Proposal to add eCFX/ETH to the Gauge Controller
This proposal is to add the eCFX/ETH pool to the Gauge Controller.
- Curve Gauge - 0x8c1dff7b6c20240c31f4f5bdfbc09ec6ff788d7a
- Curve Pool - 0x5ac4fcee123dcadfae22bc814c4cc72b96c93f38
- eCFX (ETH) - 0xa1f82e14bc09a1b42710df1a8a999b62f294e592
- Curve Pool Page - https://curve.fi/#/ethereum/pools/factory-crypto-235/deposit
Conflux Network is a blockchain without barriers that enables creators, communities, and markets to connect across borders and protocols. Conflux Network’s mainnet was launched in Oct. 2020, and its on-chain activity has been growing since. With more than 700 PoW- and 250 PoS-nodes, the network’s PoW-PoS hybrid consensus follows the spirit of the Nakamoto Consensus and adds finality to enhance its on-chain security.
Being the only regulatory-compliant permissionless blockchain network in China, it has established strong partnerships and integrations with Web2 giants that enhance the mass adoption of blockchain technology. In addition, the only regulatory-compliant off-shore CNY (CNH) called CNHC, is issued on Conflux Network.
The recent China / HK narrative helped Conflux gain exposure in the West. When taking a closer look at Conflux and its unique regulatory position in China, it also expands into Hong Kong. Hong Kong Monetary Authority (HKMA) is set to demand licensing for stablecoin issuers in Hong Kong, and with already a regulatory CNH stablecoin on Conflux Network, an HKD stablecoin to be issued on Conflux seems to be very likely once the regulation officially kicks in.
Conflux Network’s native token $CFX is used on both its network spaces: Core and eSpace. Core and eSpace are two distinct smart contract execution environments that both reside on Conflux’s ledger (more here). Core is currently our China market-focused environment with a distinct base 32 checksum address (cfx:aak….) according to our CIP37, and eSpace is the DeFi-focused environment that uses a mixed-case checksum hex address (0x123…) according to EIP55. Both have their blockchain explorer: Core and eSpace
Conflux Network is secured by its PoW + PoS Hybrid consensus. Currently, 753 PoW miners (link) and 266 accounts are participating in the PoS mining (link) to secure the network. Core and eSpace have accumulated usage of 24.5 million unique wallet addresses and processed over 176 million transactions since mainnet inception.
The first on-chain offshore China fiat (CNH) stablecoin by CNHC is issued on Conflux Network. CNHC raised $10MM from Kucoin Ventures and Circle (link). China’s Instagram XiaoHongShu has integrated the Conflux Network enabling its >200 million MAU to have access and be able to display NFTs minted on Conflux Network link.
Conflux’s CFX token is listed on Binance, Kucoin, OKX, and other CEX. Recently, its 24-hour trading volume has surpassed $1 Billion on several occasions, with average daily volumes larger than $300 million consistently since mid-February, as seen on Coinmarketcap
Asset description $eCFX:
eCFX is the cross-chained Ethereum ERC-20 version of Conflux Network’s native asset CFX. It can be cross-chained from Conflux Core via Shuttlleflow on link or in the upcoming days, from eSpace to Ethereum via Multichain.
- Increase CFX’s visibility on Ethereum
- Establish greater depth of CFX on Ethereum
- Establish first contact with Conflux and Curve community
- Possible future deployment of Curve.fi on Conflux Network once more Asian and global fiat-stablecoins are utilized on Conflux Network starting with CNHC.