The native altcoin for a little-known public blockchain project surged more than 20% on Friday, outpacing most cryptocurrency markets.
Conflux (CFX) is a hybrid proof-of-work and proof-of-stake chain that claims to be “China’s only compliant, public, and permissionless blockchain.”
The web3 project, which says it is suitable for both decentralized finance (DeFi) and gaming, aims to bridge the gap between Western and Asian markets in line with its mission to “catalyze the borderless economy.”
CFX is trading at nearly $0.227 at the time of this writing, up from $0.185 on Thursday. The 88th-largest cryptocurrency asset by market capitalization is up nearly 33% from its seven-day low of $0.17.
CFX’s gains on Friday materialized into Conflux. presentation Entered into strategic partnership with Asia-based venture studio BlockBooster
describe the project,
“With a focus on nurturing web3 infrastructure, social and gaming projects, the goals of this partnership are to:
- Collaboratively identify Web3 incubation opportunities within the Conflux ecosystem.
- We co-host key events for Conflux builders.
Stay tuned for more updates!”
BlockBooster is headquartered in Hong Kong and aims to help develop protocols and software infrastructure for web3.
Despite recent price gains, CFX remains nearly 87% below its all-time high of $1.70 hit in March 2021, according to CoinGecko.
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