Conflux Network's CFX token gained over 13% amid a “strategic partnership” deal with Asia-based venture studio BlockBooster.
In a threadConflux Network said the latest deal with the Asia-based venture studio will focus on identifying “web3 incubation opportunities within the Conflux ecosystem,” as the project wants to facilitate “major events for Conflux builders.”
While no other details have been released, the news was enough to impact the CFX token, which gained more than 13% to $0.24, according to data from CoinGecko. BlockBooster, commenting on the deal, expressed its intention to support web3 infrastructure, social initiatives, and gaming projects through the partnership with Conflux.
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Meanwhile, the blockchain network is preparing to introduce a layer 2 solution compatible with the ethereum virtual machine (EVM) that can interact with the bitcoin network amid growing interest.
Conflux's proposed layer 2 solution will allow users to move bitcoin (btc) and other enrollment-based assets between its blockchain and the bitcoin ecosystem. The new layer 2 network will run on top of the Conflux mainchain, using btc for gas fees and supporting ethereum-based smart contracts via the EVM standard.
Established in 2018, Conflux Network positions itself as a blockchain platform, claiming to be the only regulatory-compliant public blockchain in China. The project, often referred to as “Chinese ethereum,” is designed to offer a scalable and decentralized infrastructure for various applications.
