Based on data from Coinmarketcap, the market value of the public chain project #Conflux has exceeded $1.2 billion, establishing a record high, reaching $1,203,186,715 to date and becoming one of the "crypto unicorns".
Since its price climbed by more than 150% throughout this period, the #CFX token has been the most profitable #crypto asset of the week from CoinMarketCap's top 100. The token is currently trading at $0.45, up 12.97% in the last 24 hours.
The Conflux Network project intends to optimize blocks at the same time or to fulfill each node's processing capacity of up to 3,500 TPS. Furthermore, as compared to PoW or PoS projects, Conflux's technology can confirm a block in 23 seconds, lowering transaction fees.
Conflux is a public blockchain platform with the highest TPS (transactions per second) while maintaining system decentralization and network security. This project is the product of a unique and advanced algorithm being combined with a revolutionary and inventive structure, the Tree Graph (TG).
The concept launched earlier this year after combining with China's Instagram partner, Xiaohongshu.
Conflux was founded in 2018 and raised $35 million in a private token sale from major Chinese investors such as private equity company Huobi Group, Sequoia China, Shunwei Capital, and Rong360. As per historical data, Conflux's market value is just approximately $50 million at the start of 2023.
It then formed collaborations with Xiaohongshu, McDonald's, and China Telecom, and its market valuation soared by over 2300% year on year.