Conflux to Deploy Uniswap v3 on Its Blockchain
Zach Anderson Apr 10, 2023 08:15
Conflux plans to deploy Uniswap v3 on its blockchain, which would offer access to millions of potential new users, particularly in China and Asian markets. This comes days after the Uniswap v3 code license expired, allowing developers to fork the protocol and deploy their own decentralized exchange. Conflux has a market capitalization of nearly $1 billion and has $45 million in total value locked on-chain. The network also announced a partnership with China Telecom to develop a blockchain SIM card.
Conflux, a regulatory-compliant public blockchain based in China, is looking to deploy Uniswap v3 on its network. This move is aimed at offering millions of potential new users access to the popular decentralized exchange, especially in China and Asian markets. According to Conflux, the network experienced a surge in traffic in the first quarter of 2023, and the deployment of Uniswap v3 would be an important milestone in the platform's development.
The deployment of Uniswap v3 on Conflux would also provide incentives for projects building on top of the platform. Specifically, the creation of liquidity pools for CFX token trading pairs, including CFX-USDT, CFX-BTC, and CFX-ETH, with a total worth of $2 million locked for two years. The Conflux Foundation would also provide $1 million in liquidity incentives.
In addition to the potential market reach and incentives, Conflux is partnering with China Telecom to develop a blockchain SIM card. This blockchain SIM (BSIM) will provide a secure place to store digital private keys, and users can call upon the signature to transfer money to other users. The BSIM will also feature a "one-click direct check" function that enables users to check for transaction information and status progress in real-time.
Conflux is confident that the deployment of Uniswap v3 on its network would be a significant step towards expanding the platform's reach and providing new opportunities for projects building on top of it. Additionally, the move could help to strengthen the Asian crypto market in the face of regulatory crackdowns in the United States and Europe.
According to Conflux, China is one of the most mature markets in Web3, with 84% of worldwide blockchain applications submitted in the country compared to 11% and 14% in the UK and the US, respectively. The blockchain platform believes that exposure to the Chinese market is important for all projects, and regulatory crackdowns in the US and Europe could further bolster the growth of the crypto industry in Asian markets.
Ambre Soubiran, CEO of institutional crypto market data provider Kaiko, shares a similar view, noting that Hong Kong is becoming an increasingly important center for crypto assets trading and investment due to its more favorable regulatory environment. Over 80 crypto companies are reportedly planning to establish an office in Hong Kong, which could provide a crypto bridge to mainland China.
In conclusion, Conflux's decision to deploy Uniswap v3 on its network could bring about significant benefits for the platform, as well as for the wider Asian crypto market. The move would enable access to millions of potential new users and provide incentives for projects building on top of the platform, while the partnership with China Telecom to develop a blockchain SIM card could offer new opportunities for secure transactions and real-time tracking of transaction information.
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