stub Weekend Movers - Conflux (CFX) and Klaytn (KLAY) -
Connect with us

Market News

Weekend Movers – Conflux (CFX) and Klaytn (KLAY)




Chart Trading

Right before the weekend, crypto prices took a hit that saw Bitcoin dropping below $26,000. As of writing, BTC is trading at 27,400 while Bitcoin developers debate over whether to censor Ordinals BRC-20 tokens. Recently, the popularity of Bitcoin meme tokens resulted in congesting the network and sent average transaction fees to levels not seen since the May 2021 bull market.

Meanwhile, ETH went down to around $1,730 as the blockchain suffered from a technical issue that caused the Ethereum network to stop finalizing blocks for over an hour. There have been two such outages in a period of 24 hours. Over the weekend, Ethereum's price made a recovery to $1,830, and the blockchain resumed finalizing blocks.

Amidst this, the world's largest cryptocurrency exchange by volume, Binance, announced its exit from Canada, citing regulatory tensions. Additionally, House Democrats are considering a new stablecoin bill proposal just weeks after Republicans introduced their own discussion draft of a new bill.

Besides the majors, a few altcoins that have been rallying like crazy for the past many days took a hit as well. As a result of all this red, the total cryptocurrency market cap declined to $1.16 trillion before recovering over the weekend and now stands at $1.19 trillion.

Now, let's take a look at the best gainers and losers over the past weekend.

Biggest Gainer

In tandem with Bitcoin, Ether and the majority of other altcoins took a hit between Wednesday and Friday only to recover over the weekend and are now green in this new week. Among the top 200 cryptocurrencies by market cap, layer one blockchain Sui (SUI) and Alpha Zero (AZERO) jumped 18% and 15%, respectively.

Ethereum liquid staking solutions Rocket Pool (RPL) and Lido DAO (LDO) also recorded double-digit gains of 17% and 10% this past weekend. Kava (10%) and Arbitrum (8%) were other big winners. However, one coin did better than all these coins.

Conflux (CFX)

CFX is a $600 million market cap of about which, at the time of writing, has been trading at $0.289 with 22% gains over the weekend. In the past 24 hours, the coin has been up 14.3% while managing $140.27 mln in trading volume.

CFX is actually one of the best-performing coins this year and is up 1180% year-to-date (YTD) amid demand from China and AI hype. The token is up 267% in the past year and 1,227% from its all-time low of $0.0219 on December 30, 2022, but it is still down about 83% from the $1.70 peak hit just over two years ago.

CFX is the native cryptocurrency of Conflux Network, which is a public, permissionless blockchain that supports decentralized applications (dApps) and boasts high transaction throughput, with a capacity of up to 6,000 TPS.

Conflux Network uses a consensus protocol called Tree-Graph to ensure decentralization and high and improved security. It is also compatible with Ethereum Virtual Machine (EVM) and supports cross-chain interactions.

The CFX token is used to pay transaction fees on the network as well as to facilitate cross-chain transfers. Users can also stake their tokens to participate in the network's consensus process.

Conflux Network is strategically positioned to align with China's strict trade laws and seeks to lead the way to connect Asian and Western Communities. Recently, it introduced a new developer portal featuring updated documentation and improved organization to provide enhanced resources and support for those interested in building on the network. This way, the platform aims to foster a robust developer community and drive innovation within its ecosystem.

Besides being China's sole regulatory-compliant public blockchain, the network has partnered with China Telecom for blockchain products; integrated with Little Red Book, China's version of Instagram; and deployed Uniswap V3 creating liquidity pools for CFX/BTC and CFX/USDT pairs.

On top of this, the network shared in its April progress report that it has optimized the snapshot mechanism to reduce disk usage released the latest node version, and implemented CIP107 to prepare for the next hard fork. Also, with Thirdweb now supporting Conflux eSpace, developers can use it to build dApps quickly.

Over this period, Conflux also partnered with XCMG and Zen Spark Technology, Pyth Network, dForce, Particle Network, OKX Wallet, OneKey, Beosin Blockchain Security, Kepler42BDAO, Purple Planet, Blossom House, Shanghai Songjiang District government, and others.

With these moves, Conflux aims to cater to millions of new users, particularly in Chinese and Asian markets, to provide access to DeFi. Currently, Conflux has $29.36 million of total value locked (TVL) in it, up from just above $5 million earlier this year, as per DeFi Llama.

Last week, Binance announced a successful integration of the Conflux Network mainnet. Following this, users can now deposit and withdraw CFX tokens, which is achieved through Conflux Core Space, Conflux eSpace, and BNB Smart Chain (BSC).

With its features like high throughput, scalability, low fees, built-in staking reward, and promise of security combined with partnerships, the network aims to grow its ecosystem which can help its token rise further.

Click here to learn all about investing in Conflux (CFX).

Biggest Loser

While the majority of the coins managed to recover their losses, many coins either went flat or dropped even further. Bitcoin layer 2 solution Stacks recorded big losses this past week and is down 15.5%. DAO Maker (DAO) declined by 6.6% over the weekend before falling even further on Monday.

HTX (HT), Polymath (POLY), and Stellar (XLM) are also down 2% to 4%. But Klaytn is the one with the most losses among the top 200 cryptos.

Klaytn (KLAY)

KLAY has been on a downtrend ever since this past month, during which it fell 35%. Over the weekend, KLAY went down 17% and is still recording losses of 5.8% on Monday. Currently, the token is exchanging hands at $0.174 while managing $43.6 million in 24-hour trading volume.

Back in late April 2020, KLAY hit its all-time low at $0.0604 and is only up 189% since then. The token's gains this year so far are also just 16.4%, while it is down by a whopping 96% from its all-time high (ATH) of $4.34, which was hit on March 30, 2021.

KLAY is the native token of the public blockchain platform Klaytn which is developed by Ground X, a subsidiary of the South Korean internet company Kakao.

The token is used as a means of trade on the network as well as for staking and security for additional tokens. It is also given by platform users as a payment to the consensus nodes (CNs) for performing the required actions.

Recently, the platform was integrated into the noncustodial wallet SafePal. This was part of SafePal's South Korea expansion that involved support for Klaytin's native assets and existing dApps and making SafePal's software, hardware, and browser extension wallets fully interoperable with the Klaytn ecosystem.

Earlier this year, the Klaytn Foundation revealed its ambitious roadmap to achieve mass adoption trifecta based on sustainability, verifiability, and community. This is because Klaytn believes solving the blockchain trilemma alone will not ensure a fair and transparent society in an on-chain world.

Currently, users face a high barrier to entry, and there's a lack of user experience (UX) that hinders crypto's mass adoption. As such, the project's focus is on prioritizing ecosystem sustainability, ensuring verifiability through transparent governance and operations, and fostering a strong and vibrant community.

For sustainability, Klaytn is working on a deflationary model for tokenomics, optimal supply/demand balancing, treasury optimization, community fund and Klaytn Foundation fund, major exchange listings, attracting new active users, permissionless participation, and optimizing node specs.

To make Klaytn verifiable, the platform is focused on forming GC Sectional Committees, launching on-chain voting, open GC membership applications, community ‘Sentiment Checks,' accountable contributors, quarterly ecosystem reports, 3rd party verification, and monthly community Town Halls.

As for the community, Klaytn is working on seamless builder onboarding by developing Oracle, Trustless Bridge, Open SDK, Developer SDK, and Metaverse Package. Other initiatives will include regular developer meetups, launching KlayMakers23, builder support programs, user playground, stakeholder motivation, and service discovery.

The project's mission is to make a better world through blockchain technology by becoming the public foundational layer for tomorrow's on-chain world.

However, the project is struggling to attract attention and capital, as seen with the project's TVL (total value locked), which is currently at about $152 million and has been in a constant decline ever since April last year when TVL was above $1 billion, as per DeFi Llama.

The TVL hit its peak at $1.34 bln in Sept. 2021, and while months later, the TVL declined to about $880 mln, it soon recovered and soon went just above $1.3 bln in Jan. 2022.

Currently, the AMM-based instant swap protocol KlaySwap accounts for 65.55% of all its TVL. Additionally, leveraged yield farming protocol Kleva and liquid staking solution KLAYstation are two other prominent projects built on Klaytn with TVL of $24.77 mln and $23.97 mln, respectively.

Click here to learn all about investing in Klaytn (KLAY).

Gaurav started trading cryptocurrencies in 2017 and has fallen in love with the crypto space ever since. His interest in everything crypto turned him into a writer specializing in cryptocurrencies and blockchain. Soon he found himself working with crypto companies and media outlets. He is also a big-time Batman fan.