Conflux, a permissionless Layer 1 blockchain, is elated to announce its proposal of deploying Uniswapv3 on its network alongside CNH (offshore Chine Yuan) stable currency.
The proposal also suggests joining the Curve with its mainnet token CFX bridged to the Ethereum mainnet known as eCFX. According to the Conflux team, deploying Uniswap v3 on Conflux eSpace will provide the Uniswap community access to a broader range of trading opportunities. These users will be able to use both USD and CNHC-based trading pairs.
Notably, the proposal comes when authorities have begun placing restrictive regulations on USD-based stablecoins. The proposal will help many projects create a stable environment free from currency fluctuations rampant in the cryptocurrency market. Many projects, especially those that operate in currencies other than USD, will be able to use CNH for settlements.
While commenting on the proposal, Christian Oertel, Global Expansion Manager, stated:
“By integrating eCFX with the Curve ecosystem, our team aims to demonstrate a strong commitment to robust DeFi. As Uniswap prepares to launch on Conflux, more tokens developed by Asia-based teams will be incentivized to build bridges into this burgeoning ecosystem. Once Conflux reaches an appropriate scale, our team plans to natively deploy Curve Finance, bringing the efficient stablecoin AMM-giant to Asia’s own DeFi-centric blockchain.”
This announcement follows that Binance would support Conflux Network’s (CFX) mainnet integration. Reportedly, this will offer Conflux the necessary tools to attract more initiatives, implement incentives that promote liquidity, and establish liquidity pools to facilitate the exchange of CFX.
Working parallel to the proposal, the Conflux team has also opted to participate in a highly intricate DeFi ecosystem. Conflux is now offering $eCFX, a cross-chained $CFX on Ethereum. The token was created to offer a liquidity pair with ETH on Curve. By doing so, the team hopes to draw the attention of Ethereum DeFi. The Curve pool (eCFX-ETH) was recently officially approved and added to the Curve Gauge following an on-chain vote by the Curve DAO. Notably, this pool is now available for staking on Conflux.
As the only regulated compliant blockchain in China, the addition enables the project to offer Asian DeFi projects a new Curve pool before a possible launch of Curve on Conflux’s eSpace. The blockchain recently migrated to hybrid/ PoW/PoS consensus to provide a scalable and secure blockchain environment. The Conflux team believes the proposal and recent developments are in the right direction in helping its mission of connecting decentralized economies across boarder and protocols.