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 , 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 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 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.
