The public layer 1 blockchain Conflux ($CFX) experienced a notable surge of over 24% in the past 24 hours.
Thereby, positioning itself as one of the top gainers on Coinmarketcap for the day, with an impressive 450% increase in its 24-hour trading volume.
This surge is largely attributed to Conflux’s strategic partnership with 0xBlockBooster, an emerging venture studio based in Asia focusing on fostering Web3 infrastructure, social, and gaming projects.
— Conflux Network Official (@Conflux_Network) January 26, 2024
The partnership aims to explore Web3 incubation opportunities within the Conflux ecosystem and jointly oversee significant initiatives for Conflux developers.
In a move signaling further innovation, Conflux Network has unveiled its Bitcoin Layer 2 (BTC L2) solution, designed to be compatible with Ethereum Virtual Machines (EVMs).
This strategic move leverages Bitcoin’s resilience to enhance Conflux Network’s capabilities and significantly improve blockchain interoperability.
Bitcoin Network Integration For Conflux
By integrating with the Bitcoin network, Conflux aims to revolutionize asset management and network security.
The utilization of Proof-of-Stake (PoS) consensus within Conflux, acting as a reliable Bitcoin Oracle, is integral to this integration.
It provides extensive metadata about the Bitcoin network, including the Merkle root of all qualified transactions, through internal contracts.
This article explores how Conflux's Bitcoin Layer 2 integration revolutionizes asset management and network security in blockchain.https://t.co/enWw1cItGy
🔒 Proof-of-Stake (PoS) consensus acts as a reliable Bitcoin Oracle.
🌐 Comprehensive metadata connects Conflux and…
— Conflux Network Official (@Conflux_Network) January 25, 2024
This feature enables closer integration between the two ecosystems, allowing on-chain contracts on the Conflux network to access and respond to events occurring on the Bitcoin blockchain.
The partnership with 0xBlockBooster and the introduction of the BTC Layer 2 solution signal Conflux’s commitment to innovation and its strategic positioning within the blockchain landscape.
As Conflux continues to explore new avenues for growth and collaboration, its influence in the decentralized finance and blockchain interoperability sectors is expected to strengthen.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.