Conflux Network recently unveiled its innovative EVM-compatible Bitcoin Layer 2 (BTC L2) solution, sparking an 8% surge in its native token, Conflux (CFX). This development highlights Conflux’s growing influence in bridging decentralized economies across Asia and beyond.
What Is Conflux Network?
Conflux is an Asia-based DeFi ecosystem fostering cross-border and multi-chain collaboration. Launched in 2018 by the Conflux Foundation, it operates as a permissionless Layer 1 blockchain, connecting decentralized economies through scalable protocols.
Key features:
– High throughput: Processes transactions faster than traditional blockchains.
– EVM compatibility: Supports Ethereum-based smart contracts.
– Sustainability: Focuses on low-energy consensus mechanisms.
👉 Discover how Conflux is shaping decentralized finance
Recent CFX Price Performance
As of the latest data:
– Price: $0.226977
– 24hr Trading Volume: $288.58M
– Market Cap: $828.39M (0.05% dominance)
– 24hr Change: +8.53%
| Metric | Value |
|---|---|
| All-Time High (2021) | $1.72 |
| All-Time Low (2022) | $0.021852 |
| Current Sentiment | Bullish (Greed: 63) |
Supply dynamics:
– Circulating Supply: 3.65B CFX
– Max Supply: 5.28B CFX
– Inflation Rate: 74.56% (1.56B CFX minted last year).
Why Is CFX Price Rising?
The EVM-compatible Bitcoin L2 announcement drove demand by:
1. Enhancing DeFi interoperability: Bitcoin can now power gas fees on Conflux, streamlining transactions.
2. Boosting security: Bitcoin staking in Conflux’s PoS consensus adds trust.
3. Attracting developers: EVM compatibility expands smart contract possibilities.
This aligns with CFX’s 708% annual growth, outperforming 96% of top 100 cryptocurrencies.
👉 Explore Conflux’s Bitcoin L2 integration
Will CFX Continue to Grow?
Indicators suggest sustained momentum:
– Technical strength: Trading above 200-day SMA; 17/30 green days (57%).
– Liquidity: High market cap ensures tradability.
– Adoption: Partnerships in Asia (e.g., China’s blockchain initiatives).
However, monitor:
– Inflation risks: High supply growth could pressure prices.
– Macro trends: Crypto market sentiment shifts.
FAQs
1. What makes Conflux unique?
Conflux merges high scalability with EVM compatibility, targeting Asian markets through cross-chain DeFi solutions.
2. How does Bitcoin L2 benefit CFX?
It leverages Bitcoin’s security for gas fees, attracting BTC holders to Conflux’s ecosystem.
3. Is CFX a good long-term investment?
While past performance is strong (708% annual growth), assess risks like inflation and competition.
4. What’s Conflux’s max supply?
5.28B CFX, with 3.65B currently circulating.
5. Where can I trade CFX?
Major exchanges like OKX and Binance list CFX pairs.
6. How does Conflux compare to Ethereum?
It offers lower fees and faster transactions but has a smaller developer network.
Conclusion
Conflux’s BTC L2 innovation and Asian market focus position CFX for potential growth, though investors should watch macroeconomic and supply trends.