Lucy Jane Conflux, a China-based regulatory-compliant public blockchain, plans to deploy Uniswap v3 on its network, according to an April 7 proposal on Uniswap’s governance forum. The action comes days after the Uniswap v3 code license expired, allowing developers to deploy their decentralized exchange (DEX) by forking the protocol.
The deployment, according to the proposal, would provide “access to millions of potential new users, notably in the Chinese and Asian markets.” Conflux reports that its network encountered an increase in traffic during the first quarter of 2023. The network has roughly $1 billion in market capitalization and $45 million in total value locked (TVL) on-chain.
“China currently submits 84% of all blockchain applications worldwide. Compared to the United Kingdom and the United States, 11% and 14%, respectively, This demonstrates that China is one of the most developed Web3 markets, and exposure is crucial for all initiatives, as “Conflux was stated in the proposal.
Conflux asserts that regulatory crackdowns in the United States and Europe would also benefit the development of the crypto industry in Asian markets, citing the fact that more than 80 crypto companies are planning to open offices in Hong Kong, providing a conduit to mainland China.
The CEO of institutional crypto market data provider Kaiko, Ambre Soubiran, shares this opinion. In a recent interview, he stated, “The United States being more stringent than ever on crypto and Hong Kong regulating more favorably […] will transfer the center of gravity of crypto asset trading and investment towards Hong Kong.”
In addition to potential market reach, projects that build on top of Uniswap v3 on the Conflux Network will receive liquidity pools for CFX token trading pairs, namely CFX-USDT, CFX-BTC, and CFX-ETH.
These liquidity pools would have a value of $2 million and be secured for two years. In addition, the Conflux Foundation will offer $1 million in “liquidity incentives.”
Conflux is a layer-1 blockchain that uses a proof-of-work and proof-of-stake hybrid consensus mechanism. The network recently announced a collaboration with China Telecom to develop a blockchain SIM (BSIM) card.
The BSIM will provide a safe location for storing digital private keys and will be able to utilize these keys to transmit funds to other users. In addition, a “one-click direct check” feature will enable users to view real-time transaction details and status updates.
