Conflux Progress Update
Six months post-mainnet launch
- More than 10 million transactions have been processed by the network since mainnet launch.
- 220,000 unique wallet addresses actively holding CFX.
- TVL has grown to $104 million.
- Deployed more than 1,500 unique smart contracts.
- ShuttleFlow has processed more than $164 million in cross-chain asset transfers.
- More than 900 nodes across 26 countries.
May 2021 marks six months since the launch of the Conflux mainnet. During that time, Conflux has grown dynamically across a variety of verticals. The network has seen surges in the number of CFX token holders and active wallet users, expansive engagement with blockchain developers, increased integration with mining pools as well as independent miners, and successful expansion into new markets.
Conflux’s growth is particularly notable given the fact that the cryptocurrency space is more competitive than ever. As Ethereum continues to struggle with high gas fees and slow transaction speeds, other layer-1, smart contract-enabled blockchain solutions are increasingly vying for the attention of developers. And although Conflux’s mainnet has only been operational for six months, we are already being identified as one of the best-performing and fastest-growing blockchains in the space.
We’re proud of the progress that Conflux has made since November of 2020 and excited about the road forward. Let’s get into the details.
Conflux continues to demonstrate scalability
One of the most significant markers of Conflux’s growth is a surge in the number of transactions taking place on the network. More than 10 million transactions have been processed by the network since mainnet launch. This growth is consistent with the increasing number of wallet addresses on the network: as of May 5th, 2021, Conflux had added an average of 1,194 new addresses added each day since early February. This has resulted in a total of roughly 220,000 unique wallet addresses actively holding CFX, the Conflux native token.
The increase in the number of total wallets corresponds with an increase in the number of active daily addresses on Conflux: in January 2021, there were roughly 2,000 wallets active on the network each day. By April, that number had grown to over 14,000.
Conflux’s low transaction fees are an important factor in the network’s growth. Since the launch of the mainnet in November, the total gas fees paid on the network are roughly $115. (Yes, $115.)
This means that just $5 in fees is enough to process roughly 1.12 million transactions, and underscores the degree to which gas fees on Conflux remain low even when traffic on the network increases significantly.
TVL has grown to $104 million since November of 2020
Notably, the increase in the number of Conflux transactions occurred primarily on the Conflux network itself, and not on secondary trading platforms — like cryptocurrency exchanges — reflecting the growth of Conflux’s DeFi dApp ecosystem. Indeed, smart contract developers have deployed more than 1,500 unique smart contracts since November of 2020.
The increase in the number of dApps being built on Conflux is evidenced by significant growth in the total value locked (TVL) in the network. Over the last six months, the Conflux DeFi ecosystem’s TVL has grown to $104 million, making Conflux one of the fastest-growing networks of the year.
Growing a community of developers
The past six months have also seen a steady growth of the Conflux developer community, including increases in the number of Conflux developers outside of China. This expansion is due in part to intentional efforts by the Conflux Foundation, including the opening of the Conflux Global HQ office in Toronto, and hiring a globally distributed team to manage awareness and expansion into North America, Canada, the EU, Latin America, and Africa.
Beyond the growth of Conflux’s physical presence, the expansion of our developer community can also be measured in the number of “commits,” forks, and repositories, or “repos,” on the Conflux GitHub. A “commit” is an individual revision to a piece of code, and the number of commits on a set of code is a good indication of how many active developers are engaging with a project. So far in 2021, Conflux is outpacing even Ethereum in terms of Github commits, and we have also seen increases in the number of forks and repos.
ShuttleFlow: a true multi-chain bridge
The growth of Conflux’s DeFi ecosystem has been bolstered by the network’s multi-chain asset bridge, ShuttleFlow, which provides Conflux users with the ability to do cross-chain atomic swaps and cross-chain atomic mapping.
ShuttleFlow is an invaluable tool for any DeFi protocol that is interested in pursuing a multi-chain strategy to manage its liquidity pools in a secure, cost-effective, and decentralized manner. This has been proven over the past six months: since the launch of the mainnet, ShuttleFlow has processed more than $164 million in cross-chain asset transfers. It is a key reason Conflux currently has one of the most robust cross-chain capabilities of any layer-1 chain.
Mining on Conflux
None of the growth that Conflux has seen in the size of the DeFi ecosystem, transaction volume, and cross-chain activity could have occurred without the network’s miners. As the network has continued to grow, the number of miners has increased right along with it: since the mainnet launched, Conflux’s mining community has expanded to more than 900 nodes across 26 countries.
The growth in the number of Conflux miners is consistent with the network’s robust incentive structure; Conflux is consistently named as one of the most profitable blockchains for miners.
As a result, the network has garnered a large number of independent miners, helping maintain Conflux as a truly decentralized layer-1. Support for mining has also been picked up by 11 different mining pools, underscoring the project’s growing popularity.
The 62% account for independent miners, many of whom use water, wind, or other renewable energy sources.
The Conflux team is working hard to create and nurture a dynamic, permissionless, interdependent, and expansive DeFi marketplace. This work would not be possible without the support of our community. Continuing to support miners, developers, and users is paramount to our mission to enable the secure flow of assets and data across protocols and borders.
Learn more about Conflux