DEX Protocol Uniswap v3 to Launch on China’s Public Blockchain Conflux
Conflux, a public blockchain that adheres to regulatory requirements and operates in China, is implementing Uniswap v3 on its platform in order to broaden its scope and entice fresh users. Uniswap v3 is a decentralized exchange protocol that facilitates the direct trading of digital assets between users.
Shortly after the expiration of the Uniswap v3 code license, programmers are now capable of duplicating the protocol and initiating their individual decentralized exchange. As per the proposal, the implementation of Uniswap v3 on the Conflux network would enable the platform to reach out to a vast number of potential users, particularly in the Chinese and Asian markets.
During the initial quarter of 2023, Conflux experienced a rise in its network traffic. The market capitalization of the network is almost $1 billion, and an amount of $45 million has been secured on-chain. The regulatory compliance of blockchain technology is causing it to gain significance in the region, rendering it a desirable alternative for endeavors aiming to penetrate the Chinese market.
Currently, China accounts for 84% of the global submissions for blockchain applications. In contrast to the percentages of 11% and 14% observed in the United Kingdom and the United States, respectively. […] Conflux stated in the proposal that this illustrates China’s position as one of the most advanced Web3 markets and that gaining visibility is essential for all endeavors.
Conflux notes that the cryptocurrency industry in Asian markets could benefit from regulatory crackdowns in the United States and Europe. More than 80 cryptocurrency firms plan to establish their offices in Hong Kong, thereby establishing a cryptocurrency link between Hong Kong and mainland China.
As per Ambre Soubiran, the CEO of Kaiko, an institutional crypto market data provider, Hong Kong has the potential to emerge as a hub for cryptocurrency trading and investments. During a recent interview, he expressed that due to the increased strictness of the United States towards cryptocurrency and the more favorable regulations in Hong Kong, there will be a noticeable shift in the center of gravity of crypto asset trading and investments towards Hong Kong.
Apart from the possibility of expanding their market reach, initiatives that leverage Uniswap v3 on the Conflux Network are granted access to liquidity pools intended for CFX token trading pairs, specifically CFX-USDT, CFX-BTC, and CFX-ETH. The aforementioned liquidity pools would possess a value of $2 million and would be safeguarded for a duration of two years. Furthermore, the Conflux Foundation has announced that it will provide a sum of $1 million as “liquidity incentives.”
Conflux is a blockchain operating at the layer-1 level and employs a consensus mechanism that combines proof-of-work and proof-of-stake. The network has recently disclosed a partnership with China Telecom to create a blockchain SIM (BSIM) card. The BSIM is designed to offer secure storage space for digital private keys and enable their use for transferring funds to other users.
Furthermore, users will have the ability to access up-to-date transaction information and status updates through a “one-click direct check” function. To sum up, the deployment of Uniswap v3 on Conflux’s network has the potential to generate significant benefits for both the blockchain and the wider cryptocurrency sector.
This will facilitate the network’s expansion into novel markets, particularly in China and Asia, where blockchain applications are gaining traction. Furthermore, the establishment of liquidity pools aimed at facilitating the exchange of CFX tokens and the implementation of incentives to promote liquidity could potentially attract a greater number of initiatives to develop the Conflux Network, ultimately resulting in an increase in its worth and usage.
In addition, the deployment follows closely after the expiration of the Uniswap v3 code license, which permits developers to duplicate the protocol and introduce their own decentralized exchanges. The Conflux Network has established itself as a strong contender in the rapidly growing decentralized exchange market by implementing Uniswap v3.
Conflux’s collaboration with China Telecom to create a blockchain-enabled SIM card is also noteworthy. The BSIM card is designed to offer secure storage space for digital private keys, thereby enhancing the security and confidence of consumers while transferring funds. Furthermore, the functionality of the “one-click direct check” attribute will facilitate the users to access transaction particulars and current status updates instantaneously, thereby augmenting the overall user experience.
The trend towards greater regulatory compliance in the cryptocurrency industry has played a significant role in Conflux’s decision to implement Uniswap v3 on its network. Blockchain technology is being perceived as a secure and reliable investment alternative for cryptocurrency investors, thanks to its adherence to Chinese regulations and collaboration with China Telecom. The crypto industry might encounter an upsurge in Asian markets, particularly in Hong Kong, as regulatory crackdowns continue in the United States and Europe. Hong Kong is poised to become a hub for trading and investment.
In summary, the deployment of Uniswap v3 on Conflux’s network could have noteworthy consequences for the blockchain and the wider cryptocurrency sector. The network presents itself as a strong competitor in the decentralized exchange arena by facilitating entry into new markets, creating liquidity pools, and providing incentives for liquidity. Furthermore, the collaboration between the blockchain and China Telecom, along with its adherence to Chinese regulations, may entice a greater number of cryptocurrency users who are in search of secure and compliant alternatives. It will be intriguing to observe the manner in which Conflux adjusts and advances to fulfill the diverse demands of consumers and developers amidst the ongoing evolution of the industry.