Hybrid Blockchain Altcoin Skyrockets by Over 20% Following Announcement of New Partnership With a Prominent Venture Studio
The native altcoin associated with an undisclosed public blockchain project experienced a significant surge of over 20% on Friday, surpassing the majority of the cryptocurrency market. Conflux (CFX) stands out as a hybrid blockchain utilizing both proof-of-work and proof-of-stake mechanisms, positioning itself as the sole regulatory compliant, public, and permissionless blockchain in China. The project, which emphasizes compatibility with decentralized finance (DeFi) and gaming applications, seeks to bridge the gap between Western and Asian markets, serving as a catalyst for the borderless economy. At present, CFX is trading at approximately $0.227, an increase from its previous value of $0.185 on Thursday. As the 88th-ranked cryptocurrency by market capitalization, CFX has risen by nearly 33% from its low of $0.17 in the last seven days.
Conflux’s recent bullish performance coincides with the announcement of its strategic partnership with BlockBooster, a venture studio headquartered in Asia. BlockBooster specializes in nurturing web3 infrastructure, social networking, and gaming initiatives. The collaboration’s objectives include jointly identifying web3 incubation opportunities within the Conflux ecosystem and organizing significant events for Conflux builders. More updates regarding this partnership will be revealed in due course. BlockBooster, located in Hong Kong, focuses on developing protocols and software infrastructure for web3 projects.
Despite the recent surge, CFX remains substantially lower, approximately 87%, than its all-time high of $1.70, set in March 2021, according to CoinGecko. The project demonstrates promising potential for growth, and market participants are eagerly anticipating further developments.