One of the public blockchains in China which are regulatory compliant, Conflux, recently wanted to deploy Uniswap v3 on the network.
This was announced in a proposal on the governance forum of Uniswap on the 7th of April. This move came quite a few days after the v3 code of Uniswap had expired- which enabled the developers to start forking the protocol and deploying their own forms of decentralized exchange. According to the proposal, the deployment will be providing access to millions of new users, especially in the Asian and Chinese markets. According to the company, the blockchain also went through a spike in its traffic in the very first quarter of 2023. The network also has a market capitalization of around $1 billion, and around $45 million in total value locked on-chain.
Conflux Has Major Ideas Of Web3 Acceptance
In the proposal, Conflux also mentioned that around 84% of worldwide blockchain applications were submitted in China. This was a lot more when compared to the United Kingdom and the United States, where the percentage share was 11% and 14%. This, according to the company, showed that China was one of the most mature markets when it came to Web3, and exposure was definitely important for all projects.
It is also understood that multiple regulatory crackdowns in the United States, as well as Europe, would also benefit heavily from the growth of the crypto industry in Asian markets, where it was noted that over 80 crypto companies were planning on establishing an office in Hong Kong- which would provide a crypto bridge to mainland China.
Conflux is a blockchain at layer-1 that has been operating on a hybrid proof-of-work and proof-of-stake mechanism. In quite a recent development, it was announced by the network that a partnership had been created with China Telecom to develop a blockchain, SIM Card.
