Thursday, 13 June 2024
Trending

Crypto News

Conflux multichain protocol shuts down after two years

Conflux multichain protocol shuts down after two years


ShuttleFlow, the ecosystem multichain protocol operated and maintained by Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute, will shut down after two years. 

The ShuttleFlow technology stack will instead be transferred to Web3 studio Zero Gravity, which will continue to develop the protocol under a new brand. “All user funds are secure and will be migrated from ShuttleFlow to Zero Gravity,” developers wrote, adding, “Users who have previously bridged through ShuttleFlow and completed the claim of their bridged assets on the destination chain do not need to undergo any additional operations for the migration.”

“After ShuttleFlow shuts down its bridging, users can bridge through Zero Gravity’s official dApp or continue using the bridging aggregator, which will integrate Zero Gravity when launched.”

The ShuttleFlow decentralized application (dApp) will remain partially operational until January 2024 to allow users who have bridged assets but have not yet claimed them to retrieve their assets. After that, its website and servers will be removed permanently.

In 2021, Conflux launched the Shuttleflow asset bridge to better onboard its ecosystem users to decentralized finance. The company said at the time that its proof-of-work algorithm allowed protocol transactions of up to 6,000 per second. Earlier this year, Conflux Foundation announced a partnership with China Telecom, the second-largest in the country with over 390 million users, to develop a blockchain SIM card. 

Conflux is a layer-1 blockchain operating on a hybrid proof-of-work and proof-of-stake consensus. Its parent, the Shanghai Tree-Graph Blockchain Research Institute, is supported by the Shanghai Municipal People’s Government. The project claims to be the “only regulatory-compliant public blockchain in China.”

Related: Multichain inside job? And SOL surges 80% in a month