CFX (Conflux) rose 14.44% in 24 hours

Gate News Bot news, August 4th, according to CoinMarketCap data, as of the time of writing, CFX (Conflux) is currently priced at $0.22, having risen 14.44% in the last 24 hours, reaching a high of $0.28 and a low of $0.18. The 24-hour volume has reached $459 million. The current market capitalization is approximately $1.116 billion, an increase of $141 million compared to yesterday.

Conflux is a high-performance public blockchain that employs an innovative Tree-Graph consensus algorithm to reduce confirmation times and increase TPS through parallel processing of blocks and transactions. Its security is based on a thoroughly tested PoW consensus mechanism, providing enhanced security and protection against re-entrancy attacks at the protocol level. Conflux also offers a built-in staking feature, providing a foundation for innovative DeFi applications, with staking tokens currently yielding an annualized return of 4%. Additionally, Conflux's fee sponsorship mechanism allows users with wallet balances to still interact with the blockchain, where sponsors can pay part or all of the transaction fees for other users to help them get started.

Important recent news about CFX:

1️⃣ Significant market performance drives short-term rise CFX has performed outstandingly in the past month, with a monthly rise of up to 250%. The 30-day volume surged to $4.77 billion, a month-on-month rise of 647%. This strong market performance reflects investors' high attention and positive sentiment towards the Conflux project.

2️⃣ Major protocol upgrade is coming Conflux plans to conduct 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 Development of the Renminbi stablecoin continues to advance Conflux is actively developing a stablecoin based on the Chinese Yuan. 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 hit a low of $0.16 on July 23, followed by a strong rebound to a high of $0.28, marking a notable rise. In the last 24 hours, the price has seen a degree of pullback, possibly a result of short-term profit-taking. Investors need to closely monitor future price movements and be vigilant about potential volatility risks.

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