cfx conflux price Archives

Conflux Foundation Passes The Torch

ShuttleFlow emerged as one of the advanced multi-chain asset bridges in the DeFi space. Its architecture facilitated interoperability between different blockchains, opening up new user possibilities.

Notably, ShuttleFlow enabled “effortless swaps” between external blockchains such as Ethereum (ETH) and Binance (BNB), utilizing Conflux as the transit chain. With the decision to shut down ShuttleFlow, the Conflux Foundation has entrusted cryptocurrency hub company Zero Gravity with the responsibility of maintaining and further developing the technology stack.

According to Monday’s announcement, Zero Gravity will continue to enhance the Bridge’s capabilities to ensure a “seamless and secure” experience for users within the expanding multi-chain ecosystem.

Furthermore, the Conflux Foundation assures users that their funds are secure throughout the transition. All user funds will be migrated from ShuttleFlow to Zero Gravity, safeguarding their assets.

Users who have previously bridged assets through ShuttleFlow and successfully claimed them on the destination chain will not be required to undertake any additional actions for the migration.

ShuttleFlow will continue to assist users in claiming assets on the destination chain even after the bridging service is shut down. Users can locate their unclaimed assets on the ShuttleFlow history page.

ShuttleFlow Service Ends

The ShuttleFlow website and decentralized app (dApp) will continue to operate with limited functionality until January 6, 2024. However, the bridging service through ShuttleFlow’s dApp will cease on November 6, 2023. Once ShuttleFlow fully shuts down, users can bridge their assets through Zero Gravity’s official dApp.

The Conflux Foundation firmly believes that the decentralization and accumulation of infrastructure partners are crucial for the growth of its ecosystem. With Zero Gravity taking the reins, ShuttleFlow’s vision of enabling chain-agnostic asset flows to and from the Conflux Network will persist.

In light of these developments, the protocol’s token, CFX, currently ranked among the top 80 largest cryptocurrencies in the ecosystem, has experienced a retracement of over 2.9% in the past 24 hours, trading at $0,1619.

Nevertheless, the token retains significant gains of 277% in the year-to-date period, demonstrating its remarkable growth over the past year.

Featured image from Shutterstock, chart from TradingView.com

Conflux (CFX), the token powering Conflux’s high throughput, Tree-Graph powered layer-1 blockchain, experienced a rollercoaster ride in a whirlwind of price fluctuations. Last week, it tumbled to a low of $0.20 per token, leaving observers on edge. However, it managed to climb back up over the course of the week, reaching a level of $0.330.

However, the token has faced a downward trajectory in the past four days, resulting in a decrease of over 19% in price. CoinMarketCap data shows that CFX has dipped around 2% in the last 24 hours. Despite this recent dip, optimistic projections for its future price persist.

Conflux price has retraced in the past 24 hours: source @coinmarketcap

While it may have encountered some setbacks, Conflux has remained one of the top performers in the past seven days, impressively gaining over 30% during this period. Maintaining a position above the key support level of $0.295, which aligns with the previous week’s high, provides some stability amidst the turbulence.

What’s Driving Conflux (CFX) Growth?

Conflux (CFX) has been making waves with its remarkable on-the-year gains of approximately 1,700%. Naturally, observers are curious about the role of whales in this upward surge, speculating whether they are driving the buying and pumping of the token. While it’s a possibility, we can’t say for certain.

The impressive performance of Conflux coincides with the optimism surrounding China’s renewed interest in cryptocurrencies. As the country seemingly shifts its stance towards the crypto industry, there are hopes that Conflux will reap the benefits. The project has been actively fostering partnerships with various regional enterprises, positioning itself as a potential frontrunner in meeting regulatory requirements.

Among its notable partnerships, Conflux has joined forces with Little Red Book, often called China’s equivalent of Instagram. This collaboration opens up exciting opportunities as Little Red Book’s massive user base of 180 million individuals can now showcase Conflux-based non-fungible tokens (NFTs) on their profiles. Additionally, Conflux has forged a partnership with China Telecom, further enhancing its presence and potential within the Chinese market.

Conflux, China Telecom Introduce Blockchain SIM Card

Conflux Network and China Telecom have unveiled the world’s first Blockchain SIM (BSIM) card, a mobile user identification card based on blockchain technology. The BSIM card, resembling traditional SIM cards, is compatible with Android and iOS systems and offers significantly larger storage space and computing power than traditional SIM cards.

The BSIM card goes beyond standard communication functions by generating and storing users’ public and private keys within the card itself. By employing a “private key never leaves the card” approach for digital signatures enhances security and reduces the risk of malware or virus attacks on mobile terminals. Additionally, the card provides encrypted storage and key recovery features and integrates traditional U-shield functions, making it a highly secure Web3 user terminal entry solution.

This collaboration between Conflux Network and China Telecom showcases their innovation in merging blockchain technology with mobile user identification, introducing a robust and efficient solution for users in the ever-evolving digital landscape.

What Next For Conflux (CFX)?

As long as renowned cryptocurrencies like Bitcoin and Ethereum continue to thrive in the face of global banking system concerns, Conflux (CFX) might also benefit from these favorable market conditions. Additionally, the prospects of significant financial easing from central banks, including the Federal Reserve, could further bolster CFX’s performance.

Hong Kong’s recent decision to legalize certain cryptocurrency trades is a noteworthy development to monitor. This move is seen by many as a testing ground for potential crypto legalization on the mainland. Considering Conflux’s growing popularity and adoption in China, CFX stands to gain as a key beneficiary of this trend. The recent collaboration with a Chinese SIM card company further strengthens the optimism within the crypto community.

These factors collectively contribute to the positive outlook for CFX, as it rides the coattails of established cryptocurrencies, anticipates favorable monetary policies, and capitalizes on potential crypto legalization in China. At press time, Conflux was trading at $0.2962.

Conflux trading below $0.3: source @tradingview