NounsDAO on the Brink of Treasury Division Split Amidst 'Rage Quit' Uprising by NFT Holders

Binance Supercharges Bitcoin and Ether Trading in Argentine, Brazilian, and South African Currencies with Exciting Fee Promotion

Bitcoin Approaches Formation of Death Cross as Dollar Index Hints at Golden Crossover

On Wednesday, Conflux Network, a decentralized Layer 1 blockchain commonly referred to as the Chinese Ethereum, announced additional investment from DWF Labs, a prominent crypto market maker and Web3 investment firm. However, despite the positive news, the native token of the blockchain, CFX, experienced a decline of over 6%, reaching a value of 21 cents.

DWF Labs, the self-proclaimed regulatory complaint blockchain in China, recently announced on Twitter that they have acquired an additional $18 million worth of CFX tokens. This new investment comes as a follow-up to their initial purchase of $10 million in coins back in March, demonstrating their increased commitment to the cryptocurrency.

"I am more than happy to increase our CFX holdings and support the guys with everything," Andrei Grachev, head of DWF Labs, said in a tweet, referring to Conflux as a "bright example of how a great team, technology, BD, GR and PR should perform."

DWF's rise as a prominent venture capital firm in the cryptocurrency industry has been met with skepticism, as some claim that the company operates more like a market maker than a traditional venture firm.

 

 
 
The network has garnered attention for its rapid blockchain capabilities in Hong Kong and mainland China, primarily centered around Web3 development. This reputation stems from its employment of the cutting-edge "Tree-Graph" consensus algorithm, enabling the network to achieve an impressive transaction throughput (tps) of up to 6,000 transactions.
 
CFX tokens serve multiple purposes within the network, including facilitating cross-chain transfers, covering transaction fees within the network, and allowing token holders to participate in the consensus protocol through staking.
 
At the time of reporting, Conflux's CFX token was being traded at $0.214, reflecting a 7% decline for the day, as per data provided by TradingView. The market capitalization of this cryptocurrency stood at $368.7 million.
 
The gloomy response aligns with the overall downcast sentiment in the wider market. Bitcoin (BTC) is currently pausing its bullish momentum above $30,000 following last week's remarkable 16.5% surge, the largest since March, according to data from CoinCryptoUs.
 
Moreover, the prospects for alternative cryptocurrencies (altcoins) have worsened following the U.S. Securities and Exchange Commission's classification of ADA, MATIC, and other similar tokens as securities in its recent legal actions against major crypto exchanges like Binance and Coinbase.