Toronto, Canada, April 14th, 2023, Chainwire
Conflux, the only blockchain permitted under Chinese regulations, has suggested introducing Uniswap v3 and Curve to its public blockchain. This proposal stems from Binance’s announcement that they would be supporting the Conflux Network (CFX) mainnet. The aim is to draw attention to the network, create liquidity pools with CNH (offshore Chinese Yuan) stable currency, and incentivize users with rewards to increase the network’s worth and usage.
By incorporating Uniswap v3 on Conflux eSpace, Uniswap community is able to access a wider range of trading options with both USD- and CNHC-based pairs. This development is especially useful due to the current regulatory limitations on USD-based stablecoins. Projects operating in other currencies than USD will find this deployment especially beneficial, as they now have access to CNH settlements without worrying about currency fluctuations.
Conflux is also joining the Defi ecosystem with a cross-chain CFX token, bridged to Ethereum mainnet and known as eCFX. This token can be used in a liquidity pair with ETH on Curve. Following an on-chain vote, the Curve pool (eCFX-ETH) has been added to the Curve Gauge – you can find the vote results here: https://dao.curve.fi/vote/ownership/312.
What’s more, the pool is stakable on Conflux, allowing DeFi users to dive deeper into the Curve environment. This is the first time a network has initiated a pool on Curve (Ethereum) prior to welcoming Curve on their platform. Conflux’s decision to do so showcases their commitment to connecting with the Curve community and providing a new Curve pool for Asian DeFi projects.
The combination of US and EU regulatory barriers on blockchain and the recent supportive regulations on blockchain in Hong Kong emphasizes the importance of the Chinese market for the development of Web3 projects.
Chinese applications make up 84% of global blockchain applications, much higher than the UK (11%) and the US (14%), which proves that China is one of the most pioneering markets in Web3.
“Our team is proud to be part of the Defi movement and demonstrate a strong commitment to robust DeFi,” says Christian Oertel, Global Expansion Manager. “As Uniswap prepares to launch on Conflux, new tokens developed by Asian-based teams will be incentivized to bridge into this blooming environment. Once Conflux reaches an appropriate scale, our team plans to natively deploy Curve Finance, bringing the efficient stablecoin AMM-giant to Asia’s own DeFi-centric blockchain.”
About Conflux Network
Conflux is a permissionless Layer 1 blockchain connecting decentralized economies across borders and protocols. Recently migrated to hybrid PoW/PoS consensus, Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security.
As the only authorized public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. In the region, Conflux has collaborated with global brands and government entities on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.
Contact
Melissa Tirey, [email protected]
