A Layer 1 blockchain project exploded last week following a new integration with the Chinese social media giant.
Multichain ecosystem Conflux Network (CFX) is trading at around $0.0554 at the time of writing, up more than 150% from $0.022 when it opened in 2023.
CFX, the 250th largest crypto asset by market capitalization, is down more than 15% over the past 24 hours.
CFX’s eye-popping profit this month came in the middle of a project Presentation It was reportedly integrated into Xiaohongshu (“Little Red Book”), a Chinese social media and e-commerce platform with over 200 million monthly active users.
According to the announcement, Xiaohongshu users can now display non-fungible tokens (NFTs) created by Conflux on their profile page in the digital collection section called “R-Space”.
To tell Ming Wu, Chief Technology Officer at Conflux, said:
“Chinese Internet industry giants have started to embrace the transition to Web3. plays a role.”
Despite this week’s rally, CFX remains down nearly 97% from its all-time high of $1.70 set in March 2021.
Conflux prides itself on being “the only regulated, public, and permissionless blockchain in China.”
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Generated image: In the middle of the journey