Conflux Network Weekly Update | May 21 - May 27
A look at Conflux's growth six months post-mainnet; Recap of our AMA with grantee Sacred Finance; Fan Long comments on China forbidding the use of crypto by banks and other businesses.
Latest From Conflux
Six Months Post-Mainnet Progress Report
May 2021 marks six months since the launch of the Conflux mainnet. During that time, Conflux has grown dynamically across a variety of verticals.
⭐️ Some highlights since November 2020 ⭐️
✅ More than 10 million transactions have been processed by the network since mainnet launch.
✅ 220,000 unique wallet addresses actively holding CFX.
✅ TVL has grown to $104 million.
✅ Deployed more than 1,500 unique smart contracts
✅ ShuttleFlow has processed more than $164 million in cross-chain asset transfers.
✅ More than 900 nodes across 26 countries.
Conflux’s growth is particularly notable given the fact that the cryptocurrency space is more competitive than ever. As Ethereum continues to struggle with high gas fees and slow transaction speeds, other layer-1, smart contract-enabled blockchain solutions are increasingly vying for the attention of developers. And although Conflux’s mainnet has only been operational for six months, we are already being identified as one of the best-performing and fastest-growing blockchains in the space.
We’re proud of the progress that Conflux has made since November of 2020 and excited about the road forward.
China’s crypto ban shouldn’t stoke fear, says Conflux Network’s Fan Long
Fan Long, Founder of Conflux Network told Forkast News in an exclusive interview that the source of the recent announcement forbidding the use of crypto by banks and other businesses in China was all-important, noting that it had come from three finance industry associations, which he characterized as representative of Beijing’s will, but nevertheless “semi-government.”
Fan said, “The Chinese government is just saying its consistent message…that they are not very happy about the highly speculative nature of this cryptocurrency or crypto market, and they are worried about the financial system risk associated with it, so they want to cool down this speculative heat.”
Community & Events
Sacred Finance AMA Recap
Last week we held an AMA with grant recipient Sacred Finance in our official Telegram channel. Sacred Finance is an interoperable, non-custodial privacy dApp that transfers assets anonymously. By enabling users to send private transactions and breaking the on-chain link between the depositor’s address and the withdrawer’s address, Sacred leverages ZK-SNARK proofs to secure the transaction’s privacy.
For a recap of our AMA, click the Read More button.
Chinese authorities renewed pressure on the country’s banks and payment companies to curb cryptocurrency-related transactions
China is trying to rein in cryptocurrency activities even as the country has embraced the technology underlying bitcoin and has plans to roll out its own digital yuan that will be controlled by its central bank. “The Chinese government does not like the highly volatile, speculative nature of the cryptocurrency market,” said Fan Long, Co-Founder of Conflux, a government-backed public blockchain network in China. He said the authorities could take further action to restrict or eliminate ways for Chinese citizens to exchange yuan into cryptocurrencies in the over-the-counter market. Source
Total supply of dollar-pegged stablecoins has risen past the $100 billion mark
The sharp growth in stablecoins suggests that crypto market participants are increasingly deploying funds, including in areas such as derivatives and decentralized finance (DeFi). Derivatives traders often use stablecoins for collateral, whereas DeFi users utilize stablecoins to trade and lend funds to earn yields. Source
Open DeFi DAO working with Gnosis and Kleros to pioneer a multi-chain governance solution
With this solution in place, the Open DeFi DAO will be able to operate on multiple blockchains simultaneously, while enabling governance token holders to participate in governance no matter which blockchain platform their tokens are on. The solution will be the first of its kind, requiring the security of Gnosis Safe’s multi-signature vaults & treasury management suite along with the decentralization of Kleros’ arbitration layer. Source
Creative new DAOs are cropping up in China, each with its own specific purpose and group governance model
The DAO trend never took off in China until the recent bull run. Seeing the success of international DAO projects (Maker, Lido, etc) has prompted many Chinese crypto participants to test the DAO waters and form their own path. Source
Using blockchain technology for voting, the good and the bad
The voting process has four important security requirements that must be met for a vote to be secure: correctness, censorship resistance, privacy and coercion resistance. Blockchains are good at the first two. They are bad at the last two. Source