Conflux adds EVM-compatible solution to interact with Bitcoin
Quick Take
- Conflux Network introduced an “EVM-compatible” Bitcoin solution.
- It will be used to interact with Bitcoin, allowing for asset interoperability.
Layer 1 blockchain Conflux Network is developing an “EVM-compatible” solution focused on interoperability with Bitcoin.
This solution will allow the transfer of bitcoin and inscription-based tokens between the Conflux and Bitcoin networks. A testnet is expected to launch by the end of March, with the mainnet targeted for May.
Conflux is known for combining proof-of-work (PoW) and proof-of-stake (PoS) algorithms to achieve consensus on its network. The new solution will operate on top of its main chain, aiming to interact directly with Bitcoin. It will use bitcoin for gas fees as well as support Ethereum-based contracts, the team said.
“By leveraging Bitcoin’s strength and integrating it seamlessly into our network with forward-thinking features like PoS-based staking capabilities, our network is offering users more channels to interact with decentralized applications built on top of the platform,” Conflux stated.
The project aims to onboard inscription-based tokens. Inscriptions, which allow users to inscribe data onto individual satoshis, have become popular on Bitcoin over the last year.
“By implementing EVM compatibility, our network enables seamless management of Bitcoin-based assets like BTC and xRC20 tokens (such as BRC20 and ARC20) through smart contracts,” Conflux noted.
The Conflux token (CFX) is up more than 10% today, trading at $0.22, according to The Block’s price page.
CFX has a market capitalization of $801.9 million with a 3.6 billion circulating supply.
Price action for CFX in the past 24 hours. Images: The Block Prices for Conflux.
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