3 months ago
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The full rollout of these enhancements will be phased.
Conflux Network has successfully completed its v2.4.0 network hardfork upgrade, marking a significant milestone for the blockchain’s evolution. The upgrade introduces several key improvements aimed at enhancing network efficiency, user experience, and stability.
Key Enhancements with v2.4.0
Conflux Network is a Layer 1 blockchain platform known for its hybrid PoW/PoS consensus mechanism, which enhances scalability and security while keeping transaction fees low and improving transaction efficiency. The latest upgrade was announced via the platform’s official X (formely Twitter) page.
The v2.4.0 upgrade incorporates several Critical Improvement Proposals (CIPs) designed to advance the Conflux blockchain. Among the most notable is CIP-1559, which adapts Ethereum’s fee model to Conflux’s unique dual-space structure. This adaptation aims to make transaction fees more predictable and stable by implementing a base fee that adjusts based on network demand. Calculated separately for Conflux’s core and e-space, this approach should enhance transaction efficiency and minimize fee volatility.
Additionally, CIP-137, a complement to CIP-1559, will adjust the distribution of fees and provide a more predictable income for miners. Part of the base fee will be distributed to miners to ensure fair compensation and bolster network security. This adjustment is intended to maintain consistent transaction processing and reduce the need for redundant retries when a transaction fails to cover the base fee.
The upgrade also includes CIP-136, which optimizes the lock and unlock periods for the Proof of Stake (PoS) mechanism. This proposal restores the locking period to 13 days and the unlocking period to 1 day, improving the staking process for node operators and enhancing overall user experience.
The full rollout of these enhancements will be phased. CIP-136 will go live when the PoS Block Number reaches 1684080, anticipated on August 13. Other CIPs will activate once the Block Number hits 247480000, also projected for August 13. The upgrade has garnered positive feedback from the community.
Conflux Network’s Recent Developments
The upgrade follows major strides for Conflux Network, including its pivotal role in the beta testing of the AxHKD stablecoin, pegged to the Hong Kong Dollar (HKD). Created by fintech firm AnchorX, AxHKD will debut on Conflux before extending to Ethereum. Designed to enhance cross-border transactions and connect traditional and digital assets in Hong Kong, this stablecoin is backed by strong cybersecurity protocols and a regulated custodian.
Additionally, Conflux Network has been chosen to spearhead a new public blockchain infrastructure platform as part of the Belt and Road Initiative. This platform, aimed at supporting cross-border applications, highlights Conflux’s expanding impact in the global blockchain arena.
As a regulatory-compliant blockchain in China, Conflux is among the most promising players in advancing institutional and government-led web3 collaborations in the Southeast Asia region.
