onflux is a Layer 1 permissionless blockchain which launched in 2019 with the mission to build the ultimate multi-chain ecosystem. As we all may know, China has banned crypto completely which is blocking an insane amount of volume from entering the Crypto market.
Well, Conflux claims to be the only, one-of-a-kind blockchain that has the ability to operate in China! This is huge, but the amazing thing is, is that the Conflux team looks beyond China and has the true vision to merge Eastern and Western economies.
How Does Conflux work?
To do so, we will need a blockchain that has no borders and can fully function anywhere in the world. This is the true purpose of the blockchain. Conflux runs on a unique consensus mechanism called Tree-Graph.
The Tree-Graph consensus mechanism runs using a hybrid between Proof-of-Work (PoW) & Proof-of-Stake (PoS). Originally, Conflux started as a PoW blockchain but later added the PoS mechanism.
This upgrade allowed users to stake CFX tokens to support the network instead of mining, which is costly and not sustainable. Not only that but Conflux was able to introduce eSpace which enabled the network to become EVM-Compatible.
Tree-Graph has allowed the Conflux network to achieve incredibly high throughput as the blockchain is able to process multiple blocks simultaneously. You could say that Conflux is a mix between the two most powerful blockchains in the world, Bitcoin and Ethereum.
There are currently 77 built/integrated dApps within the Conflux ecosystem. These are some of the most popular ones that caught my attention:
A huge protocol within the Conflux ecosystem is Injective, a Proof-of-Stake (PoS) blockchain and is on a mission to create the perfect financial ecosystem that attracts users from any financial industry. Injective is capable of cross-chain margin & perpetual trading, Forex, derivatives and much more in a decentralised, permissionless manner with 0 gas fees!
Based on Aave is Goledo, a cross-chain borrowing & lending protocol that enables users to simply borrow and lend a variety of assets. Depositers can earn passive income for lending their assets and borrowers have access to over & under-collateralised loans!
Similar to recently enormous protocols Lido Finance and Rocket Pool. Nucleon is a Liquid Staking Solution for Conflux Proof-of-Stake (PoS).
We won’t go through all 77 protocols but you will be pleased to know that protocols such as Binance, Chainlink, PancakeSwap, TrustSwap, MathWallet and many others have been integrated into the Conflux ecosystem.
For those who are looking for Decentralised Exchanges (DEXs), you can find a list lower down in this article!
Recently, Conflux made an astounding partnership with China Telecom to release Blockchain SIM cards, for the first time ever! Blockchain SIMs will revolutionise our mobile privacy. I can only imagine we will see blockchain SIM cards arrive in the Western economy, eventually.
Conflux 2023 Roadmap
Q2 will see the merge between the Conflux Mainnet and Conflux Enterprise chains to enable the easy development of decentralised applications within the ecosystem!
Q3 will include the implementation of a new virtual machine execution engine which will enhance overall transaction process performance!
Q4 will see what’s called a Vector commitment-based authenticated storage, which will replace the expensive Merkle tree-cased solution.
Beyond 2023 is yet to be discovered, but what I will say is that I am very fond of this roadmap. It’s simple, effective and especially realistic.
CFX is the native token of the entire network and is used to Stake and secure the network and also rewards Miners with CFX tokens. The CFX token can also be used to participate in Governance proposals, dictating the future of Conflux.
How to Buy Conflux (CFX)
The CFX token is not available on Ethereum or any EVM-compatible networks as of yet, but the upgrade will soon initiate full interoperability. You can buy, swap and trade CFX on centralised exchanges and can also be held, bought or sold on decentralised exchanges within native Theta Wallets.
There are two main ways to buy CFX, but you will always go through a centralised exchange (CEX) or FIAT Off-Ramp. Here are the options:
Option 1- Centralised Exchange
Finding CFX on CEXs is easy! We recommend using one of these centralised exchanges when buying or trading the CFX tokens. Here is a list of CEXs with a few delicious promotions:
- Binance - The most popular CEX in the world - https://accounts.binance.com/en/register?ref=11206113
- ByBit - EARN UP TO $30K in DEPOSIT BONUSES - https://partner.bybit.com/b/StakingGuide
- BitGet - Trade on BitGet and receive 0% Deposit Cashback + $5,000 DEPOSIT BONUSES
- Coinbase - Spend $100 and Get $10 back!
- Crypto.com - Official Fifa 2022 World Cup Sponsor
Option 2 - DeFi Wallet & Decentralised Exchange
To get started you will need a DeFi wallet and make sure to secure your seed phrase with a hardware wallet (Trezor/Ledger):
- Fluent Wallet - The leading wallet within the ecosystem. This is recommended by the team and is supported on browsers such as Google Chrome, Mozilla Firefox and Edge!
If you are buying CFX through your DeFi wallet, we have compiled a small list of Decentralised Exchanges (DEXs) for you to swap or trade assets that are available on the network.
- Swappi - The leading Decentralised Exchange on Conflux eSpace that enables users to swap, earn in various ways and win prizes!
- MoonSwap - AMM Decentralised Exchange running on Ethereum Layer 2 and compatible with the Conflux network
- OKX DEX - The famous Centralised Exchange (CEX) OKX has their very own DEX that is compatible with over 30 chains!
There are many decentralised exchanges in the ecosystem, but these are the three most used and popular DEXs in the ecosystem.
As we have mentioned, Conflux is the only regulated and permissionless blockchain operating in China. Eventually, they plan to expand beyond their native country and reach enormous economies such as North America, Russia, Europe, Africa and the entire world!
At the time of writing, CFX is sitting at a price of $0.116, ranked #78 on CoinMarketCap and has a market cap of $389M! The CFX token once peaked at an all-time high of $1.70 and reached a market cap of over $1.21B!