Layer-1 Blockchain Explodes 150% As Chinese Social Media Giant Integrates Crypto Platform

A layer-1 blockchain project exploded last week on the heels of a new integration with a Chinese social media giant.

Multi-chain ecosystem Conflux Network (CFX) is trading around $0.0554 at time of writing, up over 150% from its 2023 open of $0.022.

CFX, which is the 250th-ranked crypto asset by market cap, is down over 15% in the past 24 hours.

CFX’s eye-popping gains this month happened amid the project’s announcement that it had been integrated into Xiaohongshu (“Little Red Book”), a Chinese social media and e-commerce platform that reportedly has more than 200 million monthly active users.

Xiaohongshu’s users can now display Conflux-minted non-fungible tokens (NFTs) on their profile page in the digital collection section called “R-Space,” according to the announcement.

Says Ming Wu, the chief technology officer at Conflux,

“Large internet industry players in China have initiated efforts embracing the Web3 transition. Conflux is becoming the major bridge connecting the two worlds and taking a leadership role to expand Web3 technology into traditional industry scenarios.”

Despite the price gains this week, CFX remains nearly 97% down from its all-time high of $1.70, which it hit in March 2021.

Conflux bills itself as the “only regulatory compliant, public, and permissionless blockchain in China.”

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This article was originally reported on The Daily Hodl.