Conflux Price

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

Who Is the Founder of Conflux? 

Conflux was co-founded by Fan Long, YuanJie Zhang, and Ming Wu.

Read more: Conflux Network (CFX): The China-Endorsed Public Blockchain

How to Store CFX

Fluent Wallet is recommended for storing and transacting CFX tokens. You can create this wallet from the ConfluxPortal browser extension, and even connect your Fluent Wallet to Ledger Nano S or Ledger Nano X for added security.