This China 'Compliant' Coin Pipped Bitcoin, Ethereum Last Week With Nearly 290% Gains

Conflux, a first-layer consensus blockchain, touts itself as the only “regulatory compliant, public, and permissionless blockchain in China.” The project’s CFX token was the best-performing token for the week ending Feb. 20.

What Happened: CFX’s 286% gains outshone the appreciation seen in Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Last week, Conflux’s official Twitter account announced that China Telecom — the 2nd largest wireless carrier on the mainland — has partnered with the project to develop Blockchain-enabled SIM Cards, which it calls BSIM. 

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Why It Matters: Separately, Conflux said that the research and development phase for the BSIM card is complete and it is connected to the project’s main network for testing.

The R&D phase for the BSIM card is complete - and it's connected to Conflux’s main network in testing! This prototype has storage & sending functions for digital assets.

Learn more about this exciting announcement by watching our promo video here https://t.co/yt0SUmtbm0

— Conflux Network Official (@Conflux_Network) February 15, 2023

The project also generated buzz around the burning of tokens, Conflux said they’ve already burned close to 500 Million CFX and their latest DAO proposal regarding token burning will take place in the coming week. 

Did you know the Conflux Foundation has already burned close to 500 Million CFX?!

� Our latest DAO proposal vote CIP-107 regarding token burning will be taking place next week!

Read the full proposal here https://t.co/zqZwmXUSWn pic.twitter.com/1odqgJEbOh

— Conflux Network Official (@Conflux_Network) February 14, 2023

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