CFX (Conflux) fell 3.63% in the last 24 hours.

Gate News Bot news, July 30, according to CoinMarketCap data, as of the time of writing, CFX (Conflux) is currently priced at $0.20, falling 3.63% in the last 24 hours, with a high of $0.28 and a low of $0.16. The 24-hour volume reached $910 million. The current market capitalization is approximately $1.026 billion, a decrease of $38.5978 million compared to yesterday.

Conflux is a high-throughput public chain that employs an innovative Tree-Graph consensus algorithm to reduce confirmation times and increase TPS by processing blocks and transactions in parallel. Conflux utilizes a rigorously tested PoW consensus, providing higher security and protection against re-entrancy attacks at the protocol level. Its built-in staking mechanism provides a foundation for innovative DeFi applications, with the current annualized yield for staking tokens at 4%. The token economy of Conflux is built around the $CFX token, which holders can use to pay transaction fees, stake for rewards, rent storage space, and participate in network governance.

Important recent news about CFX:

1️⃣ Significant market performance drives short-term increase

CFX has performed outstandingly in the past month, with a monthly increase of up to 250%, and an intraday increase reaching 40%. The 30-day volume surged to $4.77 billion, a month-on-month growth of 647%. This strong market performance reflects the high attention and positive sentiment of investors towards the Conflux project.

2️⃣ Major protocol upgrade is coming soon

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

3️⃣ The development of the RMB stablecoin is ongoing.

Conflux is actively developing a stablecoin based on the Renminbi. 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 price of CFX has experienced significant volatility over the past week. It hit a low of $0.16 on July 23, then rebounded strongly to a high of $0.28, showing a notable increase. However, there has been some degree of correction in the last 24 hours, which may be a result of short-term profit taking. Investors need to closely monitor future price trends and be aware of potential volatility risks.

This message does not constitute investment advice; investors should be aware of market volatility risks.