April 14, 2023 – Toronto, Canada
Conflux, the only regulatory-compliant blockchain in China, has proposed deploying Uniswap version three on its network alongside CNH (offshore Chinese Yuan) stable currency, and joining the Curve wars with its mainnet token CFX bridged to Ethereum mainnet, known as eCFX.
This proposal comes after Binance’s announcement that it will support Conflux Network’s (CFX) mainnet integration.
The hope is to attract more initiatives, establish liquidity pools to facilitate the exchange of CFX tokens and implement incentives that promote liquidity, ultimately increasing the network’s worth and usage.
By deploying Uniswap version three on Conflux eSpace, the Uniswap community gains access to a wider range of trading opportunities with both USD- and CNHC-based pairs.
This development is particularly timely in light of regulatory restrictions facing USD-based stablecoins.
Furthermore, projects operating in currencies other than USD will benefit greatly from this deployment especially Asian projects that can now use CNH for settlements without worrying about currency fluctuations.
Conflux has opted to participate in a highly intricate DeFi ecosystem in parallel, with the aim of drawing the attention of ETH DeFi players.
Conflux’s cross-chained CFX on Ethereum, eCFX, offers a liquidity pair with ETH on Curve.
Following an on-chain vote by the Curve DAO, the Curve pool (eCFX-ETH) has been officially approved and added to the Curve gauge. You can find the vote results here.
Furthermore, the aforementioned pool is now available for staking on Conflux, enabling DeFi users to operate deeper within the Curve ecosystem.
While Curve has been deployed on several other networks before, none of these networks initially launched a pool on Curve (Ethereum) prior to welcoming Curve on their platform.
Conflux’s choice to do so indicates their efforts to establish contact with the Curve community while on Ethereum and offer a new Curve pool for Asian DeFi projects before a possible launch of Curve on Conflux eSpace.
The intersection of US and EU regulatory barriers on blockchain and the recent supportive regulations on blockchain in Hong Kong emphasize how crucial the Chinese market is for the development of Web 3.0 projects.
Over 84% of global blockchain applications have been submitted in China, dwarfing submissions in the UK (11%) and the US (14%), which confirms that China represents one of the most innovative markets…
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