Related information has been verified. Conflux has indeed participated in several pilot projects in China.

$CFX Related information has been verified. Conflux has indeed participated in several pilot projects in China, as detailed below:

- The Belt and Road Initiative's super-large-scale blockchain infrastructure platform project: initiated by the Chinese government, led by the Shanghai Tree Graph Blockchain Research Institute (Conflux), with participation from multiple entities including the China Academy of Information and Communications Technology. The project aims to develop a blockchain infrastructure platform that supports multi-country deployment and multi-entity collaborative regulation, and to carry out cross-border cooperation demonstration applications in the fields of economic trade and culture.

- Green Energy Battery Swap Asset RWA Project: Conflux Network, in conjunction with Ant Group, has jointly participated in and promoted the implementation of China's first green energy battery swap asset RWA project. The project is supported by Conflux's underlying blockchain technology, IoT technology provided by Ant Group, and will issue and custody financial products through licensed compliance institutions in Hong Kong.

- Offshore RMB stablecoin-related projects: At the Conflux Tree Graph Technology and Ecological Development Conference from July 18 to 20, the Shanghai Tree Graph Blockchain Research Institute reached a strategic cooperation with AnchorX and Dongxin Ping to jointly promote the issuance of offshore RMB stablecoins, cross-border settlement, RWA, and other application scenarios in Belt and Road co-building countries, planning pilot projects in regions such as Central Asia and Southeast Asia.

- Blockchain SIM Card Pilot Project: Conflux collaborates with China Telecom to trial blockchain-supported SIM cards (BSIM cards) in Hong Kong. BSIM cards will integrate Conflux's tree graph, dual proof of equity, and proof of work technology, enabling operations like encrypted storage, key retrieval, and digital signatures. Based on the latest market dynamics and authoritative data,

The reasonable price range for Conflux (CFX) between July 21 and 22, 2025, reflects the recent strong market expectations for its technological upgrades and policy dividends. Below is an analysis combining real-time data and in-depth logic:

1. Price Validation and Market Background

1. Price Rationality Confirmation

- As of July 22, 2025, at 10:00 AM, the real-time price of CFX on mainstream exchanges is $0.2074-$0.2298, with CoinGecko data showing a 24-hour price range of $0.2013-$0.2182. Close to the short-term peak of Binance futures contracts ($0.252).

- This price has doubled from the low of $0.11 on July 20, mainly driven by the Conflux 3.0 upgrade announcement and the offshore RMB stablecoin pilot.

2. Market Sentiment and Capital Flow

- 24-hour trading volume surged to $1.5 billion (up 792% from the previous day), with derivatives market open interest exceeding $350 million, indicating large-scale institutional involvement.

- Short-term capital rotation characteristics are evident: On July 21, over $7.4 million in short contracts were forcibly liquidated, forming a 'short squeeze.'

2. Core Driver Analysis

1. Technology Upgrade: Revolutionary Breakthrough of Conflux 3.0

- Performance Leap: The 3.0 version launched in August will increase TPS (transactions per second) from 3000-6000 to over 15,000, achieving higher levels in simple payment scenarios, supporting large-scale cross-border settlement needs.

- Integration of AI and RWA: First realization of 'on-chain AI agent invocation', supporting real-time data interaction (such as exchange rates, supply chain information), and providing underlying support for the tokenization of real assets (such as green energy battery swap equipment).

2. Policy Dividends: Offshore RMB Stablecoin Pilot

- Strategic Positioning: The AX CNH stablecoin launched by Conflux in cooperation with AnchorX and Dongxin Ping is the first offshore RMB project in China to receive principle approval from a sovereign country's regulatory authority (Kazakhstan AFSA), directly serving cross-border trade settlement under the Belt and Road Initiative.

- Application Scenarios: The pilot phase will cover energy and infrastructure sectors in Central Asia and Southeast Asia, with an expected transaction volume of $1 billion before the end of 2025, reducing reliance on the SWIFT system.

3. Institutional Scarcity Value Reassessment

- Unique Compliance Status: As the only public chain in mainland China to receive open policy-level support, Conflux holds a unique 'system-type project' label in the global crypto market, becoming a scarce asset to avoid geopolitical risks.

- Valuation Repair Space: The current market capitalization ($818 million) is only 4.8% of the 2021 peak, while its technical indicators and ecological progress are close to mainstream public chain levels, indicating significant undervaluation.

3. Technical Analysis and Key Levels

1. Short-term Support and Resistance

- Strong Support Levels: $0.185-$0.195 (20-day moving average + 21-day pullback low), if lost, may retest $0.15.

- Key Resistance Levels: $0.22 (Intensive Trading Area on July 21), $0.25 (December 2024 High), breaking through may test the range of $0.28-$0.30.

2. Volume-Price Relationship and Indicator Signals

- RSI and MACD: The 1-hour chart shows RSI has fallen from the overbought zone (90) to 65, and the MACD red bars are shortening, indicating a potential short-term consolidation.

- Capital Flow: On-chain data shows that on July 21, 32 million CFX were transferred out of exchange wallets, possibly locking in long-term holders and reducing selling pressure.

4. Risk Warnings and Strategic Recommendations

1. Short-term Risks

- Policy Uncertainty: The cross-border compliance framework for offshore RMB stablecoins has yet to be fully clarified, requiring attention to the regulatory stance of the People's Bank of China and the Hong Kong Monetary Authority.

- Technical Realization Pressure: The parallel processing algorithm of Conflux 3.0 needs to be validated in real-world scenarios. If the TPS does not meet expectations, it may raise market doubts.

2. Operational Recommendations

- Aggressive Investors: Can enter lightly in the $0.20-$0.21 range, set a stop loss below $0.18, and target $0.25.

- Conservative Investors: Wait for the price to stabilize at $0.22 and for trading volume to continue increasing before positioning, with long-term holdings needing to pay attention to the progress of the mainnet upgrade in August.

- Risk Hedge: Can configure CFX/USDT put options (strike price $0.18) to hedge against short-term pullback risks.

5. Long-term Value Outlook

1. Policy and Technology Resonance

- If the AX CNH stablecoin is implemented before the end of 2025, Conflux may become the core infrastructure for the internationalization of the digital RMB, significantly altering its token economic model (transaction fees + stablecoin collateral income).

- Blockchain SIM Card Project in collaboration with China Telecom (covering 500 million users) may bring a daily increase of millions in on-chain transactions by 2026.

2. Valuation Model Reconstruction

- Referencing Solana (the leading project in the DePIN track) PS (Price-to-Sales) valuation, if Conflux 3.0's annual transaction fee income exceeds $50 million post-launch, its reasonable market cap should be between $2.5 billion and $3 billion, suggesting a potential 2-3x upside from the current level.

Preliminary pricing of Conflux's technological breakthroughs and policy dividends has not yet fully absorbed its long-term institutional value. Investors need to seek a balance between short-term volatility and long-term potential, with a focus on the actual progress of the mainnet upgrade and stablecoin pilot in August.