Conflux’s CFX: China’s New Crypto Dream or Dystopia?

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What to know: 🧠

  • Conflux had a party on the weekend, dancing 14% higher while the CoinDesk 20 only managed a modest 4% shuffle. 🎉
  • But here’s the twist: the on-chain party is still on hold. Transaction levels are as lively as a soggy biscuit, down from 2022 averages. 🍪
  • Conflux’s network is like a monarchy, with 80% of gas usage coming from three accounts. Meanwhile, Ethereum is more of a democracy, with power spread thin. 🏛️

Conflux’s CFX emerged as the weekend’s star, gaining 14%—a performance so dazzling, it outshone the CoinDesk 20’s 4% flicker. 🌟

But here’s the catch: none of this is happening on-chain. It’s like a party where everyone’s at the door, but no one’s inside. 🚪

Analysts call it a “one country, two systems” protocol, straddling global crypto markets and China’s digital ledger. Like a superhero with two identities, but no cape. 🦸‍♂️

Beijing’s love for stablecoins is growing, and Conflux is prepping an offshore-yuan stablecoin. The market is dancing with excitement, up 190% in 30 days! 💃🕺

All of this isn’t really reflected on-chain. It’s like a ghost town—everybody’s there, but nobody’s home. 🕸️

Transaction activity hasn’t grown in a year, like a plant that forgot to drink water. 🌱

Nearly 80% of gas is spent by three accounts, making Conflux more like a dictatorship than a blockchain. 🏢

Ethereum’s largest gas spender is less than 10%, like a democracy where everyone gets a say. 🗳️

The China narrative is growing, but is Conflux the right choice? On-chain data says, “Not so fast!” 🚫

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2025-08-04 08:51