Conflux Liquid Staking Pools Decline Along With The Price

By Thecoinrepublic.com
about 2 months ago
ETH MM BILL CFX

Conflux is a layer 1 blockchain made to power dApps and e-commerce infrastructure while being more scalable than the existing protocols. The protocol makes it easier to acquire valuable assets by making the process quick and with low transaction fees. It also has a distinctive technical architecture, which is meant to solve several industry issues.

It has a Tree-graph consensus algorithm, which uses parallel processing of blocks and transactions to lower confirmation times. Let’s have a look at the Conflux onchain analytics.

Conflux Account Growth Remains Stagnant With The TVL

Conflux has an integrated staking system offering passive rewards for users who stake their coins. Trading on the protocol involves fewer risks. It facilitates the secure transfer of assets of value quickly and efficiently with little to no fees.

Source: evm.confluxscan

Conflux transactions per second have seen a decline from 0.35 to 0.17. The network hash rate and difficulty have been constant since 2024. The network’s transaction count has declined from 29631 to 5630. The token transfer count has taken a hit and is near 1248. The total accounts holding the CFX have been constantly increasing and are near 395,675. The number of active accounts on the mainnet is nearly 950, which is constant for a long time.

Source: Defillama

Conflux TVL has remained constant at nearly $19.4 million, while the other Ethereum platforms are seeing strong growth. The core developers across the network have been seeing a decline and are near 12. Let’s have a look at the price action scenario of the CFX token price

Will CFX Be Able To Achieve Its Previous ATH?

Ritika_TCR on TradingView.com

Conflux has a market cap of $866 Million and is ranked near 99 at the CMC. The market cap of CFX has dropped from the highs of $2 Billion in March to $860 Million in May. CFX token price is trading near $0.21 while seeing a drop of 26% in the last one year. 

The token price is currently trading in a consolidating range with small bearish candles on the daily chart. It is trading below the 50 and 100 EMA, which can also act as a resistance. The upside trend of CFX can see a halt near $0.36, while the support can be seen near $0.18.

The RSI of CFX is near 42 with no slope in it. The overall sentiment of the indicator is neutral.

Conclusion 

Conflux TVL and its users have remained constant, while other similar projects have seen strong growth. CFX coin price is currently observing a consolidation in the price but can see a new high in the future.

Related News