JAKARTA - The layer-1 Conflux Network (CFX) blockchain project has increased greatly after integrating with Chinese social media giant Xiaohongshu.
CFX, which is currently ranked 250 crypto assets by market cap, is currently trading at around US$0.0554 and has increased by more than 150 percent from the opening price in 2023 of US$0.022.
Conflux's integration with Xiaohongshu, China's reported social media and e-commerce platform, has more than 200 million monthly active users, allowing users to display Conflux's non-fungible tokens (NFT) on their profile pages.
According to Conflux's Chief Technical Officer, Ming Wu, "Large internet industry actors in China have started efforts to welcome the Web3 transition. Conflux is the main bridge connecting the two worlds and taking the leadership role to expand Web3 technology into traditional industrial scenarios."
As additional information, Web3 is a term to describe the next internet that takes advantage of blockchain technology and approaches the principles of decentralization, transparency, and privacy.
Despite rising prices this week, CFX is still down nearly 97 percent from an all-time high of $1.70 in March 2021. Conflux claims to be "the only blockchain in accordance with Chinese regulations, public and without permission."
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