The cryptocurrency market is experiencing an interesting resurgence, with various assets showing modest gains in recent hours. One standout performer is Conflux (CFX), which has surged by an impressive 20.17% over the past 24 hours, making it the second-largest daily gainer according to CoinMarketCap data.
Prior to this sudden price increase, the token had been trapped in a bearish trend for most of the month, plummeting from a high of $0.284 on June 1st to a low of $0.169 on June 10th. Throughout June, “Chinese Matic,” as Conflux is sometimes referred to, had lost approximately 33.33% of its market value.
As of the time of writing, the coin is valued at $0.255 and has achieved a 24-hour trading volume of $304 million. CFX currently boasts a total market capitalization of $753 million, positioning it as the 53rd largest coin by market capitalization.
Conflux’s Recent Surge and Ecosystem Expansion
Conflux’s recent price surge can be attributed to various factors. Firstly, it appears to be riding the wave of overall market growth, capitalizing on the positive momentum of the broader crypto market.
📣 Conflux is partnering with @dappOS_com 🤝
Leveraging dappOS’ innovative solutions, Conflux dApp users will experience simplified workflows and seamless cross-chain execution without incurring additional gas fees. pic.twitter.com/tbEuPk429n
— Conflux Network Official (@Conflux_Network) June 21, 2023
However, one of the notable contributors to Conflux’s price rally is its recent partnership with dappOS, a member of the Binance Labs Inc. program. This collaboration has mutual benefits for both parties involved. For CFX holders, the expansion of the ecosystem signifies increased utility for the protocol and CFX tokens in the long run.
dappOS, on the other hand, gains access to a fast, secure, and scalable blockchain environment, aligning with its objective of providing users with simplified workflows and seamless execution across different chains.
The partnership aims to foster in-depth cooperation with other Conflux-based dApps and contribute to the expansion of the token ecosystem. With over 100 dApps within the CFX ecosystem, the collaboration between dappOS and Conflux is expected to bring forth simplified workflows and seamless execution for users.
Similarly, the blockchain network announced on June 7 that it was joining Hong Kong Web 3.0 Institute as Senior Member, solidifying its partnership with Web3 advancements and demonstrating support for Web3 development in Asia.
The Conflux Network unique position as a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols, coupled with its recently migrated hybrid PoW/PoS consensus, has garnered recognition and support.
The blockchain offers a fast, secure, and scalable environment for operations, ensuring minimal fees and enhanced network security. As the sole regulatory-compliant public blockchain in China, CFX holds a distinct advantage for projects seeking to venture into the Asian market.
Looking ahead, Conflux (CFX) aims to continue expanding its ecosystem, forging strategic partnerships, and fostering growth on all fronts.