Chinese Layer 1 blockchain Conflux is making headlines with its latest 3.0 upgrade and plans to launch yuan-pegged stablecoins, signaling a major step forward for blockchain innovation in China.
What Is Conflux?
Conflux is a public, permissionless blockchain network designed to provide high throughput and scalability. It is often referred to as the “Magic Mainland” blockchain due to its strong roots and partnerships in China.
Conflux 3.0: What’s New?
At a recent conference, Conflux announced the upcoming release of Conflux 3.0, scheduled to go live in August. The highlight of this upgrade is the introduction of the Tree-Graph consensus mechanism, which will allow the network to process up to 15,000 transactions per second (TPS). This significant boost in speed and efficiency positions Conflux as a leading blockchain for large-scale applications.
Yuan-Pegged Stablecoins: Offshore Innovation
In addition to the technical upgrade, Conflux revealed a partnership with fintech company AnchorX and Shenzhen-listed Eastcompeace Technology. Together, they plan to launch offshore yuan-pegged stablecoins. These stablecoins will be backed by the Chinese yuan, providing a stable and reliable digital asset for international trade and cross-border payments.
Why Does This Matter?
- Faster Transactions: The new Tree-Graph consensus will make Conflux one of the fastest blockchains available.
- Stable Digital Yuan: Offshore yuan stablecoins can help bridge traditional finance and blockchain, making it easier for businesses to transact globally.
- Market Impact: Following these announcements, the price of Conflux’s native token, CFX, surged by over 108%, rising from $0.11 to $0.22.
Conclusion
With the launch of Conflux 3.0 and the introduction of yuan-pegged stablecoins, Conflux is set to play a key role in the future of blockchain and digital finance in China and beyond. These innovations could pave the way for faster, more secure, and more accessible financial transactions worldwide.
