Beijing-based firm Conflux (CFX) surged into the spotlight since the weekend after announcing the launch of a new offshore yuan-backed , along with a preview of its upcoming Conflux 3.0 upgrade.
Image: Left-to-right: Fan Long and Yuanjie Zhang, two of Conflux's founders. Source: Conflux website.
The announcements were made during the Conflux Tree Graph Technology and Ecosystem Development Conference, held on 18-20 July in Shanghai, and were quickly picked up by Chinese state media – a major signal of legitimacy for the project both domestically and abroad.
CFX Price Skyrockets
Conflux’s native CFX soared 125% in the first 14 hours following the announcement early Sunday (UTC), peaking at 0.25 by 17:00 – its highest price since December 2024.
Founded in 2020, Conflux is China’s only regulatory-compliant, public, and permissionless blockchain. It was designed to support , e-commerce, and infrastructure, while remaining in line with the country's strict oversight of digital assets.
Strategic partnerships for stablecoin
To support the stablecoin launch, Conflux is teaming up with Hong Kong-based fintech AnchorX and Chinese IT security firm Eastcompeace. The new token, pegged to the Chinese yuan, is intended to enable cross-border transactions within China’s Belt and Road Initiative – the massive state-backed infrastructure and trade development program.
Conflux 3.0: bridging Web3 and real-world applications
Conflux 3.0, set to launch in August, promises to process over 15,000 transactions per second. According to state media, the upgrade will include native support for on-chain AI agents, cross-border payments, batch settlement of real-world assets (), and lay the groundwork for a "digital highway" to power the next generation of Web3 applications.
With regulatory greenlights, strong institutional partnerships, and aggressive tech upgrades, Conflux is positioning itself as China’s flagship blockchain infrastructure – balancing state compliance with open-access Web3 innovation.
