On Wednesday, Conflux Network, a Layer 1 blockchain recognized as the Chinese Equivalent of Ethereum, announced an additional investment from DWF Labs, a prominent crypto market maker, and Web3 investment firm.
In a recent announcement, the blockchain platform, commonly known as the regulatory-compliant blockchain in China, disclosed that DWF Labs has obtained CFX tokens worth $18 million. This latest investment comes as a subsequent move to their initial purchase of $10 million worth of coins in March.
Expressing his enthusiasm, Andrei Grachev, the head of DWF Labs, took to Twitter and stated his willingness to augment their CFX holdings and provide comprehensive support to the Conflux team. He referred to Conflux as a shining example of how a remarkable team, cutting-edge technology, business development, government relations, and public relations should collaborate for success.
Known for its Web3 development efforts in Hong Kong and mainland China, the network has garnered attention for its impressive speed as a blockchain platform. This is made possible by its “Tree-Graph” consensus algorithm, enabling the network to achieve a remarkable transaction throughput of up to 6,000 transactions, ensuring efficient performance.
CFX tokens serve various purposes within the network. They enable cross-chain transfers, can be utilized for transaction fee payments, and can be staked to actively participate in the consensus protocol.
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