🧐 CoinDesk: Positive Sentiment, But Weak On‑Chain Activity
Although the price of CFX rallied about 14% and outperformed the CoinDesk 20 index (~+4%), on-chain data shows activity stagnating and even decreasing compared to 2022. About 80% of gas users are dominated by just three accounts, raising concerns about centralization. Despite Conflux being positioned as the 'Chinese version of Ethereum' with a story of an offshore yuan stablecoin being built, the fundamentals of the network do not support the current price sentiment.
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