According Gamza Khanzadaev
Conflux coin has seen a dramatic rise in value as its developers announce new plans for burning tokens.
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MATIC tokenomics
The proposal to burn CFX was put forward by the chief technology officer of Conflux Network (CFX). To improve the tokenomics of China’s MATIC, Ming Wu proposed burning a portion of storage collateral. This would drive up demand for tokens and, in turn, result in a higher price—making it an attractive investment option Shares in the company rose 18%, then were quickly sold off.
Chinese Polygon (MATIC)
The Conflux Network token gained its nickname after it was announced that this particular blockchain would be integrated into China’s Instagram analog, XiaohongShu–also known as “Chinese WeChat” due to its many features–to bring NFT functionality. The value of CFX shares rose more than 90% in one day.
However, one large-scale integration is not enough for the Polygon (MATIC) analogy, so it turned out that even earlier, in October 2021, Conflux partnered with McDonald’s in China. The partnership between the global fast-food restaurant chain and the Chinese blockchain also took place in NFT.
The Conflux Network (CFX) tokenomics
The total supply of Conflux Network tokens is 5.278 billion, of which 2.091 billion are in circulation—the number was reduced after the company’s CTO started a burning offer to reduce supply when feedback revealed that its price had suddenly begun rising too quickly, decided to alter its monetary policy to make it less inflationary and more attractive for investment.
