The cryptocurrency world received exciting news recently as Binance, the largest crypto exchange, announced the successful completion of the Conflux Network (CFX) mainnet integration. This development comes after Binance first listed Conflux Network in March 2021, initially only accepting deposits and withdrawals for BEP20 CFX tokens. Notably, the CFX price has soared by over 1500% this year, fueled by demand from China and AI hype.
Binance’s recent announcement means that the exchange will now support the trading of CFX tokens without the need for conversion to BEP20 CFX tokens. Users can deposit and withdraw mainnet CFX tokens through their assigned CFX deposit address on the Conflux Network mainnet within the deposit page on Binance. The platform will accommodate deposits and withdrawals for CFX tokens through Conflux eSpace, Conflux Core Space, and BNB Smart Chain (BEP20).
Following Binance’s announcement in April that it would support the Conflux Network mainnet integration, CFX prices jumped by 20%. Conflux has experienced a surge in trading due to increased demand for China-linked blockchains and tokens. As the only regulatory-compliant blockchain in China, Conflux utilizes the Tree-Graph consensus mechanism to enhance throughput and scalability. Through partnerships with China Telecom for blockchain products and integration with Little Red Book — China’s version of Instagram — Conflux Network continues to strengthen its position. The network also plans to deploy Uniswap V3, creating liquidity pools for CFX/USDT and CFX/BTC pairs.
Even though CFX price is currently down by 40% within a month, as investors have booked their profits, it still remains above the initial price at which it began its rally. With Binance’s support, prices are likely to see an upward trajectory in the coming days. In the last 24 hours, the CFX price rose by 1%, trading at $0.261, with a 24-hour low and high of $0.251 and $0.275, respectively. Additionally, trading volume has experienced a slight increase within the same timeframe.
It’s essential for investors to conduct thorough market research before investing in cryptocurrencies, as the content presented here may include the personal opinion of the author and is subject to market conditions. Neither the author nor the publication holds any responsibility for individual financial loss stemming from investment decisions.
Source: Coingape
