On July 31, Upbit, South Korea’s leading cryptocurrency exchange, will debut trading for Conflux Network’s native token, CFX, against three major currencies simultaneously: KRW, BTC, and USDT. This unusual simultaneous triple pairing signals strong confidence from Upbit in CFX’s market liquidity and demand.
Conflux Network stands out among Layer 1 blockchains as China’s only public blockchain fully compliant with national regulations. Founded in 2018 by academics connected to Canadian institutions, Conflux occupies a rare, sanctioned position that allows it to serve as a secure on-ramp to blockchain activity for participants targeting the Chinese market without running afoul of legal restrictions that challenge other Layer 1 projects globally.
CFX powers the network’s fees, staking, governance, and mining incentives and traded around a $212-$213 million market cap ahead of the listing. The token peaked at $1.70 in early 2021.
Recent Developments Set the Stage for Growth
Conflux hasn’t been idle. It integrated the Infini stablecoin just weeks ago and established institutional custody partnerships with Fireblocks in June to attract serious investors who demand solid asset security. The protocol’s upcoming 3.0 upgrade, expected in August, aims to boost throughput dramatically, targeting 15,000 transactions per second. The timing of this upgrade right after the Upbit listing is bound to draw attention.
This content is for informational purposes only and should not be considered financial advice.
