- Conflux reports that Q1 2023 saw a dramatic increase in blockchain use.
- Industry’s expansion into Asian markets would profit from recent regulatory crackdowns.
On April 7, Conflux, a Chinese public blockchain that complies with applicable regulations, proposed on Uniswap’s governance forum to implement Uniswap v3 on its network. Developers have been able to fork the protocol and launch their own decentralized exchange in the days after the Uniswap v3 source license expired.
According to the plan, launching in China and other Asian regions would provide companies “access to millions of potential new users.” Conflux reports that Q1 2023 saw a dramatic increase in blockchain use. Almost $1 billion in value is locked on-chain, giving the network a market valuation of over $1 billion.
Would Benefit From Recent Regulatory Crackdowns
Conflux argued that the crypto industry’s expansion into Asian markets would profit from regulatory crackdowns in the United States and Europe, with the city of Hong Kong serving as a “crypto bridge” between mainland China and the rest of the world. Ambre Soubiran, CEO of Kaiko, a source of institutional crypto market data, agrees.
The CEO stated:
“The U.S. being more stringent these days than ever on crypto and Hong Kong regulating in a more favorable way […] is going to clearly shift the center of gravity of crypto assets trading and investments more towards Hong Kong,” he noted in a recent interview.
Incentives for Conflux Network initiatives that build on top of Uniswap v3 include the development of liquidity pools for trading pairings involving CFX tokens specifically, CFX-USDT, CFX-BTC, and CFX-ETH. There would be a two-year lock on these $2 million liquidity pools. Further “liquidity incentives” totaling $1 million would be provided by the Conflux Foundation.
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