CFX Rallies on China Buzz, But Fundamentals Still Lag

The conflux cfx strive as the winner during the weekend trade, earning about 14%, According to the Coindesk market dataand exceeded the most brader co -esk 20 index, which pink of 4%.

However, behind the scenes, there is something missing: a ultrick in the string activity. Conflux has positioned as being Etherum of Chinawith a regulatory digital ledger, that has no token, available in Mainland China.

Analysts talking to co -esk in the past they called a “a country, two systems“The protocol, with their straddle capability be the global markets crypto with a token and act as a digital ledger in the china of digital The version of the china of Instagram. I am

Given the Insiders say Beijing is heating to the idea of stableco to count the hechemony of the dollar, and Conflux is prepping for an offshore-yuan steadyEuphoria market is definitely justified. In the last 30 days, CFX is more than 190%.

All this is not really reflected to the string.

The occasional spikes, transaction activity is not grown in the last year, for data from Network block explorers. I am

In fact, it’s always down from 2022 average every day.

Else The string data is shown That almost 80% off the total gas last in the protocol comes from three accounts, creating a centralized level.

In contrast, with Ethereum, the largest gas spender accounts for less than 10% of the total gas past in the network.

There is certainly there a narrative of crescent china in the moment. All kinds of noise that China Mainland has Banned crypto outright is Demoncibly fake. I am Hong Kong hugs of cryptic mirrors that equity markets in Shanghai learned by their counterparts In the city before the opening markets of China’s stock of 1990.

However, the request remains: is conflux the best proxy for this narrative? The chain data is suggesting otherwise.