Despite a 14% weekend gain, Conflux's on-chain activity remains stagnant, raising questions about its long-term viability as China's Ethereum alternative.
Conflux's CFX token rose approximately 14% over the weekend, outperforming the CoinDesk 20 index's 4% gain. However, on-chain activity has not increased, with transaction levels down from 2022 averages. Analysts have noted a concerning centralization in gas spending, with 80% originating from just three accounts. Despite Beijing's warming stance towards stablecoins, Conflux's on-chain data suggests it may not be the best proxy for China's crypto narrative, as transaction activity remains stagnant over the past year.