WHY $CFX IS POINTING HIGH REBOUND UPWARDS EXPECTATIONS ❓‼️ 👇
About Conflux (CFX)
What Is Conflux (CFX)?
Conflux is a public, permissionless blockchain designed to be highly reliable, fast and secure through a hybrid consensus mechanism and an advanced transaction relay protocol.
Initially a proof of work (PoW) blockchain, Conflux underwent an upgrade through the Hydra hard fork that introduced a proof of stake (PoS) consensus mechanism into the network, which allows users to stake their tokens to earn rewards.
Its superior ledger structure, known as Tree-Graph, allows the platform to process multiple blocks simultaneously, leading to a dramatically higher throughput than Bitcoin and Ethereum.
Additionally, Conflux combines the Tree-Graph ledger mechanism with the GHAST (Greedy Heaviest Adaptive Sub-Tree) consensus algorithm to detect and thwart attacks, ensuring the system’s security and scalability.
Notably, at the moment, Conflux is the only regulatory-compliant public blockchain in China, a country that has been quite stringent in its approach to crypto.
The Conflux token (CFX) is the native currency of Conflux and plays a critical role in ensuring the stability and security of the network.
Conflux Price
The Conflux token, CFX, entered the market at $0.081 in November 2020. Bullish market conditions at the time saw the token’s price rally by over 270% within a week to hit a high of $0.30 on Nov 18, 2020. Following this pump, CFX’s price relaxed in the following weeks to close the year at $0.135.
The first quarter of 2021 was bullish for CFX, as Conflux started January at $0.135 and continued pumping through February. After a slight correction, the token’s price spiked toward the end of March, rising to its highest price to date of $1.70 on Mar 27, 2021. CFX gradually declined in the following months with a few price peaks in between. It spiked in September 2021, from $0.26 on Sep 18 to $0.635 the next day following news that the blockchain would be used to test the Yuan stablecoin. However, this price hike didn’t hold as CFX began a long descent that continued into 2022.
CFX wasn’t spared the crypto crash in May 2022, dropping to $0.079. Absent a rebound, it hit its lowest price of $0.022 on Dec 30, 2022.
However, in 2023 CFX has recovered superbly from this price, especially in February and March following a series of strategic partnerships. On Mar 20, 2023, CFX hit almost $0.50 per token, with a bullish momentum registered on its price charts.
What Is CFX Used For?
CFX is the native token of the Conflux network. Its main uses are as follows:
Transaction fees — CFX is used to pay network transaction fees and store collateral.
Staking — CFX holders can lock their tokens to secure the network and earn an annual interest rate of 4%, generated from Collateral for Storage (CFS).
Governance — Owning CFX gives you voting rights to Conflux’s decentralized governance mechanism.
Mining — Miners earn in three ways — block rewards, transaction fees and storage maintenance rewards — with an annualized return rate of 4%.
Conflux Tokenomics
CFX had a genesis supply of 5 billion pre-mined tokens. Its total supply has since increased to 5,284,997,962 tokens through mining. The allocation of its genesis supply is as follows;
16% — Private Equity Funders
36% — Genesis Team
8% — Community Fund
40% — Ecosystem Fund
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THE HIDDEN ONE
