Conflux Raises $10 Million From DWF Labs To Enhance Ecosystem Development
- Layer1 blockchain Conflux has raised $10 million from DWF Labs via a token sale.
- Its technology will be enhanced by investment, and its user base will increase.
- The company co-founder Fan Long stated that the CFX tokens purchased by DWF Labs would progressively unlock over time.
The digital asset market developer and investment business DWF Labs has donated $10 million to the Layer 1 blockchain Conflux (CFX) through a token sale.
The CFX tokens purchased by DWF Labs will progressively unlock over time, according to Conflux co-founder Fan Long, and the fund will benefit Conflux in developing its ecosystem. He acknowledged the investment and said that it had been completed a few days ago.
The project was developed by Long, who is also an assistant professor of computer science at the University of Toronto, and Andrew Chi-Chih Yao, the sole Chinese Turing Award recipient, who acts as the chief scientist of Conflux, according to Long.
Fan Long claims that Conflux is the first permissionless blockchain in China that complies with regulations. He stated that the company received a grant from the Shanghai government in 2021 totaling more than $5 million.
The company has this year established joint ventures with China Telecom and the social media platform Little Red Book.
He continued by saying that DWF’s strategic investment will significantly aid Conflux in developing its ecosystem. Its technology will be enhanced by investment, and its user base will increase.
Conflux Network is an open protocol for a new era of DApps, finance, and Web 3.0. The network, a quick and safe public blockchain, uses a Tree-Graph topology and Proof of Work to enable a new wave of decentralized trade.
It achieved a high throughput rate of 3000-6000 transactions per second (TPS) by using a scalable consensus technique and securely maintaining fork blocks.
The project has already received more than $50 million in capital as a result of the DWF Labs investment. It has previously raised almost $40 million.
According to Long, Conflux now employs about 70 employees and doesn’t have any urgent hiring plans.
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