The cryptocurrency market has recently witnessed a significant rally in projects linked to China, sparking renewed investor interest and speculation about a broader "Chinese crypto narrative" resurgence. Over the past week, several blockchain platforms with strong ties to China or Chinese-speaking regions have posted double- and triple-digit gains, led by standout performers like Conflux (CFX) with a staggering +523% weekly surge. This momentum reflects growing optimism around technological innovation, strategic partnerships, and potential regulatory shifts—fueling both curiosity and FOMO among global investors.
This article explores the most prominent Chinese-linked crypto projects, analyzes their recent performance, and evaluates their long-term potential within the evolving digital asset landscape.
Conflux (CFX): Bridging East and West
Conflux is a public blockchain designed to connect Asian and Western economies through scalable, decentralized infrastructure. As an Ethereum Virtual Machine (EVM)-compatible network, it supports smart contracts written in Solidity, enabling seamless deployment of decentralized applications (dApps). Headquartered in Beijing, Conflux has expanded globally with operations in Toronto and Lagos, reflecting its international ambitions.
A major catalyst behind CFX’s explosive growth was its partnership announcement with China Telecom, the country’s second-largest telecom provider, serving over 390 million mobile users. The collaboration focuses on developing Blockchain-enabled SIM cards (BSIM)—a move that could revolutionize digital identity and secure transactions across mobile networks.
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As of February 22, 2023, CFX traded at $0.3068**, ranking #76 by market capitalization ($644 million). Despite being down 84% from its 2021 peak, the token holds a potential upside of +565%** if it recovers to previous highs—making it one of the most watched assets in the Chinese crypto space.
Alchemy Pay (ACH): Bridging Fiat and Crypto
Founded in Singapore in 2018 by Molly Zheng (former senior consultant at PayPal China) and Shawn Shi (ex-CIO of ZhongAn Insurance), Alchemy Pay aims to bridge traditional finance and cryptocurrency ecosystems. The platform enables merchants and users to transact using either fiat or crypto, enhancing adoption through real-world usability.
Its native token, ACH, powers various functions within decentralized finance (DeFi), including staking, fee discounts, and governance. The project has gained traction due to its widespread merchant network and integration with major payment gateways across Asia.
In the past week, ACH surged +173%, up +428% year-to-date. Though still 75% below its 2021 high, the current price of $0.0403** (market cap: $207 million, rank #165) suggests substantial room for growth—with a potential rebound of +313%**.
Filecoin (FIL): Decentralized Storage with Chinese Backing
Filecoin is a decentralized storage network developed by Protocol Labs (USA), allowing users to rent unused hard drive space in exchange for FIL tokens. Data is encrypted, split, and distributed across a global network, ensuring security and redundancy.
While not China-based, Filecoin maintains strong ties through key investors such as Sequoia China and Fenbushi Capital, two of the most influential venture firms in the Chinese blockchain ecosystem. Their early backing underscores confidence in decentralized infrastructure.
FIL rose +81% in one week and +188% YTD. Currently trading at $8.94** (market cap: $3.5 billion, rank #22), it remains 96% below its all-time high. However, this positions FIL with a massive recovery potential of +2,594%**, especially if demand for decentralized cloud storage grows.
Neo (NEO): The "Chinese Ethereum"
Originally launched as AntShares in 2014 and rebranded to Neo in 2017, this blockchain was co-founded by Chinese entrepreneurs Da Hongfei and Erik Zhang. Neo aims to build a “smart economy” by digitizing assets and identities via smart contracts—earning it the nickname “Chinese Ethereum” during its early years.
Despite regulatory headwinds, Neo continues to innovate with Neo N3 upgrades focusing on scalability and developer experience. The ecosystem supports DeFi, NFTs, and enterprise solutions.
NEO climbed +58% weekly and +115% YTD. Priced at $14.04** (market cap: $972 million, rank #52), it’s down 91% from its peak but offers a +960%** upside potential.
VeChain (VET): Supply Chain Transparency
VeChain specializes in enterprise-grade blockchain solutions for supply chain management, product authenticity tracking, and sustainability verification. Founded by Sunny Lu (ex-Louis Vuitton IT director) with early support from Zhao Changpeng (Binance founder), VeChain has forged partnerships with Walmart China, BMW, and PwC.
In January 2023, VeChain partnered with the China Animal Health and Food Safety Alliance (CAFA) to track food distribution using blockchain—highlighting real-world utility in public safety.
VET gained +31% weekly and +90% YTD. At $0.0295** (market cap: $2.1 billion, rank #32), it’s 89% below its ATH but holds a rebound potential of +850%**.
Nervos Network (CKB): Solving Scalability
Nervos Network is a Layer-1 blockchain using Proof of Work (PoW) consensus to address scalability issues faced by Bitcoin and Ethereum. It features a two-layer architecture: CKB (Common Knowledge Base) for security and state storage, while Layer-2 handles high-speed transactions.
In July 2022, Nervos integrated with China’s Blockchain-based Services Network (BSN)—a government-backed initiative promoting standardized blockchain development across industries.
CKB rose +54% weekly and +143% YTD. Trading at $0.0055** (market cap: $217 million, rank #161), it remains 87% below its peak but offers a +714%** recovery margin.
Flamingo (FLM): DeFi on Neo
Flamingo is a cross-chain DeFi protocol built on the Neo blockchain, offering swaps, staking, liquidity pools, and cross-chain bridges. It dominates Neo’s DeFi ecosystem with over 98% of total value locked (TVL).
While FLM is not independently developed in China, its reliance on the China-originated Neo network ties it closely to the regional ecosystem.
FLM increased +34% weekly and +81% YTD. At $0.1274** (market cap: $57.5 million, rank #404), it’s down 89% from its peak but presents a compelling +874%** upside.
FAQ: Understanding Chinese Crypto Projects
Q: Why are Chinese-linked crypto projects rising now?
A: Recent gains are driven by strategic partnerships (e.g., Conflux + China Telecom), growing institutional interest (e.g., Justin Sun’s “all-in-China” strategy), and speculation about potential regulatory softening in China.
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Q: Is investing in Chinese crypto projects risky?
A: Yes. Despite innovation, these projects operate under geopolitical uncertainty due to China’s ongoing ban on cryptocurrency trading and mining. Regulatory changes could impact valuations significantly.
Q: Can these projects succeed without domestic adoption in China?
A: Absolutely. Many target global markets or serve as bridges between East-West economies. International expansion and enterprise use cases reduce dependency on local consumer adoption.
Q: What role do venture capitalists play in Chinese crypto?
A: Firms like Sequoia China and Fenbushi Capital provide critical funding and strategic guidance, often identifying early-stage projects with long-term viability.
Q: How does BSN support Chinese blockchain growth?
A: The Blockchain-based Services Network standardizes infrastructure deployment across sectors like logistics, healthcare, and finance—accelerating enterprise adoption.
Final Thoughts
The recent rally in Chinese-linked crypto projects signals more than short-term speculation—it reflects growing recognition of Asia’s technological contributions to Web3. From decentralized storage to supply chain transparency, these platforms offer tangible solutions beyond mere financial instruments.
However, investors must remain cautious. While partnerships and global expansion mitigate some risks, regulatory clarity from Beijing remains the biggest unknown. Any sign of policy relaxation could trigger a broader market revaluation.
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