Conflux

Conflux (CFX) is a public blockchain launched on October 29, 2020, developed by a team founded by Dr. Fan Long (MIT/Tsinghua) and Andrew Chi-Chih Yao (Turing Award winner) that uses the Tree-Graph consensus algorithm — a DAG-based (directed acyclic graph) Proof of Work protocol where blocks are arranged in a graph of parent and reference links rather than a simple linear chain, enabling simultaneous block production by multiple miners (“concurrent blocks”) and selecting a pivot chain via the GHAST rule, achieving higher throughput (~3,000+ TPS theoretical) without increasing block time or sacrificing safety — notable as one of the few blockchain projects backed by the Chinese government and conducting operations within China’s regulatory framework, with EVM compatibility provided through “Conflux eSpace” (an EVM-compatible execution environment within Conflux).

Stat	Value
Ticker	CFX
Price	$0.06
Market Cap	$310.85M
24h Change	+12.8%
Circulating Supply	5.19B CFX
Max Supply	5.00B CFX
All-Time High	$1.70

via ChangeNow · T&Cs

How It Works

Tree-Graph structure — Instead of a linear blockchain where only one block exists at each height, Conflux’s Tree-Graph allows multiple concurrent blocks at the same “epoch.” Each block references both a parent block (creating a tree) and additional reference blocks from concurrent miners (creating a DAG). All blocks (including “uncle”-equivalent blocks) contribute to throughput and receive rewards.
GHAST pivot chain rule — The Greedy Heaviest Adaptive SubTree (GHAST) rule determines which chain of blocks forms the “pivot chain” — the canonical ordering used for transaction finality. GHAST is an adapted version of Ethereum’s GHOST rule, extended for the Tree-Graph structure.
Proof of Work — Conflux uses PoW for consensus (Octopus algorithm, GPU-mineable). Miners produce both pivot chain blocks and concurrent reference blocks; all earn proportional rewards.
Two execution spaces:
Conflux Core Space — Native Conflux environment using CVM (Conflux Virtual Machine, EVM-compatible but slightly different address format and transaction fields). CFX gas payments here.
Conflux eSpace — Fully EVM-compatible space. Ethereum tooling (MetaMask, Hardhat, Remix) works directly. Uses CFX for gas. Existing Ethereum dApps deploy with zero changes.
Cross-chain bridges — ShuttleFlow bridge connects CFX with ETH and BTC cross-chain wrapped token transfers.
Proof of Stake (for finality) — A PoS finality gadget was introduced alongside PoW, where staked CFX nodes vote on pivot chain finality, reducing confirmation times.

Tokenomics

Parameter	Value
Ticker	CFX
Max Supply	~5,000,000,000 CFX (long-run issuance dependent on PoW emission schedule)
Launch	October 29, 2020
Consensus	PoW (Octopus) + PoS finality
Block rewards	Decline over time; also PoS staking rewards
Distribution	Mining + ecosystem fund + team/investors (4-year vesting for early allocations)

Use Cases

Gas fees — CFX pays for transactions on both Core Space and eSpace.
PoS staking — Stake CFX in the PoS finality mechanism to earn rewards.
EVM dApps — Deploy Solidity-based dApps on Conflux eSpace.
Cross-chain DeFi — Bridge ETH/BTC assets and use them in Conflux DeFi protocols.

History

2018 — Conflux research begins at Tsinghua University. Dr. Fan Long and the team publish the Tree-Graph paper. Andrew Chi-Chih Yao (ACM Turing Award 2000) serves as scientific advisor.
2019 — Conflux raises $35 million from investors including Sequoia Capital China. Tree-Graph testnet launches.
2020-10-29 — Conflux mainnet Genesis launch (Tethys). CFX mining begins. Octopus PoW algorithm deployed.
2020-2021 — Conflux focuses on the Chinese market. Multiple Chinese enterprise and government partnerships. The China government’s supportive stance toward Conflux specifically (as the only public blockchain legally operational in mainland China) is a key differentiator.
2021 — Bull market. CFX price rises significantly. DeFi protocols deploy on Conflux (Moonswap, ConfiPet NFTs, etc.). Chinese Web3 interest drives initial adoption.
2022 — Conflux eSpace launches, providing full EVM compatibility. This enables any Ethereum project to deploy directly on Conflux without code changes.
2022-07 — PoS finality gadget launches, adding a staking-based finality layer on top of PoW for faster transaction finality.
2023 — Conflux gains renewed attention as China-backed public blockchain in the context of China’s CBDC (digital yuan / eCNY) narrative. Multiple Hong Kong-based financial institution pilots announced on Conflux, connecting to Hong Kong’s crypto regulatory framework.
2023-2024 — Conflux pursues institutional partnerships in Hong Kong and Chinese enterprise markets. The “China-regulatory-compliant public blockchain” positioning differentiates it from other L1s.

Common Misconceptions

“Conflux is a Chinese government blockchain (like BSN).”

Conflux is a public, permissionless blockchain that happens to operate legally within China and has government research backing. It is not the same as BSN (Blockchain Service Network), which is a government-operated permissioned infrastructure. Conflux has a publicly traded token, open mining, and open smart contract deployment.

“Tree-Graph means Conflux is just another DAG blockchain like IOTA.”

Conflux’s Tree-Graph is a DAG used for block organization (similar in structure to IOTA’s Tangle or Kaspa’s GhostDAG), but combines DAG block production with a clear linear pivot chain for deterministic transaction ordering and EVM execution. It is not the same architecture as IOTA’s feeless, oracle-dependent Tangle.

Social Media Sentiment

Conflux is primarily discussed in Chinese-language crypto communities and among investors focused on the China narrative in crypto. In Western crypto media, it is less prominent but noted for its academic origins (Turing Award advisor), its unique China regulatory status, and its Tree-Graph PoW innovation. The Hong Kong institutional partnership strategy (2023–2024) has drawn increased Western investor attention. CFX token is liquid on major exchanges including Binance, Coinbase, and OKX.

Last updated: 2026-04