The Compúx CFX emerged as the winner during weekend trade, winning around 14%, according to Coindesk market data, and exceeding the largest Coindesk 20 index, which increased by 4%.
However, behind the scene, something is missing: an increase in the activity in the chain. Compux has positioned itself as the Ethereum of China, with a digital book that fulfill the regulation, which does not have a token, available in Continental China.
Analysts who talk to Coindesk in the past have called it a protocol of “a country, two systems”, with their capacity for horcajadas in the global cryptography markets with a Token and act as a major digital book within Continental China, associating with national web giants such as the Instagram version of China.
Since experts say that Beijing is warming up with the idea of Stablecoins to counteract the hegemony of the US dollar, and converge is preparing a stable on the high seas Yuan, the euphoria of the market is certainly justified. In the last 30 days, CFX has increased more than 190%.
All this is not really reflected in the chain.
In addition to the occasional peaks, the transaction activity has not grown in the last year, according to the data of the network block explorers.
In fact, it is still below the daily averages of 2022.
Other data in the chain show that almost 80% of the total gas spent in the protocol comes from three accounts, creating a relevant level of centralization.
In contrast, with Ethereum, the largest gas speaker represents less than 10% of the total gas spent on the network.
Certainly there is a growing China narrative at this time. Any type of rumor that Continental China has banned cryptography is directly false. Cryptography’s Hong Kong hug reflects how Variable Income Markets in Shanghai learned from their counterparts in the city before opening the stock market markets of Continental China in the 1990s.
However, the question remains: Is the best proxy for this narrative confluent? The data in the chain would suggest otherwise.
