Conflux is an innovative hybrid first-layer consensus blockchain that combines the advantages of Proof of Work (PoW) and Proof of Stake (PoS), designed to provide fast and decentralized blockchain for decentralized applications (dApps). support. As the core of the Conflux ecosystem, the $CFX token is not only used to pay transaction fees, but also allows users to earn rewards through staking, rent storage space, and participate in network governance. CFX tokens also reward miners who help maintain network security, ensuring the stability and security of the entire ecosystem.
Conflux’s technical architecture
Conflux uses a virtual machine similar to the Ethereum Virtual Machine (EVM), but there are significant differences in transaction format and address generation rules. This makes porting EVM-compatible dApps to Conflux relatively complex. However, with the introduction of CIP-90, Conflux now has a fully EVM-compatible space – Conflux eSpace. This innovation enables existing Ethereum ecosystem tools (such as MetaMask, Truffle, and Remix) to be used directly on Conflux, greatly simplifying the work of developers.
Cross-space operations: Conflux Core and Conflux eSpace accounts are separate, which means transactions can only be made between accounts in the same space. However, the newly launched CrossSpaceCall internal contract makes it possible to transfer assets and data between the two spaces. Unlike cross-chain operations, cross-space operations are atomic and have layer 1 security to ensure the safety of users’ assets.
Supported application scenarios
The Conflux ecosystem supports a variety of Web3 applications, from games and non-fungible tokens (NFT) to decentralized finance (DeFi), providing developers with rich infrastructure tools to help them build and configure on-chain and deploy decentralized applications.
Wallet: On Conflux, the main digital wallet used is Fluent Wallet, which allows users to interact with Conflux Core and Conflux eSpace. In addition, Conflux eSpace supports MetaMask, allowing users to connect and interact securely. Other wallets that support Conflux include TokenPocket, BitKeep, and AnyWeb, which are also compatible with widely used wallets like Ledger and Onekey.
Community and DAO Tools
Conflux provides a series of high-quality tools to facilitate asset management by users and Decentralized Autonomous Organizations (DAOs). For example, CFX Faucet enables users to easily acquire CFX tokens, and Approval Checker helps users quickly check and revoke token approvals. Additionally, the MultiSig and Stampers tools provide additional security for DAO assets, ensuring transactions are signed by multiple users before being executed. Together, these tools form a powerful and flexible management platform.
DApps Ecosystem: The Conflux Network’s Ecosystem page provides a comprehensive overview of the various projects and dApps built on the Conflux blockchain. Users can access a more detailed and easier-to-use overview of dApps through ConfluxDapp, choosing the option that best suits their needs.
PoS mining pool
Conflux’s stake pool is a way for users to pool their resources to validate blocks on the blockchain network. By staking CFX, users not only help protect the network, but also receive corresponding rewards. The most popular validators include PHX Pool, Consensus Pool, ABC Pool, and HydraSF Pool.
Cross-chain bridging and DeFi: The main bridge between Conflux Core and Conflux eSpace is ConfluxHub. In addition, multiple bridges such as Multichain, Meson, cBridge, ShuttleFlow and everPay have also been integrated into Conflux to facilitate cross-chain communication for users and projects.
DeFi Development: In DeFiLlama, Conflux ranks 44th with over $30 million in total value locked (TVL) and 0.01% of the total market share. This growth is fueled by the trust of existing users and the ecosystem’s ability to attract DeFi capital. Swappi, the core DeFi protocol on Conflux eSpace, has attracted much attention. In addition, Nucleon and lending market Goledo, which provide Liquid Staking solutions, have also attracted widespread attention.
NFT Ecology
Non-fungible tokens (NFTs), as unique digital assets supported by the blockchain, have recognized scarcity and provide a valuable complement to various blockchain projects and applications. On the Conflux network, users can buy, sell, and trade NFTs through multiple platforms, including projects such as Swapi, Korean Translation, and United Labs.
Centralized Exchanges: For many digital currency investors, centralized cryptocurrency exchanges are the most important trading tool. They are online platforms for buying and selling cryptocurrencies, providing a convenient trading experience. Major exchanges where Conflux is listed include Binance, MEXC, OKX, and Kucoin.
Infrastructure and Development Tools
Conflux provides infrastructure tools that enable DevOps teams to specify and configure the required resources when building Web3 dApps. These tools are similar to those used on other public blockchain networks such as Ethereum. Infrastructure resources include Unifra, ConfluxScan, and ConfluxHub.
IDEs and Development Tools: Conflux Core supports multiple integrated development environments, including Conflux Truffle, ChainIDE, Conflux Studio and Official SDKs, designed to simplify and speed up the development process. On Conflux eSpace, developers can use most of the existing development tools in Ethereum, such as Remix, Hardhat, and Truffle, as well as web3 libraries such as ethers.js and web3.js.
Data oracles and project incubation
Pyth and Witnet are the largest oracle providers on Conflux, covering a variety of oracle products such as price feeds and verifiable random functions (VRFs). Conflux also actively promotes the incubation of new and existing DeFi projects to promote the development of the ecosystem.
Conclusion
The Conflux ecosystem is providing strong support for the development of Web3 through its unique technical architecture and rich application scenarios. Both developers and users can find the tools and resources that suit them in this ecosystem and fully utilize the potential of blockchain technology. With the continuous application of CFX tokens and the expansion of the ecosystem, Conflux will bring more possibilities to the digital economy in the future.