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January 31, 2023

Layer-1 Blockchain Explodes 150% As Chinese Social Media Giant Integrates Crypto Platform

By Daily Hodl Staff

A layer-1 blockchain project exploded last week on the heels of a new integration with a Chinese social media giant.

Multi-chain ecosystem Conflux Network (CFX) is trading around $0.0554 at time of writing, up over 150% from its 2023 open of $0.022.

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CFX, which is the 250th-ranked crypto asset by market cap, is down over 15% in the past 24 hours.

CFX’s eye-popping gains this month happened amid the project’s announcement that it had been integrated into Xiaohongshu (“Little Red Book”), a Chinese social media and e-commerce platform that reportedly has more than 200 million monthly active users.

Xiaohongshu’s users can now display Conflux-minted non-fungible tokens (NFTs) on their profile page in the digital collection section called “R-Space,” according to the announcement.

Says Ming Wu, the chief technology officer at Conflux,

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“Large internet industry players in China have initiated efforts embracing the Web3 transition. Conflux is becoming the major bridge connecting the two worlds and taking a leadership role to expand Web3 technology into traditional industry scenarios.”

Despite the price gains this week, CFX remains nearly 97% down from its all-time high of $1.70, which it hit in March 2021.

Conflux bills itself as the “only regulatory compliant, public, and permissionless blockchain in China.”

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