Conflux’s CFX became a winner in the weekend trade, earning about 14% of the prize, According to Coindesk market dataAnd surpassed the wider Coindesk 20 index, which grew 4%.
But behind the scenes, something is missing: the improvement of on-chain activities. The collection has been positioned as Ethereum in ChinaIn mainland China, there is a digital ledger that complies with regulations (no token).
Analysts who spoke to Coindesk in the past called it “One country, two systems“The protocol has the ability to cross the global cryptocurrency market and acts as a digital ledger in mainland China and cooperate with domestic network giants like China Chinese version of Instagram.
Given that insiders say Beijing is Warm stablecoins ideas Coping with the dollar hegemony and Conflux is preparing for stable state of sea townthe market is undoubtedly reasonable. CFX has grown by more than 190% over the past 30 days.
All of this isn’t really reflected on the chain.
Apart from the occasional peak, trading activity has not increased last year Network Block Explorer.
In fact, it is still down from the 2022 average.
other Link data display Nearly 80% of the total gas spent in the agreement comes from three accounts, resulting in a level of relevant centralization.
On the contrary, compared to Ethereum The largest gas creator 10% of the total spending on the Internet.
At present, China must have a growing narrative. Any rumors about banning cryptocurrencies in mainland China are Obviously wrong. Hong Kong’s embrace of cryptocurrencies reflects Shanghai’s stock market Learned from their opponents Before opening the mainland Chinese stock market in the 1990s, in this city.
But the question remains: Is Conflux the best agent for this narrative? The data on the chain will be suggested otherwise.
