Conflux Outperforms Following New Proposal; Cosmos Approves Interchain Security

Daily Top Mover  — Conflux (CFX)



The hawkish comments from Jerome Powell sent a jitter to the market, dragging down U.S. equity indices by more than 1%. The broader cryptocurrency barely moved, with Bitcoin and Ether trading flat in the past 24 hours as of the time of writing. The top mover today is CFX, which registered a 24-hour return of 10.5%, outperforming the market as Conflux approves a proposal to improve CFX tokenomics.





CFX is undoubtedly an outperformer in the past month, reaching a 30-day return of 248%. CFX is the native token of Conflux, a Layer 1 blockchain created by Turing Award recipient Dr. Andrew Yao. Despite the creator’s strong background and strong transaction speed, Conflux is better known to be the only approved crypto platform by the China government.  This claim comes as Conflux agreed to build blockchain-based SIM cards with China Telegram, a state-owned enterprise in China. 



The recent outperformance comes as it newly approves a deflationary mechanism for CFX, where a portion of stored collateral is to be destroyed, in turn reducing reduces the circulating supply of CFX. Meanwhile, the team behind the blockchain recently receives $10 million in financing from DWF Labs, ensuring the continuation of building and upgrades in the extended bear market.

Check Out the Latest Prices, Charts, and Data for CFXUSDT!



Talk of the Town





Cosmos’ community approves a proposal to establish the first version of interchain security. The voting was concluded on Tuesday with the approved v9-Lambda upgrade bringing more value to its native token ATOM. Member chains in the Cosmos ecosystem could enjoy replicated security by leveraging validators set from Cosmos Hub, which prevents new chains from early-stage security risks and high costs to bootstrap their own validators and liquidity.



Check out what else is buzzing in the crypto scene today:



Alameda Research is suing Grayscale Investments in a bid to unlock investments that it says are being improperly withheld from its customers. (Link)



The Grayscale Bitcoin Trust (GBTC) discount to net asset value has fallen to its lowest level in a month ahead of the hearing. (Link)



Sui Blockchain Developer Signs Deal With Alibaba Cloud. (Link)