Conflux Collaborates With Chinese Company, Migu

Conflux in collaboration with Migu. (Photo; Doc. CoinMarketCap)

JAKARTA - The development of blockchain technology in China has reached a new chapter with the establishment of a strategic partnership between the Conflux Network and Migu, China Mobile's digital content division. This collaboration is marked by the launch of a blockchain-based digital collection series entitled "MIGO and His Friend ConFi," which will officially launch on August 23.

This initiative is expected not only to introduce new innovations in the digital arts world, but also to pave the way for more than 1 billion Chinese monthly users Mobile to access blockchain-based advanced products.

The Conflux Network, known as a smart contract-oriented blockchain and regulated by the Chinese government, collaborates with Migu to integrate blockchain technology into various digital services.

Among them are blockchain-based video ringtones, digital identity (DID), and communication devices specifically designed for users. Through this collaboration, users are expected to enjoy a more secure and personalized digital experience, as well as be part of the fast-growing Web3 ecosystem in China.

In this collaboration, Conflux and Migu will release the first digital ringtone video series based on blockchain, "MIGO and His Friend ConFi," which consists of 5,000 units. Each unit will be sold at a price of 13.9 RMB or around Rp. 32,000, and 1 percent of this collection will be released as a rare edition, adding to the exclusivity value for collectors.

Market Influence

The partnership between Conflux and Migu is believed to have a significant impact on the development of each business. Conflux, which is a fast growing layer one (L1) blockchain, currently has a total locked value of more than US$12 million (around Rp192 billion) and a stablecoin market cap of US$15 thousand (around Rp240 million). With the adoption of their original token, CFX, which is used for transaction cost payments, the Conflux ecosystem is expected to grow even more.

In recent weeks, the price of CFX has increased by more than 15 percent, reaching around US$0.14 (Rp2,240) in early trading in New York. As an altcoin with a full market capitalization of around US$781 million (approximately Rp12.5 trillion) and an average daily trading volume of around US$38 million (approximately Rp608 billion), CFX showed a strong bullish trend after testing its macro support level at around US$0.10 (Rp1,600).

However, technically, if the price of CFX continues to close below 0.1 US dollars (Rp1,600), there will most likely be further declines towards the next major support level of around 0.077 US dollars (Rp1,232), which coincides with the daily Fibonacci Retracement of 1,618.