Conflux, the regulatory-compliant blockchain company based in China has decided to develop Uniswap V3. This move comes after their Uniswap license expired. This allowed developers to create their own decentralized exchange.
More Users To Attract
This initiative will attract more users to their platform, particularly from China and surrounding Asian countries. As per Conflux, they saw a potential increase in their users since the first quarter of 2023. The total market cap of their platform currently stands at $1.45B in their Total Value Locked (TVL) chain.
Currently, China is the most exposed country in terms of Web 3. Also, the regulatory scenario in Europe and the United States is favourable for the growth of the crypto industry in Asian countries.
Apart from just the market reach, this step will also help to create liquidity pools in their network. These pools are named CFX-BTC, CFX-ETH and CFX-USDT respectively. They would be worth $2B in valuation and will be locked in for a period of 2 years. Liquidity incentives worth $1M will also be offered by Conflux.
Blockchain SIM Card
Conflux has not just planned about Uniswap V3. The company seems much ahead when it comes to providing customer satisfaction as they have recently partnered with a China-based telecom operator, China Telecom to launch Blockchain Sim Card (BSIM) card. This will allow users to safely store their private keys and also to transfer money to other users with the help of a signature. Users can also see the real-time transaction status and information.
Conflux is a Layer 1 blockchain ecosystem that works on the POS/POW mechanism. It is the only regulated blockchain company in China. The company has worked with several major brands and governments on blockchain initiatives. The services offered by Conflux are secure, have lesser fees and have zero congestion on the network.