1 billion, Conflux stands out among major Asia-based Blockchain projects. The peak in Eastcompeace shares traded in Shenzhen also indicates that the technological partnership has had a notable impact on traditional capital markets.

In summary, Conflux Network’s bold moves, including the development of the AxCNH stablecoin and the upcoming launch of Conflux 3.0, are poised to boost the value of CFX. These initiatives not only enhance the network’s capabilities but also position it as a key player in the global payment system, particularly in BRI countries. The surge in CFX’s price and the impact on traditional capital markets further underscore the significance of these developments.