CFX (Conflux) fell 6.20% in the last 24 hours.

Gate News Bot news, on August 1st, according to CoinMarketCap, as of the time of writing, CFX (Conflux) is currently priced at 0.21 USD, down 6.20% in the last 24 hours, with a highest price of 0.28 USD and a lowest price of 0.18 USD. The trading volume in the last 24 hours reached 324 million USD. The current market capitalization is approximately 1.082 billion USD.

Conflux is a high-throughput public chain that uses an innovative Tree-Graph consensus algorithm to reduce confirmation time and increase TPS by processing blocks and transactions in parallel. Conflux utilizes a thoroughly tested PoW consensus mechanism to provide enhanced security and protection against re-entrancy attacks at the protocol layer. Its built-in staking mechanism provides a foundation for innovative DeFi applications, with staked tokens currently earning an annualized yield of 4%. The tokenomics of Conflux is built around the $CFX token, serving as the unit of value on the platform, enabling token holders to pay transaction fees, earn rewards through staking, rent storage space, and participate in network governance.

Important recent news about CFX:

1️⃣ The market performed strongly, with a significant monthly increase.

CFX has performed outstandingly in the past month, with a monthly increase of up to 250%. The 30-day volume surged to $4.77 billion, a month-on-month growth of 647%. This strong market performance reflects investors' high attention and positive sentiment towards the Conflux project.

2️⃣ A major protocol upgrade is coming soon.

Conflux plans to carry out an important protocol upgrade in August. This upgrade is expected to further enhance network performance and strengthen its competitiveness, thereby attracting more developers and users to participate in ecosystem development.

3️⃣ The development of the RMB stablecoin continues to advance.

Conflux is actively developing a stablecoin based on the RMB. This initiative is expected to enhance Conflux's influence in the Chinese market and bring new application scenarios and user groups to its ecosystem.

From a technical perspective, the CFX price has experienced significant volatility over the past week. It touched a low of $0.16 on July 23, followed by a strong rebound to a high of $0.28, showing a notable increase. In the last 24 hours, the price has seen some degree of correction, possibly as a result of short-term profit-taking. Investors need to closely monitor future price trends and be wary of potential volatility risks.

This message is not an investment advice; investors should be aware of market volatility risks.