SHANGHAI – Conflux Community has introduced its plans to introduce an EVM-compatible Layer 2 resolution, aiming to spice up decentralized finance (DeFi) participation and improve transaction effectivity. The Layer 2 platform is scheduled to roll out its testnet by March and expects the mainnet to be stay in Could.
The upcoming resolution is about to make use of BTC for transaction charges and can help each BRC-20 tokens and Bitcoin inscriptions, increasing the utility of the Bitcoin blockchain. Following the announcement on Thursday, the native token of Conflux Community, CFX, skilled an 8% surge in worth, reaching $0.2203.
Designed to function on a secondary layer, the platform is meant to enhance transaction throughput and scale back prices, whereas sustaining the strong safety features of the Bitcoin blockchain. The Layer 2 resolution will perform inside a Proof of Stake (PoS) consensus protocol, which is anticipated to foster larger interoperability throughout totally different blockchain programs.
The initiative by Conflux Community is a part of a rising pattern to boost scalability and person expertise within the blockchain ecosystem, notably for Bitcoin, which has historically confronted challenges in these areas as a result of its Proof of Work (PoW) consensus mechanism.
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